In Ñspel: The Guardian view on the financial crisis: a meltdown made in Downing Street

‘The Bank of England’s emergency intervention in financial markets on Wednesday qualifies as a crisis.’ Photograph: Jonathan Brady/PA
‘Ɖ Banc v Ñgḷnd’z imrjnsi inṭvnśn in fînanśl marcits on Wnzde qoḷfîz az a crîsis.’ Foṭgraf: Joṇʈn Brêdi/PA

Ɖ Gardịn vy on ɖ fînanśl crîsis: a meltdǎn md in Dǎnñ Strīt

(Transcription of an editorial published in the Guardian on 28 September 2022)

Liz Trus’z frst big poḷsi hz bn śot dǎn bî fînanśl marcits – n hr ic̣nomic creḍbiḷti średd

Wnzde 28 Sptmbr 2022

Poḷtiśnz n jrṇlists scatr ɖ wrd “crîsis” lîc sōlt ovr hot ćips, bt evri nǎ n ɖen ɖ trm riyli aplîz. Ɖ Banc v Ñgḷnd’z imrjnsi inṭvnśn in fînanśl marcits on Wnzde qoḷfîz az a crîsis – fr ɖ Banc, ɖ guvnmnt n ɖ public. Ɖs z a crîsis md in Dǎnñ Strīt, n it z nt ovr yt.

Jst last Frîde, Qāzi Qarteñ unveild ẃt h rfyzd t cōl a mini-bujit. It dd in fact ranc az wn v ɖ most sgnificnt bujits in 50 yirz, wɖ £45bn in taxcuts. Ɖz gv’wez hd nt bn dmandd bî vast sweɖz v votrz. Mni bizṇsz n icoṇmists ʈt ɖm uņesṣri, īvn westfl. Ɖe cem aftr an eṇji-s’port pacij wrʈ £150bn ovr tū yirz, n ẃl ɖ YC z hvñ t boro evr mor muni t pe fr importd fyl, fūd n mańfacćrd gdz. Yt ɖ ćanslr hd nt priperd invstrz fr ol ɖs spendñ, hd dcrìd ɖ Ofis fr Bujit Rsponsbiḷti śd nt ćec hiz sumz, n olso pśt ǎt Tom Scolr, ɖ Treẓ́ri’z top sivl srvnt. Alñ wɖ Liz Trus, Mr Qarteñ hd spent munʈs dcrayñ ɖ Treẓ́ri’z “abc̣s īc̣nomics” n olso dmandñ a śec-up at ɖ Banc v Ñgḷnd.

Fest wɖ ol ɖs insttyśnl instbiḷti n slipśod poḷsi, marcits riactd increḍbli badli. Ɖ pǎnd hz c’lapst n bondmarcits hv ol bt frozn p. Ɖ fri-marcit ʈnctancs n mīdia ǎtrîdrz hu hlpt rait ɖ bujit nǎ lc les lîc ɖ xprts on capiṭlizm ɖe clemd t b, n mor lîc xtrimist cbalz on a difṛnt planit fṛm votrz n invstrz. Īvn ɖ IMF, nt noun fr its cnsrn wɖ îɖr groʈ or tac̣lñ iniqoḷti, leid intu ɖ ćanslr’z planz. Ɖ IMF z qt hapi t slap dǎn poḷsi mcrz in Izlaṃbad or Cgāli; it z yẓ́li rɖr mor srcmspect abt criṭsîzñ G7 cuntriz ɖt ranc amñ its mejr śerholdrz. Six yirz n ʈri prîm̦inistrz on fṛm ɖ Brexit vot, ɖ YC lcs vri îṣletd on ɖ wrldstej. Ɖ guvnmnt ɖt ʈt it cd rip p ɖ Norɖn Îrḷnd proṭcol n rneg on ol manr v inṭnaśnl dīlz hz bn rwordd wɖ ɖ cold śoldr bî ŕstẃl alîz hu mt uɖ̇wz ofr s’port.

On Wnzde ɖ Banc guvnr, Andru Beili, wz forst t step in, bayñ loñ-trm guvnmntbondz in ordr t sev Mr Qarteñ fṛm hiz ǒn mes. Ɖs wl nt b a wn-of reskmiśn bt an intîr program v dêli prć̣sz lastñ untl mid-Octobr. Bondtredrz injoid a wn-we bet fr ɖ past wīc in selñ gílts. Ɖe nǎ hv a wn-we bet fr a fortnît in bayñ ɖm. A nîs biznis t b in. Bt fr ɖ Banc ɖs z a hyj mes. It wontd t rvrs qontittiv īzñ, nǎ it z dwñ sm mor. It pland t incris rets, nǎ it z undr preśr t jac ɖm p vri sn. Mr Beili apaṛntli b’livz h cn cari on az norml n mc hiz nxt ret dsiźn wɖ colīgz az scejld in Nvmbr. Ɖs no longr lcs plōzibl.

Fr Mr Qarteñ n Mz Trus, ɖs z an unmiṭgetd dzastr. Ɖer frst mejr poḷsi hz bn śot dǎn bî fînanśl marcits, ɖer clemz t ic̣nomic compitns średd. Nʈñ ɖ Lebr līdr, Cir Starmr, cd se wd d az mć fr hiz poulretñz az ɖ public yslisnis v ɖz tū. Bt, sadli, īvn f ɖ Banc’s mnuṿrñ wrcs, ɖ consiqnsz wl b flt mć mor wîdli, in hayr morgijbilz n importprîsz. N ɖ guvnmnt z olrdi hintñ at sgnificnt spendñcuts. T d so wd b a contṛvnśn v ɖ Cnsrṿtivz’ 2019 maṇfesto, ẃć md hyj spendñproṃsz on hospitlz, p’līs n scūlz. It wd olso frɖr irod public srṿsz n a public relm olrdi in denjṛsli il hlʈ.

Instroduction to Ñspel

29/09/2022

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