What about the situation in the U.K.? Why are you laughing? Economist William Gale is the director of the Urban-Brookings Tax Policy Center. SMITH: A lot of financial analysts and economists started feeling some bad vibes, too. KEYNES: And that sort of added to the bad vibes. And then Truss also failed to submit her plan to this Independent Budget Office, which usually weighs in on government economic policy.
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SMITH: The thing was, there was not really a plan for how to pay for any of it. KEYNES: Right, so yeah, they were doubling down. There was a cut to the top rate of income tax, and then there were briefings saying that the government might go even further and announce even more tax cuts. SOUMAYA KEYNES: She went even further than what she had promised on the campaign. She says Truss did not back down when she got into office. Soumaya Keynes is the Britain economics editor at The Economist. SMITH: Truss's plan - cut taxes to keep the economy moving and also increase government spending to help people deal with rising prices. LIZ TRUSS: I will deliver a bold plan to cut taxes and grow our economy. Liz Truss ran on a platform of turning all of this around with tax cuts. rising inflation and a slowing economy. STACEY VANEK SMITH, BYLINE: The British economy is struggling with a lot of the same things we're struggling with here in the U.S. NPR's Stacey Vanek Smith walks us through what happened to Truss, her plan and the British economy. RASCOE: That was Gary Gibbon, political editor of Channel 4 News when the U.K. And they were the graph lines that showed you the pound sliding against the dollar, the graph lines that showed you the cost of government borrowing going up. GARY GIBBON: Amazing today how many MPs I came across who were looking at their phones and looking at graph lines. It all boiled down to an economic plan that caused global investors to panic and rattled Parliament. She'd been prime minister for just 45 days. The latest bit of political chaos comes after the woman who replaced Johnson, Liz Truss, resigned last week. And as you might have heard, not imagined, Boris Johnson could make a bid to retake the position mere months after he was forced out. Britain's Conservative Party is once again looking for a new prime minister and wants to name him or her by the end of this week.
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