Tag Archives: mini-budget

In Ñspel: The Guardian view on a Tory U-turn: the problem goes beyond tax

‘Ms Truss has tied her fortunes, for the moment, to her chancellor’s.’ The prime minister listens to Kwasi Kwarteng’s speech at the Conservative conference. Photograph: Tolga Akmen/EPA
Hǎ ppl fīl ẃn fesñ an ic̣nomic crîsis ofn dsîdz ɖer ćôs in ilex́nz. Ɖt spelz dūm fr Liz Trus

Ɖ Gardịn vy on a Tori U-trn: ɖ probḷm gz bynd tax

(Transcription of an editorial published in the Guardian on 3 October 2022)

Hǎ ppl fīl ẃn fesñ an ic̣nomic crîsis ofn dsîdz ɖer ćôs in ilex́nz. Ɖt spelz dūm fr Liz Trus

Munde 3 Octobr 2022

Ɖ  public hz lost feʈ wɖ ɖ Cnsrṿtivz az a guṿnñparti ɖt cn dīl wɖ ɖ cost-v-livñ crîsis. Ɖt z ẃ ɖ Tōriz r in frīfōl in ɖ opińnpoulz. Qāzi Qarteñ’z hymilietñ U-trn ovr planz t scrap ɖ adiśnl ret v incmtax, ẃć z 45% on pe ovr £150,000, wl d litl t rstor confidns in Liz Trus’z tīm. Ɖ muv wl onli sǎr ɖ public mūd n dīpn dǎts ɖt ɖ Tōriz cn manij ɖ icoṇmi – n stedi woḅlñ hǎsholdfînansz.

Mr Qarteñ’z spīć t ɖ Tori parti confṛns hd tū ōdịnsz: ɖ frst wz in ɖ hōl; ɖ secnd wz woćñ on teḷviźn. In tōcñ abt “sǎnd muni” h cnsidd ɖt hiz guñhǒ minibujit wz enʈñ bt sǎnd. Blemñ YY lwz fr holdñ ɖ cuntri bac mt rsiv a ćir fṛm sītd acṭvists, bt it wl b met wɖ yōnz fṛm ɖ ilectṛt. Hvr, it wz Mr Qarteñ’z blîɖ dsmisl v ɖ rǎ jeṇretd bî ɖ 45% taxplan az “a litl trbyḷns” ɖt rvild hǎ ǎt v tuć h z wɖ ɖ naśnl mūd. Ɖ jîb wz nʈñ les ɖn an afrunt t ɖ miłnz v ppl olrdi fesñ spîṛlñ morgijcosts n rîzñ rents.

Ɖ tṛdiśnl wizdm z ɖt an incumñ guvnmnt wɖ an ambiśs program hd betr gt ɖ bulc v it ʈru qcli az its popylr mandet rapidli dis’pirz. Mz Trus’z probḷm z ɖt ś hz no wîdr mandet. Nwn cn unḍesṭmet ɖ abiḷti v ɖ guvnmnt t blo itslf p. Mr Qarteñ z a lạbiḷti hu òt t b dumt fr ɖ cuntri’z sec. Bt Mz Trus hz taid hr fortynz, fr ɖ momnt, t hr ćanslr’z. A mor ruʈlis prîm̦inistr wd hv cut Mr Qarteñ adrift last wīc. Ɖ longr ɖ per rmen laśt tgɖr, ɖ longr ɖ odz v ɖs guvnmnt svîvñ. Ɖt me b no bad ʈñ.

Ɖ guvnmnt’s minibujit wz a ces v ɖ Tōriz lcñ aftr ɖer ǒn: a mesij ɖt ɖ ćanslr n ɖ prîm̦inistr riinforst wɖ poḷsiz ɖt handd biznis a big taxcut n bancrz bigr pêpacits. Ɖs, ɖ ćanslr cnfrmd, wl b peid fr bî frɖr cuts v p t £18bn a yir t ɖ public srṿsz, ẃć wl d irepṛbl damij t ɖ NHS, p’līsñ n scūlz. It lcs lîcli ɖt beṇfits wl nt b upretd in lîn wɖ infleśn amd ɖ cost-v-livñ crîsis: a caḷs poḷsi ɖt afcts ɖ purist in ssayti. Ilex́nz r nt ofn wún bî telñ votrz ɖe wl hv t pe mor fr les, n wrc longr intu ɖ bargin. Nwn cn mis ɖt ɖ baḷns v tax n welfér ćenjz z biyñ tiltd frɖr in fevr v ɖ rić. Ɖ admiṇstreśn v Liz Trus dz nt ʈnc “w r ol in ɖs tgɖr”.

Ɖ ćanslr’z arğmnt z ɖt ɖz muvz r gd fr groʈ. Ɖt mt b tru in ɖ distnt fyćr. Bt ɖe rqîr ɖ cnd v lejsḷtiv ćenjz t, se, bild homz on grīn fīldz ɖt wd pṛvoc sć a baclaś amñ Tori MPz az t mc ɖm imposbl t inact. Ẃt ɖe d in ɖ śort trm z hand muni t rićr hǎsholdz n śerholdrz. Hvr, ɖs z a tîni slîs v ɖ ilectṛt. Mor n mor v ɖ public r fīlñ les s’kr abt weɖ̇rñ ɖ ic̣nomic storm. Mni votrz w’nt b fgivñ f ɖe lūz ɖer sevñz n ɖen ɖer dspoẓbl incm bcz v rîzñ hǎzñ, fūd n hītñ costs. Mz Trus n Mr Qarteñ ofr no hop fr ɖ cuntri. A fełr t dlivr īvn ɖt, alñ wɖ so mć els, òt t pruv ɖer unduwñ.

Instroduction to Ñspel

In Ñspel: The Guardian view on the Tory conference: a carnival of shame

Liz Truss at the Conservative party conference in Birmingham on Sunday. Photograph: Hannah McKay/Reuters
Liz Trus at ɖ Cnsrṿtiv parti confṛns in Brmñm on Súnde. Foṭgraf: Hana MCe/Rôtrz

Ɖ Gardịn vy on ɖ Tori confṛns: a carnivl v śem

(Transcription of an editorial published in the Guardian on 2 October 2022)

Ɖ Cnsrṿtiv parti wl rgret inflictñ a prîm̦inistr on Britn hu hz páct so mć fełr intu sć a śort tîm

Súnde 2 Octobr 2022

Ɖ  ćôs v a ny līdr wz nvr gwñ t solv probḷmz ɖt hv bn amast jrñ 12 yirz v Cnsrṿtiv guvnmnt, bt īvn Liz Trus’z firsist critics hv bn s’prîzd bî hr ifiśnsi at mcñ ʈñz wrs. Hr guvnmnt’s plan fr groʈ sīmz t b xplodñ on ɖ lōnćpad bfr it hz hd a ćans t tec of. On Súnde ɖ formr cabiṇtministr Mîcl Gov indcetd ɖt h wd nt vot fr Mz Trus’z pacij bcz it wz roñ t b cutñ tax fr ɖ wlʈiist ẃn so mni wr suḟrñ. It z stîl az wel az substns ɖt z a probḷm. It lcs caḷs fr ɖ ćanslr t b at a coctelparti seḷbretñ ɖ mini-bujit wɖ bancrz hu r its bigist winrz. Ɖ prîm̦inistr dd se ɖt ś hd got ʈñz roñ. Bt, rɖr ɖn a cors c’rex́n, Mz Trus dubld dǎn.

Ɖ parti’z ańl confṛns ɖs wīc wz olwz gwñ t b ōcẉd fr Mz Trus ẃn so mni Tori MPz prifŕd Riśi Sŭnac az a canddet fr Dǎnñ Strīt. Hīlñ ɖoz dviźnz z nt md īzịr bî ɖ vindceśn v Mr Sŭnac’s blīcist fōrcast v Mz Trus’z planz. It mt b tù mć t xpct riyl cntriśn fṛm smwn hu dfndd Boris Jonsn īvn aftr h hd bn drivn fṛm ofis fr dypliṣti n incompitns. Mr Jonsn wz at līst śrūd inuf t si ɖ ytiḷti in tacticl U-trnz. Hiz s’xesr prifŕz a rijid îdịlojicl cnvix́n best on ʈiriz abt marcitforsz ɖt ɖ fînanśl marcits r nt bayñ.

Mz Trus n hr ćanslr hv trnd ɖ YC intu a l’boṛtri fr tstñ ɖ hîpoʈ̇sis ɖt ćaṇlñ wlʈ t ssayti’z rićist tír n starvñ ɖ public sectr v rzorsz wl jeṇret an invstmntbūm v sć magṇtyd ɖt taxreṿnyz wl srj īvn az ɖ taxbes śrincs. Ɖe r ćird in ɖt indevr bî a smōl srcl v libterịn icoṇmists – ɖ sem clīc hu b’livd, in dfayns v ol evidns, ɖt cutñ Britn of fṛm ɖ YY, its nirist n rićist marcit, wd smhǎ būst tred.

Ɖ prîm̦inistr ń ɖt ś wd incǎntr opziśn, includñ dsnt wɖn hr parti. Bt ɖ posbiḷti v criṗlñ parḷmntri rbełnz wl tst hr slf-imij az a risc-tecñ mavric, un’fred t tec tuf dsiźnz. Ɖr z olso a difṛns btwn p’liticl criṭsizm n a hostîl riax́n fṛm ɖ bondmarcit. T mc hrslf unpopylr wz a probḷm fr ɖ Cnsrṿtiv parti. T cost Britn its repyteśn fr informd poḷsi mcñ z a probḷm fr evrwn, olɖo ɖ cost wl nt b flt īvnli.

Ɖ mini-bujit olso marcs a rtrn t ɖ driri poḷtics v osteṛti. Ministrz hv hintd ɖt beṇfits me nt b upretd in lîn wɖ infleśn nxt sprñ. Ɖt wd rvrs a cmitmnt md (rluctntli) bî Mr Sŭnac, undr preśr fṛm Tori MPz hu unḍstd ɖt miłnz v ppl fest desttyśn az rîzñ prîsz śrivld ɖ prć̣sñpǎr v ɖer welférpemnts. T cut ɖoz ppl adrift in a fînanśl storm wd b monstṛs – az z ɖ sjsćn bî ɖ Tori parti ćermn, Jec Béri, ɖt ɖe òt t gt betr-peid jobz. Ɖt ɖ storm hz bn ẃipt p bî ɖ guvnmnt’s ǒn fînanśl msmanijmnt onli adz spît n siṇsizm t ɖ caḷsnis.

Beṇfitcleṃnts mt b undŗeprizntd at a Tori confṛns, bt ɖ parti’z corvotrz wl nt b un’fctd bî ɖ crîsis inveḷpñ ɖer anôntd prîm̦inistr. Ɖer morgijpemnts wl rîz; ɖer NHS srṿsz wl b frɖr dńdd. Fy prîm̦inistrz aćiv ɖ scel v p’liticl n ic̣nomic err in a fl trm ɖt Mz Trus hz cmitd in a munʈ, n wɖ a flimzịr mandet ɖn most. Ɖ Tōriz mt qcli rgret hvñ ćozn hr az ɖer līdr. Wɖt ajustñ ɖer planz or ɖer top tīm, Cnsrṿtivz dzrv t pe a hevi ilectṛl prîs fr inflictñ ɖt msfortyn on ɖ rest v ɖ cuntri.

Instroduction to Ñspel

In Ñspel: The Observer view on why Tory MPs must stop Liz Truss’s ‘reverse Robin Hood’ policies

Prime minister Liz Truss and the chancellor Kwasi Kwarteng at the government's growth plan statement at the House of Commons. Photograph: Jessica Taylor/HOUSE OF COMMONS/Reuters
Prîm̦inistr Liz Trus n ɖ ćanslr Qāzi Qarteñ at ɖ guvnmnt’s groʈplan stetmnt at ɖ Hǎs v Comnz. Foṭgraf: Jesica Teilr/Hǎs v Comnz/Rôtrz

Ɖ Obzrvr vy on ẃ Tori MPz mst stop Liz Trus’z ‘rvrs Robin Hŭd’ poḷsiz

(Transcription of an editorial published in the Observer on 2 October 2022)

Cutñ srṿsz t fund taxcuts fr ɖ vri wlʈi z nt onli cruwl amd a cost-v-livñ crîsis, it’s olso unmandetd

Súnde 2 Octobr 2022

“A  rvrs Robin Hŭd” wz hǎ ɖ Redio Notñm prizntr Sẹra Jūłn caṛcṭrîzd ɖ frst mejr fiscl inṭvnśn v Liz Trus’z premịrśp ẃn ɖ prîm̦inistr dd an inṭvy rnd wɖ BBC locl rediosteśnz last wīc. Ɖe nǒ a ʈñ or tū abt Robin Hŭd in Notñmśr, n f Jūłn’z caṛcṭrîześn v a guvnmnt tecñ fṛm ɖ pur t lîn ɖ wolits v ɖ rić wz apt at ɖ tîm v ɖ inṭvy last Ʈrzde, it hz onli bcm mor so az ministrz hv dropt frɖr hints abt hǎ Trus n hr ćanslr Qāzi Qarteñ intnd t trî t mc ɖ bcs ad p.

Az w set ǎt in ɖs coḷm last wīc, ɖ in’proprịtli dubd “mini-bujit” – it set ǎt ɖ bigist program v taxcuts in decedz – stret-fwdli rīdistribyts muni fṛm les aflụnt hǎsholdz t sm v ɖ rićist ppl in Britn. Ovr ɖ last deced, Cnsrṿtiv ćanslrz hv cut bac ɖ taxcredits n beṇfits ɖt r so vîtl t lo-peid peṛnts n ppl wɖ dis’biḷtiz, īvn az ɖe handd ǎt jenṛs incmtax cuts ɖt hv dispṛporśṇtli beṇfitd mor aflụnt faṃliz. Purr hǎsholdz r consiqntli in despṛt nīd v a fînanśl būst t hlp ɖm cǒp wɖ rîzñ eṇji, hǎzñ n fūd costs. Instd, alñsd a pacij t frīz eṇjiprîsz at a levl iqivḷnt t £2,500 fr ɖ tipicl hǎshold, Trus anǎnst £45bn v taxcuts ɖt wd si ppl wɖ incm v £1m a yir bcmñ £40,000 a yir betr of, wɖt seyñ hǎ ś wd fund ɖm. Ɖ borowñ rqîrd t fînans ɖ cuts wd sadl a yungr jeṇreśn wɖ decedz v détrīpemnts, n ɖ antiṣpetd incris in inṭrestrets rqîrd t cūl infleśn az a rzult v ɖs fiscl lūṣnñ wl frɖr hit lowr-incm hǎsholdz ʈru hayr morgij rīpemnts n rents.

Bt, az Trus n Qarteñ wr wornd bî icoṇmists n sm in ɖer ǒn parti, ɖ marcitriax́n t plejñ biłnz v pǎndz v unfundd taxcuts, jst az ɖ guvnmnt wz unveilñ a pacij v eṇjibil s’port ɖt cd īẓli dworf ɖ cost v ɖ Covid frloscīm, wz imīɉt. Ɖ pǎnd plunjd agnst ɖ dolr n uɖr cuṛnsiz, n last Wnzde ɖ Banc v Ñgḷnd hd t step in wɖ a £65bn imrjnsi inṭvnśn t steḅlîz bondprîsz, t pṛtct ɖ vạbiḷti v pnśnfundz.

Ɖs līvz onli tū opśnz fr Trus n Qarteñ: t trî t rīset marcit xpcteśnz bî U-trnñ on at līst sm v ɖer unfunded taxcuts, or t trî t ri’śur ɖ marcits bî muvñ fwdz wɖ frɖr cuts t public spendñ t pe fr ɖm. In ɖ last 48 aurz, ministrz hv md clir ɖt it z ɖ latr cors ɖt ɖe intnd t tec. Sîmn Clārc, ɖ ministr fr leṿlñ-up, hz sd ɖr wl nīd t b sgnificnt cuts t public spendñ t pe fr ɖs caśbǎnti fr ɖ betr of, argywñ ɖ YC’z “vri larj welférstet” amǎnts t a “fūl’z paṛdîs” n nīdz t b trimd bac t b in “fl alînmnt wɖ a lowr-tax icoṇmi”. Ɖr z ziro deṃcratic mandet, îɖr fr ɖz taxcuts, or fr a rnyd rnd v public-spendñ cuts, ẃć ɖ Reẓluśn Fǎndeśn ʈnctanc sz wd nīd t b on ɖ scel v Jorj Ozbōrn’z orijinl program v osteṛti in ordr t fil ɖ gap. Trus hz nvr wún a jenṛl ilex́n, onli a contest in ẃć ɖ tîni, unrepriznttiv slivr v ɖ ilectṛt hu r Cnsrṿtiv parti membrz got a se. Ɖ 2019 ilex́nmaṇfesto on ẃć ś wz ilectd as MP md no mnśn v multibiłn-pǎnd taxcuts fr ɖ wlʈi, or a hyj program v public-spendñ cuts: it plejd t “levl p” ɖ cuntri.

Slaśñ guvnmntspendñ t fund a hyj taxcut fr ɖ vri wlʈiist wl wîdn iniqoḷti, pś p ćîldpoṿti n sirịsli damij Britn’z public srṿsz. Aćivñ ɖs wd hv t involv cutñ NHS, scūl n ćîldcer bujits, srṿsz fr vulnṛbl ppl n wrcñ-ej beṇfits, īvn az infleśn z olrdi irodñ bujits – uɖr eriaz v public spendñ r simpli nt larj inuf t mc p ɖ rqîrd rdux́n. Qarteñ hz olrdi rfyzd t cmit t sticñ t Riśi Sŭnac’s plan t rêz beṇfits in lîn wɖ infleśn az yźl, ẃć wl mīn lo-incm peṛnts n ɖer ćildṛn, n ppl wɖ dis’biḷtiz, fesñ intolṛbl levlz v hardśp at a tîm ẃn fūdbanc ysij hz rīćt record levlz. Aftr decedz v unḍfundñ n mor ɖn tū yirz v pandemic, ɖ NHS wintrcrîsis wz olrdi wel undr we in Sptmbr. Hedtīćrz hv wornd ɖt wɖt hlp fṛm ɖ guvnmnt, sm prîṃri scūlz wl no longr b fînanṣ́li vaybl.

Ɖs z ẃr ɖ îdịlojicl tecovr v ɖ Tori parti bî Brexit hardlînrz wz destind t līd. Brexit wz sold t ɖ public az a we v tecñ bac cntrol n rdysñ iṃgreśn. Ẃt rmend unséd wz ɖt Brexitrz lîc Trus n Qarteñ wontd t yz it t slaś taxz n reğleśn t mc Britn a mor lūcṛtiv ples fr miłneŗentịrz n a cruwlr ples fr ordnri Brítnz. Votrz wd nt wilñli ćūz ɖs, so ɖe instd msléd ɖ public abt ɖer riyl objctivz, n r nǎ pśñ ʈru ɖer rvrs Robin Hŭd dspt nvr hvñ wún an ilex́n on ɖs platform. It z denjṛs fr Britiś ppl, n fr Britiś dmocṛsi. Ɖ onli ppl hu cn cuṛntli stop ɖm r Cnsrṿtiv MPz. Ɖe mst act, n fast.

Instroduction to Ñspel

In Ñspel: The Guardian view on Tory shock therapy: the wrong medicine for the country

Liz Truss and Kwasi Kwarteng held talks with the Office for Budget Responsibility on Friday. Photograph: UK Parliament/Jessica Taylor/PA
Liz Trus n Qāzi Qarteñ hld tōcs wɖ ɖ Ofis fr Bujit Rsponsbiḷti on Frîde. Foṭgraf: YC Parḷmnt/Jesica Teilr/PA

Ɖ Gardịn vy on Tori śocʈeṛpi: ɖ roñ meḍsin fr ɖ cuntri

(Transcription of an editorial published in the Guardian on 30 September 2022)

Liz Trus’z poḷsiz hv pt ɖ Tōriz bhnd Lebr bî 30 pônts. Wɖt rvrsñ cors ś wl b in ofis bt nt in pǎr

Frîde 30 Sptmbr 2022

An îdịlojicli xtrim parti ɖt mcs unpopylr poḷsićôsz far rmuvd fṛm ɖ pziśn v most votrz wl rīp ɖ inevitbl consiqns in trmz v public opińn. Liz Trus dsîdd t bet agnst sć ʈncñ, n hz lost badli. Sqonḍrñ ɖ Tori repyteśn fr fiscl prūdns wl enśur ɖ spectr v Blac Wnzde hañz ovr its particonfṛns.

Ɖ mstec wz Qāzi Qarteñ’z plan fr groʈ. Ɖ public, akṛtli, sw it az unfer, fôstñ hayr morgijpemnts on mni ẃl miłnerz gt a £55,000 handǎt. Ɖ Lebr parti hz opnd p a 30-pônt pouļīd ovr ɖ Tōriz. Snsñ denjr, Mz Trus n Mr. Qarteñ dd hold imrjnsitōcs wɖ ɖ Ofis fr Bujit Rsponsbiḷti on Frîde. Bt ɖ muv smact v desṗreśn. Hr guvnmnt, rîtli, lcs finiśt bfr it gts a ćans t gt startd.

T unḍstand ẃ Mz Trus wz priperd t lît sć p’liticli flaṃbl mtirịl az beṇfitcuts n smōlr pnśnz, wn mst trî t si ɖ wrld fṛm hr pônt v vy. In Ōġst, ɖ Banc v Ñgḷnd wornd ɖt ɖ cuntri wz fesñ a rseśn ɖt wd probbli last intu 2024. F nʈñ ćenjd, ɖr wz a gd ćans ɖ Tōriz wd g intu ɖ nxt ilex́n wɖ a record in guvnmnt v hî taxz n flatlînñ groʈ, bt olso wɖ hî inṭrestrets t cǒp wɖ eḷvetd levlz v infleśn.

Mz Trus probbli rīznd ɖt sć cndiśnz wd nt b cndysiv t anɖr Cnsrṿtiv ilex́nvicṭri. So ś pṛnǎnst ɖ icoṇmi feṭli il, telñ Tori membrz ɖt imīɉtli adminisṭrñ a śocʈeṛpi v taxcuts fr ɖ rić n pro-biznis dīreğleśn wz moṛli jusṭfaybl bcz ɖ oltrṇtiv wz a slo deʈ. Ɖ oʈr Neymi Klein ćartd ɖs form v dzastrcapiṭlizm in hr 2007 bc Ɖ Śocdoctrin.

Ɖ prîm̦inistr’z ʈiyri rests on brññ fwd ɖ pen, rzultñ in a rseśn ɖt z śort n grīn śūts v rcuṿri ɖt apir sm we bfr 2024. Ɖ public z bginñ t pe a vri hî prîs fr an xntric ic̣nomic straṭji ẃć sīmz unlîcli t yīld ɖ hopt fr p’liticl rzults. T impoz mor public-srvis cuts riscs ceos in priznz, clasrūmz n hospitlz. Unḍlayñ opińn hz travld a loñ we sins ɖ 2010z – n it z in ɖ d’rex́n v feṿrñ hayr spendñ n taxz. Struġlñ faṃliz r unlîcli t fgiv a guvnmnt ɖt cmz fr “ifiśnsisevñz” ẃn ɖer cuḅdz r emti. F Mz Trus imajinz ɖe r ol Lebr s’portrz, huz baḷts wr nvr cmñ hr we, ś z vri mć mstecn. Ɖ Cnsrṿtiv parti hz loñ b’livd its s’xes lîz in hom ǒnrśp. Rîzñ inṭrestrets me brñ dǎn proṗtivalyz in ɖ loñ run, bt it z lîcli frst t trn ɖ Tori corvotrz, in bʈ ɖ red n blu wōlz, agnst ɖ parti.

Mz Trus z ɖ most maṇfestli Ʈać̣rît Tori līdr ɖs snć̣ri, huz p’liticl zigzagñ hz bn unḍgrdd bî hr constnt b’lif in ɖ beṇfits v fri marcits. Yt ɖs z feʈ-best poḷtics. Blînd cnvix́n w’nt si taxcuts jeṇret ɖ groʈ ś crevz. Mni ppl ʈnc ɖ prîm̦inistr z barcñ p ɖ roñ tri enwe. Aftr a deced v inṣkr wrc n fōlñ riyl wejz, olmst haf v Brítnz ʈnc ic̣nomic groʈ itslf dz mor harm ɖn gd.

Formr Trus s’portrz me b suḟrñ fṛm bayrz’ rmors. Fr ɖ prîm̦inistr ɖr sīmz no imajiṇbl rùt v iscep fṛm hr dzastṛs p’liticl msjujmnt. Wɖt a plan t jeṭsn hr poḷsiz n hr hybristic ćanslr, ɖr apirz no we t būst ɖ parti’z poulretñz or hīl its dviźnz. Mz Trus’z imbaṛsñ pformnsz in ɖ mīdia hv cntribytd t a rumbl v discntnt ɖt wl pīc nxt wīc. Ɖ cuntri nīdz betr līdrśp ɖn ɖs. Fîndñ a ny Tori līdr wd b a mesi biznis, bt ɖ oltrṇtiv lcs wrs.

Instroduction to Ñspel

Fṛm Đ Obzrvr: Liz Truss’s disastrous ‘fiscal event’

Liz Truss and her chancellor, Kwasi Kwarteng, have delivered a financial package straight out of the Singapore-on-Thames fantasy of right-wing Tory Brexiters. Photograph: WPA/Getty Images
Liz Trus n hr ćanslr, Qāzi Qarteñ, hv dlivrd a fînanśl pacij stret ǎt v ɖ Snġpor-on-Tmz fanṭsi v rît-wñ Tori Brexitrz. Foṭgraf: WPA/Geti Iṃjz

Ɖ Obzrvr vy on Liz Trus’z dzastṛs ‘fiscl ivnt’

(Transcription of an editorial published in the Observer on 25 September 2022)

Ɖs wz a brezn gambl ɖt cn onli damij Britn’z fyćr

Súnde 25 Sptmbr 2022

Ɖ  frst mejr fiscl inṭvnśn bî a ny prîm̦inistr hz śrli nvr bn grītd wɖ sć wîdspred dsden. Les ɖn ʈri wīcs intu Liz Trus’z premịrśp, hr ny ćanslr, Qāzi Qarteñ, anǎnst ɖ bigist program v taxcuts in haf a snć̣ri, wn ɖt wl beṇfit ɖ vri wlʈiist ẃl adñ tnz v biłnz t ɖ naśnl dét. Ɖ marcitriax́n wz instnteńs: ɖ pǎnd dropt t its lǒist levl agnst ɖ dolr sins 1985. Ɖ “groʈplan” wz rubiśt bî ʈnctancs sć az ɖ Insttyt fr Fiscl Studiz. Bac-bnć Cnsrṿtivz lambastd ɖ plan az “ic̣nomicli dybịs”. N Lari Sumrz, ɖ formr YS Treẓ́risecṛtri, akzd ɖ YC v bhevñ lîc an “imrjñ marcit trnñ intu a submrjñ marcit”.

Ɖoz r jst vrdicts on ɖ substns v Frîde’z rmarcbl anǎnsmnts. Ɖ YC icoṇmi z suḟrñ az a rzult v ɖ globl eṇjiprîs śoc n a deced v pur prodctivtigroʈ, md wrs bî irectñ hyj barịrz t tred wɖ ɖ YY. Ɖz srcmstansz r mcñ evrwn purr, wɖ ptiklrli deḷtirịs consiqnsz fr lo-incm hǎsholdz wɖ ćildṛn, ppl wɖ dis’biḷtiz n pur pnśnrz. Ẃt z despṛtli nīdd z rjnt s’port tarġtd at ɖ hardist-hit hǎsholdz, plus ɖ invstmnt in scilz, infṛstrucćr n biznisfînans t rībaḷns ɖ icoṇmi awe fṛm groʈ best on cnsymrspendñ, fyld bî rîzñ hǎsprîsz, n twdz biznis invstmnt n xports.

Instd, Qarteñ hz anǎnst a set v taxcuts ɖt ćanl hyj genz t ɖ vri rićist n a scatrgun plan fr dīreğletñ ɖ icoṇmi. Dspt ɖ fact ɖt ɖs z a hyjli sgnificnt fiscl inṭvnśn, h hz privntd ɖ indipndnt Ofis fr Bujit Rsponsbiḷti fṛm pṛdysñ its ǒn fōrcasts, implōẓbli clemñ hiz meźrz wl pt ɖ YC on a paʈ t trend groʈ v 2.5%. Bt – qac īc̣nomics asd – ɖr z no plōẓbl ʈiyri v ćenj ɖt lincs Qarteñ’z taxcuts t sć boynt groʈ. Ɖe wl mc s purr az ɖ détbrdn b’lūnz.

Ɖ taxcuts wl hv teṛbl consiqnsz fr levlz v iniqoḷti n poṿti in Britn. Īvn bfr ɖ eṇjiprîs crîsis, lo-incm hǎsholdz fest a grim rec̣nñ: a deced v cuts t taxcredits bî Cnsrṿtiv ćanslrz, ẃć peid fr taxcuts dispṛporśṇtli beṇfitñ ɖ mor aflụnt, hz ript opn ɖ fînanśl seftinet so importnt fr lo-peid peṛnts t cīp ćildṛn ǎt v poṿti. Hǎsholdz in rsit v yṇvrsl credit wl b olmst £1,500 a yir wrs of fṛm Octobr az a rzult v infleśn n rîzñ eṇjiprîsz. Ɖ Reẓluśnfǎndeśn hz fōrcast ɖt, tecñ intu acǎnt yesṭde’z anǎnsmnts, anɖr 700,000 ćildṛn wl b livñ in poṿti in tū yirz’ tîm, wɖ consiqnsz fr ɖer edyceśn, hlʈ n implômnt fr ɖ rest v ɖer lîvz.

Mnẃl, it z ɖ rićist hu stand t gen most fṛm last wīc’s anǎnsmnts, includñ ɖ scrapñ v ɖ 45% taxret n ɖ cap on bancrz’ boṇsz. Ppl wɖ incmz v les ɖn £155,000 wl pe mor incmtax fṛm nxt Epril; ɖoz on mor ɖn ɖs wl gen, ofn sbstanṣ́li: smwn wɖ an ańl incm v mor ɖn £1m wl b mor ɖn £40,000 a yir betr of. Hǎsholdz in ɖ top 5% v wlʈdistṛbyśn wl gen, on aṿrij, mor ɖn £8,000 a yir az a rzult v Qarteñ’z ćenjz; ɖoz in ɖ purist 10% gt nʈñ. Ɖt wd iqet t pṛvîdñ s’port v £2,000 fr evri hǎshold amñ ɖ purist 20%, ẃć wd d far mor t būst groʈ gvn ɖt ɖ wlʈi r mor lîcli t sev ɖ rwordz ɖe gen. Az a rzult v Qarteñ’z fiscl lūṣnñ, ɖ Banc v Ñgḷnd z olmst srtn t hîc inṭrestrets īvn frɖr in ɖ cmñ wīcs, inflictñ frɖr pen on ɖoz wɖ morġjz or in dét. N, ẃn ɖ promist groʈ felz t mtirịlîz, ɖs z lîcli t pś ministrz twdz cutñ public-srvis bujits frɖr, īvn az NHS n scūl fînansz r olrdi undr svir stren.

Ɖr z no deṃcratic mandet fr ɖs pacij: Trus hz nvr wún a jenṛl ilex́n n ɖ meźrz marc a hyj śift fṛm ɖ 2019 maṇfesto. Bt ɖ Qarteñ pacij z ɖ oft hopt-fr desṭneśn v ɖ hard-rît Tori flanc. Fr ɖm, Brexit wz olwz a mīnz t an end: t slaś taxz n reğleśnz t a dgri ɖt ivedd īvn Marġrit Ʈaćr. Bt ɖr z nʈñ Cnsrṿtiv abt gvñ uņesṣri handǎts t ɖ rić n brḍnñ ɖoz in ɖer 20z n 30z wɖ ɖ cost v fînansñ ɖ xtrordnri rîz in ɖ naśnl dét fr ɖ rest v ɖer wrcñlivz. No cuntri hz s’xesḟli aćivd groʈ ʈru ɖz mīnz. Ɖ “Snġpor-on-Tmz” fanṭsi v Cnsrṿtiv Brexitrz z jst ɖt: Snġpor z a tîni, oʈoṛterịn sitistet ɖt spendz a gret dīl on its hîli activ industrịl poḷsi. Wn acdemic studi v 18 OICD icoṇmiz faund ɖt taxcuts d nʈñ fr groʈ n instd incris incm iniqoḷti.

Trus n Qarteñ’z îdịlojicl aproć criets a sgnificnt ćans fr Lebr t śo it hz an oltrṇtiv ic̣nomic viźn fr Britn at its particonfṛns ɖs wīc. Cir Starmr hz sd ɖt Lebr wd invst in mcñ Britn slf-sfiśnt in ilectriṣti bî 2030, bî būstñ rnywbl sorsz v eṇji, n ɖt z xacli ɖ bold ʈncñ ɖ cuntri nīdz. Bt ɖ teṛbl truʈ z ɖt huevr winz ɖ nxt ilex́n wl inherit wn v ɖ wrst-evr ic̣nomic ǎtlŭcs az a product v Trus’z brezn, îdịlojicl xperimnt. It wl cost ɖ cuntri dir.

Instroduction to Ñspel

Fṛm Đ Gardịn: Liz Truss and Kwasi Kwarteng have made a declaration of class war

‘Taking from those who have least, lavishing gifts on those who have most.’ Liz Truss and Kwasi Kwarteng on a visit to Berkeley Modular in Kent. Photograph: Dylan Martinez/AP
‘Tecñ fṛm ɖoz hu hv līst, laviśñ gifts on ɖoz hu hv most.’ Liz Trus n Qāzi Qarteñ on a vizit t Brcli Modylr in Cnt. Foṭgraf: Diḷn Martinez/AP

Liz Trus n Qāzi Qarteñ hv md a decḷreśn v claswor

(Transcription of an article published in the Guardian on 23 September 2022)

Ɖs un’fiśl bujit z moṛli indifnsbl, ic̣nomicli reclis n so risci it sjsts a p’liticl deʈwiś

Jonathan Freedland

Joṇʈn Frīdḷnd, Frîde 23 Sptmbr 2022

Ś  mcs Marġrit Ʈaćr lc lîc a modṛt n Ronld Regn sīm poztivli wet. Liz Trus hz imbarct on an îdịlojicl project so xtrim ɖt ɖ de facto bujit anǎnst bî hr ćanslr tde amǎnts t a decḷreśn v claswor. It wz a rvrs Robin Hŭd: tecñ fṛm ɖoz hu hv līst, laviśñ gifts on ɖoz hu hv most. It z moṛli indifnsbl, ic̣nomicli reclis n so p’liticli risci az t sjst a deʈwiś.

Trusonomics rests on a simpl articl v feʈ: ɖt bî rwordñ ɖ olrdi wlʈi, lîf wl impruv fr evrwn els. Tricl-dǎn īc̣nomics, ɖe cōld it bac in ɖ 1980z, n it dd’nt wrc ɖen. Nǎ it’s bac in a form mor starc, mor xtraṿgnt, ɖn īvn its most ardnt aposlz evr derd contmplet.

Ɖ jeṇroṣti twdz ɖ ampli blest wz breʈtecñ. Qāzi Qarteñ’z ttemic muv wz ɖ rmuvl v ɖ cap on bancrz’ boṇsz – az f ɖ numbr wn probḷm cnfruntñ Britn tde wz ɖt bancrz r’nt rić inuf. It’l b Cristl magṇmz ol rnd in ɖ Siti, obvịsli, bt Lebr HQ śd olso rêz a glas: ɖ’v jst bn handd an ataclîn ɖt canot fel. Ɖ Cnsrṿtiv prīdisesrz v Trus n Qarteñ hd no prínsipld objx́n t letñ bancrz rsiv teḷfoņumbr boṇsz, bt hld of bcz ɖe ń ɖ optics wr so scrīmñli ōfl. Ɖ ny dyo hz no sć rstrent.

N so ɖe hv dlivrd ɖ bigist taxcuts in haf a snć̣ri, ǎtstripñ ɖ landmarc Nîjl Lwsn bujit v 1988 – n ɖer larjes z emd sqerli at ɖ top. Qarteñ dsîdd it wz ɖoz in ɖ hîist taxbracit hu nīdd hlp, so h aboliśt ɖ top ret oltgɖr. Ɖt wl hand an aṿrij £10,000 t ɖ hîist-rnñ 600,000 ppl in ɖ cuntri: litṛli ɖ wn psnt.

Ɖ ćanslr cansld a pland incris in corṗreśntax: mor gd nyz fr ɖ bōrdrūm. Īvn ɖ scrapt rîz in naśnl inśuṛns wl beṇfit ɖ hîist rnrz most. (Az fr sośl cer, ẃć despṛtli nīdz ɖ muni ɖt NI rîz wz gwñ t pe fr, hu nz ẃr ɖt caś wl cm fṛm – f it cmz at ol.) Litl wundr ɖt wn v ɖ rliist ćirz fr Qarteñ’z un’fiśl bujit cem fṛm ɖ Wlʈclub, ẃć ofrz invstmntsrṿsz t ɖoz v “hî net wrʈ”. Ɖe luvd it.

W śd’nt fget ẃt rmenz ɖ larjist fiscl muv v ɖ Trus admiṇstreśn, īvn f it wz anǎnst nirli tū wīcs ago: ɖ £150bn t b spent on frizñ eṇjibilz. T b śr, ɖt wl beṇfit evrwn, bt ges hu’z gwñ t pe fr it. It cd hv bn a windfōl tax on ɖ garganćụn, unrnd, xesiv profits v ɖ fosilfyl jaynts, ẃć hv sìn biłnz fōl intu ɖer laps ʈancs t ɖ srjñ prîs v ôl n gas cōzd bî Vladīmir Pūtin’z sqolid wor on Ycren. Ɖt wz ɖ pot v muni ɖt cd, n śd, hv hlpt hold dǎn eṇjibilz.

Bt Trus n Qarteñ prifŕd t pṛtct ɖ eṇjicumṗniz n t boro instd. Ɖt wl rac p a dét ɖt wl hv t b rpeid bî ɖ taxpeyrz v tde n tmoro. Ɖoz in ɖ ny admiṇstreśn hd a ćôs. Ɖe cd hv taxt BP n Śel, bt ɖe ćouz t ples ɖ brdn on ordnri faṃliz. So no mor tōc fṛm ɖm, or eni Cnsrṿtiv, v biyñ “on ɖ sîd v taxpeyrz”. Ɖs guvnmnt hz śaftd taxpeyrz n ɖer ćildṛn.

Stl, claswor z nvr jst abt lcñ aftr yr ǒn. It’s olso abt hrtñ ɖ eṇmi. So ɖ ćanslr md śr t anǎns ɖt ɖ unimploid wl si ɖer beṇfits slaśt f ɖe c’nt pruv ɖ’r srćñ fr mor wrc. N īvn ɖo ɖ tredyńnz hv a frax́n v ɖer formr streñʈ, Qarteñ promist lejsleśn t śrinc wrcrz’ abiḷti t act tgɖr yt frɖr. No matr hǎ litl caś or pǎr ɖ nīdiist hv hld on t, ɖ śerif v Notñm z aftr it.

Qāzi Qarteñ dlivrz swīpñ cuts in lêtist minibujit – vidio hîlîts

Ɖ moṛl ces agnst Trusonomics z cmpelñ, bt sm v ɖ most trenćnt opziśn t tde’z anǎnsmnts cem nt on grǎndz v cmpaśn or fernis, bt hard-hedd īc̣nomics. Aṇlists wr struġlñ nt t b rūd, az ɖe xamind a pacij v meźrz huz premis hz bn ʈuṛli dscredtd bî historicl xpirịns. Ɖ nośn ɖt cutñ taxz fr ɖ wlʈiist fylz groʈ t sć an xtnt ɖt “taxcuts pe fr ɖmslvz” z a ʈiyri fr ẃć ɖr z scant evidns. It’s lîcli ɖt ɖ Ofis fr Bujit Rsponsbiḷti wd hv md ɖs pônt, hd it nt bn sîḷnst bî Trus, apaṛntli añśs t avôd indipndnt scrūṭni v hr planz.

Īvn stǎt dfndrz v Ʈać̣rizm n Reġnomics bōlc at ɖ cmparisn wɖ ɖer hiroz. Trus me hv fgotn ɖt Ʈaćr’z rli cuts t incmtax wr baḷnst bî a nir duḅlñ v VAT: ɖ frst fīmel PM wz a fiscl cnsrṿtiv hu wontd ɖ cuntri’z sumz t ad p. Az fr hr 1988 taxcuts, ɖe cem onli wns infleśn wz lo n ɖ icoṇmi growñ. Regn cut taxz n masivli incrist ɖ YS deḟsit, bt h tù actd at a tîm ẃn infleśn wz cmñ undr cntrol.

Bî contrast, Qarteñ’z stiḿḷspacij, dzînd t jolt ɖ icoṇmi intu groʈ, arîvz alñsd sōrñ infleśn: it’s ʈrowñ petṛl on ɖ fîr. Ɖt wl pś ɖ Banc v Ñgḷnd t rêz inṭrestrets, ẃć wl mc lîf periḷsli hard fr ɖoz wɖ a morgij. Sm me nt b ebl t cīp p wɖ stīpli incrist munʈli pemnts – a denjr t ẃć ɖ guvnmnt z apaṛntli oblivịs. Mnẃl, guvnmntborowñ z gtñ mor xpnsiv – ɖ cost v it lept īvn az Qarteñ spouc – n ɖ valy v strlñ z plunjñ. Ẃn Iliẓbʈ II wz crǎnd, a pǎnd bòt $2.81; in ɖ munʈ v hr deʈ, it baiz les ɖn $1.10. Ɖt z ɖ marcits’ vrdict on ẃt tde’z Britn z wrʈ.

Az fr ɖ poḷtics, phps ppl wl b so hapi wɖ ɖ xtra £330 ɖe gt fṛm ɖ cansld naśnl-inśuṛns rîz, ɖ’l oṿlc ɖ fact ɖt ɖ Tōriz r handñ at līst 30 tîmz ɖt sum t ɖ wlʈiist wn psnt. It’s poṣbl ɖ’l jst b gretfl ɖer eṇjibil z capt. Mbi ɖt’s hǎ ɖz ʈñz wrc. Oltrṇtivli, ɖ Trus guvnmnt hz jst ritn ɖ script fr Lebr’z nxt ilex́ncampen. It hz ofrd p wn vivid targit aftr anɖr. Hǎ cn Tori MPz lc “red wōl” votrz in ɖ î n dfnd uncapt bancrz’ boṇsz, gv’wez fr ɖ rićist n xes profits fr ɖ eṇjijaynts, ẃl ppl strugl wɖ śrincñ wejz, rîzñ prîsz n imposbl morgijpemnts?

Trus n Qarteñ nīd a groʈmiṛcl, an adreṇlin injx́n intu ɖ icoṇmi ɖt trnz ʈñz arnd in les ɖn tū yirz. Miṛcl mt jst b ɖ rît wrd, bcz ɖs z nt a poḷsi grǎndd in rīzn – it z an act v nir-rlijs feʈ, wn ɖt wd hv md īvn its petṛnsents ćoc. It olso vaylets ɖ most besic nośn v fernis. Ẃt a sît t bhold: a guvnmnt ɖt spent 10 dez v naśnl mōrnñ paysli xtolñ Britiś valyz nǎ tramṗlñ ol ovr ɖm.

Instroduction to Ñspel