Anyone who watched last night's ITV Tory leadership debate (and please see my Twitter feed for commentary) will have despaired at the poverty of thinking on display. It was truly dire.
Two reports this morning add to the sense of gloom. First, the FT notes:
A government plan to deregulate the City of London and foster a post-Brexit ‘Big Bang' will trigger a battle this week with the Bank of England, which is seeking to defend high standards and its regulatory autonomy. A radical financial services bill, drawn up by former chancellor and Tory leadership contender Rishi Sunak, will be published on Wednesday. It will pave the way for ministers to be able to “call in” regulatory decisions made by the BoE that they do not like.
It's as if they have entirely forgotten 2008.
And then there is this in Politico:
A new poll for the Times reveals Conservative members literally couldn't care less about cutting greenhouse gas emissions. Hitting net zero came bottom of a list of 10 priorities, behind (surprise, surprise) cutting personal taxes and hiking defense spending. Just 4 percent of respondents said saving the planet was in their top three priorities for the next prime minister.
No wonder the Tory leadership candidates are so indifferent to the issue. Now, of course, the Tory membership is old, male and very pale and stale, and that explains a lot of this (old, pale males being responsible for a lot of the worth things in this country - and I am not kidding) but it is still profoundly worrying. The future? Who needs one of them seems to be the attitude.
Worry.
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When one of the candidates spoke of putting money into people’s pockets, I doubt if they meant me -or only a small sum. They meant into the pockets of the City.
Surely the BofE doesn’t have regulatory independence anyway given that it’s answerable to the Treasury? Bank of England Act etc. Is this just more theatre? As for your second point well, old white folks like myself are aware we don’t have much of a future so while I disagree personally I understand the lack of interest in there actually being one for others. THis is what comes of damaging people beyond repair in their junior years at public school and then letting them run things. Sooner or later, no things left.
Ah yes. The “I don’t care, it’s not my future” brigade… Until they cry about the future of their grandchildren in their attempt to uphold the national debt narrative for their own personal benefit today.
Proof that the Red Queen was right – it *is* possible to hold two contradictory thoughts at the same time.
I do so detest hypocrites.
There was much more to “Alice” than at first appeared.
When the candidates talked about the BoE being independent I saw in your Twitter commentary you saying that none of them were being honest as the BoE is not independent and its actions have to be approved by the Chancellor.
Jacob Rees-Mogg actually said as much last week. He was talking about the need to deal with inflation with tighter monetary policy and he said QE requires the approval of the Chancellor. He was suggesting that we should wind down some of that QE to deal with inflation and you have on many occasions blogged about all the reasons why QT would be a bad idea, but at least he was admitting that that would be a decision by the Chancellor and not the Bank. He hinted that the BoE isn’t actually independent as they are in constant communication with the Treasury about monetary policy decisions.
The relevant part is about two minutes, from about 14:15-16:20. You have to sign up to see it but it’s free to do so.
https://www.channel4.com/programmes/the-andrew-neil-show/on-demand/73887-010
Thanks
In a word ‘appalling’.
Any such bill to loosen the already out of control City of London is a robber’s charter.
Is there a covid-induced typo in the following sentence?: ” (old, pale males being responsible for a lot of the worth things in this country – and I am not kidding)”
Do you actually mean ‘worth things’, or possibly ‘worse things’? If it is a typo, then it’s one of those typos that completely reverses the point made. I should know, as I’ve made loads of such typos in my time!
I think I meant worst but I am definitely not at my proof reading best right now
https://davidallengreen.com/2022/07/the-lack-of-seriousness-about-policy-mandates-and-collective-ministerial-responsibility/#respond
Interesting view on the situation
I found the 2nd debate wonderful, as the toryies tore into each other. They were still as clueless as ever, trite meaningless phrases abounded in response to questions such as “what are you going to do about the cost of living” etc. But it was good when they were tearing lumps out of each other. Low points: “the maxed out credit card” was right out there in front – imbeciles to a man/woman, education (in the case of Trussed – an Oxford PPE) was totally & utterly wasted.
They talked about economic growth………..the Tory-vultures have never grown anything – not even a potted plant. Wonder why there are: no builders, no plumbers, no electricians.etc etc..because the tories failed utterly to invest in………education & training – they talk about it – but never turn talking into action – cos that would mean speanding money. Morons.
Rishi – The Banker – Ex Goldman Sachs
Truss – The postman – She always bangs on about her ability to deliver
Tom T – The waiter – apparently he is willing to serve
Mordaunt – Has a case for bullying – the rest all seem to hate her so they must be worried about something.
Badenoch – apparently she is out so who cares
Basically they are all useless.