Monday, 26 September 2022
Of course the money markets are having none of this rubbish from the deranged "Mini-Budget". On the votes of practically no one, we are now governed by people who no more represent the interest for which they claim to speak than does a Far Left groupuscule or a Far Right gang. Like either of those, it is a case of, "They'll thank us when we've won."
Liz Truss failed at Shell, and she was then unemployed for several years before a sinecure at a think tank enabled her to sleep her way into Parliament. Considering how much journalism, academia and politics he managed to fit in, then Kwasi Kwarteng cannot have been doing very much at all at JPMorgan Chase, or at WestLB, or at what now turns out to be the practically treasonable Odey Asset Management. He is not the type to have taken a pay cut in order to become an MP, so at 35 he must have made no discernible progress in the City.
One of the things about Singapore-on-Thames types is that unlike, say, us Lexit types here along the Red Wall, their views bear little or no resemblance to those of their neighbours or even their constituents beyond the advanced social liberalism of the Thatcherite, Remainer heartlands, where they may be still snorting and swapping like the Eighties never ended, but where, in that same spirit, they will never give up on the dream of rejoining the Customs Union and the Iron Lady's Single Market.
Whatever the official story might have been, the City and the Home Counties between them brought down Boris Johnson over Brexit, as they had been determined to do ever since the Proroguement Crisis. But Conservative MPs failed to do what they had been supposed to do and crown Rishi Sunak. Instead, the funny old couples on every Millionaires' Row were able to inflict Truss, Kwarteng, and the rest of this jaw-dropping Cabinet. As a result, a mere two weeks in, Britain is broadly in the territory of an IMF bailout. Another coup is coming.