So, the chancellor, Jeremy Hunt, has abandoned almost all the measures announced by his predecessor Kwasi Kwarteng – a spectacular “about face” rarely seen in public life.
So just where does it sit in the pantheon of embarrassing U-turns?
Here are some other “hall of famers” – from politics, the arts and business.
It was all a bad dream: Bobby Ewing’s return to Dallas
How Liz Truss must have wanted to take a leaf out of this book. Bobby Ewing (played by Patrick Duffy) was one of the most popular characters of the long-running US soap opera, Dallas.
Killing him off in the final episode of the 1984–1985 season proved to be a big mistake – so the writers decided to bring him back at the end of the next season.
As he appeared in a now-famous shower scene, his death, and all the events that happened thereafter, were put down to being part of a bad dream of his former wife, Pam.
New Coke
In another 1980s blunder, executives at The Coca-Cola Company decided to mess with a 99-year-old recipe that was beloved around the world, fearing its rival Pepsi-Cola had a tastier product.
In April 1985, to much fanfare, a sweeter, more flavoursome new Coke launched. One executive called it “the surest move ever made”, while another said: “I’ve never been as confident about a decision as I am about the one we’re announcing today.”
A grand total of 79 days – and 8,000 daily complaints – later, the old recipe came back out of the vault with a grovelling “sorry”.
Bill Clinton: ‘I did not have sexual relations with that woman’
Yes he did. In 1998, Bill Clinton boldly and stridently claimed he “did not have sexual relations with that woman”, his young intern Monica Lewinsky.
Of course, he was lying and after months of the walls closing in he was forced to admit in a White House address the truth, that he had “sinned”.
Thankfully for Clinton, this was the 90s and he was the US president, so the majority of the derision was directed at 24-year-old Lewinsky, who then struggled to get a conventional job as a result of her notoriety.
The damned united
When Don Revie moved on from Leeds United to manage England in 1977, he had left behind big boots. To the club’s directors, Brian Clough, who had adeptly managed Derby into a strong side, seemed sure to extend Leeds’ run of cup-winning glory.
However, Clough immediately offended the close-knit group of players by insinuating they had bullied their way to medals and, after some disastrous results culminating in a draw with low-ranking Luton in front of a crowd of just 26,450, Clough was sacked, 44 days later.
Center Parcs’ village ninjas
Though it feels like it has been years, it was only one month ago that middle-class nirvana Center Parcs issued a decree following the death of the Queen that all families who had booked to stay in accommodation on the day of the funeral would have to find alternative arrangements with only days’ notice.
Cue pancetta-fuelled uproar, and many amusing memes, followed by a rapid about-face 24 hours later.
Center parcs customers Monday night in the forest pic.twitter.com/ZEnrwj4LBv
— bobby (@thebobbyhealy) September 13, 2022
Center Parcs at 9.55am on Monday pic.twitter.com/llOT3kYnts
— Will Martin (@willmartin19) September 13, 2022
Good luck removing guests from the parks. You've trained them in archery, shooting, swimming, canoeing and swinging through the trees like apes. You've basically got 5 village-loads of ninjas to clear out.
— SpersJR (@Frantically2) September 13, 2022
