WHEN the risible, moronic Liz Truss took over from Boris Johnson, more people in the UK thought the Earth was flat than thought she would be a good Prime Minister. What is surprising is just how quickly and how spectacularly she has failed.
UK markets have lost at least $500 billion in combined value since she became Tory leader. The £45bn giveaway to the super-rich in tax cuts funded by borrowing is utter madness. It will further increase inflation. The German government can borrow over five years at a rate of 2%, Greece and Italy at 4% respectively. The figure for the UK government under the Tories is 4.5%. This will add billions of pounds to government debt that will have to be repaid by the taxpayer in the future.
READ MORE: Liz Truss 'might want economic crisis to prepare NHS for privatisation'
The crash in the pound means that prices of commodities traded in dollars, like gas and oil, will rise.The reality will be more misery and impoverishment of workers by the Tories for the benefit of the fat cats. This is on top of the already 12.3% rate of inflation.
The renowned economist Nouriel Roubini (who predicted the 2008 crash) has said that due to the economic illiteracy of the Tories the UK will have to go cap-in-hand to the International Monetary Fund (IMF) for a bailout. The conditions of this would be extreme. Austerity would be demanded, with huge cuts to public-sector spending, wages and benefits slashed, and any remaining state assets would need to be given away.
The last time the UK Government had to beg the IMF for a bailout was 1976. This was again due to Tory incompetence by Tory Chancellor Anthony Barber in 1972. This lead to mass austerity and paved the way for Thatcher.
WATCH: Nicola Sturgeon: UK facing economic situation not seen in living memory
The Tories/Labour and the Bank of England all agree that working people must pay the cost of the crisis. In order to make this a reality the Bank of England will raise interest rates. According to Barclays, those on a £150,000 mortgage will pay £637 per month with 2% rates, £793 per month at 4% and £968 at 6%. This ensures workers will be reluctant to engage in strike action for higher wages, with the threat of destitution hanging over them.
Tory Brexit is the elephant in the room. This has wiped out the UK and Scottish economy vastly more than anything predicted as a result of Scottish independence. Scotland desperately needs to throw off the shackles of Tory/Labour colonial rule. The so-called left are not talking about any of this. Instead they are tying themselves in knots about what pronouns to use or virtue-signalling over the war in Ukraine.
Alan Hinnrichs
Dundee
SHORTING a currency is caviar to hedge fund traders. Will the profits end in a tax haven? Did Chancellor Kwartang give them a well-earned opportunity? George Kerevan’s excellent article (Plunging pound shows why indy Scotland must swiftly ditch sterling, Sep 26) should leave any reader in no doubt.
Pensions and savings are worth half at a time when living costs are rising fast. Scotland is self-sufficient in food, power and water, and would have access to the EU with all the advantages its brings.
READ MORE: Plunging pound impact will be felt 'deeply' by households
A Scottish pound would be in demand on the money market, rise in value against Bank of England sterling, and regain parity against other currencies.
Before climate chaos hits the planet, there will not be a better chance in the foreseeable future. By whatever means we must gain independence and our own currency within the next two years or suffer the consequences, not least our ability to help the unfortunate at home and abroad.
Iain R Thomson
Strathglass
“HIGH earners could flee Scotland” So “warns” The Daily Telegraph to its legion of aged Home Counties acolytes. Is this a threat or a promise? Don’t they realise that, for the majority of Scots, this would represent a significant and joyful result? And Roddy Dunlop leading the mass exodus? Does it get any better?
And don’t they realise that, if Scotland gains its long-overdue and rightful independence, there will be a stampede of people of all nationalities wanting to settle in Scotland? Those will be people of ability, humanity, intelligence, integrity and honour. Oh for goodness sake, literally, bring it on and bring it on soon!
Jim Finnie
Pitlochry
WHILE I am glad to see Gordon Brown (remember him, the one who committed to spend “as much as it takes” on illegal wars in the Middle East and sold off a massive chunk of our gold reserves?) coming up with new plans for Scotland’s future, would it not be better for him to ensure that all the promises he and his colleagues made to us in 2014 have been met?
READ MORE: 'Disney films more believable': Gordon Brown to offer 'safer' and 'more radical' indy alternative
I will never trust this man and his Labour Party friends to deliver a fraction of what they offer. Let’s not forget that they need to get the English electorate to vote for them before they even think about coming good on their Vows to Scotland and then they must appease that electorate first, probably at our expense.
It’s best we place our trust in our own future and seize our independence as soon as we can.
Ni Holmes
St Andrews
SKY News reports this week that nearly half of UK offshore wind capacity is owned by firms owned or controlled by foreign states.
So, the UK Government is borrowing vast amounts of money to subsidise other countries through the windfall profits generated by our dysfunctional energy market.
Why do we put up with this nonsense?
Cameron Crawford
Rothesay
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