From Breakingviews - Delusions of grandeur are root of Britain’s chaos
of her hero Margaret Thatcher. The former prime minister once declared “there is no way one can buck the market”. Truss, who has resigned in humiliation, thought she could borrow yet more money while inflation is high, global interest rates are rising and Britain is running a bigTruss might have got away with large tax cuts and a big increase in spending if central banks were still flooding the global economy with cheap money.
The folly of Brexit, which I campaigned against, has played a role in the subsequent madness. Its supporters maintained leaving the EU would put rocket boosters under the UK economy. It has done exactly the opposite, cutting the size of the economy by over 5%,But Brexit supporters, and zealous converts such as Truss, refused to accept that it was a mistake. They concluded that the problem was poor implementation and so it was necessary to cut taxes, among other things, to fuel a dash for growth.
The Brexiters said Britain could forge its own relations with the United States, China and other countries. After all, it is a military power with nuclear weapons and a permanent seat on the United Nations Security Council. It is also the leader of theBrexiters also said Britain, which was then the world’s fifth largest economy, could cut its own trade deals across the world. America, India and maybe even China would open their markets to British services, goods and entrepreneurs.
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