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Sebastian Payne

@SebastianEPayne

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So why have Liz Truss and Kwasi Kwarteng taking this radical economic gamble? Thinking inside senior Tory circles is their only hope of staying in power is to get the economy growing faster and they have <2 years to reverse the stagnation. "Go big or go home" is the motto.

Truss is acutely aware she has limited time and political space to deliver on her Tory leadership campaign pledges, based ideas she worked up for a decade. Those who have spoken to her say, "she won't be timid with these two years, she'll move fast and break things."

If the gamble pays off, the hope in Trussworld is that growth rises and the country feels more prosperous ahead of an election where the Tories do their typical "don't let Labour ruin the recovery" message.But if it fails, the Tories lose as they are on course to do so anyway.

The economic gamble is not wholly cynical: a lower tax economy is something Truss and Kwarteng believe in, have been writing and arguing about for well over a decade (see Britannia Unchained book, Free Enterprise Group, Freer campaign groups). Now we'll actually see if it works.

Sebastian Payne

@SebastianEPayne

@FinancialTimes Whitehall Editor and presenter of Payne’s Politics podcast 📕 New updated edition #BrokenHeartlands out now https://t.co/loswbEjmVU

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