Liz Truss destroys UK economy with far right economic mythology 

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When Liz Truss won, I argued she would highlight the tragedy of identity politics because while ticking the diversity box of being a woman, she is a far right maniac who believes in hard free market bullshit…

Liz Truss is a free market acolyte who hated BoJos windfall taxes on obscene profits because she is pro corporate profit.

Ideologically she is Margaret Thatcher on meth combined with all the ill deserved smugness of Tony Blair.

She will be a disaster for the UK and her free market solutions will cause a crippling wave of unemployment at a time of 13% inflation and energy prices exploding beyond peoples ability to pay.

She is currently being touted as some kind of diversity champion because no one in her top 4 are white men.

This shallow analysis highlights the tragedy of identity politics where the representation of diversity eclipses all else.

…I pointed out two of her picks were insanely right wing…

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Kwasi Kwarteng: free marketeer and Truss’s ideological soulmate becomes chancellor

An ideological soulmate of Truss from the free-market right, the Surrey MP is a relative latecomer to ministerial jobs – his first junior role came in late 2018 – but rose rapidly under Johnson to become a key member of his government.

Suella Braverman: home secretary set to take even harder line on migration

Braverman has pitched herself to the right of her predecessor – and is expected to move quickly to sideline ECHR

…their diversity provides no progressive insights to policy, because their wealth and privilege blot out class, (The same way a Parliament full of property owners never challenge homelessness in NZ).

I predicted…

My thoughts are their combined free market experiment will fail horribly in light of looming economic calamity and that the Party will hilariously return to Boris Johnson in terror as they face annihilation at the Polls, or directly after it.

…and look at what Kwasi did, implement an insane tax cut – FUNDED BY GOVERNMENT BORROWING and look at the result…

Britain sends investors fleeing with historic tax cuts and borrowing

Britain’s new finance minister Kwasi Kwarteng unleashed historic tax cuts and huge increases in borrowing on Friday in an economic agenda that floored financial markets, sending sterling and British government bonds into freefall.

Kwarteng scrapped the country’s top rate of income tax, cancelled a planned rise in corporate taxes and for the first time put a price tag on the spending plans of Prime Minister Liz Truss, who wants to double Britain’s rate of economic growth.

…you know shit be bad when the most right economic organisation on the planet screams, ‘bro, too much’…

IMF urges UK government to reconsider tax-cutting plans

The International Monetary Fund has launched a stinging attack on the UK’s tax-cutting plans and called on Liz Truss’s government to reconsider them to prevent stoking inequality.

In rare public criticism of a leading global economy, the Washington-based fund said Kwasi Kwarteng’s mini-budget risked undermining the efforts of the Bank of England to tackle rampant inflation amid the cost of living emergency.

…when the IMF says, ‘too much’, it’s like Trump respecting consent.

The criticism of this madness by Truss has been never ending..

Pound’s plummet underlines schoolboy error by Kwasi Kwarteng

Chancellor added to market worries by pledging further tax cuts in full budget planned for later this year

The savage sell-off in the pound in east Asia overnight was further evidence – should any be needed – that confidence in the new Liz Truss government is rapidly draining away.

Sterling fell to its lowest level against the dollar, and despite an attempt at a rally in early London trading, the likelihood is that parity against the dollar will be tested before long. September tends to be the month for a sterling crisis – and so it has proved again.

…I knew Truss was a right wing free market lunatic, but not even I thought they would be insane enough to go through with tax cuts borrowed by the Government! It’s so bad the BoE is now back in the market buying 30 year bonds!

I think what Truss and her free market acolytes have accidentally unleashed are forces they won’t be able to control.

I think there will be anarchy in the UK this winter.

 

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87 COMMENTS

  1. Someone this horrifically neoliberal should be in a mental institution for their own safety, let alone everyone else. Truly a fine successor to Sir Anthony Blair and Baroness Thatcher.

  2. And yet, a 40% top rate of income tax is still higher than we have, and they a CGT and an inheritance tax as well.

    They have home ownership at 65.2%, ours is 64.6%.

  3. How is it different to how we funded our covid response?

    All of the world’s economies and how we fund it are poked. We are no different. Costs exceed income and they all are (New Zimbabwe included) punting on a blue-sky budget and economic rainbows and unicorns over the next decade.

    Economically speaking all we are doing is adding more water while we circle the drain

    Highlighting the UK and ignoring the rest because it is a centre-right is tribal, Liam Dann-level economic analysis.

    • Frank I guess one difference would be we didn’t cut government income at the same time, and our borrowing to fund the response came at a time when inflation was not an issue ( regardless of what the future impact was or wasn’t on inflation).

      • Semantics Wheely.

        We are in the same position and doing the same thing – spending more money than we earn and relying on blue sky budgeted by hopelessly compromised Treasury and RBNZ and offering the same hopeless arguments regarding how we get out of this mess.

        • Learn to use Google,
          The UK national debt was around 96.6% of gross domestic product (GDP) in August 2022, In NZ the country’s Government debt accounted for 33.0 % of its Nominal GDP in Mar 2022. I guess I could have looked harder so there is not 5 months difference although I doubt that there would be much difference.
          If you can’t see the difference between 96.6% & 33% I have some land to sell you at low tide.

    • borrowing at high rates while your govt bonds are tumbling to fund tax cuts for the rich, prime example of conservative fiscal responsibility.

    • “All of the world’s economies and how we fund it are poked. We are no different. Costs exceed income and they all are (New Zimbabwe included) punting on a blue-sky budget and economic rainbows and unicorns over the next decade.

      Economically speaking all we are doing is adding more water while we circle the drain”

      — The hilarious part of that, Frank, is that you haven’t noticed which economic philosophies have delivered us to this impasse. Left wing philosophies haven/t been the ones in the driver’s seat over the past 40 years.

    • Maybe she might untruss Northern Ireland before she goes (now that it is 46% Catholic to 43% Protestant and the Irish passport is gaining in popularity post Brexit).

      • interesting isn’t it brexshit managed what the ‘ra couldn’t, still good on the republic better off not shackled to a corpse.

  4. She got elected a week before the queens death, by then the ‘economy’ of the uk was already in its last throes.
    Unless of course you will also state that the SPD (social democrats) from Germany together with the Greens are also tanking the economy as they are also shutting down their industry as no one c an afford to heat or cook a cup of tea anymore.

      • She is a Thatcherite and thus will certainly do her best to screw over as many as she can. But the economy was in the tank well during the Boris years, so to blame her totally as ‘useless’ three/four weeks in is a wee bit unfair.

        The UK is a mess, brexit did a number, high energy prices, a war they actually can’t afford, internal trouble brewing left right n center, and this winter will see many many people die simply because they either freeze to death, starve to death as for many both will not be affordable. If people were worried about global warming and hot summers day, ask yourself what your chances are after three month of 0 degrees or thereabout with no heating or hot cooking because electricity is to expensive for most.

        Giver her the famous 100 days just for courtesy. And have a good look at our own economy, and instead of cheaply gloating start wondering when it will break apart here under our kind social lefty ‘worker’ marginalized identity orientated government and ask yourself just how confident you are about life in general.

        What is currently going on is no longer in anyones hands really. And that should scare all of us witless, unless people really do believe that all of Europe going down shit creek at once is normal as Sunday roast and will have no effects here. Ditto for the war.

  5. All in less than 3 weeks.
    She murders the Queen and the British Pound and their economy too!

    If that’s not progressive….

    • She did it deliberately. She tanked the UK pound deliberately because it was overvalued in todays currency war(s) that are playing out. The trade Wars have ended.

      The end of Capitalism is neigh.

      • Up date. She’s been spotted.
        “Lizz Truss has gone missing somewhere near Nord II. Last seen diving with a backpack off the coast of Sweden.”

      • she did it because the edge fund managers who own her arse could short the pound and make billions. whilst paying back the russian and american tory donors

        • Hehehe. JP is great and says things that I’m sure a lot of people would say in private.

          His satire and cynicism are effective in communicating how many people feel and are or becoming more and more despondent.

          • yeah, we may yak it up but people are truly despondent.

            Husband finally got a job filled after months, great young guy straight from Peterborough. Overheard saying yesterday, I came to NZ because the UK has become so desperate, the country has been ruined by rogue politicians and wokester journos and I cant see a future. Then went on to say, what I didnt realise is that it’s just as bad here!

            • @Fantail, Exactly we seem to be following the UK Thatcherism/free labour/globalism/big business tax breaks/moneylaundering/NZ for Sale/wokism fixation to distract from real issues, and we will get the same outcomes as the UK.

              The depressing part, is that NZ follows the UK and US so they already knew ahead of time what was going to happen to our health system, housing, terrorism, crime, cost of living for professionals jobs that nobody wants to do anymore in that country, like teaching, nursing, police etc

              Easier and a lot more profitable to change careers to be an ‘immigration advisor’ or drug/cigarette smuggler, labour theft opening up a chain of restaurants, liquidating companies leaving a trail of debt or just plain theft of cars, burglary and goods.

              There is also always another mug willing to help, that takes all the risks and if caught in crimes in NZ, it’s a wet slap with a bus ticket or escape without conviction.

  6. The folk on the Left said the same thing about Thatcher and were proven wrong in due course.

    I’m no economist, but I suspect the globalist IMF is having a heart attack over this move because the UKs lower taxes will suck economic activity out of an already ailing Europe. The lower pound will also lower labour costs and boost productivity. Both of which will actually boost treasury revenue: Arthur Laffer lives!

    Either way, pop the popcorn on and watch the show

    • You are right, the IMF are having a heart attack, they have already berated the UK.

      Further to that, the pipeline incident has removed any chance of saving the European economy which includes UK from energy availability to produce and sell. And the price for that will make European exports uncompetitive. Big winner… China, they get all of Russia’s gas at a price even US domestic industry can’t match.

      So really both IMF and UK are whistling Dixie.

    • OH ANDREW AND HOW EXACTLY was the left proved wrong about thatcher…except for joining the EU she fucked the UK good and proper, one thing I will give her was she was a ‘conviction politician’ (evil but a ‘true believer’) whereas truss and kami-kwasi are bought and paid for opportunists.

    • andrew it may have escaped your notice but after brexshit there is almost no economic activity with europe so the UK has no bearing on europe and most europians say ‘good riddance’

    • Left EU after fighting to join in and dropping us in the oddments bucket for our dairy in ’75 just 30 years after being so glad of our help during WW2 and after as well. Great big blundering behemoth, learning steps from the Dancing Bear, the EU tango, but choosing now the striped monstrosity as a dancing partner. Terrible if she ends up a wallflower. Someone will come along to give her a whirl – she sure needs it before she flounces off into another social ellipism. The UK contains some of the letters of an apt description for it – leave you to choose which.

      ellipsism – The Dictionary of Obscure Sorrows
      https://www.dictionaryofobscuresorrows.com › post › e…
      ellipsism – n. sadness that you’ll never be able to know how history will turn out, that you’ll dutifully pass on the joke of being alive without ever …

      Social maladroitness what? It wouldn’t have found favour with the Queen. God help King Charleslll and Queen Consort Camilla who will soldier on to some sort of future tangled and labyrinthine.

      • remember rome became italy, or more accurately a fragmented patchwork of fiefdoms for 100s of years..it can happen to the new ‘sick man of europe*

        *itself a phrase coined to describe the fading ottoman empire

  7. She is going to lead the Tories to a historic defeat and i suspect she couldn’t give a fig.
    I doubt the incoming labour party will be any better. They will go on a puritanical crusade against their own population over mean tweets and comments on skin colour instead of taking the financial institutions out back to the wood shed.

    • nope starmer is a blairite LINO and as much use as a chocolate radiator…bet he’s desperately hoping the tories can hang on because he has nothing to offer…make mick lynch PM.

      • ” nope starmer is a blairite LINO and as much use as a chocolate radiator…bet he’s desperately hoping the tories can hang on because he has nothing to offer…make mick lynch PM.

        Yes he has more mongrel than Jeremy but won’t enter politics because he can achieve far more away from the lions den where he is free to campaign without the traps the establishment will set should he dare to enter the commons.

        He will be more effective outside the tent taking a piss than inside being corrupted.

        • like cantabrian?
          what is starmers policy.
          .let’s hear it not forgetting he ditched all his solemn promises made when he became labour leader..an is currently engaged in another purge of ‘thoughtcriminals’

  8. Liz made serious mistakes with whom she was acquainted with before she became Prime Minister, and now it’s showing in a fall in the value of their currency. It’s like John Key and asset sales but a bit in reverse.

  9. The reason, I think, why arse holes like truss float to the top of the bowl is because there are already flotation devices put in in place for them to latch onto. If it’s not a compliant politic it’s a compliant bureaucracy or an all bought and paid for MSM. Or all three! ( Yes. I know. Stating the obvious.)
    In AO/NZ, our politic, and our , are as floatable as a vegan hippy shit after a diet of polystyrene.
    The Natzo’s have our primary industry farmers in a trance like state. They’re now able to manipulate the Left Wing after inserting a parasite like roger douglas deep within Labour’s brain matter and his broader influence hasn’t gone away, distilled or abated, after nearly forty years !
    I found this in the Guardian by George Monbiot.
    “Earth is under threat, yet you would scarcely know it”
    https://www.theguardian.com/environment/2022/sep/28/guardian-climate-crisis-reporting-fearless-monbiot
    His article supports my view that lunatics like truss and douglas are so deranged, so rapaciously greedy, narcissistic and carelessly sociopathic they’re prepared to go this extreme for their belief in the mantra that greed is good. I mean what the fuck !

  10. I haven’t seen such Lefty hysteria since the days of Thatcher. Love it. And the IMF? They’re yammering about ESG measures, which means this “most right” economic group has now been captured by – well not Lefties like you obviously – but certainly by people far to the left of “the profit driven” Right. ESG? Pfft.

  11. BTW – since the Left under Covid has basically said they’ll borrow to spend and who cares – plus chuckling about how such debt can stuff the Right’s desire to cut taxes if they want to stick to their principle of “fiscal conservatism” – this path taken by Truss is the only way to cut that Giordian Knot, otherwise you’ll have us trapped in your world of ever-larger government forever.

    Let’s hope National figures this out.

  12. tom the stench of desperation from the right is palpable…are the IMF and the BoE part of the lefty plot do grow up….better use of your time would be finding an example of the kansas experiment ever working at any time anywhere in any place…g’wan son convince me….you might have a shade of a shadow of an argument then.

  13. To be fair lazy globalism, “free” labour markets and lack of transition from the expanded EU followed by the inevitable back lash of lazy referendum and a terrible solution that the public were mislead on, destroyed the British economy first.

    The starting point to lazy labour flows when the EU expanded in 2004, which creates massive infrastructure problems in the UK and problems in their welfare system – lowering of wages and jobs particularly unskilled workers and encourage foreign investors to buy up property and develop in the UK….

    “Contrary to early expectations, only three countries of the EU15 agreed to free their labour market instantly; among them the UK was by far the largest. France and Germany, considered in the pre-accession period as main targets for Polish migrants, quickly expressed their reluctance and decided to introduce a transition period; Italy, Denmark and the Netherlands, which at the time of negotiations were favourable to immediate and unlimited access to their labour markets, eventually adopted a partial solution (UKIE 2005). Ultimately only the UK, Ireland and Sweden opened up their labour markets immediately so that the whole potential flow of emigrants from Poland, which otherwise could have dispersed across 15 countries, was now directed to only three of them. As easily the largest labour market, the UK became the main target.”
    http://www.ceemr.uw.edu.pl/vol-3-no-2-december-2014/articles/polish-emigration-uk-after-2004-why-did-so-many-come

    Then they encouraged many ways in which foreign buyers could buy UK property and money launder cash.

    How Tony Blair dodged stamp duty and 10 other Pandora Papers bombshells
    https://www.express.co.uk/news/uk/1500603/tony-blair-stamp-duty-pandora-papers-evg

    Sadiq Khan condemns foreign investors’ use of London homes as ‘gold bricks’
    https://www.theguardian.com/society/2016/may/25/sadiq-khan-condemns-foreign-investors-london-homes-gold-bricks-housing-policy

    This sets up for phase 2, the back lash…. what happens when a former welfare country no longer bothers to have a sustainable health and social housing system for it’s nationals and various big business interests run campaigns that are misleading but are allowed to mislead the public?

    The lazy Brexit referendum was born.
    https://www.ctvnews.ca/world/brexit-by-the-numbers-who-voted-to-leave-the-eu-1.2960810

    Quarter of Brexit voters say they were misled, poll finds
    Remain would win if another referendum was held tomorrow, research shows
    https://www.independent.co.uk/news/uk/home-news/brexit-voters-poll-mislead-leave-campaign-nhs-claims-lies-remain-win-second-referendum-a7905786.html

    As usual ‘cancel culture’ and politics does not actually have a viable plan but just marketing spin, that does not work out well in the real world for Britain, the EU and democracy.

    Collapsing public support suggests Brexit is anything but done
    https://www.theguardian.com/politics/2022/jul/08/collapsing-public-support-suggests-brexit-is-anything-but-done

    UK Labour never sorted out their more taxes from workers and UK citizens while politicians and foreign nationals did not pay the same taxes, plus the 3rd way Thatcherism, stopped resonating with the UK public as they started to see the cost of living effects of it.

    • Thus created the right wing vote pull of ‘lower taxes’ which we see in NZ with the National party gaining power with just like the Tories.

      Labour parties around the world, just keeps creating more taxes that only a small proportion of workers pay and that foreign nationals and the poor get subsidised on. Thus creating a situation where professionals and skilled workers get sick of more stealth taxes and leave or work less or the silent resignation. AKA now the UK have more skilled workers leaving for the EU just like many skilled NZ workers leave for OZ.

      • trouble is snz the average kiwi might get pennies in tax cuts the wealthy get shed loads so the people who vote nat are stabbing themselves.

  14. It was her name ‘Truss’. It has connotations of strength as in:
    1 .a framework, typically consisting of rafters, posts, and struts, supporting a roof, bridge, or other structure.

    But they were getting the second meaning :

    tie up the wings and legs of (a chicken or other bird) before cooking.
    “Alfred had already trussed and stuffed the geese”

  15. At a time of political polarisation a leader arises who unites us all in opposition against them.
    Neoliberals because of economic naivety, traditional left for tone deaf policies in a time of economic hardship and woke identitarians because the top 4 UK ministers are not woke and therefore white-male adjacent.

    Next week far left and far right unite over how much they dislike Nancy Pelosi.

    • FAIR NUMBER OF ‘WOMEN OF COLOUR’ on the tory benches tui.
      though whether priti patel is human or a manifestation of ‘the dark one’ is open to debate

      • @Gagarin indeed it’s as if policies matter more than identity who could have guessed?

        No doubt Rupa Huq would regard Priti Patel as “superficially Trans-sylvanian”

  16. Maggie Thatcher most environmentally aware world leader in history.
    Closed down the highly polluting industries coal and steel production.
    Hilariously funny.

  17. Maggie T had a North Sea gas field and lots of ‘fat’ to cut in the state sector to pay for her tax cuts. The gas has been sucked up, and the state has been slashed to almost nothing.

    • the UKs ?(well more correctly Scotlands’) oil money was squandered paying the unemployed that her deindustrialisation had caused…frittered away whereas norway faced with an oil bonanza, invested and are now the richest and allegedly one of the happiest nations on the planet…..which the UK emphatically isn’t

  18. still waiting for a real life example of trickle down economics working any place anytime, c’mon TDB rightards show me how wrong I am…..you know you want to….but you can’t because a working example is a pink candy floss unicorn the woke right imagine riding in their tutus on the broad sunny uplands…

    • ” still waiting for a real life example of trickle down economics working any place anytime ”

      Trickle down was designed to subdue the peasants and make them believe that the neo libs had a plan for all their reforms and that wage slaves working longer for less would achieve the economic miracle they were promised.

      The trickle was a flood in reverse and has continued for 40 years and is firmly entrenched. The rich mans revolution shows no sign of being beaten back. They have bought out everyone.

  19. It is musing. To believe in trickledown in rational countries. Party election of leders results in bd for the tories nd good for Lobur.

    Yes, I’m suffering from sticky keys.

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