I do wish the usual suspects would actually read my comments. What I actually wrote was: “there’s no doubt it [the mini-budget] was poorly managed but what Truss and Kwarteng are doing is fundamentally right.” It was very poorly managed but that doesn’t mean the strategy is wrong.
Let’s also look at a few other facts:
1. The UK is NOT in recession. The BoE was wrong
2. The pound has strengthened a lot, not least because the markets over-reacted and can see the UK economy is in far better shape than claimed by the left-wing commentators falling over themselves to knock the Tories.
3. The Government has stepped in to reduce the impact of crazy energy prices driven by an absurd net-zero policy
4. The reason the BoE had to step in to ‘save’ the pension funds was largely down to the funds using LDIs (Liability Driven Investments). The irony here is that LDIs are being used largely because interest rates have been so low that the funds have taken to using higher risk strategies to cover final salary schemes, which the BoE should never have allowed to happen in the first place.
As for energy prices, the reason we’re in this entire mess is down to the stupid drive to net-zero, using renewables that can’t cope with our energy needs and failing to support fossil fuels, which will be needed for many decades to come. The Government’s doing what it can to support consumers though the reason pensioners and others are being forced into this ridiculous situation is down to all politicians across all parties backing the net-zero fiasco.
And yes, many people, including me, HAVE been warning for years that what has happened would happen if Germany and others didn’t stop relying on gas from a dictator every bit as bad as Hitler. Many on here just listen to the so-called ‘experts’ and believe everything these people say, from economics to climate change and lockdowns, without ever questioning them.
