Few Conservative MPs are commenting publicly about Chancellor Kwasi Kwarteng’s handling of the economic turmoil sparked by his mini-budget – but they are not mincing their words in off-the-record conversations.
Inept, humiliating, naive and reckless are just some of the words that have cropped up.
What is so irritating to many of them is that this financial instability was predicted – by none other than former chancellor and leadership candidate Rishi Sunak.
His supporters feel entitled to say “we told you so” but their reaction is more nuanced than you might expect. Several point out that it’s very early days and a growth plan needs time to work.
Others say they favour tax cuts in principle – just not now – and are willing to give the new administration the benefit of the doubt for the moment.
Some, who describe themselves as “critical but sensible”, are dismissing “idiotic talk” of trying to oust the prime minister.
But there is huge pressure on the chancellor, who they accuse of an “appalling lapse in political judgement”.
‘Right plans’
One said he had used up political capital on unnecessary and unpopular measures and – to use a cricketing analogy – “didn’t roll the pitch” ahead of Friday’s announcements.
The aim of some Tory MPs now is to try to influence what happens next and few think he can wait until 23 November to lay out his fully costed plan to get debt falling, as is his current plan.
The question is whether the chancellor will be forced to U-turn on any of Friday’s measures before then.
Former chief whip Julian Smith – a Sunak supporter during the leadership contest – tweeted: “It is critical that the government is honest about the current situation and plays its part in stabilising markets. It can keep a growth plan but needs to make changes. Not doing so will only continue further stress & strain on UK citizens.”
But Junior Treasury minister Andrew Griffith has said the government would not be changing course because ministers believe “they are the right plans” to make the UK economy competitive.
One rapidly approaching date in Mr Kwarteng’s diary is his speech to the Conservative Party conference in Birmingham on Monday. Hardly the backdrop he would have wanted to his first as chancellor.
One Tory MP told us: “Kwasi is a clever man but economic theory has just collided with political and market reality.”
Another MP said the chancellor had hugely overestimated the level and speed at which economic growth could be generated by the measures announced.
Economic crisis
One of the ministers recently sacked by Liz Truss ruefully suggested the new PM was ruthless enough to sack her chancellor to protect her own position. Others think that would leave her more exposed, without a close personal and ideological ally in the Treasury.
A former cabinet minister points out that just 50 Tory MPs backed Ms Truss as their first choice in the leadership race, so she doesn’t enjoy the well of support that Boris Johnson had.
She also decided to promote those who backed her, rather than building cross-party support.
But self-preservation often kicks in at a time of crisis and Tory MPs fear a full-blown economic crisis could drive them out of power.
One MP who backed Mr Sunak in the leadership contest said Ms Truss had been clear about her intended programme of tax cuts during the leadership campaign and this was now “her tea party”, adding he would wait to see how it panned out.
Another with serious reservations about the government’s strategy said they were reluctant to fuel a “party squabble” over the mini-budget and still had some hope it could bear fruit.
One Truss critic says there is real concern dogma has been prioritised over all else and that Ms Truss and Mr Kwarteng have been reckless but that there’s still hope – and the will – for their strategy.