The recent financial statement from the U.K. government has been ridiculed by the International Monetary Fund. They were right to be critical. The outcome has been that the pound crashed, mortgage rates have increased, many mortgage products have been withdrawn and the Bank of England stepped in to avoid a complete calamity.
But none of this should come as a surprise. The economic path of the U.K. was explained in the book Britannia Unchained. And the authors maybe familiar to you. Among them are Liz Truss and Kwasi Kwarteng. This is simply the next stage in the trashing of the welfare system and the rewarding of the uber greedy. One nation conservatism on steroids. This is Conservatism in all its ugly glory. Liz Truss is a believer in the mantra of the Institute of Economic Affairs which is a right-wing think tank. The IEA are weak on climate change and want to privatise the NHS. The Conservative government’s lack of compassion was clear in the financial statement that will punish the poorest, reward the richest and pay lip service to the many that could have experienced a possible minor financial gain that will be offset by the increase in interest rates and projected inflation. I have often accused the Conservative and Unionists of lacking self-awareness but it has become increasingly clear that they know exactly what they are doing and are pushing it as far as they can. The hedge fund managers made their killing last week and while the Conservative and Unionist party’s only objective is to appease their members and stay in power, the rest of us should button down the hatches for a long cold winter and not expect the UK government to help us, they are too busy helping themselves and their mates in the city.