The two-month-old premiership of Liz Truss has been dissolved by the disastrous British Conservative Prime Ministers’ run since 2010. It’s both a tragedy for Britain, and a farce that has shocked the world, but it doesn’t mean it’s as bad as it gets, writes Nick Powell, Political Editor.
The market verdict on Liz Truss’ resignation was harsh. The cost of borrowing from the government fell and the pound rose. It was better to not know who the British prime minister would be in 10 days than to continue the cycle of crisis after crisis, which had been the hallmark of the UK’s most erratic premiership.
This record might not be broken again. It is likely that the next prime minister will last even longer. Although the Conservative party may be making up its own rules, the selection process for the next prime minister will continue until the next Westminster election.
The UK will soon have a temporary Prime Minister who is destined to run the country until the next election. Although the Conservatives will almost certainly lose, they can still hope for relative calm to save them from the near-obliteration suggested by current polling.
People go bankrupt slowly, and then quickly. This is also true for political bankruptcy. Although the Conservatives were once a pragmatic party, they considered the European People’s Party too irrational. It is often joked that the Yugoslav League of Communists was the only other party with whom the Conservatives have ever had a successful relationship.
The Conservatives were enslaved by an anti-European ideology, insisting that Britain’s membership of the EU was preventing it from becoming a free-market paradise. After David Cameron refused to try, the UK now has three prime ministers who have failed to find those elusive “Brexit opportunities”.
He understood that he couldn’t lead a party with whom he disagreed deeply, but his fellow supporters of the EU, Liz Truss and Theresa May, decided to try it. May attempted to keep the UK in a single market for physical goods. This angered all of the Brexit believers. Truss attempted the opposite, with tax cuts as well as spending increases that presupposed a post-Brexit paradise. The financial markets didn’t give much thought to this magical thinking.
Boris Johnson was the man between these two women. He had campaigned for Brexit and believed him to be true. He may offer his services once again. He is a caretaker prime minister, well-known for his concern only about himself. It is wrong to think that things cannot get worse.
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