Tag Archives: Anti-austerity

PM Liz Truss cannot change the UK`s low growth and resigned after 44 days in office

PM Liz Truss came in as a new leader in the UK and said she will always act in the national interest. “Growing the economy remains our mission, ensuring people can get good jobs, new businesses can flourish and families can afford an even better life,” she tweeted a few days ago.

Liz Truss and the Conservative Party stand for low taxes, free markets, deregulation, privatization, and reduced government spending and government debt. Social conservatives see traditional social values, often rooted in familial, and religion.

PM Liz Truss cannot do what she was planning to do, and therefore she and her party had a U-turn and walked away from their agenda. Instead, we see the opposite of what she stands for, but now under Jeremy Hunt.

Photo by Pixabay on Pexels.com

The opposite isn`t funny at all. Just ask people in Greece, and we know what they have gone thru. Austerity seems to be the next step in the UK. It also happened under PM David Cameron in 2009.

The term «age of austerity», which had previously been used to describe the years immediately following World War II, was popularised by Conservative Pary leader David Cameron.

High inflation, high taxation, and the removal of temporary COVID-era support measures culminated in a cost-of-living crisis late last year. Policies during late 2021 were referred to as the second era of austerity by some commentators.

The second austerity period took place during the premierships of Boris Johnson and Liz Truss, and the austerity program included reductions in welfare spending, the cancellation of school building programs, reductions in local government funding, and an increase in VAT.

Spending on the police, courts, and prisons was also reduced. A number of quangos were abolished, merged, or reduced as a result of the 2010 UK quango reforms.

Researchers have linked budget cuts and sanctions against benefit claimants to the increasing use of food banks. The use of food banks almost doubled between 2013 and 2017.

The UK`s government austerity program is a fiscal policy adopted in the early 21st century following the Great Recession. It started last year when the cost of the living crisis started.

The government claimed that it was a deficit reduction program consisting of sustained reductions in public spending and tax rises, intended to reduce the government budget deficit and the role of the welfare state in the UK.

Some observers accept this claim, but scholars have suggested that in fact its primary, largely unstated, aim, like most austerity policies, was to restore the rate of profit.

The Conservative government claimed that the National Health Service and education have been “ringfenced” and protected from direct spending cuts, but between 2010 and 2019 more than £30 billion in spending reductions have been made to welfare payments, housing subsidies, and social services.

The effects of United Kingdom austerity policies have proved controversial and the policies have received criticism from a variety of politicians and economists. Anti-austerity movements have been formed among citizens more generally.

This makes it very difficult for Liz Truss to continue as PM, and therefore, she resigned today.

In her speech today, she said that she was elected to change the UK`s low growth. Her vision was low taxes to make a high-growth economy take advantage of the freedoms of Brexit. But, she cannot deliver the mandate on which she was elected by the Conservative Party.

There will be a leadership election next week. This will ensure that they will remain on the path to deliver the fiscal plans, and maintain the UK`s stable economy, and national security. Liz Truss will remain as PM until a successor has been chosen.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Shinybull.com. The author has made every effort to ensure the accuracy of the information provided; however, neither Shinybull.com nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities, or other financial instruments. Shinybull.com and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Leave a comment

Filed under Politics