“Government policy has nothing to do with common sense” – Sir Humphrey Appleby (Yes, Minister).
I wrote earlier in the year that Truss could be the albatross, which the Collins Dictionary describes like this: “If you describe something or someone as an albatross around your neck, you mean that they cause you great problems from which you cannot escape, or they prevent you from doing what you want to do” (Collins Dictionary – ‘Albatross’). In the months time I wouldn’t consider to be proven right, but especially not in this way.
Liz Truss and her appointed Chancellor Kwasi Kwarteng has just within a weeks time announcing their biscotti mini-budget been able to destroy the value of the Pound Stirling, making mortgages expensive, getting the Bank of England to save pensions and gilts. The whole financial market turned into distress and uncertainty, which haven’t been at these levels in forever. Not even the COVID-19 Pandemic or the downturn of Brexit was as dire. Not like the United Kingdom or City of London was running smooth now. However, the latest moves of the Tories and the tax-cuts are hurting the economy. In such a manner, that the Prime Minister and Chancellor are doing this to themselves.
These two could do better, but they are pursuing it. They seemed not very concerned with the fall of value of the Pound Stirling, neither the actions of the Bank of England. The distress and uncertainties creating are being put on the consumer and the citizens. Their mortgages and pensions are in jeopardy. The rising payments in addition to the more cost of living, rising inflation and now destruction of the financial market is a horrific cocktail created by the Tories. It is all culminating because of the biscotti mini-budget.
That’s why this little treat is self-destructive. The Tories and the ones in-charge is clearly not caring or acting in accordances to the harm they are creating. They are the albatross and they don’t mind being so. Truss and Kwarteng is doing it, but willing playing along. Thinking this will boil over and it will make sense in November. However, the public will pay the price on the mortgages and the Bank of England is bailing out the government.
Truss and Kwarteng can gamble everything on the biscotti. They are willing to go on the limb and die on the hill of the rich. These two are willing to risk the financial markets so the rich gets more wealthy. Those two are now willing to risk the companies carrying the pensions, creating a possible housing crisis and that in addition to the inflation or affects created by the Brexit itself. There is already a downturn with austerity for 12 years, but not forgetting the financial market reaction to the Brexit too. Therefore, these two knew things wasn’t perfect or running smoothly. Even knowing that… they still are pushing tax-cuts for the rich and cutting benefits for the poor. They are doing the opposite of Robin Hood and hopes for glory. It is just disgusting… and should be called out for.
London is falling, the City is falling and no one is in-charge is ensuring a safe landing. It is really disgraceful the attitude and the acts of the Prime Minister and Chancellor. They are just showing arrogance and ignorance of the plights of the people. When they are ensuring more wealth for the wealthy and planning to cut more for the poorest. That is just how despicable these leaders are. While the prices are souring, inflation is growing and the pound is losing value making all imports more expensive.
Truss and Kwarteng are two albatrosses now. They are a problem and they are allowing themselves to be it too. That’s the role they are playing and they are not letting go. Peace.