Give us stability… or we face disaster
JEREMY Hunt says Britain needs stability above all else. No joke, Chancellor.
With four CFOs in as many months and markets in turmoil, it’s hard to imagine a more intense period of political and economic chaos.
The tumultuous 38-day tenure of the hapless Kwasi Kwarteng was the shortest tenure by a living chancellor.
But Mr. Hunt’s own words show why stability is probably the last thing we’ll get.
It signals steep tax increases and deep spending cuts. The direct opposite of Prime Minister Liz Truss’ mantra.
Many Tories are angry that the prime minister’s growth agenda has been abandoned so quickly.
But the disastrous handling of the mini-budget means Mr. Hunt will have to strain every sinew to calm the markets.
He says: “I want to be honest with people. We have some very difficult decisions ahead of us.”
That means a lot more pain before gain. The truth is that the Tories are far from over in this crisis.
Almost the only issue the party agrees on is the lack of trust in Liz Truss.
And one of the most difficult decisions concerns the future of the Prime Minister herself.
Her job is hanging by a thread that could be cut by the men in gray suits this week.
But who will replace them – and how will they be appointed in a way that doesn’t tear the party apart and trigger what will surely be a disastrous snap general election?
Ex-Chancellor Rishi Sunak is the favorite of bookies and the public after cleverly guiding the economy through Covid.
It certainly can’t be a fellow candidate like Mr Hunt, who despite his attempt to brand himself as the country’s ‘CEO’ cannot possibly claim to have the support of MPs or the Tory party at large.
One thing is certain – after the total chaos of the last few days – the current prime minister has herself to blame.
The disastrous mini-budget was a massive self-inflicted wound that could prove fatal.
In the ensuing financial crisis, instead of putting things in order, she was caught like a rabbit in the headlights.
Her boyfriend Mr. Kwarteng’s sacrifice probably won’t be enough to save her.
she BOTH ignored warnings that no-cost tax cuts would scare investors away.
It is ironic that Liz Truss describes herself as a student of Margaret Thatcher, despite the fact that she appears to have ignored one of the former Prime Minister’s most astute comments.
You cannot escape the market.
https://www.the-sun.com/news/6452202/sun-says-stability-unlikely-jeremy-hunt-chancellor/ Jeremy Hunt says Britain needs stability above all – no kidding, Chancellor