Fṛm Đ Obzrvr: Putin is waging an economic war with Europe. Britain’s absurd energy plan plays into his hands

Illustration: Dominic McKenzie/The Observer
Iḷstreśn: Doṃnic MCnzi/Ɖ Obzrvr

Pūtin z wejñ an ic̣nomic wor wɖ Yṛp. Britn’z absrd eṇjiplan plez intu hiz handz

(Transcription into Ñspel of an article published in the Obzrvr on 11 September 2022)

Ɖ Tōriz’ îdioḷji v dafi libterịnizm sīcs t trîumf ovr evidns n rīzn

Will Hutton

Wil Hutn, Súnde 11 Sptmbr 2022

Ɖ  Brexit libterịnz r in cntrol v ǎr desṭniz fr at līst ɖ nxt tū yirz n olrdi ɖ xtnt v ɖ ʈret ɖe pǒz t ǎr welbiyñ n s’kṛti z bcmñ clir. Ɖ prîm̦inistr, Liz Trus, me hv swoloud hr ǒn wrdz v jst a munʈ ago ɖt ś wz agnst “handǎts” t lōnć ɖ bigist handǎt in ǎr hisṭri, bt ɖt wz t bai hr n hr ac̣lîts ɖ p’liticl briɖñspes t lōnć ɖer programz. Ɖ eṇji-prîs cap mt hv bn a breʈtecñ U-trn, bt it hd a darcr prṗs.

Ɖ intnt wz btreid bî ɖ ćanslr Qāzi Qarteñ’z súṃri sacñ v Sr Tom Scolr, wn v ǎr bst n most dedcetd sivl srvnts, nǎ formr prṃnnt secṛtri t ɖ Treẓ́ri. Qarteñ’z ʈncñ wz rvild ẃn h blemd “ɖ sem old ic̣nomic maṇjirịlizm” fr līvñ Britn “wɖ a stagnetñ icoṇmi n anīmic groʈ”.

“Bold ax́n,” h sjstd, wz an impeṛtiv t rliv ɖs “toxic comḅneśn”: “Cutñ taxz, ptñ muni bac intu ppl’z pocits n unśac̣lñ ǎr bizṇsz fṛm brdnsm taxz n unsūṭbl reğleśnz.” Onli ɖus cd invstmnt n groʈ b unloct. Betr ɖt, h add, ɖn “beriyñ ǎr hedz in a rīdistribytiv fît ovr ẃt z left”.

It z unṣbstanśietd hogwoś – îdịlojicl feʈ trîumfñ ovr evidns n rīzn. In ɖz trmz, Scolr, xmplar v ɖ alejd old ic̣nomic maṇjirịlizm, hd t g. W r on an ic̣nomic fergrǎnd rîd léd bî fẹriz n fūlz.

V cors, ɖ tū-yir £2,500 prîscap z welcm. It wl lift fṛm miłnz v ppl ɖ ʈret v despṛt ćôsz ovr wormʈ or fūd. It wl olso lowr ɖ pīc infleśnret bî p t 4% n so lowr détsrvis costs in a fl yir bî arnd £20bn – a qortr v ǎr naśnl dét z reprizntd bî bondz indxt t ɖ levl v infleśn. It wl olso parṣ́li avrt ɖ risc v a denjṛs wej/prîs spîṛl. Bt ɖoz wr ɖ rīznz Lebr frst advcetd a prîscap. Ɖ libterịnz onli ćenjd tac ẃn ɖe riylîzd ɖt rzistñ n sticñ t ɖer prifŕd rspons v taxcuts n miniṃlist rībets risct ɖm biyñ p’liticli oṿẃlmd.

Bt y d’nt win worz n rīset icoṇmiz wɖ dafi libterịnizm. Yṛp z in a de facto wor wɖ Ruśa ovr Ycren, az it ʈretnz a prîscap on Ruśn gas. Pūtin rspondd bî seyñ in Vḷdīvostoc ɖt at ɖ limit Ruśa wl xport nʈñ – no gas, no ôl, no fūd – t Yṛp. Ɖs z ic̣nomic rɖr ɖn batlfīld wor, bt it z wor nnɖles. Britn’z eṇjipoḷsi z nt sirịs, it btrez ɖ cōz.

Eṇjipoḷsi in a tîm v ptnṣ́li pṛloñd s’plî dsrupśn hz t b dzînd fr ɖ loñ trm; hz t pṛtct biznis az mć az cnsymrz; hz t b fînanṣ́li ssteṇbl n avôd ɖ risc v blacǎts. Ɖ guvnmntplan felz on ol cǎnts.

Crūṣ́li, it z nt fînanṣ́li ssteṇbl: Britn’z naśnl dét, az ɖ Trusịnz cntińli se, z ɖ lǒist in ɖ G7 bar Jrṃni, so ɖr z scop t boro. Bt ɖ dolr, yen n ɖ yro r ɖ wrld’z rzrvcuṛnsiz n Caṇda runz a baḷns-v-pemnts srpḷs. Britn z alon, ǎtsd eni v ɖ mejr tredblócs, wɖ a wìc, leġsi icoṇmi n a cronic inṭnaśnl pemntsdeḟsit. It canot sel at līst £100bn v xtra public dét a yir t pṛtct livñstanddz rɖr ɖn rezñ invstmnt wɖt ɖ ʈret v frɖr strlñwìcnis or an inforst jump in inṭrestrets.

Fînanśl ssteṇbiḷti cd hv bn adrest in a numbr v wez. A frɖr windfōl tax cd hv bn impozd on ɖ xtrordnri profits in ɖ eṇjisectr. In adiśn, fr ɖ jreśn v ɖ Ycren wor, ol gas n ôl fṛm Britiś fīldz śd b rqîrd t b sold t ɖ guvnmnt on a cost-plus besis rɖr ɖn dstortd inṭnaśnl prîsz. Cnsymrz cd hv bn tld t tîtn ɖer blts wɖ ministrz gvñ a līd n a raṣ́nñsistm rold ǎt f nīdd. Ɖr śd b a stet-léd craśprogram v bildñ onśor n ofśor windfarmz, – ɖ fastist n lǒist cost rùt t būstñ eṇji s’plîz – alñ wɖ axeḷretñ ɖ hom-insyleśn program.

Fr libterịnz, evri sć meźr stics in ɖer crwz. Ɖus ɖe pṛpoz untarġtd, f jenṛs, hlp fr hǎsholdz bt, bcz īvn ɖe rec̣gnîz ɖ nir opn-endd costs, ɖe hv liṃtd ɖ hlp t biznis t six munʈs. Scerd v ẃt me folo, biznis wl batn dǎn ɖ haćz so ɖt Qarteñ canṣlñ ɖ pṛpozd corṗreśntax rîz wl hv ziro ifct on invstmnt. It z olso awer v ɖ risc v blacǎts ɖs wintr, unrilivd bî ɖ unsrtn prospect v fract gas on strīm in a deced.

At līst ẃn Britn wz in ɖ sngl marcit it wz linct via unḍsì inṭcnctrz t Îriś, Duć, Frenć n Beljn gridz; it wz olso linct, in a speśl dīl, wɖ Norwe. Ɖ prîs wz set in ɖ sngl marcit n ilectriṣti floud frīli az cpaṣti ebd n floud btwn ɖ netwrcs.

Nǎ Brexit Britn hz dvîzd a byṛcratic n xpnsiv ōx́nsistm instd, rezñ ɖ prîs v ilectriṣti n xpozñ s t s’plîśocs. In adiśn, ɖ YS eṇjisecṛtri, Jenifr Granhom, hz rqîrd ol YS rfînriz xportñ petṛl, dīzl n disṭlets t bild p ɖer rzrvz rɖr ɖn xportñ – cǒinsîdñ wɖ ɖ Ruśa swić-of. Ɖs z anɖr ʈret t s’plî.

Bfr ɖz ćaḷnjz, ɖ YY hd bn bildñ p its gas rzrvz in a proses in ẃć w śd hv tecn part. Bt it wz onli in lêt Ōġst ɖt Sntrica got ɖ go’hd t rīopn its Ruf gaștorij fsiḷti in ɖ Norʈ Sì; n ɖs cn onli b bròt bac intu srvis slǒli. Ɖs wintr, it wl onli b v marjinl hlp.

Ɖus libterịnz manij eṇjicrîsīz n fît worz. T plan, t yz stetpǎr, t tax, t reğlet, t bild rzrvz n t wrc wɖ felo Yṛpiynz r ol anaʈ̇ma. Ɖ sem f’loṣfi ɖt gz nẃr wl inform ɖ taxcutñ “fiscl ivnt” lêtr ɖs munʈ ɖt wl frɖr inflet ǎr naśnl dét t no prṗs. Groʈ z ɖ rzult v wel-marśld n imajiṇtivli d’rectd invstmnt bî ɖ public n prîṿt sectr in an inṭdipndnt rleśnśp – nt mcñ so-cōld indivijl “wlʈcrietrz” īvn rićr via taxcuts.

Ɖ intîr project wl fel. Ɖ piti z ɖt ẃtvr damij it wl d t ɖ Cnsrṿtiv parti, ɖ rest v s r cndemd t liv ʈru ɖ sem dzastr.

Instroduction to Ñspel

11/09/2022

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