Liz Truss and Kwasi Kwarteng have taken on the economic orthodoxy. They have announced extra borrowing to pay for tax cuts. They have sacked the Treasury’s top mandarin. They have insisted they will press on with their dash for growth despite a hostile reaction in the markets.
Now the economic orthodoxy has struck back – and in the most high-profile way possible: a public and stinging rebuke from the International Monetary Fund (IMF). So, who messed up?