Tag Archives: fiscal event

Russell Howard on Liz Truss and her mini-budget [VIDEO; STRONG LANGUAGE]

I know we’ve had one analysis after another and you’re probably sick of hearing about this, but Russell Howard’s is too good to miss:

Liz Truss as Andy from Little Britain is something to take away and use everywhere, I think.

Shall we?

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Is Liz Truss preparing to stab Kwasi Kwarteng in the back?

Knife: is Liz Truss plunging one of these into Kwasi Kwarteng’s back – metaphorically, at least?

Wow. New UK prime minister Liz Truss is already showing her vicious side. Who knew she had one?

In what is the BBC’s headline report at the time of writing, Truss lays as much blame for the failure of the Tory ‘fiscal event’ of September 23 on Kwarteng:

She added a decision to cut the top earner tax rate was a “decision that the chancellor made”. And she revealed it was not discussed with the whole cabinet beforehand.

She added that the cut was a decision made by Chancellor Kwasi Kwarteng – prompting former cabinet minister and Boris Johnson loyalist Nadine Dorries to accuse her of throwing him “under a bus”.

Some commentators have picked up on this:

I’m not sure I want to envision Liz Truss “fingering” Kwasi Kwarteng, but I’m looking forward to his Tory conference speech tomorrow (October 3).

Will he retaliate?

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Tory mini-budget lies debunked: don’t let them fool you

Gaslighting: Liz Truss and Kwasi Kwarteng (and the rest of their government) are trying to feed you a lot of misleading lines about their policies. Don’t let them.

After crashing the UK economy with their ‘dumb and dumber’ mini-budget/’fiscal event’, Liz Truss, Kwasi Kwarteng and their Conservative government chums are trying to gaslight you into thinking the consequences are not their fault.

Don’t believe a word of it.

Let’s have a look at some of their claims:

First among them must be this nonsense that the mini-budget was economically sound. Here’s one very obvious indicator that it wasn’t:

On her round of radio interviews yesterday (September 29), Liz Truss tried to tell us all that she has capped energy bills at £2,500 per year – indicating that she doesn’t understand her own policy:

The Treasury is trying to tell us changes to stamp duty mean a saving of £11,250 for first-time buyers – but the mortgage would cost people who earn £30,000 a total of £38,000 per year:

How about the claim that cutting taxes is fair because it helps everybody?

And what is the government’s response to complaints? Here’s Ernst Stavro Blofeld- er, Andrew Griffith, and Peter Stefanovic’s response to him:

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International Monetary Fund raps Truss and Kwarteng for ‘increasing inequality’

Liz Truss and Kwasi Kwarteng: they’re pictured in Parliament, which is where they should be right now – apologising for the mess they’ve made and working to sort it out.

The International Monetary Fund has attacked the UK Conservative government’s tax plans, claiming that “large and untargeted fiscal packages” will be responsible for “increasing inequality”.

Here’s the IMF’s statement:

“We are closely monitoring recent economic developments in the UK and are engaged with the authorities.

“We understand that the sizable fiscal package announced aims at helping families and businesses deal with the energy shock and at boosting growth via tax cuts and supply measures.

“However, given elevated inflation pressures in many countries, including the UK, we do not recommend large and untargeted fiscal packages at this juncture, as it is important that fiscal policy does not work at cross purposes to monetary policy.

“Furthermore, the nature of the UK measures will likely increase inequality.

“The November 23 budget will present an early opportunity for the UK government to consider ways to provide support that is more targeted and re evaluate the tax measures, especially those that benefit high income earners.”

It’s a huge slapdown for Liz Truss and her Chancellor, Kwasi Kwarteng – basically saying that the “fiscal event” of last Friday (September 23) was an ideologically-motivated “hit and hope” exercise with no factual support and no chance of success.

The call for re-evaluation in the November 23 budget is a clear warning to re-balance the economy in favour of the “families and businesses” Truss and Kwarteng claimed to be helping, rather than the “high income earners” they actually boosted.

There’s a lot of commentary on this – much of it focusing on the humiliation it signifies for Truss and Kwarteng. Here’s the balanced response from Labour’s Rachel Reeves:

Others were less equivocal:

And there has been a little speculation on how the Tories will react. This seemed on point when I first read it:

Then I found this, which tends to confirm it:

The real question is whether either Truss or Kwarteng will remain in post long enough to deliver a budget that redresses the situation on November 23.

Take a look at these clips, that This Writer found yesterday, and draw your own conclusions:

Is the party over before it has even begun for these two? The number of ‘no confidence’ letters arriving at the office of Sir Graham Brady may indicate that it is.

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.

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