For a politician who only a few days ago was bravely mocking Vladimir Putin as a ‘sabre-rattling’ loudmouth ‘desperately trying to justify his catastrophic failures,’ Liz Truss has turned out to be the greatest coward ever to be prime minister.
At least Putin feels the need to justify the catastrophe he has inflicted. Truss and her Chancellor believe they can hide away like children putting pillows over their heads to escape a bad dream, and say nothing at all.
The public may not understand the full ramifications of the crisis the Conservatives have unleashed in a moment of ideological delirium. The technical reasons why the Bank of England had to promise a £65 billion bond-buying programme to stop pension funds from selling off assets may go above our heads. But we know what the Bank means when it says the government has unleashed ‘a material threat to UK financial stability’.
We have a basic enough grasp of economics to guess that pumping yet more billions into the economy will be inflationary.
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