Ɖ Gardịn vy on Jeṛmi Hunt’s ōtmstetmnt: setñ a trap fr Lebr
(Transcription of a Guardian editorial of 17 Nov. 2022)
Ɖ guvnmnt wonts votrz t ʈnc ɖ ic̣nomic qsćn z abt rdysñ dét rɖr ɖn Tori fełr
Ʈrzde 17 Nvmbr 2022
Ɖ ćanslr, Jeṛmi Hunt, wonts t fît ɖ last wor. Bt firmunġrñ clemz abt record déts ɖt wrct fr prīvịs Tori ćanslrz, ẃn votrz cd b scerd intu votñ fr osteṛti, r les pswesiv at a tîm v rseśn. Nxt yir, unimplômnt wl jump az ɖ icoṇmi śrincs bî 1.4%. Hǎsholdz wl record ɖ bigist fōl in dspoẓbl incm sins recordz bgan, n it w’nt rtrn t prīpandemic levlz untl aftr 2028. Rents, eṇjibilz n morġjz r ol gwñ p ẃl hǎsprîsz n riyl wejz drop.
It z īzi t si ẃ Mr Hunt ʈncs ɖt az loñ az ɖ iśu z cntrolñ infleśn or rdysñ dét, rɖr ɖn ɖ fełr v Tori ic̣nomic manijmnt, it me b ɖt ɖ guvnmnt hz a ćans t prospr. H nz ɖt ilex́nz r fòt nt btwn cnflictñ ansrz t ɖ sem qsćn, bt rɖr btwn cnflictñ qsćnz.
Yt Lebr z nt oḟrñ eni comṗtiśn fr ppl’z ʈncñ. Ɖs hz alaud Mr Hunt’s ōtmstetmnt t b drest p in Lebr cloɖz. Ɖ plan fr hayr taxz on wejz n diṿdndz az wel az an xtndd windfōl tax on ôl n gas cumṗniz z abt p’liticl pziśnñ. Mr Hunt wl d ɖ bér minimm t śltr pnśnrz, ɖ pur n p’liticli snṣtiv srṿsz bcz public opińn hz śiftd agnst spendñcuts. Bt h ʈncs sm unpopylr ćôsz cn b p’liticli ysfl. Ɖt z ẃ h admitd Britn cd nt mīt ɖ guvnmnt’s fiscl rūlz n rplest ɖm wɖ ny slf-impozd cnstrents ɖt rqîr £55bn in cuts aftr 2025.
Undr Mr Hunt’s ny fiscl straṭji, osteṛti w’nt arîv untl aftr ɖ end v ɖ cuṛnt parḷmntri trm. Ɖs z a trap. A fełr bî Lebr t sîn p t tuf fiscl poḷsiz wl xpoz, ɖ ćanslr hops, a deḟsit v comn-sns. Yt most v ɖ blt-tîṭnñ z dy t hayr dét-inṭrest costs – in ifct forsñ Britn t spend a larjr śer v its bujit peyñ bondholdrz. Ɖs z nt a flw bt a fīćr v Sūnacomics. It wz Riśi Sūnac hu az ćanslr imbrest selñ infleśn-linct naśnl dét ẃn ɖr wz no nīd.
Ẃl eṇjifrmz rîtli fes a windfōl tax, ɖ banclevi z roñli biyñ cut fṛm 8% t 3%. Yt lendrz r nǎ rsivñ 3% on ɖ rzrvz – p fṛm 0.1% last yir – ɖt ɖe hv parct at ɖ Banc v Ñgḷnd sins 2009. Ɖs, recnz ɖ Ofis fr Bujit Rsponsbiḷti (OBR), costs ɖ Treẓ́ri abt £60bn. Mr Hunt hz ćozn t lc fr public-spendñ cuts instd v taxñ bancs or forsñ ɖm t hold rzrvz at ɖ Banc at a lowr – or ziro – ret.
Ɖ Cnsrṿtivz hv vri dlibṛtli n radicli ćenjd ɖ strucćr v ɖ Britiś icoṇmi t fevr ɖer inṭrests. Campenrz worn ɖt rplesñ ɖ Solvnsi II inśuṛnsreźīm ɖt wz adoptd ẃn Britn wz in ɖ YY z lîcli t wìcn cnsymrpṛtx́nz n pṛvîd a windfōl fr Siti śerholdrz. A naśnl ambiśn t rdys eṇjicnsumśn bî 15% bî 2030 z tù litl tù lêt ẃn fosilfylz r bhnd rejñ infleśn. Mr Hunt’s clem ɖt Britn hz wn v ɖ strongist seftinets in ɖ wrld z b’laid bî śrivld beṇfits. Ẃl scūlz n ɖ NHS r śīldd, uɖr dpartmnts fes brūtl spendñcuts.
Fr ol ɖ tōc v trboćarjñ ɖ icoṇmi, ɖ onli groʈbūst ɖ OBR notd wz hayr iṃgreśn. Brexit wz mnśnd wns bî Mr Hunt – a tsṭmnt t ɖt poḷsi’z growñ unpopylaṛti. Lebr nīdz its ǒn anaḷsis v ɖ Britiś icoṇmi. It z nt inuf jst t se ɖ parti in pǎr z yslis or irisponsbl. Ɖ Cnsrṿtivz’ grim record hz nt privntd ɖm fṛm winñ ilex́nz – wɖ dizṃl rzults fr ɖ cuntri.
