The Bank of England can only combat inflation by raising interest rates.Thus, however competent the BoE is, if Trusss stimulates the economy with unfunded tax cuts, the Bank will have to raise interest rates further than it otherwise would have done and keep them up for longer.The taxes which Truss so far has talked of cutting are threefold. Corporation tax, the recent NI rise and the green levy on energy bills. The first benefits only owners of companies. The second benefits only high earners. The third benefits any energy user but is a) anti-environmental and b) poorly targeted. Meanwhile, it all just adds to government debt.What I would like to hear is something about helping those who, as a result of the cost of living squeeze and rise in energy costs, will be struggling to make ends meet. They do not pay a lot of tax in the first place. Cutting taxes will do nothing for them. It will, however, benefit people like me, who whilst not a Tory party member is/am a close fit to the typical membership profile. Out of the lying man into the dire.
Michael Winstanley ● 1352d