The story starts earlier this summer. Liz Truss won the Conservative leadership promising tax cuts and reforms to boost growth. Then, having won, she announced a very generous energy bailout — proportionally four times bigger than Ireland’s, as a share of the economy. The energy package is forecast to cost £170 billion, or 6.4 per cent of GDP, or 2.4 times the cost of the UK’s coronavirus furlough scheme.  Then, on Monday, Truss’s new Chancellor, Kwasi Kwarteng, delivered a mini-budget in which he announced the tax cuts that had been previously been promised (£38 billion worth), plus £7 billion of…

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