IT’S near impossible to write a column about the state of the economy thanks to Liz Truss and Kwasi Kwarteng’s so-called “mini-Budget”, but I shall try.

It may have been “mini” in name, but the ramifications have been far-reaching and it has had an impact way beyond what anyone could have imagined. The pound crashed, pension funds almost crashed, the IMF got involved, and yet none of that is the reason it’s hard to write about. It’s hard to write about because the Government is stuck in a loop.

The first step of the loop is to deny that the Chancellor’s Budget has anything to do with the enormous economic crisis the UK is facing. The second step is rumours appearing in the press that the Government is going to U-turn on one of the key policies in the budget. The third step is ministers appearing on TV to deny the U-turn. The fourth step is the press saying, “despite denials of a U-turn, discussions are ongoing in Number 10 about U-turning”, then, finally, the Government announces there will be a U-turn despite assurances to the contrary, and so the loop begins again.

As I’m typing this, the UK Government is hovering between step four and step five. The Chancellor is on a trip to America that he’s cut short. He’s clearly been given a stern talking to by the IMF at the very least and is on a flight home due to land soon. The chatter is that there will be a U-turn on cuts to corporation tax and that the Prime Minister will be announcing it in a statement, but officially, the press is still being briefed that there will be no U-turn.

READ MORE: 'Best thing she can do is resign': Nicola Sturgeon calls for Liz Truss to go

After the damage had been done, and profits had been raked in by disaster capitalists, the Government finally U-turned on the deeply stupid idea of cutting the top rate of income tax, at a time when we face the greatest financial crisis since 2008 – we could only assume the deeply stupid idea of cutting corporation tax was to be next on the chopping block. This is particularly painful for Liz Truss since it was the crowning jewel of her campaign to become the leader of the Tory party and, by extension, the Prime Minister.

It is worth remembering that when these policies were announced in the mini-Budget, Douglas Ross and the Scottish Tories fervently demanded that the First Minister copy them. Thankfully, the FM refused to do any such thing, but given we have already had one U-turn and it looks like we’re about to have another, I wonder if the Scottish Tories will be apologising to the First Minister anytime soon? It really shows you the stark difference between competent governance and Tory governance. One actually thinks things through, and the other is dictated by ridiculous grandstanding.

Okay, as I was writing that last paragraph, my phone let me know that Kwasi Kwarteng is out as chancellor. Sacked by a PM for implementing a Budget she apparently co-authored herself. That’s really quite something. Given the fact that he has been overseas for two of them, by my count, he was chancellor for five sitting parliamentary days. I wonder what the Prime Minister’s thought process was here: “That bloody Chancellor that I handpicked has been pushing tax cuts that I approved behind my back.” Or was it, “sacking everybody worked for Boris that one time ... let’s give it a go!” Maybe it was, “Kwasi will fall on the sword, and hopefully everybody will forget that I almost destroyed the UK financial market in one day”.

It is still not clear whether the now former chancellor was sacked or resigned – maybe I’ll be able to tell you by the time I’m done writing this, who knows.

As this article writes itself in real time, Westminster chatter is that Tory MPs are already looking for a new candidate to be their leader. Letters are apparently being sent to the 1922 Committee.

RECAP: Kwasi Kwarteng SACKED and Liz Truss hosts press conference

This will be my third time witnessing this ball get rolling. Often, it’s clear to everyone else long before it’s clear to the prime minister of the day that they are done. It’s a process that was dragged on painfully long by both Theresa May and Boris Johnson.

We can only hope Liz Truss will resign as quickly as she tanked the economy.

The parade of ridiculousness that is the UK Government has grown stale. Poll numbers make clear that there’s almost next to no one left who wants to vote Tory, and they’re switching to Labour by default. Labour might make slightly different policy decisions, but I’m personally sick of living in a country where the options are between terrible and slightly less terrible.

While the Government is stuck in a loop of its own making, the UK is consequently dragged along in the process. Stuck in a loop of consecutive Tory governments’ making. A loop of deeply, deeply unserious people entering 10 Downing Street and making decisions that have deeply, deeply serious consequences for all of us. On that very point, Jeremy Hunt has just entered Downing Street to be named as the new Chancellor.

P.S. The press is now clear that Kwasi Kwarteng was indeed sacked.