What a blunder! The Chancellor Kwarteng trips up over his own ego which is leading Britain into crisis. Chancellor Kwasi Kwarteng’s mini budget has plunged the value of the Pound into free fall, plummeting to a record low against the dollar with only a slight recovery towards the end of trading.
Kwarteng has found no suporters for his ‘ brilliant and inspired’, reckless borrowing plans to steal from the poor and give to the rich. Kwarteng has a big opinion of himself and his intellect which obviously isn’t shared by the markets. 2 weeks in and this government has already flounded and managed to devalue the pound. What was supposed to be labelled as an assistance to ordinary people to help deal with the current’ Cost of Living Crisis’ has actually made things a lot worse for many if not all of us. Kwarteng’s first action as the new Chancellor has been an act of staggering incompetency which will most likely result in higher prices and increased Interest Rates which will increase the costs of average mortgages for many home owners. An act of genius or an act of staggering incompetence?
An act of genius or an act of staggering incompetence?
What a bunch of amateurs the Tories have elected to lead the country. Any gains through changes to income taxes is going to be swallowed up by increases in Interest Rates rises bringing misery and hardship to many. Thus most people apart from the very richest are actually going to be much worse off. This is the warnings that Rishi Sunak made during the leadership race, but despite this the Tories still pressed ahead and elected a clueless bunch of amateurs to lead the country. People have been made significantly poorer since the election of Liz Truss (as Tory Leader and Prime Minister) and there is more to come unless Kwarteng realises he was wrong and reverses most of the changes he has made.
So the first thing Liz Truss’s new government does is to make the majority of people worse off: so how is that helping?
However this is unlikely from such an arrogant and self opinionated Chancellor. The reality is he is likely to be the most short-lived genius in the history of Government. His lack of insight into economics is astounding. His lack of understanding of cause and effect is equally astounding. Even though his predecessor, Rishi Sunak, actually did all the sums for him in advance. Truss’s faith in him has been completely misplaced and shows extremely poor judgement. This is a government with poor judgement and is ill equipped to deal with the current ‘ Cost of Living Crisis’. It’s first and most recent intervention has made things far worse.
Truss and Kwarteng have gone into hiding to avoid further scrutiny of their disastrous scheme
So the first thing Liz Truss’s government does is to make the majority of people worse off: so how is that helping? Now after wreaking such destruction both Truss and Kwarteng have gone into hiding without the bottle to face the press and the adverse criticism of their blundering and ill thought through policies. An act of arrogance or cowardice? Their reckless policies will bring misery to many families already suffering strains to household budgets brought about through the ‘Cost of Living Crisis’ and Inflation. Liz Truss previously promised help but instead has heaped more misery on already struggling people by introducing a clumsy and irresponsible mini budget.
Liz Truss’s government seems to believe that they have no public accountability
So far it seems that this new Conservative government has no accountability. Now it wants to hide the findings of the OBR investigation until a time when it suits them to release the bad news. This will most likely be at a time after which they have introduced new changes so that they can then claim that the report’s finding will no longer be applicable.