John Lanchester at his best, comparing the current government to live-action role-players:

“Until Liz Truss, no one had ever thought to try Larping as a system of government. But it turns out that we in the UK are living inside a full-scale Thatcher Larp, whether we voted for it or not. (For the avoidance of doubt: we didn’t. Check the 2019 Conservative manifesto for proof.) This unhappy discovery was something the country, and the financial markets, learned from Kwasi Kwarteng’s ‘mini-budget’ on 23 September, the latest catastrophic f***-up inflicted on the UK by an over-confident Etonian.”

This, Lanchester argues, is why the markets had such a catastrophic response to the mini-budget – because it made it unavoidably, unignorably clear that the government was fundamentally unserious:

“The uncosted new policy became, to markets, a signal that the new government is not serious and doesn’t know what it’s doing. Truss can wear as many pussy-bow blouses and sit on as many tanks as she wants, but while her policies continue to be uncosted, it’s Larp Thatcher, not the real thing. Markets don’t want a G7 economy to be led by people playing ‘let’s pretend’.”