CAFE HAYEK: Not a Promising Start for Liz Truss. “I’ve never encountered a clearer example of economic illogic than this scheme by Ms. Truss to shield Brits from high energy prices. High energy prices reflect the underlying reality that energy in Britain today is especially scarce. This reality is unfortunate, but as the economist Thomas Sowell reminds us, reality isn’t optional. Yet by reimbursing each household and business in Britain for energy that it uses above a certain amount, the government will encourage, not the energy efficiency for which Ms. Truss pleads, but energy inefficiency.”

Politics generally trumps economics, especially among politicians. But at least they’ve opened up fracking again. Never should have banned it, of course.

UPDATE: A more positive take on Liz Truss’s plan from WattsUpWithThat.