Reality is about to collide with Trussonomics – the results won’t be pretty

Energy is at the top of the in-tray of the prime minister, who is said to be contemplating a price freeze, writes James Moore

All downhill from here: Liz Truss faces a tough economic backdrop, starting with the energy crisis (Reuters)

Has UK plc been Trussed-up like a turkey by the Tory party? We’re about to find out.

The new prime minister, Liz Truss, won the race to No 10 by living in economic la la land; by telling her party what it wanted to hear while appearing to ignore the grim reality playing out in the country and acting as if the hard choices it will force upon her were someone else’s problem.

Both the bond markets and the performance of the pound tell you the markets have been running scared of a fiscally irresponsible Truss government blowing a hole in the public finances. This has actually served to compound Britain’s problems by making borrowing more expensive and stoking inflation. Truss has cost the country a lot of money before even getting elected.