[Mr K]

Originally Posted by Hugh

https://www.thetimes.co.uk/article/1...bb7e48c36afcd8



Good - I would rather they raised the tax threshold, which would benefit the low-paid more.

Predicted by moi a few posts ago.

---------- Post added at 19:34 ---------- Previous post was at 19:30 ----------

At last the truth is out even from the Torygraph

Project Fear was right all along
Six years of policy confusion and ineptitude has brought a calamitous loss of standing

Downbeat predictions by the Treasury and others on the economic consequences of leaving the EU, contemptuously dismissed at the time by Brexit campaigners as "Project Fear", have been on a long fuse, but they have turned out to be overwhelmingly correct, and if anything have underestimated both the calamitous loss of international standing and the scale of the damage that six years of policy confusion and ineptitude has imposed on the country.

A serious house price correction, substantially higher interest rates and a permanently impaired exchange rate may be the least of it.

Credibility is all in politics, finance and economics; this week was the point at which the UK Government finally managed to lose all last remaining vestiges of it. Britain's trusted institutional framework, together with its hard won reputation for sound money and certainty in policy, all went down the pan.

Perhaps I exaggerate, but not since the humiliation of the International Monetary Fund bailout in 1976 have we seen an unravelling quite as spectacular. This too from a Tory Government with a substantial overall majority. It is scarcely believable.

These are dark days for Tory MPs, who will be acutely aware that loss of reputation for economic competence is electoral poison for their party. As the former Chancellor, Philip Hammond, has already observed, that reputation has been comprehensively trashed by what's just occurred.

https://www.telegraph.co.uk/business...r-right-along/