‘Pro-growth’ government has only made a UK recession more likely | Larry Elliott

Thanks to Truss and Kwarteng, the country is now far riskier for the investors who finance our trade and budget deficits

Liz Truss became prime minister promising to shake things up and she has certainly done that. In less than a month, the new government has sent interest rates soaring, crashed the pound, torpedoed the property market, made recession inevitable and left her party on course for a defeat of epic proportions at the next election. Not bad for starters. The encore will have to be good to match the debut performance.

As the economist Mohamed El-Erian has noted, the mayhem since Kwasi Kwarteng's mini-budget was more typical of the stuff that happens in developing countries than in rich, developed nations.