Hello, I'm Will Dunn, business editor at The New Statesman, and you're listening to The New Statesman podcast.

Today, I'm joined by Rachel Kunleff, associate political editor at The New Statesman.

Rachel has spent the last few weeks speaking to Liz Trusses in a circle, who believe that although their time was famously short, it will come again.

Trussonomics is not over.

Rachel, take us back to the hazy, crazy days of Autumn 2022, or 49 days of Liz Trusses' time in power.

And so, talk us about the state of the country, what it was like then, and, you know, relive for us that exciting moment in our economic history.

It feels really weird to go back and remember it, because it's very surreal.

It's like, did that really happen?

So, yeah, she becomes Prime Minister on the 6th of September, and then basically pretty much immediately starts to announce this big energy support package, and then the Queen dies.

And then everything goes on pause for 10 days, and we sort of forget the politics and everything existed.

And then, when we come back after the morning period, Liz Truss and quasi-quarting announced their mini-budget, which has to be a mini-budget, and not a budget, because a budget has to be accompanied by OBR figures and forecasts, which they do not have.

And what was really interesting, that was on a Friday, and the reaction from conservatives, and actually from the business community at that point, was in a way broadly positive.

They were like, oh, okay, this is quite radical. In that mini-budget, they obviously have the £30 billion energy support price guarantee, and two policies that Truss had said over the summer that she would enact as Prime Minister during the Tory leadership contest, one of which was reversing an income tax increase, and one of which was delaying an increase to corporation tax.

So she's got that, but then out of nowhere, quasi-quarting goes, oh, and we're also cutting the top rate of income tax, the 45p rate for top earners who earn over £100,000, which came out of nowhere.

I spoke to people in her cabinet who were like, we had no idea that was coming, we saw it on TV, and also announced scrapping caps on bankers bonuses, which doesn't cost the Treasury anything, but kind of it sends a message, right?

And then over the weekend, quasi-quarting gets asked, it's a little bit much, isn't it? And he goes, there's more to come.

And as New Year's Eve and Business Editor, you will know what happened next, which is, on Monday, the Asian markets opened, and we kind of went into free fall, and the pound plunged, and it turned out that it really matters when the international markets lose faith in government debt, because guilt yields surged, and that plunged into a pension crisis.

Trust goes to conference, and goes, everything is fine, but I'm reversing on the 45p tax rate thing. That's not happening, but also it's all your fault.

Does this mad speech about the anti-growth coalition? It doesn't help. Then she sacks quasi-quarting and brinsing Jeremy Hunt, who just reverses everything.

And then a week later, she's gone in the interim, she was compared to a lettuce, which I told her, an American news channel, and they were like, explain the lettuce thing to me.

And that's a year later, and we've kind of all forgotten that it happened, but it was really weird, right?

It was, it was, it was such a fun time, wasn't it? I mean, not for anyone who was trying to buy a house, or other business going, oh gosh.

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