Mortgage rates

I write to counter the Labour lies that Liz Truss’s mini budget of September 2022 caused higher mortgage rates, owing to unfunded tax cuts.

I wish to make it clear Liz Truss did not take my advice on either the mini  budget or the policy on the  conduct of bond buying and selling. As set out on my website I recommended tax cuts matched by some spending reductions , with support for energy bills limited to  lower income households, not for everyone. I strongly argued against starting a large programme of bond sales from the joint Treasury /Bank portfolio amassed under Quantitative easing.

So first the facts.

UK ten year bond yields rose to a peak of 4.4% on 9 th October 2022, more than two weeks after the budget. They fell back to 3.1% on 20 th November following temporary reversal of the Bank’s aggressive bond sale programme. They hit a new higher high on 13 th August 2023 at 4.67%. They are currently at 4.2%.

They largely mirrored US ( and EU) bond rate rises. The US ten year yield rose to 4.2% on 21 October 2022. The US bond rate rose to a higher high of 4.9% on 20 October 2023.

These changes were not reflected in Japan or China as their Central banks did not make the same errors as the Bank of England, Fed and ECB who needed to rein in excess money they had created by forcing up interest rates.

This pattern shows there was no big special effect from the Kwarteng budget. It also shows rates went higher a year after the Kwarteng  budget had been reversed, as happened in similarly placed EU and US,

Tomorrow I will explain two special factors hitting the UK in the autumn of 2022 from Bank policy which did temporarily cause sell offs in the bond market.

 

168 Comments

  1. Lifelogic
    March 17, 2024

    Correct, the main cause of the problem was the QE when Rishi was Chancellor, the massive lockdown lunacy, furlough and vast government waste on vaccines etc. In short it was Sunak and Bailey largely at fault.

    Matt Ridley today in the Telegraph:- The six lockdown questions we need answers to.
    The current inquiry isn’t doing its job. We need a faster, cheaper rival to actually get to the truth.

    I would add:-
    7. Did the Covid Vaccines do more harm than good, especially when they were coerced into younger (under about 60) healthy people and people who had already had Covid?People who clearly had little need for the vaccine even had it been safe & effective. So why on earth did the experts & politicians do this? Is it right that big Pharma largely funds and indirectly can buy many of the vaccine referees, politicians and government “experts” perhaps?

    Life assurance actuaries indicate deaths in the Millennium age group & in heavily vaccinated areas, are up to 40% up post vaccine rollout.

    Good for pension companies and state pension saving bad for life insurers and very bad for the vaccine victims themselves and their relatives.

    1. Lifelogic
      March 17, 2024

      Has anyone young and fit, who had Covid before taking Covid vaccines or did not take the vaccines (without serious issues) ever died due to a second bout of Covid I wonder?

      Why on earth would an “expert” ever encourage & coerce them to take new tech. rushed Covid “vaccines” after having had Covid already? Unless they were either very stupid or had been influenced or even bought by big Pharma? Any other possible reasons?

      1. MFD
        March 17, 2024

        I believe you are right LL as i had a very bad “flu” in January that year , so refused an injection, as I do not believe in them.
        I’m seventy nine next week and have suffered NO health problems. I believe like my car , if it is running sweet leave it alone.
        Ps I no longer trust the so called NHS or GP’s!

        1. Hope
          March 17, 2024

          Remainers are on a mission. No Johnson no Brexit, they made that clear. They were not going to allow to Truss to stop their reversal of Brexit by stealth through lock step so UK could not diverge from EU.

          NHS has some form of green unit where it will force those who sell to the NHS to have green credentials!

          These morons are not about what is best for its patients or the service it provides. It is all about them, their virtue signalling, their rights, their work pattern etc etc. This is what is wrong with All public services. They have been consumed, directed by govt inspectorate bodies, to force through equality rot in DEI to the detriment of the each and every service. Quota appointments to all jobs, particularly those at the top. No merit but women and ethnics first. Guess what? The services are now useless, a bit like the Tory govt. which is also driven by quota appointments!

          Tories could and should have scrapped Blaire and Harman’s EU equality rot. Instead we recently saw Sunak introduce more EU equality rot into domestic legislation when he should have scrapped 4,000 EU laws and diverged from EU in every way. He was appointed to drive lock step and this is where remainers in Tory and Labour are united as they were in 2019. The traitors went to Brussels on a joint mission to undermine leaving the EU against the public mandate. Starmer and his front bench wanted to overthrow the referendum, now lock step is the mission to prevent divergence. The U I party must be defeated. Reform is the only answer.

          1. Donna
            March 17, 2024

            + 1

          2. Peter
            March 17, 2024

            ‘ Boris Johnson told Maduro that in a democracy the people, not politicians, decide who should be elected.’

            That made me laugh. Johnson is completely shameless.

            Source todays ‘Sunday Times’ which also reveals Johnson is handsomely rewarded by a hedge fund with interests in Venezuela.

            ‘ Johnson’s visit took place during a family holiday to his cousin’s villa in the Dominican Republic and is the latest example of his lucrative post-politics career. In the six months after his resignation, he generated £5 million in earnings
.’

            In the spirit of Tony Blair, who seems to be a template now for many politicians.

          3. JoolsB
            March 17, 2024

            + 2 Hope

        2. Lifelogic
          March 17, 2024

          One of the huge dangers is that the Covid “vaccine” they have seriously undermined confidence other safe and effective vaccines that do save many lives. This will I think kill many people.

          I tend to think if you do some gentle exercise, walking, swimming
 do not eat or drink too much or smoke or get too overweight then the rest is largely about having good luck. Though they are very clever indeed with many heart treatments now when needed.

        3. Hope
          March 17, 2024

          JR, we read Mr Flint and 130 others write to remainer Hunt to ask for EU finance rules to be scrapped because it costs us about ÂŁ7 billion a year! Why is there a need for a letter? We voted leave, at what point will your party accept the democratic vote of the nation?

          Sunak and Hunt says they want to make it pay to work, yet so many examples show they are not telling the truth and acting in stark contrast, the above being one. Another we read today DWP giving an additional two weeks benefits for people on universal credit!! When will illegal boat people be deported? Especially those since August last year where your govt introduced legislation to make them have no status or right to apply to stay here?

      2. A-tracy
        March 17, 2024

        You were one of the big supporters of vaccines Lifelogic, in fact you were trying to pressure government to speed up the vaccination of men as you said at the time they were more at risk. Everyone was operating on information provided by scientists at the time including yourself.

        1. Hope
          March 17, 2024

          I seem to recall he was for the Barrington declaration. Sweden, Florida and South Dakota were the beacons for how to deal with covid.

        2. Donna
          March 17, 2024

          No, not everyone was relying on the Establishment/Big Pharma’s bought-and-paid for scientists.

          I wasn’t. I did my own research and I clearly recall reading an article in mid-Feb 2021 which said the Israeli Government had reports that the Pfizer jab was leading to a surge in myocarditis, particularly in young men. I sent it to my two sons (then late 20s/early 30s) to warn them. It was before I was “invited” to participate in the mass medical experiment …. which I declined at the time and have done ever since, as the reports of deaths and serious adverse effects has exploded.

          1. A-tracy
            March 17, 2024

            Did your sons also refuse to have a vaccine Donna? There were some pretty heavy strong arm techniques going on especially if you required a covid passport to leave the Country at the time. Sure everyone had the choice to refuse as the tennis player did.

            The heart problems are a big concern to me, I know two men who died with no previous heart issues from heart attacks, in fact one had a well man check up only eighteen months before, however, the vaccines did seem to reduce the amount of inpatient treatments for covid and the number of serious cases of covid.

        3. hefner
          March 17, 2024

          a-tracy, +♟

        4. Narrow Shoulders
          March 17, 2024

          That was after his hysterical pleas for more ventilators to be kept in NHS hospitals just in case. Equipment, staffing and space cost plus only a 5% chance of surviving once put on one

    2. Peter
      March 17, 2024

      The closure of junction 10 on the M25 did not seem to have caused the delays predicted. Junction 9 is my nearest access point.

      Yesterday the ULEZ post at the bottom of my road outside the church had been sawn in half. I doubt the congregation was responsible. Rumours the last time it was vandalised pointed at the travelling community as the culprits.

      I suspect we will see more law breaking and violence over time as people are no longer prepared to just put up with the diktats of politicians.

      1. Lifelogic
        March 17, 2024

        Not “diktats” but legalised motorist muggings while lying or pretending it is for other reasons. A very inefficient way to tax people. Get burgled or shoplifted the police do nothing, but park illegally for ten minutes outside the same house or shop £60. All about priorities & getting your money off you is the clear priority for them.

      2. Ignoramus
        March 17, 2024

        First of all, the vaccines worked and saved tens of thousands of lives.

        If you doubt me, listen to the More or Less podcast on the BBC, which goes into all the data in great detail, analysed by actuaries (who know what they are talking about).

        Second, I was astonished by the support shown for Vladimir Putin on this site. I would have put you guys down as patriots, but it seems some certain members’ ideology trumps even that.

        1. MFD
          March 17, 2024

          A soon as you said BBC I switched off mate, their is never any truth in what they say or their newspaper pals

          1. Hope
            March 17, 2024

            Just because I do not believe the west or UK should be involved in Ukraine war does not mean any affection forPutin. There are lots of horrible people in the world ie Xi in China and where our national interests lay. But no action whatsoever against China? Iran and Saudi Arabia have executed hundreds of people in the most vile way with contentious reasons for doing so, again no action.

            India knowingly allowing the persecution of Christians. What action did Sunak take? He declared himself the son in law of India and linked a trade deal with mass immigration- the same people who come here who could agree with their govt in persecution of Christians! What could go wrong? Or is it another increase in mass immigration to get rid of our nation state, way of life and culture by the little usurper in office? Would Sunak’s decision/behaviour constitute Gove’s new term of extremism? In my view Mass immigration to rid us of our nation state against repeated public votes to do so is extremism.

          2. Lifelogic
            March 17, 2024

            The BBE even think EVs and walking saves CO2 and the UK saving 1% of world CO2 will prevent a climate emergency!

          3. hefner
            March 17, 2024

            LL, 40%? from 5 to 7?

          4. Mark B
            March 17, 2024

            Ditto

        2. Lifelogic
          March 17, 2024

          There is little or no evidence to show the vaccines saves net lives and nor did the lockdowns. The variants became far less deadly by the time they vaccines were rolled out as we know and treatments become better. This explain why some people they get this wrong perhaps deliberately led by big Pharma. One reason we know this is that the ONS will not publish the raw simple statistics of all deaths by age, vaccine status, dates, cause of death we would then know for sure. It they had saved lives they surely would have done so?

          Now do you explain the fact the “Life assurance actuaries indicate deaths in the Millennium age group & in heavily vaccinated areas, are up to 40% up post vaccine rollout.”

          I have never seen much pro Putin comments on this site and certainly not from myself. Though it is hard to see a very positive outcome from the dire mess Putin has created for anyone in the near term.

          1. Bloke
            March 17, 2024

            Today’s topic is Mortgage Rates, but it seems diverted into a Covid debate so far.

          2. Hope
            March 17, 2024

            Perhaps Ignoramous could tell us what the govt achieved in Afghanistan against their repeated narratives over 20 years for being there? What was the purpose of loss of life, limb and hundreds of billions of our taxes in Afghanistan? Same for Iraq and Libya.

          3. Lifelogic
            March 17, 2024

            To Bloke, indeed we need far more fair competition in banking. The lack of confidence in the £ is very understandable with Socialist in power and even worse to come for perhaps 3+ terms from Starmer’s Labour, SNP etc. or his replacement.

          4. R.Grange
            March 17, 2024

            I think, LL and Bloke, that today’s topic is anything that avoids mentioning the dire mess that the Tories are in, largely created by their successive leaders’ policy decisions. And how NOT to mention the challenge to the Tory leadership by
 you know, that woman that carried the sword…

            Reply There is no leadership challenge.

          5. Lifelogic
            March 17, 2024

            “There is no leadership challenge” perhaps not yet. But nothing to lose as almost anyone or anything will get a better result than Sunak in Nov. with his 4 failed promises, lies about vaccine safety and tax cuts. A totally deluded net zero dope to boot.

            Reply There can only be a leadership challenge if more than half the Conservative MPs vote no confidence in the leader. That is not about to happen.

          6. Bloke
            March 18, 2024

            A ‘Leadership Challenge’ refers to a difficulty or issue that arises in the process of leading others. They are frequent.

        3. Lynn Atkinson
          March 17, 2024

          Can you explain why ‘tens of thousands’ did not die in Africa then please? The population was largely ‘unvaccinated’. The exception was the white population of South Africa who paid privately for the ‘shot’.
          Currently a school friend is on by-weekly chemo with rampant cancer throughout her body. He sister has developed rheumatoid arthritis (an autoimmune disease) her brother-in-law has throat cancer. A cousin shot herself (unexplained severe pain) and a friend had a huge open heart operation where they removed one of the brand new fibrous ‘ivy’ like structure that was ‘strangling’ her heart and extended all the way to her womb.
          I no longer know many people in South Africa as they have mostly fled. Everyone who did not pay for the ‘shot’ remains on their feet. But there is no increase in the death rate of the native African population in South Africa.

          1. Lifelogic
            March 17, 2024

            The lower the Covid vaccination rates the lower the excess deaths.

            Could be cleared up in a week but the ONS and similar in other countries are hiding the raw stats.

          2. A-tracy
            March 17, 2024

            The current life expectancy for Africa in 2024 is 64.38 years, a 0.41% increase from 2023. The life expectancy for Africa in 2023 was 64.11 years, a 0.45% increase from 2022. The life expectancy for Africa in 2022 was 63.82 years, a 0.46% increase from 2021.

            Weren’t most of the UK cases over 75 years of age.

          3. Sharon
            March 17, 2024

            I too know of a number of people with health issues. One example is of a woman friend who had cancer cut out of her shin several decades ago, she was told it had completely gone and she should be okay, for life. A friend of a friend, a younger woman, the same, had her leg cancer about three years ago. She too was told the cancer was completely gone, and that she should not suffer with it again! Both became riddled with cancer last year, and both have died, the young woman last year, the older woman, this month. Can this be a coincidence? I’ve heard of more people dying in 2022 and 2023 than I ever heard of during 2020 and 2021.

          4. Mickey Taking
            March 17, 2024

            Covid has to be communicated. Talking about it doesn’t pass it, meeting people does.
            Perhaps the native African population in South Africa didn’t circulate with people who might, and did catch it?

        4. Donna
          March 17, 2024

          The BBC is just a propaganda outfit.

          How about you listen to some of the leading scientists and medical professionals who are refusing to follow the Globalists’ line and are telling the truth about the appalling consequences these poorly tested jabs (they’re NOT vaccines) have had for a great many people.

          You could start by watching Dr John Campbell – originally a supporter of the jabs, but now absolutely convinced that they are both ineffective and dangerous – on YouTube and steadily working through his podcasts.

          1. Lifelogic
            March 17, 2024

            +1

        5. mickc
          March 17, 2024

          Russia poses no threat whatsoever to any national interests of the UK.
          However US neo-Con expansionism has greatly increased the risks of the use of nuclear weapons…and they won’t be aimed at the USA.

          1. Lynn Atkinson
            March 17, 2024

            +1
            Election turnout in Russian Presidential election topping 70% so far. They are running to the polls – let’s see who they are running to vote for.
            Sunak, Macron, Biden would kill to be as popular with the electorate.

          2. Hat man
            March 17, 2024

            Indeed so, Mickc. That is no doubt why the budget did not increase military spending. All the hype about Russia is just that: hype. As usual, follow the money, then you’ll know..

      3. Donna
        March 17, 2024

        I certainly think we’ll see an increase in civil unrest. You cannot deliberately set out to destroy people’s livelihoods, finances and standard of living without seeing some repercussions.

        1. Bert+Young
          March 17, 2024

          Absolutely right Donna .

        2. hefner
          March 17, 2024

          Really Lynn? Only Putin had some kind of a campaign, having the state apparatus working for him. The three other candidates (none strictly anti-Putin, Kharitonov, Slutsky, Davankov) had various campaigns orchestrated against them.
          Of the other potential candidates, Navalny had died/was killed, Nadezhdin had his signatures not certified and was not able to be candidate, Duntsova was disqualified.

          1. Hope
            March 18, 2024

            Hef,

            I think Putin has dispatched about 20/30 critics/opponents in the last two years alone. The election was never free or fair, but same could be said with west elections/referendums. Cameron rigged EU referendum, MPs collectively conspired to overturn the result and conspired further with Brussels to do so.

            In US they changed voting laws and procedures up to the election, fair?

            Then of course we had regime change in Iraq, Libya, strong armed Afghanistan it needed help?

            Funny old world but a proxy war for regime change of Putin? I think not.
            Brown PM? May PM? Sunak PM?

      4. Mickey Taking
        March 17, 2024

        scrap metal is valuable.

        1. hefner
          March 19, 2024

          As far as I know, no UK politician has ever killed an opponent or prevented one from standing in an election.
          As for rigging the referendum let me think again about that. The MPs had a very tough time dealing with the result, but I don’t buy that MPs conspired with Brussels. Brussels had some red lines, the various UK negotiators, some not too good, some really out of their depth, brought after many twists and turns an agreement, one very far from what had been advertised to the voters during the 2016 campaign.
          Now it is rather a joke to see some Lord whingeing every week in his Telegraph column about the less than perfect agreement he himself contributed to bring back to London.

          The changes in some US states (Nevada, Texas, + the 20 that have improved their vote by mail) have all been introduced by the state legislatures, as allowed by the various state constitutions.

          As for the PMs you cite, all these people became PM following the habits and customs prevalent in Parliament. There was no ‘coup’ despite what some hot heads here write at least once a week on this blog.

    3. Ian Wraggg
      March 17, 2024

      Liz Truss was a right wing Conservative with a plan. Her ideas were contrary to UN/WEF policy and she had to go.
      In most respects she was correct and if she’d have beeb supported maybe you wouldn’t be staring down the abyss as you are now.
      You got what you deserve.

      1. Peter Wood
        March 17, 2024

        Yes, Liz Truss has those characteristics, unfortunately she doesn’t have the experience or commonsense to understand the effect of her actions and plan accordingly. And pretty much the same as the entire PCP front bench.
        Not fit for purpose.
        Wonder if Rishi has quietly re-applied for a Green Card….

      2. Lynn Atkinson
        March 17, 2024

        She did not know how to implement the plan and was too stupid to take the advice of the Wise Man. She appointed ‘a friend’ instead. She got what she deserved. We got the right policy botched and ditched. We have Not hot what we deserve – we will now have Labour bumbling about, breaking everything.

    4. BOF
      March 17, 2024

      LL
      Yes, I agree, as I watch old friends get cancer ‘suddenly’ and die ‘suddenly’. I now fear for my wife, family members and friends who were illegally coerced into having dangerous gene therapy injections.

      1. Hope
        March 18, 2024

        Professor Angus Dalgleish a very intelligent cancer expert at St George’s, cancelled smeared etc, makes clear cancers that were in remission etc have reappeared and cancer vigorous in others that usually would not be the case.

        Read his very intelligent cogent articles. The govt. should be ashamed, ministers investigated and medical chiefs/advisors need investigating especially those with vested interests. UK should withdraw from WHO, the same people now in charge there.

    5. Sir Joe Soap
      March 17, 2024

      Reiterated that the root cause of the higher rates was idiotic money printing of 2020 and 2021. The answer was to protect the vulnerable and their carers. Period. 99% of school and working age could have gone about their daily lives with a little more care but essentially as normal. Keep calm and carry on should have been on Snake’s coffee mug, not some top notch boutique logo.

      1. Lifelogic
        March 17, 2024

        +1

        1. Hope
          March 18, 2024

          Barrington Declaration, but health chiefs/advisors here and US went out to smear and rubbish the notion. They were also scared it was gaining public traction. Florida and South Dakota were exemplars, New York a total lock down disaster ie deaths, health and financially.

          1. hefner
            March 19, 2024

            cdc.gov ‘Mortality per state’ 15/02/2023. Death rate in (2020, 2021)
            A look at South Dakota (127, 71.2) and Florida (56.4, 111.7) does not show them obviously better than Maine (20.2, 66.0), Minnesota (74.9, 64.1), Oregon (26.0, 69.2), Wisconsin (70.2, 71.2), 


            New York (139.1, 83.9) was bad indeed, but Alabama (103.6, 152.8), Mississippi (123.5, 146.3) were even worse. Interestingly as of Dec’22 Alabama had only a 52.9% vaccination rate, Mississippi 53.5%.

      2. Bill B.
        March 17, 2024

        +1

    6. Lifelogic
      March 17, 2024

      So the Victoria and Albert Museum has a caption next to some Punch and Judy puppets.
      “Over the years, the evil character in this seaside puppet show has shifted from the Devil to unpopular public figures including Adolf Hitler, Margaret Thatcher and Osama bin Laden, to offer contemporary villains.” Was this meant to be joke? Rather odd group group to link together. Thatcher did make many really quite large errors but hardly on the same scale. Appointing the innumerate dope John (ERM fiasco) Major as Chancellor perhaps being the worst one, closing the grammars, falling for climate alarmism
But she was still the best PM in my lifetime and by a very long way. As to the rest all were deluded tax to death Socialists really from Heath to Sunak. Wilson did at least keep us out of Vietnam thank goodness.

      1. Hope
        March 18, 2024

        LL,
        Agreed. Govt. Should intervene immediately. Totally disgraceful. This is extremism in action by Labour left wing activists. The far extreme left!

    7. Richard1
      March 17, 2024

      The answer to 7. Is No they didn’t. The evidence is the vaccines reduced the mortality rate from c. 1% to c. 0.1% and much reduced the severity of covid for those who got it. In the small and unscientific sample of me and a few friends, those of us who took the vaccine were mildly ill for a day or so, those who didn’t were laid out for 2 weeks.

      1. Lifelogic
        March 17, 2024

        As I said if you got it after the vaccine you almost certainly got a mild version and better trestments. No solid stats. to support you claim.

        1. Hope
          March 18, 2024

          One son had the gene therapy jabs the other did not have any. The one who did not, did not catch covid the one who did caught it!

          Sister participated in govt. surveillance scheme because of health issues had jabs and was monitored. She caught covid not even realising she had it, she discovered when govt took blood sample at periodic check.

      2. Lifelogic
        March 17, 2024

        What % died on that Japan cruise ship not 1% and they were oldish with an early variant.

        1. Richard1
          March 17, 2024

          Yes 1% that’s the point – about 1% mortality amongst vulnerable groups. Reduced to 0.1% once they got the vaccines. The mistake with the vaccines was the mandate – as Ridley points out – I quite agree they were irrelevant for young people. But they do seem to have done some good for other people and the claims by anti-vaxx conspiracy theorists appear, on the basis of the evidence, to be complete nonsense.

          1. Lifelogic
            March 18, 2024

            Was it not 5000+ on the ship and about 14 deaths? Nearly all on the ship will have been exposed to the vaccine plus it was an elderly cohort. You are just considering those who tested positive which underestimates hugely. As I say by the times most people had had the vaccines it was a far less dangerous variant plus we had better treatments. The vaccines, looking at the available stats, do seem to have done serious net harm. The ONS could produce the raw stats (deaths by vaccines status, age and dates) and clear this up very easily but are hiding them. So why do you think they are doing this? Why are overall excess death higher in more highly vaccinated countries?

          2. hefner
            March 24, 2024

            Lifelogic, the ONS is not hiding the statistics. Maybe you don’t know how to do a web search and can only understand some pre-chewed numbers by some nurse teacher.
            The actual numbers are given in 20 age groups from 0 to 90+ by 5-year steps,
            ons.gov.uk 09/01/2024 ‘Deaths registered weekly in England and Wales by age and sex – Covid-19’.

      3. Mickey Taking
        March 17, 2024

        and we got the first 3 rounds and neither ever succumbed to Covid.
        Even better evidence?

        1. Lynn Atkinson
          March 17, 2024

          You don’t succumb to Covid. You succumb to whatever is latent in you that your immune system is actively controlling. When you immune system is incrementally switched off – that’s what gets you.

          1. Mickey Taking
            March 18, 2024

            well if you prefer — ‘we never caught it’ !! must be both of us have a superior immune system… wonder what made them superior?

    8. hefner
      March 17, 2024

      LL, QE started in 2009 in response to the Global Financial Crisis. Sunak was elected in 2015.
      So all problems because of Sunak?

      1. Sir Joe Soap
        March 17, 2024

        The 2009 version was also wrong, but the cash went into assets so wasn’t immediately p-ssed away and gone into headline inflation. Two wrongs don’t make a right and the 2020 version just encouraged most people to think the state will always bail them out, no strings attached. So we now have a refusal to work pandemic. Idiotic beyond belief to just print and chuck cash at people willy nilly.

        1. Hope
          March 18, 2024

          Hef,
          I think losing ÂŁ12 billion of our taxes to school boy errors resulting in Lord Agnew resigning and Sunak not wanting investigation because it would embarrass him says all you need to know about him. He then has the brass neck to say he would serve with integrity! He did not resign after fine for breaking covid rules but somehow it was good enough for Johnson? I thought lawmakers could not be law breakers and would be a matter for resignation? Sunak said judge him by his record in a years time, that has passed, he resoundingly failed but wants to stay in post?

          No.2 in govt. as chancellor carries a lot of responsibility for govt. failure.

  2. Mark B
    March 17, 2024

    Good morning.

    It was a Coup, Sir John. Simple as. We know it even if you cannot really say it. Yes Liz Truss MP screwed up, but she was on the right course. She just moved too fast too aggressively and employed someone of questionable ability as Chancellor.

    I notice that some of the pro-Rishi posters here have gone very quiet. Not singing his praises now are we 😉

    1. Lifelogic
      March 17, 2024

      Truss and Kwartang made errors in not talking about the cuts too & in the vast energy subsidies they supported always better to let people keep more of their own money and let them spend it as they wish to meet their personal needs rather than giving them subsidised energy, cheaper bus or train travel, subsidised opera tickets
 Some may prefer to save on energy and wear more thermal and spend the money elsewhere or move to parents for the winter months.

      Anyway to get energy prices down and the economy going ditching the deluded net zero religion is the best way.

      1. Hope
        March 18, 2024

        Spot on Mark B.

    2. Lifelogic
      March 17, 2024

      Indeed interesting to listen to the Guido Fawkes latest podcast on the lockdown birthday party for two.

    3. Lifelogic
      March 17, 2024

      Kwasi is a bright & good man certainly in the top 10% of MPs history usually better than law or PPE.

      Though as energy secretary, endlessly going on about the Saudi Arabia of wind, he was rather ignorant about energy, the realities of physics, energy engineering, batteries, energy economics
 but given the Climate Change act and Net Zero it is an impossible job. He should have said we must ditch these damaging Acts and resigned.

      1. Lynn Atkinson
        March 17, 2024

        You are funny! I’m wondering whether those two clowns were paid by our enemies to get the job and botch it. truss specifically, at the Despatch box, refused to cut spending – she was gone the next day and justifiably ditched.
        I’m thinking of Foot and his scuppering of Brexit for decades with ‘the longest suicide note in history’.
        It’s far more dangerous to have the wrong people propose the right policies than not.
        See Wedgwood Benn in the No campaign to the Common Market. He was the sole cause of the loss of that referendum. They should have paid him to campaign for YES.

    4. Richard1
      March 17, 2024

      Truss intoned the right language, but as Sir John sets out here, can’t really have understood what she was talking about or she wouldn’t have done an uncapped energy price subsidy (a very leftwing policy), failed to announce spending controls (also left-wing), or simply ignored or been unaware of the Bank of England’s damaging actions. Her delivery was so wooden and inarticulate that she was not capable of mounting any kind of credible defence of her actions. At the first sound of – quite inevitable – gunfire from the left and the blob she panicked, sacked Kwarteng, U-turned and then resigned herself. She was wholly inadequate to be leader and PM. She should have had the self-awareness not to put herself forward and should not have received the support she did from those who knew her and had worked with her.

      1. Mark B
        March 17, 2024

        Her replacement, in all areas you mentioned, is no better. In fact, he is worse.

        1. MFD
          March 17, 2024

          +1

  3. Javelin
    March 17, 2024

    The number one job of any country is to protect its people.

    If you read the Daily Mail comments on the idea of fighting for Britain you will realise that the downside of importing millions of migrants is that nobody wants to fight for this country any more.

    You have also taken away all the guns.

    We are now a big fat juicy sitting target.

    If it ever crossed you mind why the dingy boats came over. Consider whether we could defend our selves from a serious attack.

    We only have ammo for a couple of days. Most of the large urban areas might welcome the invaders.

    The penny has yet to drop in Westminster.

    1. Lifelogic
      March 17, 2024

      Plus we have virtually no steel making or engineering capacity left, our aircraft carriers do not work and have no aircraft, our nuclear deterrent spirals into the sea after a few yards for all the World to see.

      Doubtless like NHS ambulances we will soon have battery tanks, jets and warships too. So battlefields will need many recharging points and organised recharging breaks – perhaps the soldiers could play football with the enemy during the charging breaks before resuming the killings.

      1. Mickey Taking
        March 17, 2024

        The idiot ‘running’ London will soon be suggesting melting down ICE to make other items.

      2. miami.mode
        March 17, 2024

        In the medical world our nuclear deterrent would be diagnosed with “erectile dysfunction”.

        1. Mickey Taking
          March 17, 2024

          and in the political world nothing to arouse interest?

    2. Hat man
      March 17, 2024

      You’re right, Javelin, the public cannot defend itself against a serious attack. That serious attack has already happened. It took the form of a psychological operation directed against it by certain members of the government in 2020, together with public health technocrats, and with the collusion of the media oligarchy. It took weeks if not months before some in Parliament, such as our good host, began to question the wisdom of what the state was doing to the population. Now the catastrophic results of operation Covid are better known, it’s clearer just how cynical and reckless the attack on the public was. But those responsible must think they got away with it, because by and large they remain immune from prosecution.

      1. Lynn Atkinson
        March 17, 2024

        You ain’t seen nothing yet.

    3. Berkshire Alan
      March 17, 2024

      Javelin
      Simplest way to reduce immigration would be to introduce conscription into the Armed forces for two years, it used to be called National Service, although the Armed forces could not cope with the numbers now, not enough equipment, not enough staff to train them, or accommodation to house them.
      Then of course you would need training manuals in a number of languages, otherwise you would upset the usual WOKE campaigners.
      Our Politicians for the most part have completely lost the plot and the Country, just look how they responded to Brexit, they conspired and met with the enemy, to deliberately undermine our own negotiating position. !

      1. Lynn Atkinson
        March 18, 2024

        Oh yes, let’s get all the immigrants really fit and arm them 
.

    4. Lynn Atkinson
      March 17, 2024

      And of course we will be defending – because we own property and the civilian women and children are our own. It’s going to be very nasty.
      The police and the Army are not much good either.
      A bitter lesson in store.

    5. Original Richard
      March 17, 2024

      Javelin : “The penny has yet to drop in Westminster.”

      Rather, the penny has yet to drop with the bulk of the electorate.

      “Westminster” knows exactly what it is doing. Net Zero, designed to destroy our economy and military capability is deliberate sabotage as is the deliberate importation of millions of people with different religions, cultures, practices and ways of governance to ensure the breakup of our social cohesion and our willingness to defend ourselves from foreign aggression.

      Any vote for any of the existing Parliamentary Parties will be seen by these parties as a vote to continue with Net Zero and massive immigration, both legal and illegal and the voters laughed at by these parties as turkeys voting for Christmas

      To keep voting for the existing Parliamentary Parties is Einstein’s definition of insanity, that is, to do the same thing over and over again and expecting a different result.

      1. Lynn Atkinson
        March 17, 2024

        Politicians are being personally threatened on an unprecedented scale. They see these massive ‘demonstrations’ because happily they are happening in London.
        The Penny is dropping in Westminster but the horse has bolted.

    6. MFD
      March 17, 2024

      A lot are thick and also do not care about others.
      Their wealth and position were all that mattered!

  4. Lifelogic
    March 17, 2024

    Good piece by Neil Hamilton on GBNews (Mark Doyle) last night. Not a fan of the new Welsh first minister or the Cameron changes to the rules on candidate selection it seems.

  5. Lifelogic
    March 17, 2024

    Bank margins between deposit rates and lending rates over base have increased hugely too. There is a lack of fair competition, UK banks all even charging circa 40% on rip off personal overdrafts to all customers regardless of credit risk.

  6. DOM
    March 17, 2024

    Good morning Mr Redwood

    Come on dude, Labour know full well the public are as thick and clueless as pig poo on complex and indeed on simple issues. The average man in the street wouldn’t even know the meaning of the acronym QE if they did they wouldn’t be able to explain how QE works, its effect on rates and effect on prices.

    Labour know they can lie and the public will believe them. The way to counter this is to accuse them of LYING and put this accusation in the minds of the public.

    Accuracy and knowledge is not what matters any more, politics is about lies, character assassination and most of all truth ie knowing when to deploy the truth to expose Labour and their crap

    By the way Hate not Hope is a thug, scum organisation and need exposing. I recall Gordon Brown giving a speech at one of their hustings. Repulsive

    1. Peter
      March 17, 2024

      The use of the term ‘dude’ does not fit in well with the rest of the words.

      Sir Herbert Gussett would never use it.

      1. Donna
        March 17, 2024

        Dan Hannan does, very regularly. It tends to indicate someone who has had significant American influences.

        1. Lynn Atkinson
          March 17, 2024

          Hannan is from Latin (South) America. I doubt they call anyone ‘dude’.

          1. Mitchel
            March 18, 2024

            Hombre!

      2. Mickey Taking
        March 17, 2024

        but man, it gave me a chuckle.

    2. Paula
      March 17, 2024

      I don’t really understand QE but I know that a country can’t print its way out of the s***.

      1. Mitchel
        March 18, 2024

        It has never stop them trying though.

  7. agricola
    March 17, 2024

    My interpretation is that the financial element of the blob did not want an enterprise economy. One in which the reduction of intrusive high taxes increased commercial activity to the extent that the actual tax take produced a greater sum of money. This was a gamble that the atrophied Treasury, BOE,and OBR were not prepared to go along with. Prefering to continue bleeding the already stagnant economy, because it made them feel safer. Never having indulged in enterprise themselves, they did not understand the principal.

    What happened will not be discerned by historians because it will not have been put in writing, but intuition suggests that the conservative party at government level was put under considerable pressure by the blob. After all they probably belong to the same clubs.

    This resulted in Sunak and fellow travellers usurping power via a compliant party in the Commons and the slight of hand of denying the Conservative Party membership any involvement at the ballot box. We now have a consocialist government fighting internally for last minute salvation, knowing in truth that the whole rotten process has gone ape shit with the electorate.

    Now the only espousers of true Conservatism are 50 or so MPs and the Reform UK party. One clear thinking Conservative MP has made a principalled move to Reform. It is overdue that the 50 or so remaining Conservative MPs realise that the consocialist bulk of the party has left them behind along with Conservative philosophy. They should follow Lee Anderton and Anne Widdicome and get the country back on track.

    1. Narrow Shoulders
      March 17, 2024

      The reason that the Conservative party is such a broad church is that pragmatists (such as Sir John) see that it knows how to win elections and is interested in power, unlike the other parties that are interested in agitation. Thus anyone wishing to govern chooses the Conservative party and moves it ever leftwards.

      Rather than leaving the Conservative party for Reform we need revolution at head office so that we get Conservation (socially and economically) candidates and not Lid Dems or New Labour supporters.

    2. A-tracy
      March 17, 2024

      I read an article on ConHome saying that Lee Anderson’s biggest challenge is from a Lib Dem masquerading as Independent, the challenger already rules the local council. Reform are just foolish they’re spreading too thin, challenging in completely un-winable seats. They’d be better with focus but there are too many men with too much ego that run the party, there is not sufficient tactical play to make a dent.

      1. Lemming
        March 17, 2024

        I think you know I will not be voting either Conservative or Reform, but I cannot for the life of me see why someone wanting Conservative policies would vote Conservative, when only Reform is offering Conservative policies

        1. Mickey Taking
          March 17, 2024

          would you care to advise us all what you will be voting for? Not just the Party, more the policies (ahem?!).

          1. agricola
            March 17, 2024

            MT,
            Check out Reform UK, our contract with you, all thirty pages of it. Proposals more Conservative than anything coming from the current consocialist party.

          2. Lemming
            March 18, 2024

            Certainly, I will vote for the party most committed to reducing the appalling inequalities found in today’s society. I will take special note for willingness or otherwise to hand public money to people who use it to buy yachts

          3. Mickey Taking
            March 18, 2024

            lemming- good luck with assessing how your brief wishes will come across when faced with the various unadulterated lies put out in the media, and some spokespersons’ claims!

        2. A-tracy
          March 17, 2024

          Reform aren’t the answer for me. I believe they will suit your needs Lemming to split the right wing vote to help your side get elected. It’s no wonder you’re promoting Reform lol.

          Those conservative MPs that stood on Boris’ 2019 that have thwarted their own government from putting into play the necessary responses to achieve the goals have mostly started to put in their resignations in.
          https://www.conservatives.com/our-plan

          However, Boris in 2019 proposed
          1. Extra funding for the NHS, they have got thousands more in funding, much more than the amount of the bus. Victoria Atkins said we have got 50,000 extra nurses see here https://www.gov.uk/government/news/over-50000-extra-nurses-in-nhs-hitting-governmenttarget early#:~:text=There%20are%2050%2C000%20extra%20nurses,and%20improving%20access%20for%20patients.
          The government claims ‘In the 12 months to October 2023, 358 million general practice appointments, including COVID-19 vaccinations, were delivered – this is an increase of 50.9 million compared to 2019, meaning we have delivered on our manifesto commitment for 50 million more appointments a year.30 Nov 2023’ gov.uk
          We are generally a lot more unhealthy because some people have clinics where people say they still can’t get appointments.

          The promise was not to raise the rate of income tax, VAT or NI that was a tricky promise as we now know the amount have risen through frozen thresholds.

          1. Mickey Taking
            March 17, 2024

            remove the Covid jabs and you can halve the number of appointments provided.

          2. Mickey Taking
            March 18, 2024

            lemming says he will not vote for Reform or the Tories.

          3. a-tracy
            March 19, 2024

            MT ah, so 25,000 of those GP appointments were for covid vax; I didn’t know that; I didn’t think GPs vaccinated? Nurses and the general public were used near us in special areas they set up and in hospitals.

          4. hefner
            March 21, 2024

            The millions you compare are apples and oranges: on one side a Covid-19 vaccination with volunteers checking your identity, then with a nurse taking the whole of one minute for the injection, on the other side a ‘standard’ 10 mn appointment with a GP.

        3. Narrow Shoulders
          March 17, 2024

          Because much of the electorate is programmed to only vote for parties with a chance of winning overall rather than using a vote to express an opinion even when that opinion is “none of you”

  8. Reformer
    March 17, 2024

    Excellent! Do let the Conservative party go into the next election promising to repeat the Truss experiment. You can also tell us just how many more millions of immigrants you are going to accept on top of the millions you already accepted. Meanwhile there is a party out there promising some true conservative policies. Why vote Sunak when you can vote Farage/ Anderson? Vote Reform!

    1. Lynn Atkinson
      March 17, 2024

      Because with Reform you get PR and forego the power ever to change the government again!
      DO NOT VOTE REFORM UNDER ANY CIRCUMSTANCES.

      1. Mickey Taking
        March 17, 2024

        But 100% of the electorate ought to get representation not about 30% as current!

        1. Lynn Atkinson
          March 17, 2024

          With PR 2% (the Greens for instance, or maybe a new Religious Party) who vote for the Kingmaker get more than their share of representation and lord it over the rest, horse trading for advantage. The rest get NOTHING. If Democracy does not deliver what the most people want it’s not democracy.

          Our great agreement is that whosoever wins gets their way. We all agree that before a vote is cast. Labour, when Mrs T won 4 elections (she won Majors election) must have been disappointed, Blair nearly killed me – but not one of us suggested scrapping the result!

          This is sophisticated. That’s why you can’t add unsophisticated people and retain democracy.

          1. Mickey Taking
            March 18, 2024

            whatever makes you think we all agree? A strange way too look at it.
            The people never provide a Party 50.1% majority of the electorate – so we don’t get democracy!

          2. hefner
            March 18, 2024

            Because Lynn is sophisticated, obviously. I wonder how many of us on this blog should desist from commenting, leaving only truly sophisticated people like Lynn, LL and DOM keep the roster active for their type of Uebermensch.

        2. Rex
          March 18, 2024

          Fully agree. PR is the future, the sooner the better. It’s the only fair way

      2. hefner
        March 17, 2024

        On the contrary if people want to see a change one day they have to vote Reform to give a shock to the system. I know that past a certain age, specially when people have assets, they become rather overcautious, cannot even think that things could be differently organised. But that is a sure way to become even more encrusted in bad habits.

        13/03/2024 ‘Strong and Stable: The most politically stable democracies use PR’
        (makevotesmatter.org.uk, 24/05/2023, ‘New poll finds general public support changing the voting system, as only 1 in 5 say the UK political system is working well’).

  9. Donna
    March 17, 2024

    The people who caused the financial instability were Johnson, Sunak, Gove and Handcock (the Quad who ran the lunatic Covid policy) plus the Treasury Mandarins and the B of E.

    You cannot close down half of the productive part of the economy for two years and print ÂŁsquillions to fund it and at the same time shower money at the unproductive public sector without serious consequences.

    Having disposed of their strongest electoral asset, the mainly LibCON MPs presented the Membership with two candidates to replace him. “Unfortunately” the pesky Membership of the Not-a-Conservative-Party who are, most annoyingly for Party Grandees still inclined towards Conservative policies and values, chose the wrong one.

    So using the Treasury, their friends in the City and the IMF, they organised a coup. Sunak has no mandate. He is leading a Junta, not a democratically elected Government.

    The only amazing thing is that the Party Grandees thought both the Party Membership and the wider electorate would just suck it up and continue to support a Party that has failed them for the past 14 years, and systematically set out to betray them for the last 9.

  10. Richard1
    March 17, 2024

    One thing that is not a lie is the selection of Liz Truss as leader and PM took the Conservatives from -5% in the polls to -30%, a position from which we have recovered slightly, but not nearly enough, to -20% or so. And are unfortunately very unlikely to escape a shellacking at the next election. Of course we do not know the counter-factual but it is perhaps time for those who supported Truss to admit they made an error, and she wasn’t a good choice.

    1. Mickey Taking
      March 17, 2024

      I think the polls showed what people thought of the pick -sack -pick -sack farce that went on.
      Not so much the supposed policies and disbelief that followed.

    2. Donna
      March 17, 2024

      There wasn’t a good choice. CON MPs gave the membership a choice between Truss and Sunak, neither of whom were really fit to become PM; but Truss was the marginally better prospect.

      Rather like the Americans are being given a choice between Senile Joe or Trump. And in that contest, Trump is the better prospect.

  11. Berkshire Alan
    March 17, 2024

    Afraid Liz probably had many of the right ideas, but was not absolutely sure how to get there, did not give a clear enough explanation of the bigger picture and plan, and was politically inexperienced in understanding the threat from the blob, or within her own Party.
    Shame, as we have now wasted more than a year standing still, or as it seems, sometimes going backwards.

  12. Narrow Shoulders
    March 17, 2024

    Your advice to only target gas and electricity support at lower income thresholds is a little unfair. The higher income thresholds pay for everything Sir John and should not have to suffer while everyone else is protected. Benefits rise by inflation and recipients got ÂŁ1,600, pensioners received inflationary rises. Government spending keeps rising in real terms. This is paid for by taxpayers. mostly in higher income brackets, and borrowing.

    Why should higher earner not receive universal benefits, they receive little else from government except thought policing and interference.

    You might have suggested a capped usage level but not universal distribution.

    1. Narrow Shoulders
      March 17, 2024

      Your Chancellor realised too late that the child benefit high income charge was unfair. ÂŁ23K that has cost me. Universal child benefit or given to no one. It is after all only the repayment in cash of tax free allowances that a working child would be entitled to.

  13. Mickey Taking
    March 17, 2024

    I don’t think anyone mentioned the social distress mortgage rates will cause?
    I have heard of several ‘younger’ families who already anticipate having to uproot and move away to cheaper areas ‘down the line’ . Increased travel to jobs, school friends separated, upheaval all round.
    How many MPs will do the same?

    1. Mike Wilson
      March 17, 2024

      My youngest son has already uprooted himself and moved – to Australia. Here – a tiny 2 bed, terraced house here, with half a dozen houses overlooking his tiny yard ( I can’t call it a garden) and a massive (ÂŁ350k) mortgage – there, a 4 bed detached with a pool and a beautiful beach just down the road (same size mortgage). Taxes are lower and petrol is half the price it is in our supertaxed UK.

      1. Mickey Taking
        March 17, 2024

        what’s keeping you here – go visit!

      2. Know-Dice
        March 17, 2024

        And no inheritance tax in Australia either.

      3. glen cullen
        March 17, 2024

        And yet the Tory MPs are happy to be the party of ”super-taxation” …I see no action to reduce taxes nor energy costs

    2. a-tracy
      March 19, 2024

      That’s if they can sell.

  14. Bloke
    March 17, 2024

    The Treasury has access to a wide variety of advisers specially paid to deliver the best guidance. Even so, the guidance the Treasury choose and uses is based on idiotics. Sensible people in their own party are far better qualified and urge them to do what is right free of charge, but the Treasury commits itself to spend on waste and economic destruction.

  15. A-tracy
    March 17, 2024

    Why aren’t all these supposed impartial tv news channels reflecting a more balanced approach to the information they fed us all. I remember them emphasising the King saying ‘Oh Dear!’ When he met Liz Truss in order to undermine her and Kwasi and their plan. They all bleat about GB News but which one of them the BBC, the FT, Sky News, gave a balanced report on this situation and when they didn’t why didn’t your party report them to Ofcom?

    Were there any articles to reflect your post above? Summed up as: The bond rate changes were not solely due to Truss’s budget, but also related to global economic patterns and central bank interventions affecting market dynamics. Understanding interconnected global financial influences is crucial in evaluating domestic policy effects on bond rates and mortgage costs.

    Do you have a chart that shows the US, EU and UK rates shown together on a graph? It really is beyond time that the right of centre starts to fight back, the Tories lost a good man in Kwasi because he wasn’t supported and Truss weakly dealt with the media onslaught, why didn’t she pull you into the team and defend what was defendable?

    1. Mickey Taking
      March 18, 2024

      Does it matter what the King says? Who takes any notice. Meghan can be entertaining, calculating little mouse.

      1. a-tracy
        March 19, 2024

        The media felt The King’s statement was influential. They repeated it for days.

        The Independent wrote, “Under the rules that govern Britain’s constitutional monarchy, the King is barred from interfering in politics.” They said the King was sulking because Truss didn’t want him to attend Cop27. The Guardian wrote “It took just 15 seconds of video from the meeting at Buckingham Palace on Wednesday night for the monarch to make things worse… Headlines are already asking if she is the worst prime minister in British history.” Even the SNP’s Nicholson tweeted, “King Charles speaks for us all”.

  16. William Long
    March 17, 2024

    But the Truss/Kwarteng mishap provides a great way of deflecting attention from the mistakes of the Treasury, the bank and the OBR, so ignoring the reality that you set out, is clearly the best way forward for those three institutions, and it suits Labour and the Lib-Dems too, so it looks as if everyone in the corridors of power is happy!

  17. Mike Wilson
    March 17, 2024

    I don’t know what happened in other countries, but I do know in this country the value of pension pots dropped a lot, suddenly, after the Truss/Kwarteng budget. My neighbour was about to retire but I saw he still had his company car – so I asked him if he had changed his mind. He told me he was having to postpone as his pension pot had gone down by some (pretty big) amount. Turns out our wonderful pension fund managers – who it seems these days cannot make money through investment – had been BUYING BONDS ON MARGIN! And, whatever regulatory authorities we have, had allowed them.

    Reply Yes the LDI disaster by the pension funds briefly led to a sharp sell, reversed when the Bank bought bonds. As rates rose over a two year Bank hiking cycle bonds lost value. The amount of pension you could buy with your falling pension fund value benefitted from better annuity rates as an offset.

    1. Roy Grainger
      March 17, 2024

      My personal pension was entirely unaffected by Truss – it was only those on defined benefits schemes, principally in the public sector, whose managers had gambled on LDI who were theoretically affected and of course the most notable scheme affected was the Bank of England’s own pension scheme of which 100% had been put at risk. Even so the amount defined benefit pensioners were entitled to did not change at all and as they were in the public sector the taxpayers would have had to meet any shortfall in the fund.

      1. Mike Wilson
        March 17, 2024

        My neighbour is not in the private sector and his pot went down by a third.

  18. Mike Wilson
    March 17, 2024

    It seems that everyone operating, or near, the levers of power, is mad keen to get interest rates down again. Surely, for the sake of young people, they should be kept sensible. Say, a base rate of 4%. It is not fair to lure youngsters into an overpriced housing market with mortgage rates as low as 1% to 2% and then watch them triple a few years later. This is what has happened to many young people who bought in the last 12 years or more of historically very low rates. Let’s have a bit of stability, for heaven’s sake.

    1. Mike Wilson
      March 17, 2024

      Mind you, I was forgetting the government, which runs on ever increasing debt, needs low interest rates to avoid a debt crisis. Why do ‘international investors’ buy our government’s bonds! They must realise we are a basket case. We import more than half our food. We import cars, TVs, mobile phones, kitchen appliances, computers, music equipment – almost all manufactured goods – we can’t make steel(!!!) – we have a massive and ongoing balance of payments deficit – a hugely growing population – a repressive government – we have extortionate energy prices – we have a sclerotic government with the highest taxes since WW2 – we discourage enterprise by forcing any small business to register for VAT on a tiny turnover 
 would you lend a government like that money?

      1. a-tracy
        March 19, 2024

        Our VAT rate is double that in most of Europe.

  19. glen cullen
    March 17, 2024

    I agree wholeheartedly with your article today 
.Liz had to leave as she lacked the support from her own MPs and Labour are allowed to continually blame Liz economics and budget because no one in the party counters their arguments and claims (apart from you)

  20. glen cullen
    March 17, 2024

    Nothing to see here – the state of emergency in Iceland today due to volcanic eruption isn’t ‘man-made’

    1. Mickey Taking
      March 17, 2024

      all those gasses going up into the atmosphere, probably as much as the Ruhr managed! (joking).
      Will Greta make a fuss and say it must be stopped?

  21. Peter D Gardner
    March 17, 2024

    I find it hard to understand why it is conventional Conservative wisdom that Liz Truss caused so many of the difficulties facing UK since. Everything she did was reversed following the Remainer placement of Hunt as Chancellor and De facto PM. She wanted spending cuts but was not given the chance to implement any.

    1. A-tracy
      March 17, 2024

      She reversed the 1.25% increase to NI on employer and employee. She also increased the ni threshold that July 2022 from £9880 to £12,570 it wasn’t undone, in fact I was very surprised Hunt gave another 4p off NI.

      1. Mickey Taking
        March 17, 2024

        surprised! with a GE this year? Classic bribery to massage away difficult memories.

        1. glen cullen
          March 17, 2024

          If they have to bribe you for your vote, that means there policies are weak

    2. glen cullen
      March 17, 2024

      Correct

  22. Peter D Gardner
    March 17, 2024

    I find it hard to understand why it is conventional Conservative wisdom let alone opportunistic Labour that Liz Truss caused so many of the difficulties facing UK since. Everything she did was reversed following the Remainer placement of Hunt as Chancellor and De facto PM. She wanted spending cuts but was not given the chance to implement any.
    All the issues today are either long-standing, about which successive Conservative governments have done nothing, or have been caused by Conservative governments apart from that of Liz Truss which had no lasting impact on anything at all.

    1. glen cullen
      March 17, 2024

      Tory MPs are scared to come to Liz’s rescue 
as that might imply they’re anti Sunak, and they’re even more scared of being seen as anti Sunak

  23. Derek
    March 17, 2024

    And now, who in Government will admit they got it wrong?

  24. Mike Wilson
    March 17, 2024

    Face it. You’ve been in power for 32 of the last 45 years. You’re no good at government.

    1. Mickey Taking
      March 17, 2024

      Being blunt the Conservatives (for whom I have voted most times apart from protests – not other Parties), have always been business and wealth supporters, to some extent exploiters of the working class.
      Now policies are about bringing in an endless supply of possible workers, with no heed to conditions and standard of living – especially affecting the existing residents and workforce.
      So, Sir John are you going to deny it, answer it or not even publish

      Reply I have campaigned for much lower migration

      1. Mickey Taking
        March 18, 2024

        reply to reply – -very commendable, but you didn’t deny the Conservative Policy, did you!

      2. Derek
        March 18, 2024

        The problem for us and the country is that the so-called Tory government, is not conservative.
        Higher taxes, bigger Government and civil service to match with diminishing armed forces is definitely a socialist MO.
        The good guys and gals in the HoC are placed on the back benches because they do not fit in nor belong to the current batch of ‘blue’ libdems.
        We should remember, the real Tory PM was pushed out by establishment figures because she was a threat to their own empires. And the result is – look out of your windows or read the broadsheets for the dire state of our country.

    2. Original Richard
      March 17, 2024

      MW :

      When a party has been in or close to government for this length of time it becomes open to infiltration by those who intend to destroy it such as the Conservative Party’s “heir to Blair” who told us “vote blue get green” and we did and consequently we are now suffering the consequences.

  25. Roy Grainger
    March 17, 2024

    As you point out interest rates under the “adults” Sunak and Hunt went higher than they did under Truss but that got almost no negative scaremongering press coverage at all – it would have required a whole host of people to admit they’d got it wrong about Sunak – as is now becoming all too apparent they had.

  26. Geoffrey Berg
    March 17, 2024

    Raking over the past, I would have liked Liz Truss’ energy subsidies to be used to justify big cuts elsewhere in public spending but the main mistake she made was to sack her Chancellor and back away from her changes instead of using her recent mandate from Conservative members to ram it all through Parliament. The markets after their initial panic would have got used to it. Her emphasis on growth was right. In fact Starmer and Reeves now also say they will prioritise growth – the problem is they in the old Communist manner think they can generate growth by directing more public spending (which just leads to wasted money) whereas Truss was correct that it needs to be done through private sector activity encouraged by lower and internationally competitive taxation.
    I see reports about replacing Sunak with Mordaunt. Though Mordaunt would prevent the risk under Sunak of Conservative extinction and save the seats of many Conservative M.P.s, she is far from the best option. She would not be transformational which is needed in a new Leader to have any realistic chance of winning the General Election. So I want Suella Braverman. Even in terms of a ‘safer’ non-transformational Leader who would save the most supposedly safe Conservative seats, Mordaunt is not anywhere as good a choice as Dr. Liam Fox who would be far more competent, have better popular appeal and who has the essential attribute of a genuine interest in electioneering instead of seeing elections just as a periodic local inconvenience.
    Conservative M.P.s need to oust Sunak and then think extremely carefully about who amongst them is best in the electoral crisis they have brought upon themselves through their very poor choices in 2022.

  27. Bryan Harris
    March 17, 2024

    Quelling its quangos could save the UK billions – article by Harry Phibbs for CAPX – the Centre for Policy Studies – 14.03.24

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