In 1994, at the annual conference of the Liberal Democratic PartyAlso known as the Lib Dems, a liberal political party in the UK. , a delegate from the Oxford Lib Dems announced to her fellow members that the monarchy should be abolished. "We do not believe people are born to rule," said a 19-year-old Liz Truss.

Twenty years later, Truss stood before the conference of a different party, the ConservativesA traditionally right-wing or centre right political party in the UK. Members are sometimes called Tories. . Staring furiously at the conference floor, she told them, "We import two thirds of all our cheese." Long pause. "That. Is. A. Disgrace." After an awkward silence, a smattering of applause. Truss seemed not to notice.

For many, it is those two moments that still define Liz Truss. For some, a fearless free-thinker, willing to endorse unpopular positions and to change her mind when necessary. For others, a laughable lightweightSomeone who is not serious or influential., completely unsuitable for the highest job in the land.

Yesterday, Truss was formally appointed prime minister of the United Kingdom, after winning the contest for leadership of the Conservatives on Monday.¹

She will not have long to settle into the role. She is now in charge of an economy in freefall. The UK is on the brink of recessionA period of economic decline. A recession occurs when a country's Gross Domestic Product falls for six months in a row. . Inflation is due to hit 18% in January. Energy costs are eye-watering. From train drivers to lawyers, much of the country is striking for better pay.

Truss's answer to the crisis: full steam ahead. She proposes borrowing £100bn to freeze household energy bills. At the same time, she wants to press ahead with £30bn in tax cuts.

Moderate Conservatives are tearing their hair out at the prospect of £100bn extra government debtThe total debts a country's government still has to pay. It is also known as public debt. . And the left is furious at the proposed tax cut, which will mostly benefit the highest earners.

They say Truss is not acting like a responsible steward of the economy. Instead, she is pushing ahead with her own radical right-wing ideology. The UK is speeding towards a hurricane, and Truss is pushing down the accelerator.

But Truss insists her radicalExtreme. economic policy is just what is needed to get the economy back on track. She believes low taxes will pay for themselves by stimulating economic growth, making everyone richer.

The question, critics say, is which Truss has become prime minister? The gutsy activist with a radical political vision and the charisma to get her own way? Or the national embarrassment spouting nonsense about cheese to a bored audience?

Yes: Truss is proposing a radical, unfunded economic plan at a time of massive economic weakness. The markets, and perhaps her own party, will not tolerate this madness for long.

No: Some of the most successful economies in the world have adopted the low-tax principles that Truss advocates. Her revolution in the British economy could unleash a boom.

Or... Trussonomics will probably be a disaster for ordinary people, but it is very pro-business. As such, she might keep the confidence of the markets, but lose power at the next election.