The mini-budget that ended Mr. Kwarteng’s tenure as chancellor of the Exchequer and crashed the pound can be seen as a utopian gesture, an act of voluntarism designed to jolt the British people out of their post-pandemic torpor through its very boldness. Ms. Truss and Mr. Kwarteng seemed to have believed that by patching together all of the most radical policies of Thatcherism (while conveniently dropping the need for spending cuts), they would be incanting a kind of magic spell, an “Open sesame” for “global Britain.” This was their Reagan moment, their moment when, as their favorite metaphors put it, a primordial repressed force would be “unchained,” “unleashed” or “unshackled.”
But as a leap of faith, it broke the diver’s neck.