Forum Topic

Who gets the trophy for crashing the economy

Votes please Liz Truss or Rachel Reeves? We haven’t seen anything yet this year as a result of RR all the signs are there for a disastrous chancellor this time there will be no one to step in to stop her wrecking the economy, she has set to ball rolling.

Jayne Thorburn ● 43d61 Comments

That’s the problem Labour have no rationale, not only will working people’s salaries not rise, some will be made redundant and some will never get an opportunity as companies freeze recruitment. Talk about an own goal, forget all the other errors they have made in just 6 months alongside the worst budget in decades. There is no growth strategy the country needs a thriving private sector to feed in taxes to feed the state and all those employed in the state.

Jayne Thorburn ● 36d

The increase in NI contributions for employers will likely put the mockers on pay rises for many working people as employers feel the squeeze.I wonder how Labour expect growth from measures like these,what their rationale is.

Keith Iddon ● 36d

Philippa does appear to be pretty heartless, people who have worked all their lives and contributed to the pensions over the years and many rely on the WFP. For Labour who shouted during their manifesto that they would protect working people many pensioners have been working people to take a sledgehammer to the WFP is absolutely shocking. As another poster has stated Labour could have been smarter and done a sliding scale to limit it to 12K and 18K single and couple respectively is plain wrong. Hence my terms sledgehammer. Labour have got everything wrong re the economy, there is no growth strategy, inflation will rise, interest rates will stay higher for longer, debt interest will require billions in payment and this money should have been spend on the NHS, schools etc. the budget was a disaster. Basic economics Labour clearly don’t understand.

Jayne Thorburn ● 36d

That's all very useful advice, but do think we are living in an age where wedon't trust anyone, either supplying something or even calling at our homesand don't think anyone should be forced into that situation in the first place.

Janice Evans ● 36d

Yeh,a handfull all had the same new years resolution.OR ?

Julian Pavey ● 37d

How different is that from a Tory Govt reducing and controlling the small amount that is given to Councils and stipulating how that little extra can be used only for social care whilst knowing that there is a growing social care and NHS problem - not just an increase in use but crumbling infrastructure while doing nothing about fixing it - AND all of this with a growing elderly population?The Govt has given the Councils extra money to distribute, the utilities have extra money to distribute.  Those needing help who are in trouble with bills are also always told to contact their utility companies to speak/communicate with them as they also can help with advice - rather than not use their heating at all because of worrying about high bills.  Fuel companies have in the past been known to give out electric blankets, slow cookers - even airfryers - to help their customers keep warm and use less energy.It is important that those who need help get it rather than those who do not.  There are thousands who do not claim when they are eligible.  When you are eligible for one benefit you can automatically become eligible for others.  There is a list of medical problems which can entitle you to help.  The list has changed.Age UK is also helpful - why not make a donation to Age UK or Citizens Advice etc who are working to sort out a lot of these longstanding - yes longstanding - problems?

Philippa Bond ● 37d

Perhaps he's stuck in a lift with Campbell.He hasn't been on here for a while either.

Keith Iddon ● 37d

That you, silly Steve Taylor??

John Hall ● 37d

It’s the age old mantra of Labour Governments but this one is particularly abhorrent. They want people to beg and be grateful. Strip them of all dignity so that the Cabinet can be all powerful.

Julia Fresney ● 37d

I agree with you about the WFP withdrawal. It was a crass decision. But I disagree with your last sentence. A redistributive policy doesn't necessarily involve squeezing the rich until "the pips squeek" (as so often quoted out of context), and in my view a government as timid as the present one would never contemplate so doing.

Robert Fish ● 37d

"Their overriding concern is that, if the government ever had the courage to act like true Socialists, they might adopt redistributive measures which would increase the tax burden on the better off" Yep,watch oversees investment run a flipping mile. Oh yeh,lets not forget poor rachel in all this.

Julian Pavey ● 37d

There are also those,like me,who just think that there are better targets than pensioners and that they could have introduced a sliding scale system of payments.This would have negated the need for many to claim extra benefits in order to qualify for the wfa.On a purely pragmatic level,I would like to know how much this measure has saved taking into account the extra paid to those who are now on qualifying benefits.I wouldn't be surprised if it has cost more than it has saved.As for acting 'true Socialists',there are many other aspects to that than squeezing the rich,and I don't think they would go down too well with most people.

Keith Iddon ● 37d

"Others who complain most vociferously could be helping those who need help but prefer to whinge instead". Exactly, Philippa. Those who complain vociferously all the time are motivated by self-interest rather than compassion. Their overriding concern is that, if the government ever had the courage to act like true Socialists, they might adopt redistributive measures which would increase the tax burden on the better off. Their stock-in-trade is faux outrage and either ignorance, or a completely dishonest account, of the causes of the economic difficulties faced by Rachel Reeves.

Robert Fish ● 37d

Urgent attention should have been taken to make our leaky buildings more suitable for the extremes of weather we are likely to suffer.  Only instead the decision was made to keep quiet and reduce red tape and regulations which led  to the disastrous mess we now have in taller buildings still not remediated and owners not able to sell.It's always better to face up to problems and deal with them straight away rather than push them under the carpet.  Winter comes every year ... and so does Christmas regular as clockwork...  neither of which I like.  Would a warning have made a difference?  Don't pensions go up in April (if you have one).  Many people just work on.  Many are eligible for help and don't take it and others who complain most vociferously could be helping those who need help but prefer to whinge instead.  There is help out there.

Philippa Bond ● 37d

This government is even more incompetent than the last totally agree we need a new option. Government is useless at managing anything so the NHS should be out of their hands it’s a disaster despite billions being spent. Labour actually think you can tax and borrow your way out well the markets have sent a very clear message you can’t. There are millions of pensioners that need their WFP obviously there are others that don’t. Labour took a sledgehammer to them and the rest of society shocking behaviour.

Jayne Thorburn ● 37d

This government is abhorrent.The last one was too. Britain needs a new party and it's not Reform as they a bunch of loons.

Brian Green ● 37d

“ if hospitals and social care were working better there would not be such a problem”Yes and Reeves was well aware that NHS was not working properly when she made the decision to cancel the payment. It was pure evil to cancel it knowing that people would suffer and not be able to rely on the NHS. “ People can't leave hospital because there isn't the care for them.”People can’t leave hospital because they will freeze at home if they can’t afford to switch on heating. This government is abhorrent.

Julia Fresney ● 37d

Julia Fresney:  Try reading something properly before you jump in making accusations.  If our hospitals and social care were working better there would not be such a problem - but that is NOT a new problem.  There is a lot of flu at the moment and there has also been a problem WINTER AFTER WINTER.People can't leave hospital because there isn't the care for them. That can be for several reasons including that they have no family nearby willing and able to assist them and they don't want to move.  The WFP money does not solve all those problems.

Philippa Bond ● 37d

Yes it just sickens me when smug well off people assume it’s just petty cash for most pensioners just because they don’t need it. Especially when said smug people try to make a political point. If the Conservatives had cancelled the WFP I’m sure Ms Bond would have had a lot to say, as she always does when it has come to public funding and benefits which she has always seemed to think came from the Tory Money Tree.  A true hypocrite!  Quite appalling. This cancellation of the WFP has hurt millions of people and has probably caused deaths if we are to believe the NHS hospital admission rates for flu.

Julia Fresney ● 37d

With so many elderly in hospital, me thinks they needed that 'petty cash' for heating.

Janice Evans ● 37d

Well,that clears that up.

Keith Iddon ● 38d

I'm just fed up with the bandwagon jumpers and their pseudo caring attitudes when I suspect many are really more peeved by their loss of petty cash.

Philippa Bond ● 38d

Do save us from you adulation and your sermonising fo once.

Keith Iddon ● 38d

Rachel Reeves was really good in the Commons today.  Everybody is suffering from the cold not just pensioners.  There is probably a lot more poverty in households where we have unacceptable child poverty in this country. It is quite shameful.Climate change denial and in-fighting by politicians leading to failure to get on and deal with the leaky buildings that we have in a way that those that need help can find it and be confident that they are not being conned by cowboys out of their low and fixed incomes has delayed the insulation and ventilation solutions needed.https://www.leti.uk/cedg

Philippa Bond ● 38d

Sadly you are correct some not all pensioners have been treated appallingly. The decisions Labour are taking will impact everyone and for what……given the markets response just to pay more interest on government borrowing, simply shocking how RR can laugh in the commons just shows us the contempt this government has for our society. Totally incapable bunch.

Jayne Thorburn ● 38d

“ The pound, which had risen early on Tuesday, later dipped back below 1.22 US dollars, hovering close to 14-month lows as government borrowing costs continued to come under pressure.”And pensioners continue to freeze due to Reeves cancelling the Winter Fuel Payment in the coldest winter experienced for two decades.

Courtney Gilbert ● 38d

The OBR are forecasting an additional £12B in interest rates on money borrowed by Labour this is a staggering amount of money that tax payers potentially have to pay. She talks about strong economics growth she is living in fantasy land with the tax rises which will have a dramatic impact on retail and hospitality. The only way these businesses can survive is to increase prices which increases inflation. So far from improving living standards for the ‘working people’ the opposite is true. How she can believe the rubbish she talks is beyond me. China will be laughing at her, a true lightweight an absolutely needed to go.

Jayne Thorburn ● 38d

Reeves is nothing more than a grinning buffoon.

Courtney Gilbert ● 38d

😂😂😂😂 we should be playing to our strength, we can’t compete with China, USA on tech but we are Brillant re creative industries TV, Films, production etc, AI will achieve one thing if they get it right and reduce the number of civil servants, hence the burden on tax payers, commercial companies are already doing this 😂😂😂 one has to laugh Labour are digging themselves a massive hole they have no creative thought at all! with all those years in the shadows one would have thought they had the time to develop some smart ideas clearly not, same old stuff tax, increase debt and spend. Keir & RR are truly devoid of any creative thought. They appear to have zero commercial awareness. You have to laugh at RR £600M over 5 years truly shocking, clearly she has no negotiating skills she should be talking billions not millions.

Jayne Thorburn ● 38d

Remember we are going to become an AI SUPERPOWER. The PM said we will inject AI into the veins of business. What a speech. Let's see what will happen,  don't hold your breath though. Mind you we have done a £600,000000.00 deal with China, however that figure is spread over five years.

Nicholas Beard ● 39d

Sadly I doubt neither of those options are going to happen. What is wrong with Labour the history book is full of Labour on how not to do it ‘raise taxes, borrow so more debt and spend’. I find it staggering that Labour are so blind and unless they get their acts together very soon they will be gone forever if they even last to the next election. Remember many young people voted for them who had never none any other government. Keir and AI commercial pitch,  companies are using AI already or at least leaning how to use it. So his pitch is pathetic because given the millions who are state paid employees should already being using AI if they are any good at what they do other than lazy, incompetent and totally useless at what they do!

Jayne Thorburn ● 39d

Keir should sack RR and then resign. The two of them are doing a worse job than Truss and Kwarteng.

Courtney Gilbert ● 39d

Resign !  : )

Anna Kirkpatrick ● 39d

So what is the answer? What should Keir & RR do to restore confidence with the markets?

Jayne Thorburn ● 39d

So the markets are reacting sooner than I thought they would, government interest rates have increased to an all time high not seen since the financial crash of 2008! RR really needs to get her act together and understand that raising taxes is NOT the answer to create a growth economy. Sadly I think is will get worse 😱😱

Jayne Thorburn ● 39d

Keir is rising to the top of this list and RR to the top as chancellor

Jayne Thorburn ● 42d

Even Lord North, widely nominated as the worst PM., However Lord North is more justly appreciated as an outstanding parliamentarian and potentially great premier brought low, like so many others, by ‘events’.

James Roy ● 42d

"No such nomination list could be complete without the name of Anthony Barber."He certainly has to share the blame for the UK signing up for membership of the Common Market, as it was then known.

Richard Greenhough ● 42d

No such nomination list could be complete without the name of Anthony Barber.

Christopher Shea ● 42d

She won’t come back, we have a Labour government who right now are destroying our economy

Jayne Thorburn ● 42d

Liz Truss is severely deluded. She genuinely thinks she did no wrong, is not prepared to apologize, and actually believes she can be re-elected.

Chris Blackwell ● 42d

My last post referring to being re-elected, yes agree as long as they do a good job.

Janice Evans ● 42d

That probably only happens in America.

Janice Evans ● 42d

Who the person is doesn’t really matter the key is that they actually understand the delicate balance that is needed to maintain confidence, genuinely understand how to grow the economy if just slowly, tax fairly to encourage growth and keep people employed, encourage investment, allow people to be inspirational and have vision. I don’t any of these qualities in RR. Only then will any government be able to realistically achieve their goals. Keir talks about bringing back confidence in politicians the economy is an exetremely important step. Right now Keir is not delivering.

Jayne Thorburn ● 42d

L. Truss seems to think she could be re-elected in the future.

Janice Evans ● 42d

Being a chancellor requires a real understanding and balancing act of economics to achieve the desired outcome, the sledgehammer approach does not work and never has worked Labour have clearly learnt nothing from from the past, think they said the economy was safe in their hands 😱😱😱😱😱 tax and overspend never has worked and never will. It makes me feel sick that everyone working hard and business paying huge taxes are now just funding debt 😫😫😫😫

Jayne Thorburn ● 42d

That's why I voted for Rishi although not agreeing with all their decisions things were getting better and heating bills were coming downnow they are going up.

Janice Evans ● 42d

I forgot to add the value of sterling is going down that makes holidays more expensive, imports etc so prices go up inflation rises, interest rates will either hold or may creep up again that’s how fast the market react so all in all the sledgehammer strategy doesn’t work. The OBR had forecasted growth for the UK until Labour came in with the sledgehammer let’s see where the economy is in June when they next report.

Jayne Thorburn ● 43d

Courtney sorry to disagree but you are wrong, the economy along with all western economies was struggling due to Covid and the war, it was starting to get back on track when Liz Truss came along but it was short and Rishi steadied the ship and things were turning around until the sledgehammer came along. Just look at what is happening to the economies in France and Germany but we were doing better. It was fragile but inflation came down, interest rates were reducing with a plan to keeping reducing until RR came along and killed everything. You can’t run a county like like particularly when the economy is fragile but picking up. The country needs confidence, sensible taxes, vision and inspiration from a government none of these are happening. The markets have turned against RR big time watch the next few months RR has killed off all aspirations, we will be in recession, benefits bill will rise, government borrowing. Will continue to rise. So we are paying even higher taxes so RR can pay interest that has shot up due to her policies nice one!

Jayne Thorburn ● 43d

“  Liz did crash the economy but it was short and recovered almost immediately once Rishi took control. “Not sure why you think that the effect Truss had on the economy was short and that it recovered almost immediately!!  It hasn’t recovered at all. Interest rates are still high because of Truss and the mortgage rates which shot up after her mini budget have remained high and are costing homeowners  £thousands more    which has also caused landlords to increase rents. Millions of people are still far worse off because of Truss and her puppet. The damage Truss did was unprecedented and catastrophic!  She was just totally incompetent in every cabinet post she has held.

Courtney Gilbert ● 43d

I totally agree Courtney what RR did was heartless. Chris Liz did crash the economy but it was short and recovered almost immediately once Rishi took control. The challenge we face with RR is that just as the economy was getting back on track, inflation down, interest rates slowing reducing which affect millions of people with mortgages, RR comes along with a sledgehammer! you can’t run an economy like that, just like you can’t run a business like that. The biggest challenge is rather than a short shock and fix it RR is going to completely hammer the economy and it will just keep sliding. Honestly what she has done is unforgivable to the whole of society not just the only people she claims to protect hard working people. Without wealth we have nothing.

Jayne Thorburn ● 43d

I absolutely blame Liz Truss for crashing the economy. She gave Kwasi Kwarteng free rein (for some reason) without really considering the outcome. Reeves is bad but honestly, Truss was AWFUL!

Chris Blackwell ● 43d

And with temperatures across the UK barely above zero one of the most evil things Reeves has done was cancelling the Winter Fuel Payment. She didn’t need to do that. Plenty of other ways to save money and cut spending. And because of her decision the number of people admitted to hospital with flu has caused some NHS Trusts to declare emergencies or Major Incidents, as they call it.  How can that woman sleep at night!?

Courtney Gilbert ● 43d

The economy was turning round, inflation down, interest rates slowly falling what RR did in the budget was completely destroy all the good work. I honestly don’t understand how she can be so thick, hitting business on 3 fronts is suicide for the service industry. Then attacking IHT by including pensions another attack. Huge tax rises for everyone in reality at a time when people were just starting to recover from COVID, high energy bills re Ukraine war it’s called balance and what RR did in one budget is take away any hope that UK plc will grow, very sad.

Jayne Thorburn ● 43d

Truss did far more damage than Brexit.  Brexit, although disastrous, didn’t cause interest rates to quadruple and mortgage rates to skyrocket and force people into homelessness.

Courtney Gilbert ● 43d

Surely, no-one compares to Boris in terms of economic damage. The Brexit gift that just keeps giving.

Simon Pedley ● 43d

“ but at least last time is was short, I fear this time it will be a long…..”Truss and her disastrous Chancellor ruined the economy in 44 days. The repercussions continue and will do for at least the next 5 years. There is no reduction on mortgage rates anticipated for the next two years. All the fault of Truss and her token Chancellor. She has ruined the housing market and caused interest rates to rocket. Reeves is doing a good job of causing inflation to rise and the pound to crash.  The only one who knew how to fix the economy was Rishi but the voters didn’t give him time. Now the citizens will suffer and suffer and it will get worse when Trump and Musk put the clamps on. Starmer has chosen the wrong Foreign Secretary, the wrong Home Secretary and the wrong Ambassador. Trump will have them running in circles and begging forgiveness. With Rishi we had a chance, now we have nothing.

Courtney Gilbert ● 43d

If Liz Truss is the yardstick by which we measure this government's economic policy then we are in deep doo doo.To say it's better than when she held the reins is faint praise indeed.

Keith Iddon ● 43d

That’s a fair comment but at least last time is was short, I fear this time it will be a long and very damaging period for many businesses hence employees which will take at least a year or 2 if not more to fix so we get back to base. All the economic signs are looking seriously bad.

Jayne Thorburn ● 43d

The Lettuce managed to do it in under 44 days. this lot have been in for over that and although things aren't great it hasn't crashed as bad as it did back in 2022.

Brian Green ● 43d

Well I always think give things time, but obviously hope for the best.

Janice Evans ● 43d