Tag Archives: economic

IEA think tank representative humiliated on live television

The far-right Institute of Economic Affairs think tank has been accused of influencing successive Conservative governments – most particularly the disastrous short-lived administration of Liz Truss.

It is therefore welcome that IEA representative Emily Carver was absolutely destroyed by Labour’s Angela Eagle on the BBC’s Politics Live on Wednesday, November 2.

I actually saw this when it was broadcast and made a mental note to write something about it – but Maximilien Robespierre has beaten me to it and said what I would have, if I’d had the chance.

Watch:

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New Tory economic plan delayed by more than two weeks

Jeremy Hunt: there is no urgency at all about his plan to restore the UK economy to its former glory. [image from last week when he dismantled Liz Truss’s economic plan. How long will it be until someone else has to do the same to his own?]

You didn’t really think Rishi Sunak and Jeremy Hunt were really going to make any announcement on the economy on October 31, did you?

I know the Tory leadership contest was said to be happening within a week so the statement could be made on Monday, but it seems clear now that this was just an excuse to rush Rishi Sunak into office without a proper election.

There doesn’t seem to have been an intention to bring any certainty to the lives of the UK’s more-than-68-million-strong population with any urgency at all.

What did you expect from Rishi Sunak – the MP who is richer than the King?

Jeremy Hunt has tried to sweeten the pill by saying the report, now to take place on November 17, will be a full Autumn Statement – a Budget. So he’s lazy. Rather than give an initial briefing on what the government will do – and getting on with it – then providing a full Budget, he’s combining the two and making us wait.

Pathetic.

Weak.

Treacherous.

In a statement to Parliament, Hunt said he has discussed his delay with the governor of the Bank of England, who “understands the reasons” for doing so. That’s not a declaration of support!

Hunt admitted there has been market turbulence, even in the last 24 hours: “The question is how you deal with that turbulence” and it is crucial to make sure decisions “stand the test of time”.

But a delay means market turbulence will continue. The BBC is reporting that the Pound is holding on to gains made in recent days, trading at $1.15 and a bit – just two cents up from when Liz Truss resigned last week.

Gosh. Catch me if I swoon.

It’s nothing. The Tories have deliberately – let’s not forget – presided over possibly the greatest devaluing of the UK economy in the history of our nation.

And now Jeremy Hunt and Rishi Sunak have announced that they can’t be bothered to do anything about it for more than half a month.

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Hunt launches everybody-get-out-and-push committee

Is this an admission by Jeremy Hunt that he doesn’t know how to fix the problems his boss Liz Truss has created?

It’s an everybody-get-out-and-push committee, isn’t it?

All Hunt has done so far is cancel the changes that “spooked” (according to the BBC) the markets – and all this announcement tells us is that he doesn’t know what else to do.

Here are the details.

Sadly, his appointments to the new committee offer little cause for joy.

Rupert Harrison of BlackRock, Gertjan Vlieghe of Element Capital, Sushil Wadhwani of PGIM Wadhwani and Karen Ward of JP Morgan Asset Management are all from the right-wing financial sector. Aren’t they exactly the kind of people whose ideas caused the problem?

Apparently new names will be added to the committee in the future. I look forward to hearing whether Martin Lewis, Richard Murphy, Simon Wren-Lewis or anybody else to whom This Site actually pays attention will be invited to join this new club.

And I can’t wait to see what happens when this committee advises Hunt to do something he doesn’t want to.

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Government claims mini-budget didn’t cause crash are denied as bllcks

Jacob Rees-Mogg, making a gesture that well defines him.

What a moment on Channel 4 News when Gillian Tett of the Financial Times verbally laid into Jacob Rees-Mogg!

He has been trying to blame the UK’s current economic woes on anything but the government’s mini-budget/”fiscal event”.

Maybe he thought he was winning us over…

And then Ms Tett turned up and said it was “bollocks”:

Peter Stefanovic of the CWU has been describing government rhetoric as “bollocks” for a long time now.

I wonder if he’s delighted that his description is catching on.

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Truss press conference: she reverses Corporation Tax cut and refuses to apologise

Liz Truss says she wants growth but went too far in her mini-budget.

She’ll keep the increase in Corporation Tax now, raising an extra £18 billion per year.

She’s asked former Health Secretary Jeremy Hunt to become Chancellor (so he’ll do as much damage to the Treasury as he did to the NHS).

She’s keeping the energy price “guarantee” (note: no longer a cap).

“This is difficult but we will get through this storm,” she says – not for a moment admitting that she is responsible for it.

She goes to questions – and is immediately asked why she has junked the Corporation Tax cut on which she was elected Tory leader. She evades answering.

Second question: the 45p tax cut was her idea, so was the Corporation Tax cut. But Kwarteng had to go. Why does she have to stay? She evades answering.

Third question: what credibility does she have to continue governing? She puts it all on Jeremy Hunt, the new Chancellor, and says they have to “deliver the mission in a different way”.

Fourth question: will she apologise to her party for having “totally trashed” its “reputation for economic competence”. She evades answering.

And she leaves. As she goes, a voice can be heard very clearly asking…

“Aren’t you going to say sorry?”

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Now the Tories are blaming the results of their nightmare mini-budget on the social media

Watch this:

So there you have it: it’s all the fault of the social media.

I’m glad we’ve cleared that up.

Of course, he doesn’t mean mass-market sites like Facebook, Twitter, Instagram, TikTok or whatever, so they won’t be getting taxed properly, even now – he means sites like Vox Political, with our tiny (in comparison) audiences.

I never knew we were so influential.

Or do you think – is there a teeny, tiny, ever-so-slight, possibility that he might be mistaken?

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Economists are losing their minds over Truss and Kwarteng – and look who’s advising them!

Proved correct: this was an accurate prediction, as we can see from the revelation about who is advising Liz Truss – and the reactions of economists to what they have done together.

The Tory government led by Liz Truss is being advised by shady right-wing think tanks like the Institute for Economic Affairs, which seems to exist purely to eliminate so-called ‘big’ government and remove restrictions on business like workers’ rights and environmental protections.

Nobody knows everything about who funds the IEA. But one of its lunatics – I mean representatives – appeared on ITV’s Good Morning Britain to show us all how crazy his organisation is. Take a look:

Meanwhile, professional economists are going absolutely crazy about the disaster that Kwasi Kwarteng has triggered, on the advice of these far-right think tanks (apparently).

Have a listen to what they have to say:

There is a lesson to learn from this:

The Conservatives are NOT the party to trust with the UK economy.

Not now, and never again.

It’s no wonder that Truss and Kwarteng seem to have given up on trying to run the country and are instead abusing their position to funnel money to their richest friends – presumably in the hope that this will give them an escape route when the whole house of cards collapses.

Let’s hope some more Tory MPs grow a backbone and eject them before the damage becomes irreversible.

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Government doubles down over economic plan while Truss and Kwarteng go into hiding

Now you see them: but after their disastrous ‘fiscal event’, politics-watchers are now being forced to play a new game. You might call it ‘Where’s Lizzie?’, or ‘Where’s Kwasi?’

What a stunning headline to write.

The Tory government is sticking by its tax-cuts-for-the-rich, make-the-poor-pay plan, even after the Bank of England had to step in with a plan to buy bonds in order to save the economy from collapsing altogether, after Kwasi Kwarteng’s worst-budget-ever last Friday (September 23).

Government departments are already being asked to find spending cuts, though – it’s looking bad for your NHS (which, by the way, is looking like an extremely enticing purchase for US investors now the Pound has plummeted to parity-or-below with the Dollar).

Meanwhile Liz Truss hasn’t been seen for nearly a week; her only communication being to congratulate a fascist on an election victory in Italy.

And Kwasi Kwarteng has similarly dropped off the map; apart from an excruciating non-response when asked how he’d solve the problems he created last Friday, he appears to be cowering in his office, waiting for the P45 to slide under the door.

Conservative MPs – along with the rest of us – have picked up on the fact that Rishi Sunak, the former Chancellor and Liz Truss’s rival in the leadership contest on which the Tories decided to waste the summer rather than do any actual work, predicted this chaos.

He said, “Borrowing your way out of inflation isn’t a plan – it’s a fairy tale.”

It is against this backdrop that Kwarteng will have to give a speech to the Conservative Party Conference on Monday.

Well, his tenure as Chancellor looks like becoming one of the shortest in history, so he might as well make the shortest-ever speech.

“I resign” comprises only two words.

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How Liz Truss is ruining the economy, the Pound and her electoral chances [VIDEOS]

No comment from me on this – I’m just putting forward clips by other commentators on Liz Truss’s latest blunders.

Enjoy:

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Liz Truss’s reliance on the economy improving is ‘not adult thinking’

Interesting: the head of the Resolution Foundation has said that Liz Truss’s hope that the economy will improve is “not adult thinking” – she is simply “hoping that something will turn up”.

Maximilien Robespierre correctly points out that Truss is hoping the economy will bounce back due to her tax cuts. “If that doesn’t happen, then what?”

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Tag Archives: economic

IEA think tank representative humiliated on live television

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New Tory economic plan delayed by more than two weeks

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Hunt launches everybody-get-out-and-push committee

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Government claims mini-budget didn’t cause crash are denied as bllcks

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Truss press conference: she reverses Corporation Tax cut and refuses to apologise

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Economists are losing their minds over Truss and Kwarteng – and look who’s advising them!

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Government doubles down over economic plan while Truss and Kwarteng go into hiding

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Liz Truss’s reliance on the economy improving is ‘not adult thinking’

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