A TORY MSP who tweeted that talk of an economic crisis in the UK was “hyperbolic nonsense” has seen his actions come back to haunt him.
After the pound plunged and UK bonds sold off sharply following the UK Government’s massive tax cut announcement, the Bank of England was forced to make a statement assuring the markets that it’d be prepared to act on interest rates.
In the wake of the announcement, the pound saw a brief recovery.
Murdo Fraser took the opportunity on Monday afternoon to celebrate the Conservatives’ huge success. There was no problem with the Growth Plan, of course not!
“Pound is now higher against the dollar than it was at close on Friday,” the Mid Scotland and Fife MSP boasted on Twitter. “And higher against the Euro than it was 5 years ago.
Pound is now higher against the dollar than it was at close on Friday. And higher against the Euro than it was 5 years ago. Talk of a ‘crisis’ is hyperbolic nonsense.
— Murdo Fraser (@murdo_fraser) September 26, 2022
“Talk of a ‘crisis’ is hyperbolic nonsense.”
That afternoon, the pound fell to historic lows against the dollar again. It looked pretty bad then, but it looks worse now.
On Tuesday night the IMF was forced to make an extraordinary statement, warning that it was “closely monitoring” developments in the UK.
And on Wednesday, the Bank of England launched an emergency UK Government bond-buying programme to prevent borrowing costs from spiralling out of control and stave off a “material risk to UK financial stability”.
The Bank announced it was stepping in to buy government bonds – known as gilts – at an “urgent pace” after fears over the Government’s economic policies sent the pound tumbling and sparked a sell-off in the gilts market.
There was fury in some quarters of the Tory party, while opposition politicians demanded parliament be recalled to discuss the chaos.
That doesn’t not look like a crisis …
READ MORE: Nicola Sturgeon: UK facing economic situation not seen in living memory
And of course, Fraser’s insistence that everyone was full of “nonsense” quickly caused him more trouble than it was worth.
“A Tory parliamentarian's wisdom,” joked SNP MP Angus MacNeil. “He has similar zany beliefs against Scottish independence.”
“Ageing like a pint of semi-skimmed,” added SNP media chief Murray Foote.
Even New York Times contributor Jonathan Pie got involved. “I wonder who this guy works for?” he asked. “Oh I see … Nothing to see here!”
Fraser has had some classic tweets, but this is sure to go down in history as the one which aged the WORST – and fastest.
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