Sunday 29 March 2020

Sunak is a Tory!!

Will Hutton is probably correct in describing Rishi Sunak as "highly intelligent and economically literate", but whether he has "acute sensitive political antennae" is certainly more debatable (Rishi Sunak has given us wartime finance fit for wartime economic conditions, 22.03.20).  After all, his budget, whilst offering a limited Keynsian approach, did nothing to end the exploitation of renters paying ludicrous amounts for their accommodation, or to make the wealthy pay more, or even to reduce the tax gap of around £35bn caused by tax avoidance and evasion. Similarly his first response to deal with the economic effects of coronavirus was typically Tory, offering unconditional loans to companies without any thought of modifying their future policies on carbon emissions and tax payment. His antennae appear to have missed the political danger of giving preferential treatment to companies rather than their employees!
 As Hutton acknowledges, it took the "crisis of confidence in the financial markets and intense lobbying" from all sides, and the Bank of England raising £200bn through quantitative easing, before a "sceptical" Sunak committed to pay 80% of wages. If Starmer became his deputy in a national government, he would be making a huge mistake, linking Labour with failure to deal with the health crisis when the majority of blame lies with the Tories` unnecessary and deliberate austerity measures, and Johnson`s inability to lead!

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