Clueless Kwarteng borrowing time and giving to the rich

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.

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It is widely expected that the Bank of England will raise interests rates today : why is this wrong to do so?

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?

Conservative Party’s policies are a Dead-end Street for Britain

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/