In Ñspel: The Guardian view on Trussonomics: bringing on social and financial devastation

Kwasi Kwarteng and Liz Truss in Birmingham last week. ‘No government has sabotaged its economic reputation as quickly as this one.’ Photograph: Toby Melville/Reuters
Qāzi Qarteñ n Liz Trus in Brmñm last wīc. ‘No guvnmnt hz saḅtājd its ic̣nomic repyteśn az qcli az ɖs wn.’ Foṭgraf: Tobi Mlvil/Rôtrz

Ɖ Gardịn vy on Trusonomics: brññ on sośl n fînanśl devsteśn

(Transcription of an editorial published in the Guardian on 11 October 2022)

Ɖ guvnmnt n its sntṛl banc r plotñ a paʈ ɖt wl criet a penfl rseśn. Bʈ òt t ćenj cors

Tyzde 11 Octobr 2022

In ćés ɖe cōl it zugzwang – a sićueśn in ẃć eni līgl muv līvz ɖ pleyr wrs of. Bʈ ɖ ćanslr, Qāzi Qarteñ, n ɖ Banc v Ñgḷnd r srćñ fr a winñ we ǎt v ɖer pridic̣mnts, gvn ɖ cnstrents impozd bî public opińn. Ɖe r unlîcli t fînd wn. “Trusonomics” – a mixćr v taxcuts, śarp rdux́nz in public spendñ n hayr inṭrestrets – hz arîvd az Brítnz bac hayr invstmnt, naśṇlîzd inḍstriz n lowr levlz v iniqoḷti. Votrz r gtñ ɖ oṗzit v ẃt ɖe wont, wɖ trust in ministrz pluṃtñ.

No guvnmnt hz saḅtājd its ic̣nomic repyteśn az qcli az ɖs wn. Ɖ Banc hz hd t step in ʈri tîmz sins ɖ ćanslr’z mini-bujit t stop a big sel-of in YC dét cōzd bî ɖ guvnmnt anǎnsñ a fiscl pacij ɖt boroz, acordñ t ɖ Insttyt fr Fiscl Studiz, £370bn ovr ɖ nxt tū yirz fr litl obvịs ic̣nomic gen. Ɖ mêhem wz intîrli pridictbl. Mr Qarteñ z spendñ mor ɖn ɖ guvnmnt gts bac in taxz; ɖ difṛns z fundd bî selñ guvnmntdét at a prîs dtrmind bî ōx́nz ẃr fînanshǎzz dtrmin ɖ yīldz. Ɖ mor dét ɖt z iśùd, ɖ hayr ɖ inṭrestret invstrz dmand t hold guvnmnt IOYz – a proses ɖt līdz ultiṃtli t hayr morgijpemnts.

Ɖ Banc hd wontd t hîc rets – bî śrincñ its QI gíltportfolio bî £80bn ʈru bondseilz – t fît infleśn. It wz ɖ onli mejr sntṛl banc t d so – an act ɖ icoṇmist Dańela Gabor dscrîbd az “an opn invteśn fr gíltmarcit dsrupśn n fînanśl instbiḷti”. Mr Qarteñ’z plan z similrli an ǎtlîr. Instd v public spendñ t cǎntr prîsśocs, ɖ ćanslr ʈncs ɖt ɖ rić gtñ rićr wl si ɖ icoṇmi ǎtrun infleśn.

F ɖs cntinyz un’beitd, Britn cd end p suḟrñ fînanśl c’laps n sośl devsteśn, foloud bî a loñ p’liticl crîsis, az hapnd in sm big midl-incm cuntriz 25 yirz ago. Bʈ ɖ Banc n Mr Qarteñ apir t ʈnc ɖt srtn sectrz v ɖ icoṇmi wl fel bcz ɖe r nt cmpettiv inuf – ɖr-bî setñ ɖ stej fr īvn mor niolibṛl rformz.

Britn nīdz stbiḷti t fix ẃt eilz its icoṇmi. Ɖ Banc śd alîn its poḷsi wɖ ɖ guvnmnt’s fiscl planz bî cntinywñ t bai bondz t cām marcits n cntrol inṭrestrets at tolṛbl levlz. It wl hv t mc a dsiźn on ɖs bî Frîde – ẃn ɖ Banc z dy t end its dêli bondprć̣sz. Hayr borowñcosts w’nt lowr eṇji n fūd prîsz. Ɖt z ɖ job v ɖ guvnmnt, ẃć śd olso rples its cuṛnt groʈplan wɖ wn ɖt siz manijd wej incrisz, lifts livñstanddz n sīcs t būst invstmntlevlz t rêz prodctivti.

Ɖ oltrṇtiv z t cari on wɖ Trusonomics n witnis ɖ dlibṛt crieśn v unimplômnt n ɖ c’laps v bizṇsz in a penfl rseśn. It z sinicl t ʈnc ɖt poḷtiśnz orc̣stret wez t pmit caś-rić bizṇsz t pic p barginz amd ɖ ic̣nomic recij wɖt sparcñ a popylr rvolt. Bt it z hard, wɖ ɖ preznt guvnmnt, t dscǎnt sć îdīaz.

Instroduction to Ñspel

11/10/2022

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