Chancellor Kwasi Kwarteng delivered a mini budget unfit to purpose by giving away a large slice of the government’s current income to rely heavily on borrowing instead. Cuts in government income and National Insurance is sure to have an impact on this government’s abilities to deliver on previous promises of improvements to the NHS and the seemingly forgotten pledge of ‘ levelling-up’. What’s also gone from the mandate of which this government was elected to do is the commitment to ‘Net Zero’ by scrapping or postponing the funding which was set aside to do this. So on almost all mandates from the 2019 Conservative Election Manifesto they have broken almost every Election Pledge. This goes to show that the Tories can’t be trusted to deliver.
Trickle Down Economics doesn’t work
Now Kwarteng is gambling with the economy. He has tried to convince us that he is a genius but instead he has shown that he has only a rudimentary grasp of economics. His most recent attempt shows that he can master smoke and mirrors. The majority of us in the UK will receive a mere 1 penny in the pound amounting to 2 bars of soap and a litre of milk over the course of a month and we are supposed to be grateful for that: whilst the rich benefit disproportionately. This is another attempt to install a failed economic theory first tried out by Margaret Thatcher. It didn’t work then and it won’t work now. It’s not a new idea it’s a rehash of Thatcherism. Trickle down economics doesn’t work. All it does is increase the divide between the rich and the poor and opens the door for the richest to exploit the poorest with unemployment and wage slashing.
To achieve this Kwarteng has sacrificed the government’s income and instead has reverted to borrowing to keep the County afloat. This equates to a situation of being afloat in the middle of the ocean in a boat full of holes which is sinking, whilst sending out a Mayday call to the Super Rich to come and rescue us. I doubt there will be much interest as the Rich will just remain at home counting their increased riches which this mini budget has so kindly laid at their doorstep.
Continue reading Clueless Kwarteng borrowing time and giving to the rich
This post has been made in response to Kevin Peachey’s article that appeared today on the BBC’s App and website https://www.bbc.co.uk/news/business-57764601 .It is widely expected that the Bank of England will raise interest rates today in order to tackle Inflation. This is a very predictable text book response to Inflation and seen by many as the preferred method to tackle Inflation. The BBC has inferred that this Inflation is as a result of the lack of goods in the Economy after the Pandemic. From what I remember of the Pandemic is wasn’t goods availability that was problematic it was just that there appeared to be a shift away from people actually going to get goods to a situation whereby goods were being mainly ordered and delivered. Sure enough there was some drop in production but this didn’t impact greatly on availability. There was however more of a drop in services in that sector of the Economy. However today all I ever see down our street and on our estate is loads and loads of delivery vans constantly shuffling about and delivering goods to people’s homes via Amazon and DPD to name but a few. Also I myself have ordered much since the Pandemic ended and have enjoyed taking advantage of one day delivery schemes. So when the BBC state lack of goods as a cause of this current period of Inflation , I simply have to laugh. I have never recently gone onto the Internet and Amazon, in particular, where I remember being informed that the goods that I wished to order were out of stock. This has been my recent experience. So where is this shortage of goods driving this Inflation? It simply does not exist but has become an easy scapegoat to avoid the real finger of suspicion.
The real cause of Inflation is the greedy energy and utilities companies hiking up profits and disguising these as pass on costs.
Continue reading It is widely expected that the Bank of England will raise interests rates today : why is this wrong to do so?
The Conservative Party’s policies are finally revealed to be a Dead-end Street for Britain. Their policies and ideas are stagnated and simply not relevant for a Britain struggling to develop and struggling under insurmountable Inflation being driven by the immoral greed and profiteering of the Energy and utilities companies in the UK.
Privatisations have spawned monsters with ideas that they can milk demand to death without impunity or consequences. These monster energy and utilities companies are driven by greed acting outside of the national interests without a conscience or any remorse. There sole purpose being to maximise their profits whilst driving Inflation in the UK higher and higher. No longer restrained by governments they can act outside of concerns like fair pricing for energy and act beyond any national concerns. They even set their own prices and Price Cap (joke) without any government intervention. They are quite simply a law unto themselves. And whose fault is it? Well fault can be traced back over many decades to the ill thought out and possibly illegal sale of the resources to private concerns and profiteers. And who wad to blame for that: well previous and current Conservative governments because they did it and the current Conservative governments continue to endorse it. Privatisation was always going to be a Dead-end Street for Britain and we are now at it upper limits with no where else to go other than backwards to find a brighter future without these shambolic profiteering energy and utilities companies dictating the economic situation and profiteering and causing misery and mayhem thanks to the ill thought out policies of consecutive Tory Governments.
For more information go to https://weownit.org.uk/