By Jonathan Reynolds MP
MY LAST column for the Correspondent was written on the day of the “mini budget” or so called “fiscal event” delivered by Liz Truss and Kwasi Kwarteng (remember them?!).
At the time, I called it “casino economics, a reckless Tory gamble with household mortgages and budgets.”
A staggering amount has happened in the interim four weeks, but sadly, in short, I was right.
“May you live in interesting times”, the ancient proverb wishes, and yet, most followers of British politics and economics find ourselves yearning for the contrary.
In the 13 years of the last Labour Government, there were only two Chancellors of the Exchequer casting steady hands over the Treasury (Gordon Brown and Alastair Darling, for the pub quiz fans among you).
Extraordinarily, the Conservatives offered us four in the past four months: Rishi Sunak (July), Nadhim Zahawi (August), Kwasi Kwarteng (September) and Jeremy Hunt (October).
By the time you read this, we will be on almost as many Prime Ministers in the same timescale (Johnson, Truss, and at the time of writing, who knows, although one of the key contenders was only declared unfit for office by the Conservative Party themselves a matter of months ago.)
It is a revolving door of chaos, at a time when, after the tragic loss of Her Majesty The Queen, and contending with a cost of living crisis, what Britain deeply needs is stability and hope.
Despite Truss’s reckless high risk, high borrowing, tax cutting plan being partially in the shredder after only 40-odd days in officer, the damage has been done.
Because of this mistake, Tameside mortgage holders are paying more than they would have done had the Tories never rolled the dice with workers’ family finances. That makes me angry.
Good governments are there to protect people from the worst effects of market shocks, not cause them.
This is a crisis made in Downing Street, and it has made Britain a risk and a laughing-stock on the world stage.
The removal vans are in and out of Downing Street more frequently than Avanti West Coast bothers to run a train between Manchester and London, but sadly the damage to our international reputation may take years to recover – and that means further economic pain.
Neither the public nor the markets now know what (or indeed who) to expect next from this Government.
There is no clarity, no stability, no confidence that might win back wounded business investment. After 12 years of failure on growth and wages and a catastrophic few weeks of economic self-destruction, Britain doesn’t just need a change in Prime Minister.
We need a General Election and the option of a whole new Government.
There’s a fairer, greener future possible for Britain, in which swinging from crisis to crisis is a thing of the past.
In which grown up, evidence-based, values driven governance returns with serious and just answers to the serious challenges we face today, on energy, on growth, on the cost of living and on public services.
In which leadership and integrity matter. It’s time to let the people have their say. It’s time to give Britain our bright future and international reputation back.
Who knows what further dramatic developments may occur in the next four weeks until my next Correspondent column?
However, I firmly hope that by the time you read this, the Government will have finally done the decent thing and the date to have your say at the ballot box will indeed have been set.
See you on the doorsteps.