Oh this is just so awful. This goverment is making the UK look like a complete bunch of clowns.
So anything the public objects to they will immediately say oh sorry yes we won't do that after all then cos you know we wouldn't want to have a backbone and actually run the country.
Borrowing costs have predictably gone up this morning. So now the situation is worse than if she had just kept her trap shut.
Also Ed Conway Sky news podcast watched yesterday said growth from OBR was worse and so I don't know where all this talk of better growth is coming from.
Starting to think we're going to wake up on budget day and the news will be KS/RR have fled the country and there is no budget.
I mean even us plebs know the rules to fix finances when debt is out of control
- Cut spending
- Pay off debt as fast as possible to reduce interest bills
- Bring in more income (tax rises for RR)
- Put something in place to make the future better (investment/growth for RR)
I'm afraid they have gotten themselves in the dreaded doom loop now.
Spending is increasing cos interest rates are now going up more.
Growth is stalling everywhere and people seem to be losing their jobs.
They want to cut interest rates for us plebs to encourage spending but can't because inflation is too high
Our currency is now dropping which makes good comes into the country more expensive for all of us (so less spending by us)
This U Turn is very, very bad news. I had hoped she was going to continue with her new found bravery and announce sensible cuts to benefits etc and then some plans for growth/investment.
Oh well at least having lived through the seventies I know what is coming.