[ad_1]
A Brexiteer has bemoaned the “worrying” prospect of “technocrats” being seen as always knowing better than politicians. He said this could result in no government ever attempting “radical economic reform”.
Liz Truss has been the butt of much criticism in recent weeks over her administration’s attempts to push for “growth, growth, growth”.
The pound tumbled to an all-time low against the dollar after her then-Chancellor Kwasi Kwarteng unleashed his mini-budget, unleashing a range of later-scrapped tax cuts and rocking market confidence.
This prompted financial paper Bloomberg to brand Ms Truss’s first weeks in office as “the most turbulent debut of any British prime minister in peacetime”.
A pro-Brexit writer and trade unionist has now drawn attention to a “worrying” trend that could flow from the backlash to the Conservative Party’s recent economic dealings.
Paul Embery wrote in a post on Twitter: “The downside of the Tory implosion is the prospect that the belief that financial markets cannot be challenged and that technocrats always know best will become embedded in our politics.”
He added this could mean “no government will ever attempt radical economic reform” for fear of upsetting the markets.
Mr Embery described this as a “worrying thought”.
Bank of England head Andrew Bailey yesterday said there was a “meeting of minds” when he met with the new Chancellor, Jeremy Hunt.
READ MORE: Putin arming Belarusian planes to carry nuclear weapons
Responding to these reports, the Treasury told Express.co.uk: “We wouldn’t be able to comment on tax changes outside of fiscal events.”
After stripping back many of the Government’s promises on handling the economy, the new Chancellor said he is “not taking anything off the table” when asked about backtracking on other tax pledges.
Responding to Mr Embery’s comments on government’s becoming scared of market upset, hedge fund manager Paul Marshall wrote: “Financial markets and technocrats are not the same thing. Almost the opposite.
“Financial markets speak the truth that technocrats try to hide!”
The trade unionist said he agreed, and that he “was thinking of Bank of England officials in respect of technocrats”.
He added: “My concern is that future governments will simply be petrified of upsetting the markets or the technocrats.”
[ad_2]
