Ignoring the shenanigans in Westminster, as I have successfully done this week doing more important personal projects, it is has become fairly obvious that there has been a power shift.
This is not inside the myriad factions that throng Westminster , but public policy has shifted decisively from being formed in Westminster/Whitehall to that of the interests of the City.
The attempt by Kwasi Kwarteng to reverse the inexorable increase in both direct and indirect taxation was defeated on two fronts, the incredulity of the markets that is was going to be attempted without massive cuts in public spending. Truss just waffled about ‘spending public money wisely’ rather than making the necessary cuts because she did not have the political will to make cuts needed. Secondly there was a very short lived run on the pound for about a week which was a currency speculators wet dream.
Sunak is still the favourite to replace Truss, because he is a favourite with the City. His printing of money has undermined and debased the currency. We will be paying for his tenure at the Treasury for decades.
The process of centralisation of banking started under ‘big is good‘ Heath. He was not adverse to a little insider dealing himself.
‘A previously unpublished letter shows his involvement in a scheme that enriched privileged investors at the expense of public shareholders. He used a secret nominee account for the transactions, which would be illegal today.
Heath, who died in July 2005, enjoyed an affluent lifestyle, with homes in Mayfair and Salisbury. The source of his wealth has been the subject of speculation dating back to 1969 when he first bought Morning Cloud, an expensive racing yacht.’
The Times July 24th 2005
His actions led to the collapse of the banking system due to ‘Sub Prime ‘ lending. Of course all the banks went cap in hand to Government ( Tax payer) for a bail out. Their losses were in effect Nationalised.
Many of the challenger banks are now under investigation for their ‘distribution of Bounce Back Loans ‘ by the Financial Conduct Authority
Yet despite the proven fraud of the last twenty five years not one banker has gone to jail, unlike in Iceland.
Unless regional banks are reinstated, as is this party’s policy, the abuse and corruption will continue, few care about sound money in Parliament, this party does.
Andrew Withers FRSA