Liz Truss is not the captain of a sinking ship, says Mark Dolan

Our newest Prime Minister and his exciting new Chancellor are being punished for daring to turn Britain into a low-tax, high-growth economy.

Yeah, announcement times may have been changed here and there, and I’m not sure the new government’s message machine is still fully operational.

But with the Conservative Party Conference looming and the spotlight on Liz Truss, this is the perfect opportunity to reiterate his vision for this country. And what a vision it is.

I’ll take Truss’ plans off the vague and expensive shopping list of ideas we heard from Keir Starmer on Tuesday. Now, I’m well aware that last week’s mini budget was about as well received, as Holly and Phil, at a queue convention, but I see the fallout as a failure, from the communication, not politics.

Removing the higher rate of tax sends a message of aspiration, not just to hard-working Brits, but to wealthy people everywhere, who will know their money is safe here.

I want their money, don’t you? As more and more people move into this higher tax bracket, without fear of being run over by HMRC, it’s just possible that removing it will cost nothing, or may even generate more income.

This is certainly the view of former government minister Ann Widdecombe who told me this on the show last night.

Lower taxes, increase them, Treasury revenues? Who knew? It also makes perfect sense to reverse the National Insurance hike, as it is a tax on jobs and on the poorest members of our society.

And are you telling me that making life easier for businesses, by reducing corporate tax, is not going to stimulate the economy?

So that they can hire, invest and remunerate their workers more?

This is exactly the lift for business, which I believe will pay dividends, and well before the next general election.

The decision not to clear the numbers, with the Office of Budget Responsibility, is another reason this storm has escalated, but due diligence is ongoing.

It is clear that the government must present a plan, to know how all this will be paid for. And they will.

But let’s be clear, the media has overreacted, because since Covid, and as we have seen with climate change, doomsday scenarios have become the norm, and fear sells.

And let’s be honest, most media want Truss to fail.

The pound has come back to life, recovering massively and one pound will now buy you a dollar and 11 cents.

But why let facts get in the way of a good story? Yes, Liz Truss and her Chancellor got off to a rocky start, to say the least, and people are rightly worried about skyrocketing household bills and mortgage repayments.

But I think these are short-term headwinds, compared to a potentially large and arguably misunderstood budget. And with these headwinds, we are not alone.

The European Systemic Risk Board has issued a warning about risks to EU financial stability and called for preserving or strengthening the resilience of the financial sector.

This as Germany reaches 10% inflation and faces a winter energy crisis.

And the European Central Bank said interventions would be needed. But I thought it was the UK that had problems? I’m so confused.

In the long run, this will be good news. For the first time in decades, we have a government serious about economic recovery, serious about change.

Liz Truss is not the captain of a sinking ship, far from it. A single plowing through choppy economic waters.

The map is clear, the route is defined and our route is marked out. A few people are sick to their stomachs, but calm waters await us. Full steam ahead. Britain is far from being sunk.