Here’s the thing. I’ve been saying for almost a year and a half now that raising interest rates would not curb our non-consumer driven, cost – push inflation.
No matter, Hunt and Bailey backed by Sunak kept raising the interest rates even though inflation never moved down. Like letting a football manager onto the pitch to play the 14th match when he’s lost the previous 13.
Cost-push inflation always falls by itself, as food and energy prices are doing now. Raising interest rates merely inflates the inflation and prolongs it. In other words, our inflation, which has fallen from over 11% to just over 3%, would have fallen much faster and probably wouldn’t have risen as high as it did but for these talentless people that we allow to control this country’s monetary policy.
Yet, what a surprise, they are claiming almost hourly now that they have brought down inflation through their interest rates and that they are using that to justify keeping interest interest rates at their current level when they should have started reducing them long ago.
In the same vein, more so-called “experts“ whom we slavishly follow and allow to run our lives, such as the OECD and the IMF have proved yet again as hopeless in forecasting the Bank of England.
OECD is the most recent example, saying we would be sluggish growing at .4% and in fact we have grown at .6 and come out of recession quickly, with growth at the fastest rate for two years.
I’ll tell you why I think this has happened. It is because of the robustness of British business. It is also because our “leaders“ are probably some of the most mistrusted authorities in British history and many if not most business people, certainly those I know, operate their businesses against the policies and guidance of these folks.
They are contrarian, knowing that most of these people are heading in the wrong direction. So wrong that my mailbox is often filled with messages that I should wake up and smell the coffee because “No one can be this stupid” and we are actually the victims of a massive conspiracy.
But, just you wait, Sunak, Hunt and company are going to claim this is what they have done for us when they have absolutely, unquestionably, unequivocally, no right whatsoever to say so. They have put more brakes on British business growth than I could ever possibly imagine.
How about this is a short list?
Highest taxation ever
Giant one-third corporation tax increase in the midst of cost-of-living crisis, passed on to consumers within hours
VAT exemption for tourists denied making the whole tourism industry and hospitality suffer
Fuel duty with VAT unbelievably charged on that tax itself at record levels
Energy deals that make our electricity cost many more times than it should, for businesses and homes
Proposal to raise personal assets requirement for private investors to unsustainable levels when 50% of the private investment pool has already disappeared
I could go on and on, but, frankly, the worst Labour party we have ever had was not as anti-business as these so-called Conservatives.
And, just you wait, this entire weekend is going to be filled with television and radio photo and voice ops of Rishi and Hunt telling us what a marvellous job they’ve done. I’m going to read a book.
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