The GuardianThe Guardian

The mini-budget that broke Britain – and Liz Truss

By Richard Partington

20 Oct 2022 · 3 min read

Editor's Note

Last month's mini-budget wrecked the U.K. government's reputation for sound economic management and ultimately led to Liz Truss's downfall.

Britain has been through the wringer since September’s mini-budget. Not only was Kwasi Kwarteng’s not-so-mini plan the trigger for a domestic financial crisis and raising mortgage costs for millions, it lit the blue touchpaper for his political downfall and that of his close friend, Liz Truss.

It was all supposed to be so different. Truss had spent the summer promising to cancel the rise in national insurance and corporation tax in the Conservative leadership race. Those pledges, plus the popular energy price freeze, would have been plenty for the new government to announce in the supposedly stripped-back tax and spending event.

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