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Late stage capitalism with Liz Truss

This article was originally submitted before the official resignation of Prime Minister Liz Truss was announced on October 20.

I think the bankers have been having a tough time of it. They have been diligently ‘growing’ our economy, investing in companies willing to drill our planet for every scrap of oil, metal and wood, and ensuring that hospitality workers near the local Goldman Sachs are sufficiently harassed. Now a cruel uncaring government is taxing them. No thanks again after covid, when the founding fathers of Pollock were truly on the front lines, nobly defending their countryside estates so that the virus could never truly take hold in Surrey. Thus, it is so incredibly wonderful to see that our new government is doing the right thing and giving back to the people that deserve it most. But just when the bankers thought they could pop open that champagne (not prosecco) in celebration, there has been a surprising u-turn regarding the blessed mini-budget.

Liz Truss and Kwasi Kwarteng’s recent mini budget scraps the top tax rate of 45 percent for people earning 150 thousand pounds or over. They are now taxed at 40 percent. Some crude Google-based calculations tells me that a banker on 200k a year will be saving £10k. Rejoice! This should mean that Ophelia from Chancellors will get an extra 2 weeks in Val d’Isere this Christmas (sorry, Ophelia from Chancellors).

Alas! A terrible discovery, just ten days after Liz unveiled her new vision of poverty for the many, and slightly more money for the few, she has U-Turned. Clearly people as lionhearted as our Prime Minister and chancellor have simply rethought their great model, the fact that we are seeing the lowest public support for the conservatives in polls has no influence on their decision. 

It is phenomenal how bad the economic vision of the current government is. The International Monetary Fund made the exceptionally rare move of openly criticising the policy, stating that it would ‘likely increase inequality’ and urged for ‘re-evaluation.’ We have arrived at this point because of the true foulness of the conservative party in the UK. In their leadership race, Rishi Sunak and Liz Truss had to compete for the hearts of not the country, but for 150 000 of the most staunch right wingers within it They egged each other on, winning the race based on who had the least concern for the vulnerable in society leaving us with a prime minister who has been elected for her coldness. 

May the cabinet be gone soon.

Image “Kwasi Kwarteng” by Policy Exchange is licensed under CC BY 2.0.