The Pound has plummeted; now interest rates will skyrocket. Here’s how it harms YOU
The grinning Kwarteng: do you think he intended to cause the chaos he has inflicted on the United Kingdom, and was actually laughing to himself about it during the Queen’s funeral?
Yesterday was all about the falling pound, which can feel a little remote. Today will be all about rising interest rates, which gets up close and very personal. Truss and Kwarteng’s efforts to bankrupt UK households will feel very real for millions as today progresses.
— Richard Murphy (@RichardJMurphy) September 27, 2022
Up close and very personal.
If you’ve got a mortgage, the amount you pay towards it depends on interest rates.
If they are going through the roof, then you may suddenly find that you don’t have enough to pay for your home – and, shortly afterwards, that you don’t have a home to live in.
Remember, the lower Pound means food will cost a lot more than it does already; we import 40 per cent of our food from the EU.
Now watch this:
The keyword from this is: unsustainable.
The answer, if the grinning Kwasi Kwarteng is still determined to avoid a windfall tax on energy firms’ profits, is higher taxes or cuts to public services – and he has cut the 45 per cent tax bracket.
So you can expect the axe to fall on public services – probably before the end of the year. That will mark the end of the UK’s society as you know it. Bye, Britain, it was nice knowing you (back in the 1970s before the Thatcher rot set in)!
Unaffordable food, housing (and energy, let’s not forget); a savage attack on public services to come. Is this what you wanted?
Have YOU donated to my crowdfunding appeal, raising funds to fight false libel claims by TV celebrities who should know better? These court cases cost a lot of money so every penny will help ensure that wealth doesn’t beat justice.
Vox Political needs your help!
If you want to support this site
(but don’t want to give your money to advertisers)
you can make a one-off donation here:
Here are four ways to be sure you’re among the first to know what’s going on.
1) Register with us by clicking on ‘Subscribe’ (in the left margin). You can then receive notifications of every new article that is posted here.
2) Follow VP on Twitter @VoxPolitical
3) Like the Facebook page at https://www.facebook.com/VoxPolitical/
Join the Vox Political Facebook page.
4) You could even make Vox Political your homepage at http://voxpoliticalonline.com
And do share with your family and friends – so they don’t miss out!
If you have appreciated this article, don’t forget to share it using the buttons at the bottom of this page. Politics is about everybody – so let’s try to get everybody involved!
Buy Vox Political books so we can continue
fighting for the facts.
The Livingstone Presumption is now available
in either print or eBook format here:
Health Warning: Government! is now available
in either print or eBook format here:
The first collection, Strong Words and Hard Times,
is still available in either print or eBook format here:
Hail to the American dollar, BLOW THE POUND the government is saying to my mind.