>> the good news is that this has made the current iteration of the tory party
>> unelectable for the next generation or more. It also ensures that Liz Truss has a
>> term as short as humanly possible.
Well nothing's all bad is it. But a lot of damage can be done in 2 years. I have told the boss that I expect us to be 30% worse off in income terms in 2 years time, with a similar impact on our savings. When the inflation subsides, if we are still alive, we can at least sell the house that has taken us 2 years to build so we can have holidays.
There's something that should always happen with big expensive plans, especially when they go against expert advice. One is obviously detailed scrutiny, which Truss has deliberately avoided - a criminal misuse of public funds on a galactic scale - the other is what I would call a simple sense check. When success depends on several assumptions, look at them individually and make a best guess at the probability that each assumption will be met. Then multiply them together to get a sense of the odds that they will all be correct.
Truss and Kwarteng have bet the future prosperity of all of us on what amounts to a series of outside bets making a very long odds accumulator. Much of the £60bn (borrowed, of course) to be strewn about in the next 6 months will go to energy producers and quite how it might end up increasing UK investment depends it seems to me on blind faith. Will the smart people invest in UK? The markets think the country is a basket case. They are as likely to bet on a lower pound and put their money into global equities, dollar denominated assets and commodities I would guess.
Monetary policy is one thing and we can argue about that, but of fiscal responsibility there is no hint whatsoever. Hence the bypassing of the OBR, rejection of Treasury advice and avoidance of proper scrutiny.
Crooks. Or idiots.
It's barely credible. And yet I hear and read of Tory voters who whilst they are unhappy with Truss's plan say Labour would be worse! How? Labour above all knows it must propose fiscally valid policies to address the myth that only the Tories can manage the economy.
This could be very, very bad indeed.
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