Next Conservative leader

Labour proposed raising £8 billion from a windfall tax, so from the profits of the energy companies. Trying to find the details, I think Truss' proposal is to transfer £150bn of borrowed money to energy suppliers to combat the cost of energy crisis. As that money is borrowed it is essentially going to be on the taxpayers to return it in future years. Or the UK to be declared bankrupt and debts erased. Or a government to sell off something very pricey to raise the funds.

But there's a pretty big difference between 150 and 8 billion and I also don't know where would Labour differs to make up the rest or did their plan also have substantial borrowing involved? So perhaps the windfall tax is a bit of a soundbyte and both are more similar than it comes across. 

You're completely right though, what happens when the cost of something simply goes up loads? It's a bit of an issue when that thing is needed to keep people alive and so what should a government do? This is why libertarian ones get into sticky situations as they fundamentally think it's on each individual, so are saying things like people should buy more jumpers and cook meals that cost 30p and so on (all of which have been suggested by Conservative MPs as solutions to the cost of energy crisis). We could legitimately look at energy rationing as well, I think Germany is doing this, not sure why that hasn't been suggested but we can all make sacrifices for the greater good but this certainly isn't within the current Government's approach or their voter base, so I doubt it will happen.

Another thing it's not just the rate these energy companies have put up but also the standing charge... that starts to look a bit like profiteering. Exactly what you would expect in a free market but the companies offering cheaper went bust so it appears ring fenced now as we don't have options do we?

Interestingly during her leadership campaign, Truss said there would be no handouts to help with energy crisis. Within days of winning she was then forced into a U turn on this and actually took on most of what Labour proposed. Sunak was more honest about what he'd do... and so lost. I've completely gone off optimism, it's just BS to me now. But it seems the lady is for turning.... (see Truss, I can make Thatcher references as well!)

I smell another U turn ahead...

Will anyone notice at the moment though? 

Facilitated by a certain B-word the UK is now free to become the most corrupt country going!

I still think they'll backtrack as it really doesn't come across well during a cost of living crisis and mass strike action over low pay does it?

Ah and Theresa Coffey is already providing entertainment. You know I often said there should be more scientists in politics? In Trussian style, this statement was misquoted and misunderstood, despite the fact I personally said it.  

Yes, that's it in a nutshell and it's looking brutal. I'll try to be objective on the following list but you have: A cost of living crisis, the negative impact of reduced trade with the EU from Brexit, financial deficit from Covid pandemic and Ukraine-Russia war, continued increase of wealth gap, increased numbers of Brits living in poverty, an NHS in a severely underfunded state, high inflation, a weak pound, and her early moves are:

Borrow money (that the public will have to repay) that disproportionately favours wealthier folk

Remove cap on bankers' bonuses

Cutting taxes - again, in a way that disproportionately favours well off

So it's pure trickle down economics with almost a 100% focus on growth of the economy. She even accompanied this with a statement that "fairness is inherently an argument of the left", which was interesting.

There is a plus side in that she is being more honest about things than her predecessor, even stating she is fine being disliked. This means we can now at least discuss the effects of policies, different approaches etc, rather than endless personality issues around Johnson's lies and character failings. It's early days yet I suppose but I personally look back to the effects of Reaganism and Thatcherism of the 80s as largely leading to the mess we find ourselves in now but there you go, Truss and her team clearly disagree.

This mini-budget confirms exactly what they said they'd do: massive tax cuts that favour the rich. Including abolishing the 45% income tax rate for the highest earners so very nice for those bankers who've just had the limit on their bonuses removed (which was twice their annual salaries so not exactly peanuts).