"Dear oh dear."
The words of King Charles as he greeted Liz Truss for what will soon become to both of them a normal weekly thing.
https://www.bbc.co.uk/news/uk-politics-63237792It really is not rocket science. There are 5 things that this government did not need to do and markets would have been fine.
1. Do not reduce 45% to 40% tax
2. Keep Sunak's proposal of Corporation Tax of 26% from 19%
3. No change at Property tax for first time purchases and certainly not those who are buying 600k homes
4. Apply windfall tax to all the corporations who have made a killing during the pandemic as well as the Ukranian war instead of borrowing on our behalf.
5. Not lift the moratorium on fossil fuels expansion and particularly fracking.
They should have
1. Borrowed to buy the utility companies as the purchase can be paid by the Utility companies' profits. Rail does not make any profit, but it is reliant on government handouts anyway even in private hands and the actual rail lines are already nationalised.
2. Increase the minimum wage to £15 an hour and increase the threshold for when lowest paid begin to pay tax and insurance.
3.Increase tax on the unearned incomes
4. Begin a program of increasing power generation using renewables.
People are now saddled with up to £600 a month increase in mortgage payments and many offers have been withdrawn from the market only to return with interest rates of over 10%.
Negative equity here we come.
One good thing of course is the fact that prices may drop but it seems they never do, not in London anyway or at least it feels that way.