Liz Truss is a "DANGER" to the Tory Party and to the country | Economics | New Statesman
September 30, 2022
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30:26Now PlayingLiz Truss is a "DANGER" to the Tory Party and to the country | Economics | New Statesman
YouTube Description
as posted by the channelThe pound is crashing. The markets are panicking. Yet Liz Truss and Kwasi Kwarteng are pushing on with their ruinous economic plan regardless. What on earth is going on?
After just three weeks of a new government, the UK economy appears to be in freefall. Kwasi Kwarteng's "mini" budget last week gave huge tax breaks to the rich as the new Chancellor and Prime Minister pinned all their hopes on an ideological commitment to trickle-down economics.
In response, the value of the pound sterling collapsed to record lows against the dollar and the Bank of England has had to intervene to stop pension funds from becoming insolvent. Now several polls show Labour under Keir Starmer with a record lead over the Conservatives.
In this video Anoosh Chakelian and Will Dunn are joined by economist Duncan Weldon and David Gauke, former chief secretary to the Treasury. They explore why the markets reacted so badly to the Chancellor's statement on 23 September, what the subsequent Bank of England intervention actually did, and what the impact of all of this might be on ordinary voters.
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