Tag Archives: rishi sunak

LibLink – Vince Cable: Is Rishi Sunak about to go from hero to zero?

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Writing in the Independent, Vince Cable says that ‘the chancellor’s rapid transition from spendthrift to Scrooge has not yet been noticed by the admiring public but a change has undoubtedly occurred’:

One of the hot stocks of 2020, British chancellor Rishi Sunak, is starting to look seriously overvalued. His political allies, having talked up Sunak earlier in the year, tipping him for the top job, are now hedging their bets. The hero of the spring offensive may be on the brink of becoming the zero of the autumn retreat.

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No Rishi! The country does not share your values

In his speech to the Tory Party conference, Rishi Sunak made a bold declaration: “We share the same values. The Conservative Party and the country.” For a start the 57% of voters who didn’t opt for the Conservatives last December will disagree. But his statement also raises a key question: what are the values that today’s Conservative Party stand for? Anyone who takes a moment to look at Johnson’s Conservatives can see that the party of statecraft, the rule of law and fiscal conservatism no longer exists.

The rest of Sunak’s speech was surprisingly brief and light on policy. One thing he did emphasise was his commitment to balancing the books. But that didn’t seem to matter when it came to getting Brexit done or when announcing huge infrastructure spending.

They say they are about law and order, but have just voted to allow themselves to break international law. And Priti Patel’s speech at the weekend advocating an escalation of the hostile environment towards those seeking asylum made clear the Conservatives aren’t a party that looks out for the most vulnerable in society.

Part of the problem for the Conservatives is their own internal ideological divisions. On the one hand they have a raft of MPs in solidly safe seats who keep their heads down in public and quietly do as they are told, willingly voting for the Government every time. Some of these types also come from Lib Dem facing not-so-safe seats where their bacon was saved by Nigel Farage standing down his Brexit Party troops. 

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A theatre of the absurd!

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It was very welcome to see a centre right chancellor acting like a centre left one.” You can tell there are few things to get excited about when you begin to quote…yourself!

This was something I said, and of course it was about Rishi Sunak, in my most recent article. And just when I thought that the operative word for me was acting, as in acting like, what does the chancellor do, he delivers millions to theatres!

So the operative word, in fact, was also centre, as in centre left. This chancellor is the most left wing since Gordon Brown! And just as we  think we are led by a chancer, we see it is the chancellor we must keep our eye on, out for the main chance!

My previous piece was an angry reflection on the awful decision to reinstate tenant evictions and benefit sanctions during the pandemic. But just as the callousness of this emerges from the DWP, so too now does the creative industries support of a billion and a half arrive from the chancellor. “The creative accounting of Rishi Sunak,” might well be the title of this chapter in the story of this man and his government. Creativity beats callousness, but as I said before, also, oh the confusion, of this government! I do prefer confusion, to callousness, but like creativity best of all!

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Q: Coronavirus state aid.  Who pays the bill?

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A: No one has to pay.

I can imagine the fog in an economist’s head confronted with my question and answer.   This new thinking appears as alchemy to orthodox economists.  Conversely, what they trot out appears to me as an outdated theology, an irrelevant contorting of how many angels can dance on the head of a pin.

Their hand wringing is hollow, “Things cannot go back to how they were.  No More Austerity!” they cry, “The New Sense of Community will not stand for it!”

Chests puffed out quickly deflate as that thread of managerialism runs deep, doesn’t it?  Someone HAS to pay for this Coronavirus aid package that Rishi Sunak has found tucked behind the sofa cushion!   They sweat bullets feverishly calculating the final cost and devising ingenious ways for only the hated bankers and Richard Branson to pay for it, before finally acknowledging that maybe the darkest, quietest voices in the Tory Party have a point….maybe taxes do need to go up, maybe some services do need to be cut.

Any Liberal Democrat who carries on dancing to that Tory tune will lead us to our final death throes.   So let me be clear.

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What we should now be calling for

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On Friday afternoon Rishi Sunak announced that the government would pay up to 80% of wages up to £2500 a month. That is £30,000 a year. He hopes that HMRC will be able to pay all the grants applied for by the end of April. Coronavirus Business Interruption Loans will be available from Monday. Hopefully this will mean that every employer will be able to get the money they need to pay their workers up to £576.92 a week.

He has restored the value of the Local Housing Allowance to the 30th percentile of local rents: the reduced rate from 2011. (It had been the 50th percentile before this.)

However, he is not doing enough for those having to claim benefits. He is only increasing some benefits by £1000 a year (£19.23 a week). A single person’s Universal Credit is increasing from £73.34 a week to £92.57 a week and from 6th April it will be £93.82 a week. Statutory Sick Pay is currently £94.25 a week rising to £95.85 from 6th April.

While the help for those who are still being employed is adequate, it is inadequate for those who are going to have to rely on benefits. The party must call for more to be done for these people.

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