Tag: Chancellor

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