Really Useful Knowledge on the Economy
On Thursday the latest Tory Chancellor Jeremy Hunt will deliver an autumn statement. He has already made it clear that he plans to raise taxes and slash spending in order to address what he claims is a £50 billion hole in the nation’s finances.
Perhaps Hunt need to pay attention to the first law of holes.
There is no doubt that a global recession and the war in Ukraine, which the Government is a keen promoter of bring economic costs. The impact on ordinary people, for example on energy costs and food with inflation at 14% in October is considerable. Hunt’s aim in what he has claimed will be a non-ideological statement, is to make sure the less well-off carry the economic burden while the rich continue to make profits as usual.
The bulk of the supposed financial hole, around £30 billion of it, is however down to the few weeks that Liz Truss spent in No.10 (Observer 13th November). Hunt isn’t really trying to deny this. The reality is that the four days after Kwarteng’s statement were the worse in terms of impact in the history of the UK economy.
Will the media who backed Truss own this and what is being done to bring her, Kwarteng and the Institute of Economic Affairs to account for wrecking the economy and the lives of many ordinary people?
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