The abrupt decision to sack the Chancellor and to signal a 31% hike in business taxes was a bad idea. It leaves the government searching for more to fill its Growth strategy. The political debate over the growth strategy is now even moreĀ fevered and not well informed. Critics of the tax cutting plans assume the borrowing levels that result will be too high, and lasered in on wanting to hike Corporation tax to correct the elusive number they use for the alleged excessive borrowing. They should wait to see the spending plans, and to read the government’s considered forecasts of what might happen to revenues and outgoings as a result of all the changes. The new Chancellor needs to work up convincing spending, taxing and borrowing numbers with OBRĀ assessment. The OBR need to get a lot better at forecasting deficits as they are so crucial to tax judgements.
It is clear that after two years of wild pessimism about likely borrowing by the OBR, this year their forecast for borrowing was too low. I have found myself having to disagree withĀ OBR forecasts three years running. The truth of the current situation is whether we raise Corporation tax or not, borrowing this year will be considerably higher than forecast. The main reasonĀ is the cost of the energy package. All agree we need to do enough to help hard pressed consumers and businesses. Forecasting the cost of the current scheme depends on the gas and electricity price over the winter, which could ease the costs or could escalate them. Tweaking the scheme to limit all household consumers to the controlled priceĀ for a specified amount sufficient for the average house could cut costs a bit, charge better off consumers with large houses moreĀ on the extra fuel they burn, and be a further incentive to reduce fuel use. We need to be generous to those on low incomes but careful with overall spending on this package.
The choice we are making Ā is do we hike taxesĀ now with the likelihood that this would intensify the downturn and lengthen a possible recession, or do we provide more offset to the downturn through a mixture of financial support and tax reductions? Arguably we will have lower overall new borrowing if we offset some of the downturn than if we rush into tax rises. The economy is going to slow whatever taxes we set, as the Bank of England is determined to drive interest rates and mortgage rates up whilst the high energy prices are like a huge tax rise on all of us. The more we pay for energy the less we have to pay for other things, and the fewer jobs and incomes there will be supplying the discretionary items that many have to give up. AsĀ mortgages are forced up so mortgage holders can afford less. Tax rises will deepen the downturn and slash the revenues as a result.
Amidst all the extreme argument there is some agreement. Most MPs agreed with cutting National Insurance as we do not need a higher tax on jobs at this juncture. Most MPs agree with the general principle of offsetting some of the impact of the energy price hikes to stop a worse downturn. The idea of a Growth strategy is still a good one. If the economy grows faster we get more revenue and have less spending on benefits as more people have better paid jobs and more are in work.
Instead of trying to undermine the Growth strategy the critics should be urging it on and demanding more action. We still await the details of the investments, regulatory changes, incentives, Enterprise Zones and the rest that it will need to boost our capacity, increase domestic energy and home grown food and expand industrial capacity. I want to see a bold set of measures, alongside a budget that tells me what the income is likely to be and what will be spent. Anyone who wishes our country well would want this too. Rushing to make the UK a less desirable place for businesses to invest and create jobs would not be a good start to such a strategy. When we know the whole package we can discuss its balance. We cannot afford tax rises, as these will worsen the downturn and cut the overall revenues.
October 19, 2022
If you are thinking Liz Truss is useless and let’s get rid of her just take a look at this, Jeremy Hunt is now the Chancellor and who was the last person people wanted as PM.
Hunt is a remainer and was a supporter of Rishi Sunak and now all that Hunt is doing is Sunak’s agenda. The opposite of why Liz was voted for. Gives it until the mini budget and see if Truss gets dumped for no other than R S, because he and his supporters have undermined everything that Kwasi and Truss have tried to do and to that extent democracy. and unfortunately she has not been strong enough to stand up to them all. When did we become a nation where the losers of a vote or referendum will not accept the result, but worse still will try constantly to bring it down. Look at Boris, a brexiteer. So the opposition wasnāt interested in policy. Just bring him down. Fishi lost the vote. So bring Liz down. Voting has become a waste of time.
Sent from my iPad
October 19, 2022
+1 BW
Democracy has been trashed. And who is behind Sunak and Hunt, as he insures we are not even competitive with the EU?
October 19, 2022
So remindful of the EU, where they happily parachute in the person THEY want and to hell with democracy. Remember, the EU elite are safe from the voters. Your party is not, although democracy is definitely becoming something of a stranger in the UK!
October 19, 2022
Boris managed to blow it by ignoring his own silly rules and then telling fibs. He had also gone bright green and was enthusiastically set on trashing the economy. Unfortunately, it looks like Liz is still set on net zero and Jeremy is definitely a clueless zealot. Perhaps Liz gave the wrong signal to the global plotters when she told Charles the Green that he couldn’t go to the Climate party in Egypt and that she wasn’t going herself. Klaus would not have been pleased.
Another matter which would not have pleased the Weffs in the IMF is the idea to reduce Corporation tax below the standard rate that Joe and his friends, perhaps Rishy, had agreed. We can’t have competition between the global leaders.
So despite the UK having staffed Ā£500 bn on lockdown and the various NHS stuff that didn’t work and the energy shortage and subsidies being the same as in the EU, tax cuts and letting the little boys off IR35 was the last straw for the Rules and Kwarty had to go with Liz left in place as a melting waxwork. The billionaires and monarchs win.
October 19, 2022
I’m more impressed with Jeremy Hunt than Liz Truss. He is warning about spending cuts, so he appears not to be shirking difficult choices. Abandoning the triple lock is a sensible move. Isn’t it time people realise they need to put by for their old age with occupational schemes? Plenty of contributors here calling for reducing the welfare state, so abandoning the state pension would further that cause in spades.
I don’t like the move to increase corporation tax. It’s giving a warning that any company so pretentious as to make a profit will be severely penalised for doing so. Better to put it on dividend tax and allow companies to keep more of their profits for investment, but of course the government is doing that as well.
October 20, 2022
Dave, PAYE workers contribute 25.8% national insurance over the lel to their state pension. On top 8% is put in their occupational workplace pension schemes. Both of these were sold to the public as putting up for your retirement. The state pension is half the national minimum wage. They thought they were putting up into it.
The schemes in the public sector and ex-public sector large works NO ONE can buy. Up until recently, if someone saved Ā£100,000 in their private pension, it bought them Ā£4500 at 65 years of age, sometimes less if you want a spousal transfer.
October 19, 2022
Hunt is our own Kamala Harris: someone whose leadership bid went nowhere but who still ends up with the No 2 job and enough power to screw-up.
October 19, 2022
I’m not sure Boris was ever a “Brexiteer” by conviction.
I think Boris was (and remains) someone with a good eye for the main chance and correctly calculated that Brexit provided him with that chance. I’ve always ‘enjoyed’ his antics but have never really seen him as someone with deep convictions. For a while I hoped I would be proved wrong. I really don’t care about Cakegate and all the other nonsense but must lay some of the current energy and other economic problems at his feet. He was reactive to problems (and he certainly had some big ones) but where was the deep strategy, the long term vision? There wasn’t anything – part from an oft repeated mantra to build more renewables – a soundbite for the mindless eco-mob.
Boris is now busy filling his boots again and very much enjoying doing so I imagine. I don’t begrudge him that but I certainly don’t want him back either.
October 20, 2022
I’m half-way through Tom Bowers’ excellent biography of Boris. I get the impression that Boris was a europhile who would have been content for us to stay in the EU had Cameron achieved a satisfactory renegotiation. But Cameron failed in his mission.
October 19, 2022
MP’s,Government and media panic once more: just as they did over Covid.
October 19, 2022
BW. It’s a truly shocking state of affairs. We may as well live in a communist state where the citizens get no real choice and votes mean nothing. Bit like Ukraine/Russia with the voting there recently. This will do nothing to restore confidence in our political system. The Conservative party is real at an all time low. And we thought the deceit ftom Boris was bad.
October 19, 2022
Dear BW–It’s all pretty grim but at least the Tory membership favours Boris so maybe wanting him back is not as daft an iidea as our host thinks. This would give us at least some, albeit small, chance. TINA as was once said. I read that one or two cabinet ministers are saying that Truss is OK because she has done such a good job junking her own ideas so thoroughly and quickly.. Mercy!
October 19, 2022
… unfortunately only too true …
October 19, 2022
Indeed, endless lies in the Manifestos. Manifestos that are junked almost the day after any election.
The problem is in the vast government waste and there is so very much fat that could so easily be cut. Then no government borrowing would be needed. Much government spending not only does no good it does net harm. Net zero, the worthless degrees, the diversity officers, net zero officers, the sick joke NHS, HS2, the woke agenda, the endless red tape, the absurdly complex tax system, the road blocking, the EVcar subsidies and renewable subsidies, the current blocking of the QEII bridge by our idiotic policeā¦
October 19, 2022
Dear Lifelogic–Bring back Boris and while we are at it bring back his Watercannon which that vapid hopeless woman May forced him to sell and at a loss.
October 19, 2022
So JR, all sensible stuff again, your govt did not listen. It has not listened to you so far, Hunt is on a mission not make the UK is more competitive than the EU! He has accepted a global corporation tax! Again, who put Hunt in place? His record is appalling, he was in govt for years while failing to balance the structural deficit and paying down the debt. He has also presided over the highest tax burden in recent history- why do you, JR, think he is not set on more of the same as he is enacting Sunakās global pro EU policy.
Your party raised Labour MPs being on Russia television- ironically while Johnson said Russia bashing should stop- so why is it acceptable for Huntās wife to be on Chinese TV with their current vile human rights record! Will your party and govt still reduce its dependency on Chinese products or will it be dropped now Hunt runs the country? What of N.Ireland protocol?
October 19, 2022
Boris was never a real Brexiteer. A Brexiteer of convenience at best.
October 19, 2022
It’s a sorry state of affairs. I don’t have any faith in the Chancellor, given his track record. Clearly those that advise the politicians on economic issues have failed, too. Others that may have better ideas are excluded from the conversation.
We needed a strong PM with a good feel for how to present things when the critics are many. Sacking her Chancellor and replacing him with Mr Hunt doesn’t bode well.
October 19, 2022
Gove is the ringleader in all this nonesense. Synaks outrider
If Sunak gets a coronation and is appointed PM you will lose even more seats.
All this turmoil was choreographed by Sunak and his banker friends aided by the useless idiot at the bank of England.
October 19, 2022
Well, Liz has certainly made a lot of bloopers in her first few weeks – but I think the die is cast for the PCP now.
They have to work very hard to turn this around and constant wrangling about who is the best leader is not going to save them – and nor will Rishi Sunak. It’s about time too that Tory MPs realised that Mr Gove doesn’t care a fig about their futures, he’s already planning life elsewhere and making mischief in the meantime.
My 80+ year old drinking buddy has just had Ā£600 Winter Fuel Allowance pop up in his bank account. He’s also just had his first Ā£66 back from his energy supplier, whilst his rate has been capped. Still not great but not the disaster the media keep banging on about. Liz & Co need to get on the front foot with this and get some media friendly faces out there spreading the ‘better’ news – rather than allowing all the doom and gloom
PS Kay Burley asked Rachel Reeves about Tom Watson getting a peerage (which is an absolute disgrace!) and allowed herself to be sidetracked by Reeves comments about Norman Lamont. A Rottweiller only when it suits her views apparently.
October 19, 2022
Huntās track record at the NHS nearly six years, the pandemic planning, the lockdown harder, the coercing of v. dangerous, ineffective, net harm (certainly for the young) vaccinations, his green crap religionā¦ is appalling. He is not a Conservative nor remotely competent. .
October 19, 2022
Indeed. The elephant in the room is the Governments lack of power generation strategy due to the Climate Change Act and net zero. Some people will die or choose to eat or heat. The fools have blown up Coal Power Stations, failed to build Nuclear and import gas and wood pellets. Coal from Russia. Rely on interconnectors from the continent who are not our friends. All the legacies simply don’t care about the English people and their needs.
October 19, 2022
Good Morning,
You ain’t seen nothing yet, IF the rumours are correct.
The ‘new management’ in Downing St. has a new economic policy, and it comes from a remainer who, from reports, is going to replace the Brexiteer cabinet members with ones of his own persuasion.
Have the remain camp finally taken back control? If so we can expect a lot of trips to Brussels, economically similar actions and joint endeavours with our neighbours, non of which will be of benefit to us.
October 19, 2022
Balancing the books and encouraging private sector growth isn’t rocket science. It requires a simple will to action and the Tories don’t have that will. In fact the party no longer gives a shit no matter what the colour of rhetoric it pumps out into the public sphere including this rather naive and complacent article
There’s a higher authority in charge now and when the real Marxists take control all bets are off as to the catastrophic destruction they will inflict upon the civil world. They will drag all life under political control
October 19, 2022
Itās nothing less than the final part of the remainer coop which started with the vote in 2016, has been relentless and now reaches its final stages. Just wait for the Hunt clear out of brexiteers from the cabinet. Our politics is in the gutter.
October 19, 2022
A growth strategy of combining Brexit with a membership of the EEA would have worked much better and is still possible. Even rightwing British newspapers come round to realising the price of this very hard Brexit.
October 20, 2022
Nice idea that I once agreed with. But people here and elsewhere wanted a complete break with the EU and that is what was gone for, not that it was achieved as they would have liked.
Still. At least our government isn’t kick off our farmers from their farms to build houses for immigrants eh, Peter.
š
October 20, 2022
Only 26% of the UK population voted for any kind of break at all.
October 20, 2022
NLH they had their chance to repent and elect the Lib Dems on an all out ticket of going back in, reversing the referendum, how did that go – wipeout.
October 20, 2022
Ridiculous statistic NHL.
October 25, 2022
In pig rearing (with was what some of these farms were doing) 25-40% of the nitrogen contained in the feed is converted into protein and therefore pig growth, while the rest (75-60%) is excreted. This nitrogen N goes in the manure readily transformed into ammonia (NH3) then by atmospheric process into N2O, a greenhouse gas.
Doesnāt look that much of a āridiculous statisticā, just some very well-known chemical reactions.
October 20, 2022
@Mark B: you would do well to consult my previous responses. You’re clearly misinformed about why some farmers have to move: it is to stop destroying nature with their peak emissions of nitrogen.
Even if houses were built on those left fields (unlikely, much better to stat different kind of farms there) they would be to expensive for the average immigrant.
October 21, 2022
Destroy nature with their Nitrogen….
One of the most ridiculous statements I’ve ever heard.
October 20, 2022
Peter, certain markets are up a lot though aren’t they? UK exports to Singapore up over 33% 12 months to August 2022, Indonesia up 32%, Thailand up 20%, GCC members up.
Do you believe all is well in the EU right now? France? Germany?
Shouldn’t the UK be concentrating on getting the export paperwork right for UK made products to export not only to the EU but all over the World. I don’t understand what is so difficult to get the paperwork required for goods to Northern Ireland once achieved then those same goods can travel to anywhere in the EU. The UK business department needs to start to tell businesses that “make” how to expand their sales, we need better sales and marketing training courses in the UK.
October 20, 2022
@ a-tracy
Tracy, those growth numbers represent small markets. Look what they should have been to reach the level of the UK exports to just The Netherlands, itself only a small part of the EU (say 7%)
Singapore: 516% instead of your 33%
Indonesia: 3926% instead of your 32%
Thailand: 2045% instead of your 20%
I would be a little surprised if Britain would achieve your export growth percentages for the next 6 years, necessary to reach the level of its exports to the Netherlands.
In terms of UK export size, compare Indonesia with Malta x 2.
The paperwork is what you chose yourselves, staying outside the EEA! You could still have had your Brexit and NO paperwork! This was all known beforehand!
October 20, 2022
I see Peter thank you, I shall have to do a bit more digging into the actual figures involved as you say.
The UK parliament āchoseā the paperwork to the EU that we do not have on incoming imports from the EU, really?
I must be honest, I do not understand why we have to have paperwork on UK made or grown produce going into our own country i.e. Northern Ireland. Every consignment travels with paperwork and a destination in Northern Ireland. It is not beyond customs to check that paperwork during the rather long sailings.
Are you saying to me that the paperwork on UK made or grown goods is impossible to create without the UK being in the EEA, do other countries outside of the EU have to create the same paperwork expected of the UK to sell goods to the EU? If so I donāt understand why it is so difficult for us to create it.
October 20, 2022
@ a-tracy: Your UK FT has just put a half hour video online with explanations, also about the paperwork
October 20, 2022
I will try to find it tomorrow Iām not sure what UK FT means?
October 21, 2022
The pro EU remain supporting Financial Times tracy
October 21, 2022
UK FT = Financial Times cheers.
It will be interesting to see what the full year 2022 figures are.
Found a trading economics imports and exports for 2021:
Singapore $7.17B UK export 2021 $1.91B UK import
Indonesia $943.17B export 2021 $2.05B import
Thailand $1.81B export 2021 $3.56B import
Netherlands $37.02B export 2021 $41.62B 2021 import
Germany $40.96B export 2021 $75.51B 2021 import
Italy $12.17B export 2021 $25.91B 2021 import
Malta $481.62M export $118.67M 2021 import (significantly smaller M rather than B)
October 21, 2022
Whoops
Indonesia $943.17M export $2.05B import
October 19, 2022
Of course there are a whole lot of tax rises which would be popular. Eg get work visa holders to pay national insurance like locals, make tax allowance pro rata with the amount of the tax year you are actually in this country, standardise what is allowable as tax free expenses across work visa holders, those on ir35, straightforward employees and those running their own business.
Lots of popular spending cuts are possible like reduce international aid, stop four star hotels for illegal immigrants, charge work visa and student visa holders for their children’s school place, etc.
October 20, 2022
Diversity budget slashed too
October 19, 2022
For those who have carried concerns over the position and suitability in our governing process of all the quagos being the driving force behind ministers have been vindicated.
Our recent political path is littered with policies driven by unelected people and we now where we are.
The new Chancellor straight away surrounds himself with even more advisors. The future does not bode well for the country.
The events over the last few months have made the party unelectable, and all these trials with the new generation of politicians has dramatically failed.
No matter what the people vote for they do their own thing and do not and will not accept the democratic decisions made. Their only concerns are only for themselves. How many have leanings towards the WEF and similar organisations?
October 19, 2022
And what will you do when there is nothing but treasury orthodox austerity measures?
Bring the government down? I donāt think so. The ERG will be pandered to. I heard Mark Francis āwhistling in the windā last night.
Hunt will demand a new supine cabinet and Brexit will continue in name only. We will get puff about low taxes and a bonfire of EU regs but the Civil Servants who run this country wonāt allow it as the Police who refuse to,do their duty with protestors and the Border Force with the illegals. You have lost control.
You know it. We know it. You are kicking the inevitable down the road refusing to face up,to.
October 19, 2022
Tory MPs will not allow ANY significant spending cuts in real terms. Look at the list of protected department spending: NHS, Defence (promised a 50% increase), Pensions, Universal Credit. Debt interest has to be paid too. There’s not much left. Are they going to cut Education ? Welfare benefits other than UC ? Of course not. Even in areas like Transport it seems they won’t abandon HS2. And guess what, if there are no or very small cuts then the markets won’t like it – that’s the most important thing now apparently.
October 19, 2022
Suspend the Workplace pension scheme.
This saves Business 3% of the wages bill (at least).
It saves government 1% of the wage bill in tax rebates
It saves tax paying serfs 4% of their wages.
Pensions are not performing well at this time so the impact in the long term will be negligible but there is already a 1% spending cut for all pensionable salaries and 7% to go towards spending and growth.
The Workplace pension scheme can be resumed as a mandatory requirement when inflation reduces in a year or so.
This costs nothing except to defer to removal of state pensions by a couple of years.
October 20, 2022
NS – this is why people aren’t feeling better off and wages don’t appear to have risen as much because the 3% increase over Ā£6500 pa the employer is contributed isn’t appreciated or noted, the 5% from the employee is making them feel poorer to put up for a pension they thought their national insurance covered. It will all get means tested, NI and tax will be combined and it will give carte blanche to the government to say it wasn’t for your state pension it was general taxation you’re not due anything.
October 19, 2022
‘More people in jobs’, ‘better paid jobs’. Yes, but which people?
More from India or perhaps Nigeria and how about all those being brought in under the UN Migration compact and the wonderful packages to help them’get on’.
I have little to no faith in our establishment parties. As an English woman I quite despise the British establishment. However, it is as plain as the nose on anyone’s face that internal fighting aside within the Conservatives, that whatever policy they choose they are on to a hiding to nothing unless approved of by the likes of those at the BBC, as an example, who control how things are represented to the public at large.
This is of course all of their own making because they will not robustly come out and take them on.
It seems there are but few Conservatives of any description (certainly not social conservatives) within the party and it is in itself a puppet of such as BBC.
The Labour party should be in absolute tatters given their track record on just about everything, not least the huge knock on effects of their policy of open doors for the world, while encouraging benefit dependency on the home stock. The Conservatives stayed in step with that for fear of how they would be portrayed. No guts to fight it.
The Conservatives could have and should have done some levelling up long ago with the media, but they just allow the blatant one sided show to carry on. Makes you wonder why doesn’t it?
It seems the only growth that will appease is that of immigration, windmills, bicycle lanes, 20,000 different genders and the deity of all NHS staff and anything else set to destroy the nation.
October 19, 2022
As if to reinforce my point about the media I have just seen an itv clip with a headline about people not even being able to afford to put the toaster on!!.
Get someone on to explain that we could have cheaper energy even if it’s only as a stop gap until cheaper green is doable.
I dare the Conservatives to take them on.
October 19, 2022
And in other news, the NHS face a liability of up to Ā£90 billion for failures in maternity wards. Parents who lost children faced a wall of cover ups with the NHS failing repeatedly to learn from previous mistakes. No one sacked of course. I see they are getting their āpolitics of fearā message about pressure on hospital bed shortages in early. However your government has caused much of the problem losing 44000 nurses.
Of a vast number of MOD contracts worth more than Ā£150 billion only three were considered to be certain of being on time and cost. Ā£5.5 billion wasted over umpteen years on useless tanks. Ben Wallace who oversees this shambles is some peoples choice for PM. Just sums up the cesspool that is politics,
One in six police forces in special measures with the true level of appalling behaviour in the Met which was well known but ignored for political reasonsā by successive Home Secretaryās, now being revealed.
And with the vast amount just these three are costing the country, what do you do, suck your teeth and hammer the pensioners saving 5 billion, small change in relation to what you waste. Plus of course much of the inflation is down to you. Frankly despicable.
Instead of well crafted but esoteric pieces about the economy and BOE etc what about getting stuck into the endemic failures, some of which are mentioned above?
October 20, 2022
Nigl, instead of talking about losing 44,000 nurses, I think we should know precisely where the problems are. Perhaps Ms Coffey can tell us. Is it just NHS nurses we are short of:
1226 hospitals in the UK, so is this evenly short-staffed 36 nurses per hospital.
875 hospitals in England
229 hospitals in Scotland
82 hospitals in Wales
40 hospitals in Northern Ireland.
What grade of nurse are we short of?
āBand 1 – Nursery Assistant. …
Band 2 – Healthcare Assistant. …
Band 3 – Emergency Care Assistant. …
Band 4 – Theatre Support Worker. …
Band 5 ā Newly Qualified Nurse. …
Band 6 ā Nursing specialist or Senior Nurse. …
Band 7 ā Advanced Nurse / Nurse Practitioner.
Band 8 – Modern Matron or Chief Nurse
Band 9 – Senior members of NHS management
It is lazy reporting that doesn’t tell people which regions, which grades, what these grades pay with all the perks and benefits, are degrees required because degree nurses start on band 5 usually at the age of 21/22 on Ā£27,055 + shift allowances. With 2-4 years’ experience, a Band 5 Nurse will earn Ā£29,180, and the very top of this banding pays Ā£32,934.
So Nig. do you know where in the Country they are short? Which shifts, which departments? Is it because of technological advances meaning more day operations, less overnight stays? Just what is the whole picture?
“A Department of Health and Social Care spokesperson said: āThere are over 9,600 more nurses in the NHS compared to last year ā and we are well over halfway towards meeting our commitment to recruiting 50,000 more nurses by 2024 – which will significantly increase nursing capacity across the NHS. 20 Jul 2022”
October 19, 2022
Even after the rise, the UK will still have the lowest Corporation Tax rate in the G7.
October 20, 2022
Peter, France from Jan is 25% too so the same precisely. The others are difficult to check I’ve been trying to find a reliable source do you have one because they seem to have different offsets and starting points?
October 19, 2022
The best way to growth would be to listen to businesses and make stronger trade ties with our neighbours, remove the brexit trade barriers you have erected, but yet you do the exact opposite by diverging from standards and regulations.
It is the libertarian cultists who are the real anti-growth coalition.
October 20, 2022
And different allowances too Tracy
October 19, 2022
Agreed, “The idea of a Growth strategy is still a good one” – and the idea is perhaps all that remains, even if advertised by paying lip-service to the notion.
October 19, 2022
advertised by Government ministers I mean, especially the shell-shocked Truss.
October 19, 2022
Too much sense here, but those pulling the strings or condemning us to ever more ruination will not take notice of something logical that will help.
I’d be interested at this stage to learn the identities of these puppeteers who deliberately sacrifice our country – so that they can be brought to justice at some time.
October 19, 2022
I think we are now at the point where we need an Office of Independent Checking of the Office of Budget Responsibility. If the OBR’s forecasts are plainly inaccurate, as you state, and if the office is packed with leftists from the Resolution Foundation, as Guido states, then it defies belief that it is left with so much moral power over a democratically-elected government. Well, Sir John, would you kindly start agitating from the backbenches to either reform the OBR or to disband it?
October 19, 2022
Latest opinion poll suggests that Labour would form the next government with a majority of 364 and the official opposition would be the SNP! Hopefully, you might be one of the 48 Conservatives to retain their seat. Our democracy, if it ever truly existed, has been completely trashed and we live in dreadful times where globalists control government, no longer covertly but more and more overtly.
October 19, 2022
A conspiracy theory: the globalist head of the BOE announces the sale of 80bn of the Bank’s gilts the day before the mini budget. The subsequent fall in the price of gilts and the flight from Sterling are wrongly blamed on the mini budget. Result: Kwasi out, globalist Hunt in.
October 20, 2022
23 Septā22: Kwartengās mini-budget
28 Septā22: BoE announces up to Ā£65 bn emergency action to avert financial crisis.
1/ wrong time line 2/ wrong amount
3/ Paulās comment above is proof that Sir John has been very successful in muddling the waters with his daily comments over the last month.
October 21, 2022
You’ve confused the proposed 80bn sale of gilts announced on 22 Sept (due to start early October) with the decision on 28 sept, in response to gilt prices falling, to prop up the price of gilts by buying them (up to 65bn but they never used most of it). The proposed 80bn gilt sale was also postponed on 28 Sept.
October 19, 2022
I fear a winter of protests and discontent . The public will not take it too well if they are punished for the government mistakes, they should bear some personal costs.
October 19, 2022
The problem IS the Tory Party.
It should have split decades ago.
October 19, 2022
Yep!
October 19, 2022
‘ charge better off consumers with large houses more on the extra fuel they burn, and be a further incentive to reduce fuel use’.
So how will you separate the ‘better off’ from the low pension OAPs? We have an older larger than average house and being on blood thinners find we need to use more heating energy. We have already been warned of higher taxes, much more expensive food and transport costs, council tax and in Wokingham doubled parking charges. Now you want to us to live in one room, other rooms with radiators off, blankets round us during the day – off to bed early to reduce lighting/tv etc. This is the Conservative answer?
October 19, 2022
Sir John, you must be banging your head against the wall. We are and will not be permitted to adopt your vision. We cannot be allowed to succeed in that vision. The US and the anti British, anti Brexit mob will bring you down. If one thing that has been proven it is that. Hunt will now ensure Liz is replaced by a remainer PM. Then we can get back to the real business of giving Bercow and the others their peerages.
October 19, 2022
“the Bank of England is determined to drive interest rates and mortgage rates up whilst the high energy prices are like a huge tax rise on all of us. The more we pay for energy the less we have to pay for other things, and the fewer jobs and incomes there will be supplying the discretionary items that many have to give up. As mortgages are forced up so mortgage holders can afford less.”
Looking at it objectively, the steep rise in energy prices has done the same job of taking money out of people’s pockets as interest rate rises. So to add further pressure on households and businesses by increasing interest rates even further, will only take us into recession, which the governent’s growth strategiy was designed to avoid.
Is this being done just to maintain the level of the currency in the face of speculators, or are there other factos at work ?
October 19, 2022
Milton Friedman wound have commented on the current situation.
Final salary pension schemes in Government ensure that nobody spending other peoples money on other people care what they are spending it on.
October 19, 2022
All sensible stuff John, but I question the fact that most Mp’s understand the argument for growth, and what needs to happen to get it.
Most Mp’s seem to think there is a magic money tree hidden somewhere in the garden of No10.
Most Mp’s do not seem to understand that the Government has no money at all.
Likewise Liz Truss appointed Hunt as her Chancellor.
Why on earth did she do that, knowing his views were opposite to hers before doing so, and also being aware he has no Treasury or big financial experience !
From out here it looks like the blind leading the blind, and those few Mp’s with good eyesight are simply only allowed to view from the sidelines.
October 19, 2022
Good Morning Sir John
Not thinking it through, is a reasonable assumption being levelled at Government and nothing has changed. Punish UK home grown Industry and Commerce with a 31% tax hike while at the same time permitting their foreign competitors a free pass on profit extraction from within the UK. ..So that is not going to affect UK Growth!
Then we have the situation, that the BoE has gone full blown political, the UK Treasury is declared not up-to the job but 100% of them keep their jobs. Like wise the OBR has failed in its task along with the ONS. All now redundant yet retaining full employment ā more and ever growing bloat by the State.
In the MsM the back bench MP Michael Gove, has made a series of scathing remarks, saying the role of the PMās boss was ānow a job share between Jeremy Hunt and the bond marketā
Wild exaggeration? the Chancellor shows he agrees that the BoE, Treasury, OBR and ONS are not to his liking or fit for purpose and has appointed an independent panel of advisors with their roots in JP Morgan, BlackRock, Element Capital and Goldman Sachs, to tell him how to do his job. Reading between the lines it would suggest the USās dislike of Countries that compete with them on tax and growth must be stopped. What better way to enforce this than have their people in the heart of the UK Government.
So when is the next panel going to be appointed to keep a watching brief on the latest version?
It is State Bloat that is feeding incompetence. It is the taxpayer that has to make economies so the Government can keep growing the State on their backs.
October 19, 2022
It must be quite sad for you and perhaps a bit embarrassing, Sir John, that as (I am assuming) you approach retirement from being an MP the economy is now in such an appalling state. You have been in the party of government for the majority of your time. To be fair, some of the main factors such as lockdowns were not entirely your party’s fault (Labour wanted longer, harder more expensive lockdowns which would have burned more public money), but the Tories’ economic management has been utterly dreadful and it seems we are headed for deep recession, high interest rates, huge deficits, tax rises, spending cuts, industrial strife etc. When the BoE starts dumping bonds on November 1st I think we can expect more panic and despondency from the general public about their mortgage rates. What a mess. I am proud of my country and take no pride in this, but what does please me greatly is that as politicians such as yourself search around to blame anyone but your party, the one thing you can not blame this time is the EU (or those of us who voted to remain). We left almost three years ago, so don’t even try to lay this mess at our door.
October 19, 2022
Abrupt decisions seem to be the new PM’s mode of operation.
Abruptly sacking Kwasi and promoting Hunt to overturn everything she stood for will not be good for her health. Did she know Sunak had agreed to the 25% corp tax with the G7, a pact if you like or not? If she did she deceived the members in order to pip him to the job. If she didn’t and she was in the cabinet why didn’t she?
The attacks on Coffey are already heating up. She isn’t prepared to stop people from harming themselves by smoking and overeating, she’s too libertarian they say frequently bullying her with a private photo of her from years ago. Can you imagine those same papers if another larger lady was being condemned for her weight? A few years ago, they were reporting “campaigners say they have a human right to be fat ā and that science backs them up.” Can you imagine the left if fat nurses on sick leave with bad backs or knees were told to lose some weight or you could lose your job because you are no longer fit enough to do it.
October 19, 2022
Not thinking it through, is the common thread of the incompetence of the some of the noisy section Conservative Party MPās
They open their mouths for a headline not as part of any duty as an MP, just personal ālook-at-meā ego. Calling for the PM to be removed is plain silly without a viable answer to the situation. Boris Johnson had to go, he got ahead of himself playing to his own ego, along with tax and spend with money that wasnāt there.
The problem with the current situation is that those that are sitting around the cabinet table, are still the same people and were all as culpable as Boris Johnson. As part of the collective responsibility of Government, they chose to destroy the UK, its wealth, its security and sustainability.
The subtle point the Boris Johnson clique missed you can have everything once you have created the wealth. Reaching ever deeper into the taxpayers pockets is not wealth creation.
This PM should never have come from BJās cabinet, all the alternatives suggested by the noisy back bench rabble that call themselves Conservatives are still not thinking it through ā they want more of the same, ignore wealth creation and just tax everyone more.
These noisy egotist should take their lead from our kind host, Sir John, if that have a point, reason it, explain it and suggest how the alternatives would work better.
October 19, 2022
The system of members deciding the party leader not only can result in a leader who does not have the confidence of their colleagues but also one who appoints cabinet ministers likewise. The system of money men deciding who can stand for parliament means the wrong people can get into parliament in the first place. The system of first past the post means that the electorate only gets to elect those it images would be the least worst option. It is hardly surprising therefore that the country is badly run and going in a direction which few support.
October 19, 2022
We have had months of furlough payments being made to millions of people, and quantitative easing by the Bank of England. Why should there be any surprise that the Consumer Price Index is now running at the highest level for forty years?
October 19, 2022
From the MsM – Triple lock pledge will cost Truss Ā£11bn as inflation hits 10.1pc
The above highlights how poorly UK Governments run the economy. The UK State Pension is based on a Ponzi scheme, Something that is illegal for others to practice (Bernie Madoff, remember him was sentenced to 150years in prison for running such a scheme)
The UK Government takes money from people for their pension – however, it is not invested to provide a pension, it is merely there to furnish a pension of those that have gone before. A diminishing resource and escalating problem
The UK Basic State Pension is just Ā£141.85 per week for those already retired and is conditional that you pay into it for a minimum of 30 years. Under this Government it is considered that the old can get by on that and donāt need any uplifts as inflation doesnāt affect them(they donāt need food, heat or lighting and the BBC has reneged on their licence promise) then of course they wont live much longer anyway. The idea is to make your life missable once passed working age as you are going out the door soon.
Then again if you arrive in the UK in a rubber boat, a criminal under UK law, without contributing anything you are rewarded by the taxpayer beyond your wildest dreams. Criminals are rewarded not Punished
The Government has got to break the cycle and invest to ensure a tangible reinvestment return, so as to fund future projects without just diving into the taxpayers pockets. The Lunatics have gone rampant in the asylum comes to mind.
October 20, 2022
There is a National Insurance Fund – https://en.wikipedia.org/wiki/National_Insurance_Fund
“The income of the NIF consist of contributions from employees, employers and the self-employed, plus interest on its investments. The NIF are used to pay for social security benefits such as state retirement pensions, but not for the means tested Pension Credit and Tax Credits.”
“Each year there is a surplus of the order of Ā£2 billion. The Great Britain NIF had a surplus of over Ā£34 billion as at 2005/06, Ā£38 billion in 2006/07 and the Government Actuary’s Department forecasts that this surplus will grow to over Ā£114.7 billion by 2012”
October 19, 2022
Hello Sir John,
I can’t understand why you all make such hard work of a simple problem. The cost of government is far too high & until that is tackled we will go nowhere e economically. A serious PM & Chancellor could take a minimum of Ā£100 billion off government spending by cutting the Civil Service & Quango budgets by 50% & ruthlessly stopping non jobs like DIE ( Diversity, Inclusion & Equality staff ) in the public sector, Quangos & NHS. Until the government focus on cutting spending there will never be room for tax cuts that are really meaningful. The Public Sector is choking the growth of the private sector which pays for it. Liz Truss was & is right, we need smaller government & lower taxes. None of the forecasts from the treasury, OBR or anyone else matters until the government stops spending. So focus on that not forecasts about tax rises.
October 19, 2022
But if we can afford Ā£150bn for HS2, we must have tonnes of spare money, we must be rich
October 19, 2022
From the MsM – The new Chancellor or is it PM is to reshuffle the Cabinet removing all Brexiteers and any one of the right(that means if you are not a Socialist but a practical free marketeer)
So in line with taxing the Country at its highest rate in 70 years, ensuring there is and can be no growth, no wealth creation, no future ā the remainers get to force the UK to submit once again to unDemocratic rule of the EU.
Lets destroy Conservativism and Democracy in the UK forever
October 19, 2022
Its an interesting question ā which economic policy now
Maybe this Tory government could first;
Implement Brexit in full
stop net-zero
Stop illegal immigration & curtail legal immigration
Stop renewable subsidy
Establish UK energy market
Reduce the size of the Lords
Reduce the number of quangos
Put police on the beat
Stop borrowing to fund foreign aid
Stop apologising for empire
Save our fisheries
Save the Union and NI
Stop sending money to the EU
Stop attending WEF & review membership of UN
Disable the 5 permanent security council
Stop HS2
Allow fracking for Shale Gas
Remove the business rate
Reduce taxation
All the things you could have done with a huge majority over the past decade
October 19, 2022
Economic policy should start with the biggest cause of problems for people, the roof over their heads. Maslow’s most basic of needs; shelter, warmth and security.
“The Funding for Lending Scheme (FLS) was launched by the Bank of England and the Government in July 2012. It is designed to encourage banks and building societies to expand their lending to households and private non-financial corporates by providing funds at cheaper rates than those prevailing in current markets.” OBR. Did this work? How many homes were bought with this help?
So instead of using bank and building society savers funds to loan back out to relatively low-risk residential mortgages, did the BoE print money to loan to the high street banks at 1% long term (how long term 10 years, 20, 30?) or is the BoE using savers funds to do this? Do the high street banks then make money at the margin?
If there are no gold reserves following Brown’s selling of the gold, what underpinned the printed money, the saver’s savings paying out 0.5% interest? If that is the case at one point, we were told we would have to pay to keep money on deposit. “5 Nov 2020 ā The boss of Virgin Money, David Duffy, has also warned that banks could start charging for basic services if interest rates turn negative.” even earlier, the Independent warned “20 Aug 2016 ā Banks could start charging customers to save with them, it is feared, amid record low-interest rates.”
So does it follow that if lending rates go up to 6%, savers will get a much higher interest immediately? Or do some compulsory pension schemes like Nest have so many long-term mortgage loans at just 1% as a safety net?
Homes are the most significant purchase or rent cost that most people make, housing associations and councils rent out properties at 60-65% of the cost of private rentals, and I think that covers rates too! They are the associations and councils given investment packages by Homes England and houses from the builders of new estates in lieu of the land purchase and other section 106 agreements. So why aren’t they making enough money to build lots of new homes after their payroll and pension costs, they bought the homes for buttons a fraction of their current worth, and they have only spent buttons in the intervening 20 years, having sold some 15% of the housing portfolio, for more than they paid for the homes.
October 19, 2022
Cause & Effect ā The policy of net-zero has reduced the demand side for fossil fuel, which has increase the futures prices for oil & gas, as oil is in everything and gas powers everything, the costs of manufacture and distribution has increased; the costs to the consumer has increase; inflation has increased; the BoE puts up interest rates, and the cost of living has increased. ā¦this situation isnāt going to be resolved by some smart economics, its only going to be resolved by the complete reversal of net-zero
October 19, 2022
I heard some Tory MP interviewed on Radio 4 yesterday. The interviewer was trying a sort of shock! horror! ‘there will be spending cuts then’! approach. And he said, yes there were going to have to be spending cuts. And she said – ‘but, after 12 years of Tory government and austerity, there is no fat to cut – it will have to be cuts to frontline services’ And he pretty much agreed and started wittering on about ‘efficiencies’ and what is, let’s face it, the usual drivel. Why couldn’t he (why can’t anyone?) say – the public sector has got to stop WASTING MONEY. Every penny has to count and profligate spending on things that are simply daft or unnecessary has to STOP.
Ā£40 MILLION pounds on diversity roles in the NHS! That’s a bloody scandal. When challenged some eegit said ‘but it’s only 0.03% of our budget’! But it’s 40 MILLION POUNDS that could pay for 1200 nurses. Or, some hospital beds. Remember them?
October 19, 2022
+1
October 19, 2022
Please stop using the word ‘hike’, Sir John’. I asked this a few months back – I’ll ask one more time. Our English has perfectly suitable and nicer sounding words, and we don’t need to copy the US. You don’t need to do it to be understood, and why use it when we all know it has an entirely different meaning.
October 19, 2022
Well, the Lib Dems are clearly on the march around here Sir John. Second piece of Lib Dem propoganda through the letterbox in two days. They have featured you on the latest one, highlighting your ‘other’ job. Cannot say I’m personally bothered, just amazed how much you do seem to get done (this Diary being a good example). I wonder what a close examination of the incomes of the Lib Dem MPs in Westminster would reveal? Always dangerous to throw stones when you live in a greenhouse.
“Local campaigner” Clive Jones (he’s actually the new ‘Leader’ of our Lib Dem Council btw) is apparently really worried about everyone’s costs going up – but I didn’t see any mention of his decision to cut back on rubbish collection or doubling the cost of parking charges in the Town Centre. Of course they can find money to hire a Drag Queen to deliver LGBQ+ ‘stories’ to small children in the new Library. I have no fundamental objection to this but if parents do want to take their children to such sessions, why not charge them for it? The Drag Queen clearly doesn’t work for free, in fact this seems to be a thriving business that’s hired more ‘Queens’ to help them meet demand.
Ok, perhaps it’s not a lot of money in the scheme of things but it’s certainly not an essential, more an exercise in PC virtue signalling by our new Lib Dem Council leaders, who seem to be very willing to find money for such things. To (mis)quote someone – A few thousand here, a few thousand there and soon we will be talking real money (that we don’t apparently have). Strange world we live in these days!
October 20, 2022
Ian
The LibDems have always been good at communication with the constituents, truth or not, they get their point across. They are also very good at following up on the small local things that matter, but of course it is always easy to criticise and find fault, than it is to manage and be responsible for decisions going forward.
The Conservatives have not helped themselves in the last few years though.
Now the LibDems have control it’s all starting to unravel.
So called consultation schemes hidden deep on the Councils website, so only those in the know make comment.
The last time they were in power locally it all ended in tears for them, but that was some time ago, and Wokingham has grown hugely since then, and in addition people have short memories.
The truth will out in the end and you have outlined a couple of points,
The new proposed road layout of the Town Centre will be another, as will the traffic light scheme for the Woosehill Roundabout.
October 19, 2022
“We cannot afford tax rises ”
Quite right.
If we are heading into recession, then the tax take will reduce if the tax rates remain the same.
We need to at least maintain the tax take.
I believe we achieve this if we reduce the tax rates.
If we increase the tax rates, it is more likely to reduce the tax take.
October 19, 2022
Isnāt it time to stop pretending that everything is under control when it clearly isnāt?
The CCP are in control now, many MPās taking back handers
Retired RAF fighter pilots being recruited by the PLA at Ā£240.000 a pop to teach the PLA how to defeat our tactics, surely treasonous?
Weāre totally dependent on China for most of our supplies including medication, I recently bought a Panasonic combination microwaveā¦ made in China, itās difficult to avoid Chinese manufactured products try as I might
Was it Stalin who said that the capitalists will sell us the rope that we will hang them with?
October 20, 2022
Lenin.
October 20, 2022
Mark B
Thanks!
October 19, 2022
I could scream. There is a third alternative economic policy. This is to go ahead with all of the mini-budget tax cuts – and more – and to implement drastic public spending cuts as well as a bonfire of regulation and regulatory bodies.
Your colleague Robert Halfon refers to people like me as Libertarian Jihadists. Guilty as charged (on economic matters) and proud to wear the badge.
October 19, 2022
The Sun and the Guardian newspapers are reporting that Suella Braverman is out as Home Secretary.
The BBC has not yet been able to confirm this.
Regarding Tory division and unelectability – has the night (a few days?) of the long knives started?
Perhaps as a reaction to the insistance that her MPs vote to prevent a ban on fracking?
This may result in unintended consequences – will Truss (saying up yours) resign and force another shambles of digging about in the barrel to find another stooge?
October 19, 2022
I watched PMs questions today and considered her performance. pathetic . On the ” Triple Lock ” matter she defied Hunt’s recent announcement . Is she now looking for another Chancellor ?. As a pronounced ” fighter ” she is looking at an inevitable ” knock out “.
October 19, 2022
If Grant Shapps is returned to government as Home Secretary Iāll happily canvas for Labour
October 19, 2022
”We’ll keep the red flag flying here” Better the old labour than the new globalist elite
October 19, 2022
So with the home secretary being sacked we will be left with open doors immigration from India, as per the (badly named and not much to do with trade) free trade deal we are close to signing.
It also means the costs for 4 star hotels to house the daily dinghy arrivals will continue to rise.
This is an absolute disgrace.
October 19, 2022
The data below is for the 24-hour period 00:00 to 23:59 18 October 2022.
Number of migrants detected in small boats: 502
Number of boats detected: 12
Donāt worry folks 502 is only the size of an army regiment
Donāt worry about what happened to the poor 12yr old girl in Paris
October 19, 2022
“The new Chancellor needs to work up convincing spending, taxing and borrowing numbers with OBR assessment.”
I can cheerfully predict that the OBR will make sure its assessment will predict wildly inflated borrowing numbers that will oblige Mr Sunak, sorry, Hunt to raise taxes to precisely the level Sunak had intended, and their accompanying remarks will bury any hope of fiscal reform for ever.
The OBR is there to reimpose Treasury orthodoxy whenever the Treasury feels like going a teeny-tiny bit off its allotted Keynesian course.
October 19, 2022
Grant Shapps as home secretary. No chance here of him stopping illegal immigration. At least the country will see how badly he performs if he does this job. If he does badly he can always change his name.
October 19, 2022
They aren’t trying to stop immigration, legal or illegal. They are trying to stop opposition to immigration, either by fobbing you off with ‘jam tomorrow’ schemes that never come to fruition or threats to those who rock the boat by reporting on it.
October 19, 2022
Isn’t it sickening – but how convenient – now Braverman playing snakes and ladders with our democracy- getting out – but trying at the same time to position herself for whatever. Jeez they must think we the people are like herself? stupid
October 19, 2022
Jamie
Suella Braverman was standing up for what the voters voted for and hasnāt been delivered and was promised by Johnson and it delivered him an 80 seat majority, why is that stupid?
October 19, 2022
I agree with many of your comments Sir John. Basically the Truss/Kwarteng model is the right one. It is however to early to implement it. We have first to get over Covid, sort out remaining Brexit issues ( == NI) and get rid of Putin. Only then can we really be free to cruise toward Growth. But the basic idea is sound.
October 19, 2022
I seriously cannot believe the ineptitude of this Government. Hemorrhaging natural Conservative support at a rate of knots, through a complete kamikaze reversal of policies. Acting more like a third rate Labour, or Lib Dem party.
Today we hear that Suella Braverman has now quit as Home Secretary. Do what does this mean for the illegal channel crossings? To carry on as usual and at an increased rate for the next year, or two. NOT ON!
What is being done to resolve the NHS, ongoing strikes, rampant inflation and energy issues.
This Government has been very good at talking about what they will do, however have been very poor at doing anything about it.
I’ve not been happy with the direction and lack of action by the supposed Conservative Government for a fair while.
I’ve finally had enough of trying to justify and defend utter incompetence.
I’ll be voting for Reform UK in 2024 (or if an election happens sooner). I urge all fellow Conservatives who are fed up with the current state of the party to do the same.
Note to JR: I have nothing against you personally, as I agree with much you say on here. However, you are increasingly becoming a lone figure of sensible policy ideas, among a sea of utter insanity in your party.
As I also live slightly over the border in Reading East, it will just mean the Conservatives will have an even harder time trying to regain the seat from Matt Rhoda.
October 19, 2022
Braverman gone now? She made the massive mistake of putting Brits before the boat people! Putting the UK and the UK people first is verboten! Bye bye UK and the Brits!
October 19, 2022
+1
October 19, 2022
Omnishambles!!
October 19, 2022
So now it turns out the OBR are demonstrably political actors, bartering more out of control mass immigration for a favourable report on the “Chancellor’s” next statement.
October 19, 2022
OBR = Independent ā¦.. Ha Ha Ha Ha
October 19, 2022
JR, as one of the primary Thatcherite architects of the UK’s current demise, don’t you think it is time you left the public stage and took the rest of the Thatcher legacy hive with you? Your fantasy brexit is over; the busted flush it was always going to be. An economy can’t thrive with a one trick pony government (tax cuts); along with a one trick pony central bank (interest rate hikes).
October 20, 2022
Your most ridiculous post ever acorn
Still obsessed with Thatcher.
Hilarious.
October 20, 2022
What’s it like being one of this Thatcher legacy government’s ” designated losers”.
October 20, 2022
Another ridiculous comment from you acorn.
You are obsessed with Thatcher.
October 20, 2022
You talk as if any of her predecessors and successors did any better. THEY DIDN’T !!!!!
October 20, 2022
@acorn – all Thatcher demanded was good house keeping, if you earn the money you then have it to spend. That upset your left wing collogues who thought, like today’s Government that the ātaxpayerā pockets are deep enough to keep up the reward of entitlement without let up, responsibility or return.
October 19, 2022
191809Z
Sir John, even had the growth strategem been left in place (and, as Suella Braverman says, been properly managed), we’d still be lumbered with the scientifically and economically illiterate policy of trying to ‘combat’ climate change, propped up unfortunately by the whole Parliament (not to say governments around the globe).
The costs of the Climate Change Acts and the Net-Zero disaster will continue to stifle growth and any attempt we might make to recover from the over reaction to SARS-CoV-2 long after we’re all in the grave. I wonder what those supporting this stupidity and still alive in, say, 2050 will have to say, when their beloved ‘combative’ measures are shewn to have had no effect.
Ī Ī
October 19, 2022
Sir John, the Prime Minister seems to see growth as a direct function only of increased headcount, hence her recent comments about immigration, sadly in direct conflict with Manifesto pledges to reduce it, and presumably at the heart of Suella Braverman’s departure today.
Where are the plans to encourage families already here to have and afford more children to raise our birth rate? Then get them into quality secondary and tertiary education and professional vocational training so we don’t have to import IT specialists from India, Doctors and Dentists from the Middle East, or Bankers from Hong Kong.
We have a State Pension black hole looming for 2040 according to Steve Baker today, defaulting on pensions will be a disaster. There is no time to lose on growing the economy but it has to be growth in GDP per head (growing the numerator) not growth of low paid, unemployed or unemployable dinghy migrants (growing the denominator). The migration issue is killing your party, 12 years on from Cameron’s commitments and no one is committed to fixing it. Perhaps on Liz Truss’s logic, no one wants to?
October 19, 2022
It is reported that Braverman, having been removed from the loop on immigration which is normally a function of the Home Secretary, was expected to endorse Truss’s plan to actually INCREASE immigration in flagrant violation of the Tory manifesto.
October 20, 2022
MikeP – did Steve Baker break the State pension down into basic state pension, then pension credits for all those that didn’t contribute to it?
October 19, 2022
John. Do you think you could explain what is actually happening in your party right now please?
October 19, 2022
No, because he has been in denial too long.
October 19, 2022
In two words, ‘Great Reset’.
October 19, 2022
If there was a test to ascertain if a conservative MP was an Tory or not, I believe that three quarters of them would fail
October 19, 2022
So what did Liz agree too at the European Political Community meeting ref sharing of illegal immigrants
October 19, 2022
“Rushing to make the UK a less desirable place for businesses to invest and create jobs would not be a good start to such a strategy.” – JR
Or you could cut costs for businesses without cutting taxes by cutting bureacracy. Also, if Liz Truss is going to save money by hitting the pensions triple lock, could we have a serious look at how much is being spent on final salary pension schemes? With the growing size of the public sector proportionate to population, the bills will outgrow our ability to pay.
October 19, 2022
You backed her John, you backed the ERG crowd and the disastrous brexit and now it’s all chaotic – you own it. Meanwhile the rest of the world is sitting back holding its breath hardly able to believe what they see.
October 19, 2022
The supporters of the Net Zero Strategy know that this strategy is anti-growth and will ruin the economy. Thatās the whole point of the Net Zero Strategy, just like socialism, it is intended to make us all poorer and hence more compliant. In fact the Net Zero Strategy is keen to point out that āconsumer transformationā (using the UNās Susan Michie and the BBC) is necessary to net zero our 1% contribution to global CO2 emissions.
The Net Zero supporters know it cannot be done using renewables as our only source of energy whilst maintaining our current level of prosperity. High energy prices are deliberate to effect this āconsumer transformationā and when renewables take over our energy will also be intermittent.
It is a scam.
CO2 is plant food and in fact we need to increase our historically low atmospheric CO2 to increase food production. Average global temperature does not follow CO2 levels as evidenced by 500 million years of data since the start of the Cambrian explosion, the Antarctic Vostok and Greenland ice core data.
So low has CO2 been over the last 800,000 years that we came close to extinction 9 times as the level dropped to 180 ppm, just 30 ppm above the minimum below which plants cannot survive.
October 19, 2022
And to think we could have been self sufficient years ago. Where did it all go wrong? Answers on the back of a fag paper please. In the meantime, in a state of emergency we have school children scrapping over fracking. Pathetic.
October 19, 2022
Is it too much to ask that one day, just one day the electorate might get what was promised in a manifesto?
October 19, 2022
When they can regulate banks, pension funds, corporations, prime ministers, the BBC, other mainstream media, science, pharmaceutical companies, the FDA, medical opinion, parliamentary processes, you still wonder whether they can regulate manifestos?
Vote for us: you will all be happier. As measured by our happiness index.