Monday, October 17, 2022

My goodness



UK leader in peril after


Treasury chief axes

 

‘Trussonomics’



What’s she been PM six weeks? She was like the last official person to meet QEII. I know even President Biden criticized the tax cuts in “Trussonomics”, saying that they would exacerbate “global inflation.”


LONDON (AP) — The U.K.’s new Treasury chief ripped up the government’s economic plan on Monday, dramatically reversing most of the tax cuts and spending plans that new Prime Minister Liz Truss announced less than a month ago. The move raises more questions about how long the beleaguered British leader can stay in office, though Truss insisted she has no plans to quit.
 

AP doesn't used a phrase like "ripped up" every day. The Chancellor of the Exchequer is of Truss’ OWN party, the Tories.


Chancellor of the Exchequer Jeremy Hunt, said he was scrapping “almost all” of Truss’ tax cuts, along with her flagship energy policy and her promise — repeated just last week — that there will be no public spending cuts.

While the reversal of policy calmed financial markets and helped restore the government’s economic credibility, it further undermined the prime minister’s rapidly crumbling authority and fueled calls for her to step down before her despairing Conservative Party forces her out.


The Tories are batting 0-2 in their last two PM’s.

Truss declined to attend the House of Commons to answer a question on the economy from the leader of the opposition, sending House of Commons leader Penny Mordaunt in her place. Mordaunt denied a lawmaker’s suggestion that Truss was “cowering under her desk” to avoid scrutiny.

Oh goodness. If you don’t attend Question Time…Does she have the nous for this job?.

“The prime minister is not under a desk,” Mordaunt said, words hardly likely to inspire confidence in the leader who only came to power last month.

Oh my God, thank you very not much Penny! This government is a clown show!

Truss’ spokesman said the prime minister and Hunt had jointly agreed on the economic changes. But Hunt told Conservative lawmakers that Truss “backed him to the hilt in making difficult decisions” — suggesting he has a free hand to make policy.

With Truss sitting silently beside him, Hunt told lawmakers that he was canceling Truss’ plan to reduce the basic rate of income tax by 1 percentage point and most of her other libertarian economic policies. In a message aimed squarely at reassuring the financial markets, he said Britain was “a country that funds our promises and pays our debts.”


She abdicated! She ran away!

 
Cummings and goings.

YOU FUCKING COWARD! YOU FUCKING BRAIN-DEAD, NIT-WIT, BRIT TWIT! YOU'RE A FUCKING DISGRACE!

Hunt was appointed Friday after Truss fired his predecessor Kwasi Kwarteng, who spent less than six weeks in the Treasury job. Hunt is seeking to restore the Conservative government’s credibility for sound fiscal policy after Truss and Kwarteng rushed out a plan for tax cuts without detailing how they would pay for them.

Truss and Kwarteng jointly came up with a Sept. 23 announcement of 45 billion pounds ($50 billion) in unfunded tax cuts that immediately spooked the financial markets. The cuts fueled investor concerns about unsustainable levels of government borrowing, which pushed up government borrowing costs, raised home mortgage costs and sent the pound plummeting to an all-time low against the dollar. The Bank of England was forced to intervene to protect pension funds, which were squeezed by volatility in the bond market.

Let's itemize that:

1) "immediately spooked the financial markets."
2) "fueled investor concerns about unsustainable levels of government borrowing"
3) "pushed up government borrowing costs"
4) "raised home mortgage costs"
5) "sent the pound plummeting to an all-time low against the dollar."
6) "Bank of England was forced to intervene to protect pension funds"
 
That's got to be some kind of record for one day. Maybe English footy fans can tell us, "This is the first time a British Prime Minister stepped in six shit puddles in the same day since..."
 
Enough! Get her out! Drag her out by the hair!

 

TRUSS OUT!

TORIES OUT!