Brexiteer fantasy of low-tax, Singapore-style economy gets slapped down by markets

Right-wing economists saw the episode as a failure of Keynesian economics .

“The markets” are like a form of Islamic police, hunting down economic apostates for religious reprogramming. Their current quarry is the UK, not for a Mitterand-like pivot to the left but for a hyper-capitalist jaunt to the right. The turmoil caused by finance minister Kwasi Kwarteng’s mini-budget 10 days ago forced the Bank of England to take emergency action to stem a possible meltdown in the UK pensions sector.

One of the first things Kwarteng did on becoming Britain’s new chancellor was to fire the Treasury’s top civil servant. Income inequality is also collateral damage. “For too long in this country we’ve indulged in a fight over redistribution,” Kwarteng told parliament as he slashed the UK’s top rate of tax, abolished the cap on bankers’ bonuses, cancelled the proposed hikes in corporation tax and national insurance.

It didn’t generate much debate but courted controversy for describing British workers as “lazy”. Its authors were promoted by former prime minister Boris Johnson to the highest offices in the land and are now steering the ship.

I thought Fintan O’toole was the only middle class Irishman ploughing this lonely remainer furrow but I’m not surprised to find another with a double barrelled name 😒

Business Startup 101 Route to Market

More BS liberal taking points from the Irish Times!

BrexitReality = BackToReality (ish)

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