The Washington PostDemocracy Dies in Darkness

Liz Truss fires finance minister while reversing policies that sank British pound

Updated October 14, 2022 at 12:37 p.m. EDT|Published October 14, 2022 at 8:24 a.m. EDT
British Prime Minister Liz Truss fired her finance minister Kwasi Kwarteng on Oct. 14, and scrapped part of her big unfunded tax cut plans. (Video: Reuters)
7 min

LONDON — British Prime Minister Liz Truss was propelled into high office by her bold promises to supercharge the country’s flagging economy with big tax cuts for corporations and high-earners.

Now her vision for growth, which emphasized supply-side economics, has crashed into reality.

Her premiership and government are reeling after markets — and members of her own party — asked how she could simultaneously slash taxes and maintain social programs without deep borrowing. The short answer? Her math didn’t add up.