Tag Archives: Jeremy Hunt

In Ñspel: The Observer view on fuel poverty measures freezing out poorest Britons

Washing hangs outside to dry on a fence of a home in November. Photograph: Christopher Furlong/Getty
S’xesiv Cnsrṿtiv ćanslrz hv irodd ɖ valy v ɖ fînanśl seftinet aveḷbl fr lo-peid peṛnts n dsebld ppl. Foṭgraf: Crisṭfr Frloñ/Geti

Ɖ Obzrvr vy on fylpoṿti meźrz frizñ ǎt purist Brítnz

(Transcription of an Observer editorial of 27 Nov. 2022)

Ny anaḷsis rvilz ɖ līst aflụnt nīd rjnt guvnmnt s’port ɖs wintr

Súnde 27 Nvmbr 2022

Ɖs yir wl g dǎn az a yir v hardśp fr so mni ppl: 2022 bròt spîcñ eṇjibilz n record levlz v infleśn ɖt hv irodd ppl’z incmz. Bt az formr prîm̦inistr Gordn Brǎn wornz in tde’z Obzrvr, nxt yir wl b hardr stl n hardist fr lo-incm hǎsholdz, includñ les aflụnt pnśnrz, lo-peid peṛnts n ɖer ćildṛn n ppl wɖ dis’biḷtiz.

Ɖs z ɖ rzult v Britn’z rseśn, fōrcast bî ɖ Banc v Ñgḷnd t last tū yirz, n eṇjibilz ɖt r fōrcast t cntiny t rîz az guvnmnt s’port wɖ eṇjicosts fōlz. Fṛm nxt Epril, ɖ guvnmnt’s eṇjiprîs gaṛnti wl bcm les jenṛs, capñ ɖ aṿrij bil at £3,000 rɖr ɖn £2,500 a yir n ɖ yṇvrsl £400 wrʈ v s’port ɖt wz peid t ol hǎsholdz in wintr 2022 wl b wɖdrwn. T ofset ɖs rdux́n, ɖ guvnmnt hz incrist ɖ levl v tarġtd s’port at ɖoz in rsit v mīnz-tstd beṇfits: ol pnśnrz n ɖoz rsivñ dis’biḷtibeṇfits wl gt £300 n £150, az ɖe dd last yir, n ppl on mīnz-tstd beṇfits wl gt a wn-of pemnt v £900, p fṛm £650 last yir. So ɖr z les s’port t g rnd, bt it z mor tarġtd on lo-incm hǎsholdz.

Bt az Brǎn hîlîts in ny anaḷsis, ɖs wl stl līv xtrordnṛli hî numbrz v vulnṛbl faṃliz xpozd t fylpoṿti, dfînd az hǎsholdz peyñ 10% or mor v ɖer incm on eṇjibilz ć yir. Sevn in 10 pnśnrz r fōrcast t b xpirịnsñ fylpoṿti best on ɖs meźr bî nxt Epril, rîzñ t 96% v lon-peṛnt faṃliz wɖ tū or mor ćildṛn n 85% v cuplz wɖ ʈri or mor ćildṛn. Olmst 4 miłn faṃliz wl nīd t b spendñ jst undr a ʈrd v ɖer incm on eṇji t cīp worm, a cmplitli unsstenbl propziśn gvn ɖ costs v hǎzñ, fūd n uɖr isnślz.

Ɖ rīzn z ɖt, dspt ɖ guvnmnt mcñ eḟts t mc ɖ smōlr amǎnt v s’port on ofr mor tarġtd twdz purr hǎsholdz, it z a vri imprisîs we v gtñ s’port t ɖ hǎsholdz ɖt nīd it ɖ most, n līvz ǎt mni v ɖ hardist-up faṃliz. For in 10 v ɖ purist fifʈ v hǎsholdz r nt in rsit v mīnz-tstd beṇfits, so d nt īvn qoḷfî fr ɖ £900 top-up. Yzñ mīnz-tstd beṇfits az a pasport fr ɖs pemnt mīnz ɖt f a faṃli gz ovr ɖ beṇfitsʈreśhold bî jst £1, ɖe wl lūz ɖ £900 in its intîṛti. Last, eṇji ys z hayr ɖn aṿrij in purr hǎsholdz ɖt r larjr, or ẃr ppl liv in purli insyletd, bad-qoḷti hǎzñ – mor lîcli t b ɖ ces fr ppl livñ in poṿti in ɖ frst ples.

Ɖ ǎtcm z ɖt, īvn tecñ intu acǎnt ɖ mīnz-tstd s’portpacij, anaḷsis bî ɖ Reẓluśn Fǎndeśn śoz ɖt haf v hǎsholdz in ɖ purist fifʈ v ɖ incmdistṛbyśn wl stl b fesñ eṇjibilz v mor ɖn £1,000 mor ɖn ɖe dd in 2022. Ɖs xtra £1,000 z nt muni ɖe cn aford; so mni v ɖz indivijlz r olrdi livñ in imposbl srcmstansz, fesñ ćôsz btwn cīpñ ɖer homz worm or ptñ fūd on ɖ tebl fr ɖer ćildṛn, forst t rlî on fūdbancs bcz ɖe c’nt aford besic isnślz. It z ɖ purist hǎsholdz hu fes sm v ɖ hîist prîsz az wel, az a rzult v hvñ t rlî on prīpeid eṇjimītrz n t śop in smōlr n mor xpnsiv fūdśops bcz ɖe hv no trnsport t gt t ćīpr sūṗmarcits. Ɖ Reẓluśn Fǎndeśn hz esṭmetd ɖt ɖ purist 10ʈ v hǎsholdz r nǎ fesñ an ifctiv infleśnret v 12.5%, cmperd wɖ 9.6% fr ɖ rićist 10ʈ, ɖ bigist gap in ɖz rets sins 2006 ẃn ɖz meźrz wr c’lectd.

Ɖ prîm̦inistr n ćanslr wd no dǎt argy it z ǎt v ɖer handz; ɖe wd clem t hv dn az mć az ɖe cn gvn ɖ grim ic̣nomic srcmstansz ɖ cuntri fesz n ɖ crîsis in eṇjiprîsz cōzd bî Ruśa’z wor in Ycren. Ɖs z nt creḍbl fr ʈri rīznz. Frst, s’xesiv Cnsrṿtiv ćanslrz hv irodd ɖ valy v ɖ fînanśl seftinet aveḷbl fr lo-peid peṛnts n dsebld ppl, bî cutñ taxcredits n beṇfits ovr ɖ last deced ẃl gvñ awe xpnsiv taxcuts ɖt hv dispṛporśṇtli beṇfitd betr-of hǎsholdz. Ɖs hz md lo-incm hǎsholdz mć les fînanṣ́li rziłnt ovr ɖ loñ trm. Secnd, az Brǎn argyz, ɖr r obvịs sorsz v xtra reṿny aveḷbl t ɖ ćanslr, Jeṛmi Hunt, includñ taxñ nondomz n incrist taxz on bancrz’ boṇsz, huz rsits cd b ćanld az xtra s’port twdz ɖ purist hǎsholdz nxt yir. Ʈrd, Britn’z dredfl groʈprospects r nt jst a product v globl hedwindz, bt v 12 yirz v Cnsrṿtiv ic̣nomic poḷsi: a fełr t invst in prodctivti-būstñ meźrz sć az scilz n infṛstrucćr n ɖ îdịlojicl psyt v ɖ hardist form v Brexit ɖt hz left Britn – n evrwn hu livz in it – cnsidṛbli purr fr ɖ loñ trm.

Ɖ sićueśn fesñ Britn’z līst aflụnt faṃliz nxt yir z an ic̣nomic imrjnsi. Unls ɖ guvnmnt inṭvinz swiftli t incris levlz v s’port fṛm nxt Epril, mor ćildṛn, pnśnrz n ppl wɖ dis’biḷtiz wl b livñ in abject fylpoṿti, in frizñ homz, wɖ loñ-trm consiqnsz fr ɖer hlʈ. Ɖ guvnmnt mst hīd Gordn Brǎn’z wornñ, n act.

Instroduction to Ñspel

"House by the Railroad," Edward Hopper, 1925

In Ñspel: The Guardian view on mass unemployment: inflation will drop without this pain

‘The Bank of England regards growing unemployment as a necessary trade-off to prevent the acceleration of inflation.’ Photograph: Andy Rain/EPA
‘Ɖ Banc v Ñgḷnd rgardz growñ unimplômnt az a nesṣri tred-of t privnt ɖ axeḷreśn v infleśn.’ Foṭgraf: Andi Ren/EPA

Ɖ Gardịn vy on mas unimplômnt: infleśn wl drop wɖt ɖs pen

(Transcription of a Guardian editorial of 15 Nov. 2022)

Poḷsi mcrz r roñ t ʈnc rîzñ joblisnis n a rseśn r a prîs wrʈ peyñ

Tyzde 15 Nvmbr 2022

Śarpli rezñ sntṛl-banc inṭrestrets mt pruv caṭstrofic, rɖr ɖn jst in’proprịt, az a s’lūśn t ɖ cuṛnt infleṣ́nri invîrnmnt. Ɖt wz ɖ mesij lrcñ in ɖ spīć v wn v ɖ Banc v Ñgḷnd’z munitri-poḷsi mcrz, Silvana Tenreyro, last wīc. It’s hard t dis’gri. Ẃl infleśn z hrtñ ɖ pur dispṛporśṇtli bcz v ɖer lo incmz, rethîcs r a “kr” ɖt z wrs ɖn ɖ dziz.

Ɖ Banc rgardz growñ unimplômnt az a nesṣri tred-of t privnt ɖ axeḷreśn v infleśn. Its sntṛl pṛjx́n fr rîzñ inṭrestrets sjsts olmst 2.5 miłn ppl wd b joblis in 2025 – wɖ ɖ wrst-ces s’nārioz siyñ 3 miłn ǎt v wrc. Ɖs wd līd t wîdspred miẓri. Nbdi wonts t b joblis. Carl Marx’z rzrv armi v ɖ unimploid z fl v conscripts, nt voḷntirz. Mni r olrdi dzrtñ its rancs, prifŕñ t līv ɖ lebrfors intîrli rɖr ɖn b joblis.

Bʈ hayr unimplômnt n hayr infleśn lowr welbiyñ. Ɖ icoṇmist Devid Blanćflǎr śoud in 2014 ɖt unimplômnt mcs ppl mć mor unhapi ɖn infleśn. Evri wn psntijpônt incris in ɖ unimplômntret, h sjstd, lowrd welbiyñ bî mor ɖn fîv tîmz az mć az a wn psntijpônt incris in ɖ infleśnret. Mor rīsnt wrc sjsts ppl sufr “btwn nîn n 13” tîmz ɖ dêli anḡś fṛm unimplômnt ɖn ɖe d fṛm infleśn.

Gvn ɖ YC icoṇmi hz onli jst imrjd fṛm Covid, orc̣stretñ a dīp rseśn z ćilñ. Ɖ Banc z oṗretñ undr a flwd lojic: ɖt ɖ mor it incrisz rets, ɖ mor unimplômnt z pśt p n ɖ qcr infleśn z rdyst. Bt ɖs rleśnśp btwn unimplômnt n infleśn dz nt xist.

It z strîcñ ɖt ɖ cuṛnt lo unimplômntrets r nǎ cnsidrd “unsstenbl” īvn ɖo similr unimplômntrets wr fîn prīpandemic. Fr a deced aftr ɖ 2008 globl fînanśl crîsis, infleśn rmend larjli unrisponsiv t ɖ fōl fṛm 9% t 4% in ɖ YC’z unimplômntret. Riyl pe wz stagnnt. Sć a drop in joblisnis śd hv pṛdyst rapid wejgroʈ. Ɖs dd nt hapn bcz v ẃt ɖ icoṇmist Michał Kalecki dscrîbd az an icoṇmi’z “dgri v mnoṗli”. Ɖs alǎz cumṗniz t limit ɖ abiḷti v wrcrz, cnsymrz n reğletrz t inflụns ɖ marc-up v selñprîsz ovr costs n t dfnd ɖ śer v wejz in ǎtpt. Sins 2008, YC aṿrij marc-ups incrist fṛm 20% t 35%.

Pṛf. Blanćflǎr c’recli fōrcast ɖt in ɖ YS prîsrîzz wd bgin t slo. Ɖ Fedṛl Rzrv wz còt un’werz bî last wīc’s lowr-ɖn-xpctd infleśnrīdñz. Ɖ icoṇmist ʈncs Britn wl probbli folo ɖ sem paʈ. Ɖ bigist drîvr v YC infleśn in Octobr wl b ɖ hayr eṇjiprîs cap. Bt t si ɖs munʈ’z infleśn cīp rîzñ at ɖ sem ret az Sptmbr’z wd rqîr prîsz t jump bî abt 10 tîmz ɖer historicl aṿrij. Ɖt sīmz unlîcli. Disinfleśn z ɖ mor probbl ǎtcm.

Aftr ɖ iniśl blast v hayr eṇjicosts n Covid dsrupśnz fed, ɖr r fy wez fr ɖ infleṣ́nri śoc t proṗget. Wn mec̣nizm wd b frmz marcñ p sstend costćenjz. Wɖ no inṭvnśn t fix prîsz or a comṗtiśn woćdog wɖ tīʈ, Britn z a treźr îḷnd fr frmz t gǎj profits yzñ prîsrîzz. F ɖt z haṗnñ, ɖen ɖ Banc’s inṭrestret hîcs ʈretn t pś ɖ icoṇmi intu rseśn n harm miłnz v ppl – wɖ litl impact on ɖ oṿol infleśnret.

Instroduction to Ñspel

"House by the Railroad," Edward Hopper, 1925

In Ñspel: The Guardian view on the UK economy: old folly or new folly

‘Jeremy Hunt should remember that the best alternative to one sort of folly is never to embark on another sort.’ Photograph: Hannah McKay/Reuters
‘Jeṛmi Hunt śd rmembr ɖt ɖ bst oltrṇtiv t wn sort v foli z nvr t imbarc on anɖr sort.’ Foṭgraf: Hana MCe/Rôtrz

Ɖ Gardịn vy on ɖ YC icoṇmi: old foli or ny foli

(Transcription of a Guardian editorial of 11 Nov. 2022)

Nxt wīc’s ōtmstetmnt wl śo f Jeṛmi Hunt hz lrnt enʈñ fṛm Jorj Ozbōrn’z n Qāzi Qarteñ’z fełrz

Frîde 11 Nvmbr 2022

A  fūl rpits hiz foli, ɖ Old Tsṭmnt sjsts, in ɖ sem we ɖt a dog rtrnz t its ǒn vomit. Qāzi Qarteñ sīmz dtrmind t pruv ɖt ɖs z tru. On Frîde h md tū fōls clemz abt hiz śort teńr at ɖ Treẓ́ri. Ɖ frst z ɖt hiz 23 Sptmbr mini-bujit wz nt a cōz v ɖ guvnmnt’s cuṛnt fînanśl woz. Ɖ secnd z ɖt Liz Trus forst ɖ pes on ic̣nomic poḷsi tù hard jrñ hr brīf pirịd az prîm̦inistr, ẃl Mr Qarteñ, īvn mor brīfli hr ćanslr, argyd fr a slowr aproć.

Nɖr clem standz p. Nwn pritndz ɖt ɖ mini-bujit z ynīcli rsponsbl fr ɖ hî levlz v YC public dét ɖt r nǎ biyñ invoct az ɖ justiḟceśn fr nxt wīc’s lūmñ ōtmstetmnt. Ɖr r mni uɖr larj cōzz, sm v ɖm globl, lîc Covid n eṇjicosts, n uɖrz closr t hom, includñ Brexit. Ɖ mini-bujit, ɖo, md ʈñz īvn wrs. It trigrd a run on ɖ pǎnd, a lrć in gílts, a Banc v Ñgḷnd bai-up imrjnsi n a tîṭnñ v ɖ morgijmarcit. It sz a lot abt Mr Qarteñ n Mz Trus’z doctṛner wñ v ɖ Cnsrṿtiv parti ɖt, īvn nǎ, ɖe rmen in dnayl abt smʈñ ɖ votrz unḍstand mor clirli fṛm ɖer ǒn xpirịns ɖn ɖz dscredtd ministrz evr dd.

Mz Trus n Mr Qarteñ undǎtidli hd dis’grīmnts abt ptiklr emḟzīz in ɖer daś fr groʈ. Ɖ fact ɖt ć hz nǎ traid t dump ɖ blem fr ẃt wnt roñ on ɖ uɖr sjsts ɖt. Bt ɖ tū v ɖm wr coǒnrz v ɖ poḷsi, n wr jônd p’liticli at ɖ hip. Mr Qarteñ canot iscep ɖ riaḷti ɖt, on ɖ īv v ɖ Tori-parti confṛns, h tld ɖ BBC’z Lora Kuenssberg ɖt ɖr wr mor taxcuts t cm. Ɖt wz sd az a bost, nt a wornñ – n it spūct ɖ marcits. Mr Qarteñ z śaḅli trayñ t ived rsponsbiḷti fr ɖ c’laṃti v hiz ǒn ax́nz. Wns agn, ɖ votrz wl b ɖ juj v ɖt.

Ẃl Mr Qarteñ spinz hiz slf-srvñ vrśn v ɖ past, ɖ rest v ɖ cuntri fesz ɖ fyćr ɖt h n hiz parti hv bqiɖd. On Frîde ɖ Ofis fr Naśnl Sttistics cnfrmd ɖt ɖ YC icoṇmi śranc in ɖ ʈrd qortr bî 0.2%. Ɖ srvișectr, wns an enjin v groʈ, hz grǎnd t a hōlt in ɖ fes v ɖ cost-v-livñ crîsis. Hayr inṭrest rets n record infleśn mīn ɖ icoṇmi wl śrinc frɖr bî ɖ yir end, tipñ Britn intu an ofiśl rseśn ɖt z lîcli t last ʈru 2023.

Ɖr wz olso conḟmeśn on Frîde ɖt Britn hz bròt sm v its trublz on itslf. So far, it z ɖ onli cuntri in ɖ G7 grūp v līdñ icoṇmiz huz icoṇmi hz śrunc in ɖ ʈrd qortr. Ol ɖ G7 cuntriz fes ɖ sem globl hedwindz az Britn. Ɖ YS, Caṇda, Frans, Iṭli n Jrṃni, ɖo, r ol stl growñ. Ɖ cncluźn z obvịs. Britn’z ptiklr pridic̣mnt rflects ɖ ptiklr ćôsz ɖt it n its guvnmnts hv md.

Jeṛmi Hunt, ɖ lêtist v ɖ for ćanslrz ɖt Britn hz brnd ʈru ɖs yir, tecs a mor orʈ̇dox Treẓ́ri vy ɖn Mr Qarteñ. Hiz ōtm ic̣nomic stetmnt wl nnɖles b ɖ dfînñ fînanśl n p’liticl momnt v ɖ Riśi Sūnac guvnmnt. Nxt Ʈrzde wl śo ẃɖr it hz lrnt ɖ lésnz nt jst v Mr Qarteñ’z daś fr groʈ ẃl Mr Hunt wz on ɖ bacbnćz, bt olso v ɖ pṛloñd osteṛti undr Jorj Ozbōrn ẃn Mr Hunt srvd az a sīńr membr v cabiṇt. Ɖ omnz fr ćenj r nt gd. Bt ɖ ćanslr śd rmembr ɖt ɖ bst oltrṇtiv t wn sort v foli z nvr t imbarc on anɖr sort.

Instroduction to Ñspel

"House by the Railroad," Edward Hopper, 1925