Time for new thinking from serious politicians

In little more than a week, the new Chancellor Kwasi Kwarteng, sponsored by new Prime Minister Liz Truss, has managed to nose-dive the economy, set interest rates to increase to crippling levels, trashed the pound, tried to give tax breaks to those who don’t need them and been the cause of a record slump in support for the Conservative party.

Whilst managing to do all this, Kwarteng has sacked his most experienced Treasury civil servant, refused to attend the Treasury Select Committee to account for his actions, declined to publish an OBR report on the impact of his measures, and said ‘no’ to sharing his economic ‘plan’ for another two months. He has now been forced into a humiliating U-turn on his proposal to abolish the 45 per cent tax rate.

The Tory party has been known in the past as the Nasty Party and even the Stupid Party. In the arrogance of its present guise, it is living up to those epithets in spades. And we, the people, are paying the price.

The massive increase in Government borrowing will have to be paid for by our children and grandchildren for decades to come. Interest on government debt will create an even bigger hole in state finances.

Massive hikes in mortgage interest will destroy the housing market and impoverish those trying to get a start in life.

To achieve so much damage in such a short time – are they trying to create some sort of record for worst-ever government?

It won’t be long before Tory MPs decide enough is enough of this Truss government which cannot claim any popular mandate for the course it is taking.

But it is so frustrating that we, the populace, can do nothing meaningful to change events.

A new constitutional settlement is needed. It is time for serious, honest politicians to put forward some new thinking.

PHILIP RATCLIFFE

Keble Road Maidenhead