IT didn't take at all long for the wheels to come off the clown car that is the Liz Truss government.

With the suspension of Parliament due to the death of the Queen, and now the party conference season, this is a government which has faced almost no Commons scrutiny in its very short life. Even so, there are already reports that jittery Tory MPs who fear that their party is headed for an electoral catastrophe at the next General Election are submitting letters of no confidence in their new boss to the chair of the cack bench 1922 Committee.

A former Tory minister MP told Sky News that the new Prime Minister is "f*****" and the party is already looking to bring her down following Friday's disastrous mini-Budget which crashed the pound and was met with widespread condemnation for heaping tax cuts on the richest and lifting the cap on bankers' bonuses while millions of low-paid households are facing penury.

Truss was never the first choice of the Conservatives' Westminster contingent, a clear majority of whom favoured her rival Rishi Sunak. Since her election by party members, Truss has done little to reach out to the opposing camp within her fractured party, going out of her way to sideline Sunak supporters and remove them from government positions.

Those MPs who were never fans of her to begin with have seen the furious public reaction to Truss's energy price cap, which has protected the bloated profiteering of the energy companies and still leaves millions of households facing unaffordable bills.

Now that has been compounded by a cruel and callous farce of an uncosted mini-Budget which gave tax cuts to the wealthy which are to be funded by massive public borrowing. The market has shown its strong disapproval, with the pound falling sharply to a historic low and rumours emerging of the Bank of England introducing a sharp hike in interest rates in order to shore it up.

There had been speculation that the Bank could hike interest rates by as much as 1%. This would increase the cost of the massive borrowing that the Chancellor is committed to.

Paul Dales, the chief UK economist at Capital Economics, told The Guardian that a rate rise of 1%, or even 1.5%, would give the markets some reassurance that the Bank was committed to returning inflation to its 2% target. However, this would heap pressure on mortgage payers, feed through into rent hikes and add to the misery of an already financially stressed public.

Such an increase would see large rises in mortgage payments for households which are already struggling with soaring food and energy prices. Tories don't care much about the angry response of poor people to their economic policies, but they do care about the response from the financial markets, and Kwasi Kwarteng's mini-Budget has provoked the worst reaction from the financial markets that commentators can remember.

The Bank of England confirmed today that it would “act accordingly” at its next meeting on November 3.

It usually takes a few days for Conservative budgets to unravel. Kwarteng managed it as soon as his announcement had left his lips, trashing the Conservatives' treasured claim that they are the party which can be trusted with the economy.

Confidence in Truss's government both among backbench Conservative MPs and in the international finance markets is rapidly draining away. Conservatives had expected that a new Prime Minister would have enjoyed a honeymoon period and a bounce in the polls. Truss has made one poor and unpopular decision after another in her brief time in office. She has not enjoyed a honeymoon period in office – it has been more of a honeyblackhole, sucking in and destroying any residual popularity which the Conservatives had.

Before Truss was elected by party members as party leader and prime minister, there were reports that she had the support of her predecessor Boris Johnson because Johnson believed that she would be a disaster in office and her government would soon implode, leading to her being ousted and paving the way for a desperate party to beg him to come back. 

Right now it looks as though Truss's administration will self-destruct more quickly than anyone had thought. The real worry is what damage it will wreak in the process.

This piece is an extract from today’s REAL Scottish Politics newsletter, which is emailed out at 7pm every weekday with a round-up of the day's top stories and exclusive analysis from the Wee Ginger Dug.

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