So yet against the economy is grinding along the floor (0.1% for Q3) and the pound (especially for Argee) has retreated to pre-election support levels. (Not that I care as it’s not a particularly useful real economic metric but Libs do love the £/$ as evidence of the UK’s success and stability.)
Larger point is that the budget is looking likely to unfold very badly.
The NI adjustment is a massive political and economic disaster and will add to the decline of the economy for sure. I’ve no idea why Labour got themselves in a ‘working people’ mess either.
All this because they dare not tax the real wealth.
Country needed a massive cash injection across the board – the NHS funding was welcome but nowhere near enough.
Inflation has come right back down and the BoE appear to be slowing on cuts. Why? Makes zero sense.
Meanwhile risk-on assets are booming and people with money are absolutely rinsing it.
There has never been a better time to show how the economy is working for small amounts of people. Markets and institutions holding all the cards, and democratic decisions failing because of some cowardly government not really understanding how to support the economy with its own Bank.
Labour really don’t have any answers, and Reeves has put people in real danger by not making good financial support as we head into winter.
They really are the gift that keeps on giving for the far-right. Debates about black-holes have backfired and lost credibility. This was an economic home goal. (I’m also old enough to remember that Libs said Labour would look at the two child benefit cap in the budget too. Aged well.)
Lots have forgotten about the Tory mess and are now squarely thinking Labour are worse, because as said a million times if you don’t sort the basic needs of people they will go where we don’t want to go.
We’ve gotten used to the narrative that to tax is to deprive. (Witness the whining of the right over farm IHT). Rather than it’s true function of redistribution through limiting wealth, power and resources for a few over the many.
