Friday 23 September 2022

Not The Best Of Starts For Liz and Kwasi

Well it never started off well, the Chancellor criticising other Conservative governments, of which both he and Liz had been part of and had voted for measures they were now trashing after today announcing a series of economic measures, ended with the pound falling to a 40 year low,the FTSE 100 shedding 2% of its value and speculation that the Bank of England will now have to raise interest rates even more than they were going to otherwise.
Kwasi Kwarteng heralded 'the beginning of a new era' seeming to have forgotten that the Tories have been in government for the past 12 years but if it is a new era, today's immediate winners of the £45bn worth of tax cuts are the top 1%, the 660,000 people who earn more than £150,000 who will now benefit from the scrapping of the top 45% rate of income tax by an average of £10,000 a year while the biggest losers are those at the very bottom of society on low incomes and benefits who face being penalised if they don't work more hours.
Even some on their own side came out and called it 'politically toxic and economically dubious', a few while still in the chamber not long after Kwasi Kwarteng had taken his seat and kudos to the wag who came up with Kami-Kwasi, that's going to stick.
Every time you think the government couldn’t possibly sink any lower it finds another level but i'm trying to be stoic about it all, we are where we are which is a new era of economics, boldly going where no British Government has gone before, although to be fair that's because it would be so obviously disastrous but Liz and Kwasi have faith in their plan and Liz has said that she is prepared to be unpopular which feels very fortunate because to 95% of the nation not receiving a whacking great pay-rise, she is about as popular as Thrush today.

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