![\"Liz](\"https:\/\/ichef.bbci.co.uk\/news\/240\/cpsprodpb\/11F18\/production\/_127869437_gettyimages-1239021338.jpg.webp)
<\/picture><\/span>Getty Images<\/span><\/div>\n<\/figure>\n<\/div>\nIn the autumn of 2022, Liz Truss bet her premiership on a so-called mini-budget that ripped up decades of economic orthodoxy. It did not pay off.<\/b><\/p>\n<\/div>\n<\/div>\n I spoke to those involved about the thinking behind the biggest risks she took during her seven weeks as prime minister – and why they did not succeed.<\/p>\n<\/div>\n<\/div>\n At the start of Liz Truss’s leadership campaign, when I interviewed her on Radio 4’s Today programme, I put it to her that she was gambling with the British economy by preparing to borrow as much as Jeremy Corbyn, whose policies she had condemned. <\/p>\n<\/div>\n<\/div>\n She replied that the real gamble was to carry on as we were; condemned the economic ideas of the past 30 years pursued by both Conservative and Labour governments, which she called the “Treasury orthodoxy”; and told me she was prepared to “bulldoze” opposition to her plans.<\/p>\n<\/div>\n<\/div>\n During the campaign, her rival, the former Chancellor Rishi Sunak, called her ideas “fantasy economics”. His ally Michael Gove said they were a “holiday from reality”.<\/p>\n<\/div>\n<\/div>\n And, as it became ever more clear that she was going to win, her circle of advisers got smaller.<\/p>\n<\/div>\n<\/div>\n Then-cabinet minister and one-time Truss ally Simon Clarke describes the mood in the Truss campaign as “revolutionary”. He says: “You could definitely sense that she herself had resolved that it was do or die.”<\/p>\n<\/div>\n<\/div>\n1. Not heeding warnings of ‘fantasy economics’<\/span><\/h2>\n<\/div>\n
2. Sacking a top Treasury official <\/span><\/h2>\n<\/div>\n