Tag Archives: Kwarteng

A song for Kwasi Kwarteng to sing to Liz Truss

Everybody’s going musical, it seems.

This is funny in content and delivery.

The thought of Kwasi Kwarteng delivering his “package” to Liz Truss is enough to give brave men pause, though.

Alternatively, Professor Tim Wilson may be having a nervous breakdown over the Tory leadership contest; your mileage may vary, as the saying goes.

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The death of Trussonomics

Someone at the BBC edited together a neat little minute-long summary of how Trussonomics – and in fact Liz Truss’s entire policy platform – was trashed over the last few days.

At the time, they probably thought that was the biggest thing likely to happen this week. How wrong they were.

It’s a fun little summary though. See for yourself:

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Kwarteng is OUT as Chancellor – as Truss scrabbles to save her own political skin?

They used to say a week was a long time in politics; now it’s down to just half an hour.

When I started writing this article, it was about the press conference Liz Truss has announced, in which she is likely to reverse several – or all – elements of the disastrous ‘fiscal event’ of September 23.

But this has been superceded already – with the announcement that Kwasi Kwarteng has become the UK’s second shortest-serving Chancellor, being out after only 38 days in the job.

As I write this, it isn’t clear whether he has been asked to resign or sacked outright.

Truss herself didn’t have many options after she painted herself into a corner during Prime Minister’s Questions on Wednesday.

She had previously said she would cut taxes for the already-obscenely rich. This meant she would have to finance the change with more borrowing – or cut public services.

But at PMQs on Wednesday, she said she would not be borrowing – nor would there be any public service reductions.

That left Truss with nowhere to go – and everyone knew it.

Kwarteng himself has been in Washington DC for a meeting with the IMF (some have speculated that he went there cap-in-hand, as Denis Healey did, back in the 1970s) – but has been recalled to London.

This triggered speculation that he is to be asked to resign, as Priti Patel was after it was discovered that she had been trying to run her own personal foreign policy alongside the Israeli government while acting as International Trade Secretary.

And now he’s gone:

Apparently The Times is suggesting Jeremy Hunt could be the next Chancellor.

What next?

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Will Truss and Kwarteng change direction now their economic plan is in tatters?

We’ve all had a laugh at the expense of Liz Truss and Kwasi Kwarteng but now it’s time to get serious.

Their ideological dogma is in tatters and the Bank of England has told them they are causing a material risk of financial harm to the UK. They need to change.

But will they?

As the blurb for the following clip states, “The government haven’t really done anything to boost confidence in the market. They are still defending an uncosted budget, they are still refusing to publicise the economic forecast. Unless they change direction, the economic damage will continue.”

Here’s the detailed discussion:

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MPs spent the first day back in Parliament trolling Kwasi Kwarteng

This video is great fun, so let’s all enjoy Kwasi Kwarteng being discomfited by his own idiocies.

Best bit for This Writer? When someone congratulates the Tory government on its overnight transformation of 10 Downing Street – from a nightclub to a casino.

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If Kwarteng is still working for Odey Asset Management, big questions need answering

Kwasi Kwarteng: who is he really working for?

The big question on the social media this morning refers to Chancellor Kwasi ‘Queasy’ Kwarteng and any jobs he may have on the side.

Private Eye revealed that Kwarteng had a second job, pocketing £20,000 per month working for his old employer Odey Asset Management, back in 2011:

Now questions are being asked about whether he is still taking money from Crispin Odey who, This Writer understands, made a huge amount of money from the crash Kwarteng engineered with his ‘fiscal event’ last month.

Apparently the Eye has mentioned it again:

But I’ve seen no evidence of it online.

The connection is still concerning and we need clarity. Doesn’t Parliament have a watchdog for these details?

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Kwarteng will announce plan to deal with debt on October 31. It won’t work

The grinning Kwarteng: in his next public statement, he’ll announce a plan to deal with the debt he created in his last public statement. Who’s willing to bet he’ll cut your public services to the bone?

Who reckons he’s going to cut public services?

Kwasi Kwarteng, who by some miracle is still Chancellor of the Exchequer, has announced that he will set out his new (detailed, he says) plan to cut public debt and balance the government’s finances, on October 31. That’s nearly a month before his previously-announced date, November 23.

An independent forecast of how the economy will perform in coming years, by the Office of Budget Responsibility, will be published at the same time, so we will all be able to judge whether his plan is worth the paper it’s written on.

The statement will come days before the Bank of England announces its latest decision on interest rates – on November 3. We’ll definitely know if ‘Queasy’ Kwarteng has got it wrong by then, and if interest rates rise again, it’ll be further evidence.

Today’s announcement is yet another u-turn for Liz Truss’s hapless government; Kwarteng claimed on October 4 that the plan would be announced on November 23, as he had originally stated and that “people have been reading the runes and the pauses”.

It turns out that those people knew more about the future than he did. How normal for a government that simply doesn’t know what it is doing from one day to the next.

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Kwarteng is in a hole – and he’s STILL digging out unpopular policies!

Amazing.

Having realised his decision to cut the 45p tax rate was unpopular, Kwasi Kwarteng has reversed it (alongside his prime minister, Liz Truss). He will also bring forward his budget from November 23 to this month, to address concerns that it is unfunded and unviable.

But then he ruined it all by announcing new policies that are going to send voters running to other parties. They include:

£18 billion of cuts to public services – the amount that would be raised by a rise in Corporation Tax – and this is just the start.

A real-terms cut in benefits (yet to be announced but understood to be on the way).

And he’s still:

Removing the cap on bankers’ bonuses.

Cancelling the rise in Corporation Tax.

Here’s more in-depth information:

Bear in mind what Phil Moorhouse says about the reason the Tories shaft poor people: because they don’t vote in great enough numbers to harm Conservative electoral chances. It’s only when their cruelty seems likely to affect middle-class voters (like when many of them claimed Universal Credit during Covid-19 lockdown) that they make political – not economic – decisions that are intended to placate those voters.

This is the reason Tory MPs are developing a social conscience in the face of Truss’s – and Kwarteng’s – policies; they don’t want to upset their voters.

So if you’re a benefit claimant who has been shafted by Kwarteng and his bandits time and again – but you don’t vote – I have to ask: why do you have such a death wish?

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The evidence: did insider trading crash the Pound? [VIDEO SHORTS]

Kwasi Kwarteng definitely had meetings with hedge fund managers – or at least with his old boss Crispin Odey – during the run-up to the Tory leadership election in September.

Nobody involved with these meetings will say he mentioned anything about plans for the economy if his preferred candidate – Liz Truss – were to win.

But several hedge funds made a huge amount of money betting against the Pound when Kwarteng made his financial statement on September 24.

So is it not possible that Kwarteng let something slip, even though he didn’t know whether he would even be the Chancellor at the time?

Here’s the discussion:

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Kwarteng’s speech: all excuses – no substance

Having sat through Kwasi Kwarteng’s speech as Chancellor of the Exchequer, I tend to agree with Professor Tim Wilson.

It was all excuses; there was no substance – no new policies, nothing to announce at all.

And the delivery was shocking.

Here’s the quick summary:

And now here’s the long-seeming speech itself:

One point I would add: “Getting Britain Moving” is a terrible slogan for a party – and a Chancellor – that has endangered the ownership of millions of homes across the country by his own economic incompetence.

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