On the inaugural Andrew Neil show on Channel 4, Jacob Rees-Mogg was strikingly adamant that there were no easy solutions to the current cost of living crisis as increasing public spending would be inherently inflationary. This argument has intellectual force but is difficult to make politically. It was interesting, though, how keen Rees-Mogg was to lean into it.
Equally noticeable was Rees-Mogg’s desire not to pile into Starmer on the whole question of his campaign trail curry and beer when tier 2 restrictions were in place. In contrast to Nadine Dorries, Johnson’s other most loyal Cabinet ally, Rees-Mogg was arguing for something close to a general indulgence on these issues so the country could focus on cost of living the ‘pre-eminent issue’ facing the country, in Rees-Mogg’s words.
Rees-Mogg’s case against a windfall tax on the energy companies was audibly weak. Rees-Mogg said short term rates on companies were not the solutions to the current crisis and the fact that Italy had done it was a reason not to do it. But as Andrew Neil pointed out this was more of a cheap debating trick than an intellectually convincing argument as to why a windfall tax would hit investment.
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