Jeremy Hunt says Britain needs stability above all else – no kidding, Chancellor
Give us stability… or face disaster
JEREMY Hunt says Britain needs stability above all else. No kidding, Chancellor.
After four treasury chiefs in as many months and the markets in meltdown, it is difficult to imagine a more intense period of political and economic mayhem.
Hapless Kwasi Kwarteng’s turbulent 38-day tenure was the shortest ever for a living Chancellor.
But Mr Hunt’s own words show why stability is likely to be the last thing we will get.
He signals steep tax rises and deep spending cuts. The direct opposite of Prime Minister Liz Truss’s mantra.
Many Tories are furious that the PM’s growth agenda has been ditched so speedily.
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But the disastrous handling of the mini Budget means that Mr Hunt must strain every sinew to calm the markets.
He says: “I want to be honest with people. We have some very difficult decisions ahead.”
That spells a lot more pain before any gain. The truth is that the Tories are nowhere near the end of this crisis.
Almost the only subject the party is united on is a lack of faith in Liz Truss.
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And one of the toughest decisions is over the future of the PM herself.
Her job is hanging by a thread which may be cut by the men in grey suits this week.
But who is going to replace her — and how will they be appointed in a way that does not rip the party apart and trigger what would surely be a disastrous early General Election?
Ex-Chancellor Rishi Sunak is the bookies’ favourite, and is known by the public after skilfully guiding the economy through Covid.
It surely can’t be an also-ran like Mr Hunt who, despite his attempt to style himself as the country’s “CEO”, cannot possibly claim to command the support of either MPs or the Tory party at large.
What is certain is — after the utter chaos of the past few days — the current PM only has herself to blame.
The catastrophic mini-Budget was a massive self-inflicted wound which may prove fatal.
In the money meltdown which followed, instead of imposing order, she was caught like a rabbit in the headlights.
Sacrificing her friend Mr Kwarteng is unlikely to prove enough to save her.
They BOTH ignored the warnings that uncosted tax cuts would spook investors.
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It is ironic that Liz Truss counts herself a disciple of Margaret Thatcher when she seems to have ignored one of the former PM’s most perceptive comments.
You cannot buck the market.