The first month of Liz Truss’s premiership should be studied for years to come.
She has provided a masterclass in how not to run a Government.
The mini-Budget demolished the Conservative’s reputation for economic competence.
Her plans to slash benefits while handing tax cuts to the rich resurrected the party’s reputation for being the nasty party.
Today’s about face on the 45p tax rate has exposed her frailty.
It has taken less than 30 days for the Prime Minister to achieve the triple dishonour of being incompetent, uncaring and weak.
Whatever authority she had has been devalued more quickly than the sinking pound.
By U-turning on the tax cut she collapsed the charade on which her leadership was built: a mini-Margaret Thatcher who was prepared to take tough decisions and weather unpopularity.
She has gone from talking about “growing the pie” to eating super-sized portions of humble pie.
If she clings on, and that is far from certain, she will no longer be able to deliver her agenda.
She has lost the trust of ministers who dutifully toured the broadcasting studios to defend the indefensible only for the policy to be unceremoniously ditched.
They will be reluctant to take to the barricades the next time Downing Street announces a controversial policy.
The Tory MPs who orchestrated the revolt against 45p rate will be emboldened by the sight of a Prime Minister crumbling at the first whiff of insurrection.
They are already threatening a rebellion over plans to allow fracking. Mutinous voices are warning they will seek to stop Kwasi Kwarteng’s plan to freeze benefits.
It is hard to see how Truss will be able to get her planning reforms through Parliament.
Ahead lies two years of instability, disarray and internal feuding.
These are the conditions which deter businesses from investing in the UK and therefore delivering the growth Truss has promised.
She has not just torched her own reputation, she’s sabotaged her own project.
