UK Politics
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!ukpolitics@lemm.ee appears to have vanished! We can still see cached content from this link, but goodbye I guess! :'(
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sunak has zero control over interest rates, (or inflation) but hes said specifically he will bring inflation down. he tried to take credit for something entirely out of his control, gambling with peoples futures and its blown up in his stupid face. The entire G7 is about half what we are seeing. As an investment banker he knows perfectly well the BoE has independent power over rates, and that they also have limited power over inflation.
Yeah. Ultimately this is the BoE's fault for not acting faster and harder. Interest rates would still have gone up but the pain may have been less severe.
Sunak was a fool for trying to take credit for Inflation. He based it on the optimistic predictions that inflation would rapidly come under control and improve towards the end of the year. Instead inflation is not shifting, and interest rates are likely to need to stay higher for longer and probably go up further, plus we're now realistically looking at a potential recession.
Sunak is out of his depth, and it's yet another poor leader in a run of 4 now (May, Johnson, Truss) showing how depleted the Conservative party is of talent and any sort of vision.
id argue Cameron was also piss poor, albeit a much more pragmatic centrist. His decision to allow the brexit kettle to boil is one of the fundamental reasons we are in this utter shitshow; half the labour force has gone, and the local British workers wont work for peanuts hence huge wage inflation. Ok granted not even Cameron could have forseen how bad it is, but thats no consolation when he also slashed the public sector to bits, and they all now absolutely need a pay rise too. Argh