Armageddon, idiotic, bonkers . . . these are just some of the words being used to describe the UK’s mini-budget and subsequent furore in the markets. Speaking on the Go Radio Business Show, Sir Tom Hunter said: “My goodness, even the IMF have given Britain a bit of a rap over the knuckles – and that’s usually reserved for developing countries, not for a G7 nation.”
Lord Willie Haughey noted: “The thing that’s frightened me the most from the announcement to where we are today is the Bank of England made it quite clear they would only be the bank of last resort. Within days they had to step in and buy bonds. That is scary. How can you get it so wrong?
“Rishi Sunak went round the country and told everyone who was a member of the Conservative Party this would be an ‘absolutely idiotic’ thing to do.
“Senior Tories are lining up now to ask what is going on here? I have to be honest: I think we might yet see the biggest reversal and biggest embarrassment ever for a Chancellor! I’ve been talking about Armageddon. I’m telling you: we’re heading there, if they don’t step up and do something.”
Sir Tom pointed out, as Labour has surged ahead in opinion polls and leading commentators call the fiscal policy ‘bonkers’, the Chancellor has been dubbed Kami-Kwasi. “That’s a hell of a thing for your new chancellor to be called. I read a very distinguished economist saying we should reverse the tax cuts and have a more standardised look at our borrowing and our tax policy.
“I don’t think they’re ever going to reverse them because it would make them look incompetent . . . and, well, they already look pretty incompetent, right?
“I still think the reversal of the National Insurance rise and the energy price cap thing are good things. They let people know where they are. The thing they’re worrying about now is the price of their mortgage but, frankly, that was going to go up anyway.
“We need cool-headed leadership now because the people in the money markets actually think the people in charge of Britain don’t know what they’re doing. And they’re right.”
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