As if to prepare for the threat of a borrowing spree, the man who is in effect the country’s chief accounts officer, Tom Scholar, permanent secretary to the Treasury, has been summarily fired.

His rumored replacement, Antonia Romeo, Truss’ former permanent secretary at the Department for International Trade, is undoubtedly a class act, but is unlikely to calm nerves as long as Downing Street remains determined to shed caution. economical in the wind.

None of this to argue that the government is wrong to commit the massive sum of £170billion to the energy crisis. The costs to the economy and public finances of doing nothing, with a deep and prolonged recession in prospect, would have been much higher.

But in the absence of public spending cuts, the promise of additional tax cuts is extremely risky and clearly puts public finances on an unsustainable path.

Scholar’s dismissal, combined with the new chancellor’s hostility to any assessment by the Office of Budget Responsibility of its upcoming emergency budget, strongly suggests a government that is both resistant to conventional checks and balances and scrutiny. independent.

The Chancellor insists that despite promised fiscal easing he will never let debt soar unsustainably, but has yet to give a coherent explanation of how he will do so. prevent given the growing list of commitments. This must be done urgently if the markets are to be reassured.

Neutralizing inconvenient institutional constraints on the government’s freedom of action – the Treasury, the Bank of England and the OBR – is one thing, although it will not help credibility in the markets. But there is one authority that Downing Street cannot escape: the currency and bond markets.

If there is any consistency with ‘Trussonomics’, markets are struggling to see it, with the pound now at its lowest level against the US dollar since the early 1980s, and bond yields significantly higher than they weren’t a few months ago.

To many, it seems there is no thoughtful economic strategy to speak of, just a growing realization that without some sort of sugar rush before the next election, the Conservatives are heading for virtually certain defeat. . Worrying about affordability can be left to the next parliament.

Cynics accuse the new government of simply going bankrupt and hoping that the financial markets will carry it. To have pursued the fiscally responsible approach advocated by Rishi Sunak would have holed the party below the waterline.

Most economic policy is simply politics, and there is undoubtedly a great deal of truth in this Trussonomics view, even if foregoing a steep rise in corporate tax – one of the main “tax cuts” – is obviously not a winner of the votes.

For now, more or less everything in British public life is on hold until after Queen Elizabeth’s state funeral on September 19. Elizabeth I. But that’s now over, and with the skies appearing to darken on all fronts, there won’t be anything like that for a very long time.