THE BLACK MARKET

City GentsA rare visit to the house I grew up in over the weekend was crystallised in the wee small hours of Sunday morning by me accessing buried treasure and rifling through yellowing copies of the first ever comic I purchased week in-week out half-a-century ago, ‘The Mighty World of Marvel’ (from October 1972 onwards). This inaugural outing for the British branch of the Marvel Corporation was an exciting introduction to that now-overexposed universe for a kid eager for visual stimulation 50 years ago; the fantastic imaginations of Stan Lee, Jack Kirby and Steve Ditko were exactly what I needed then, however much the thought of their creations as rendered by Hollywood fills me with indifference today. Anyway, the familiar sensation of turning childhood pages and re-encountering images permanently burned onto the memory banks of the half-formed mind was added to by a retrospective awareness of wider events that barely gatecrashed my infant consciousness at the time.

I noticed a comic that was priced at 5p from its launch in the autumn of ’72 abruptly shot up to 6p at the height of the Three-Day Week in January 1974 and then increased to 7p less than six months later; by the conclusion of the year it had risen to 8p, and once I’d reached the end of the pile (1977), the cover price was 10p. I appreciate that sounds like peanuts by today’s standards, but one has to take into account price comparisons between the cost of living then and now; indeed, ‘The Mighty World of Marvel’ was probably an expensive addition to the newsagents’ shelf and its bi-annual price increase from 1974 onwards evidently reflected the soaring inflation of the mid-70s, something that only impinged on me when I was informed my weekly stimulation needed to be cut back. Related searches through my numerous preserved files of vintage TV from the era revealed a report from ‘John Craven’s Newsround’ explaining the perilous position of the pound in relation to the dollar from October 1976; this served as a reminder of how current headlines surrounding similar issues are nothing new. We have been here before, even if many of us who lived through the last time we were here imagined we’d never be here again.

Forty-six years ago, John Craven and his team reported that the pound in 1972 had been worth $2 57₵; four years later, as the pound plunged to its then-lowest-ever level, this had dropped a dollar to $1 57₵. Alas, the news that the pound of 2022 has plummeted to a record low against the US dollar in the wake of new Chancellor Kwasi Kwarteng announcing his tax cuts fuelled by further borrowing has unfortunately added to the tiresome ‘Back to the 70s’ narrative that the MSM is currently indulging in. Threatened public sector strikes and the prospect of a candlelit winter hardly help matters, but the largest programme of tax cuts since Ted Heath tried (and failed) to repair the economic malaise of his own premiership have resulted in the weakest performance of the pound Vs the dollar since decimalisation in 1971. The Chancellor is clearly fixated on the mantra of ‘economic growth’ by arresting the rise in National Insurance Contributions, axing the additional rate of income tax and cutting stamp duty, but I would imagine the majority of this country’s workforce is now being confronted by diminishing returns for their hard work, something not aided by the prospect of the rich receiving further benefits courtesy of last week’s mini-budget.

The 1976 low of the pound – despite then-Chancellor Denis Healey going cap-in-hand to the IMF (leading to a defiant albeit bad hair day speech from the floor at that year’s Labour Party Conference) – was superseded in 1985, but the latest figures have exceeded even that; overnight trading by Monday morning saw sterling falling 5%, reduced to $1.0327. It’s worth remembering the devaluation of the pound by Harold Wilson in 1967 was greeted as a national calamity on a par with Dunkirk (and cost Chancellor Jim Callaghan his job), yet even though one could argue it led directly to Labour’s defeat at the 1970 General Election, it seems like a storm in a teacup when stood alongside the problems facing the new PM. Okay, so I know if you’re a layman like me, ‘the markets’ may as well be written in a foreign language; but the current climate has provoked an increased interest in something normally reserved for readers of the Financial Times; and Liz Truss herself has already come under criticism from within her own Party for her emergency economic measures, with one unnamed member of her predecessor’s Cabinet declaring, ‘Liz is f***ed. She’s taking on markets and the Bank of England’, adding the new PM and Treasury Ministers were ‘playing A-Level economics with people’s lives’.

This is the kind of story that used to bore the pants off my generation as children, perhaps because most of us imagined it was one of those headlines specific to time and place, not regarding it as one that would have any relevance in the future. Little did we know we’d eventually come full circle. The same anonymous Minister in Boris’s cabal added by concluding ‘Government fiscal policy is opposite to the Bank of England monetary policy – so they are fighting each other. What Kwasi gives, the Bank takes away…you cannot have monetary policy and fiscal policy at loggerheads’. In harmony with this mystery man is a senior investment analyst name of Susannah Streeter, whose opinion of the situation is that ‘the pound has been on a fast downwards track of a rollercoaster, plunging to record lows…as confidence in the Government’s economic management continues to evaporate. The fresh bout of panic appears to have been brought on by rumours that the Bank of England may step in with an emergency rate hike to try and shore up support’; referring to Kwasi Kwarteng threatening further tax cuts, Streeter added, ‘The worry is that not only will borrowing balloon to eye-watering levels, but that the fires of inflation will be fanned further by this tax giveaway, which offers higher earners the bigger tax break’.

Fears that Liz Truss will crash the economy have stoked the backbenches into action on the eve of the PM’s first speech as leader at the Conservative Party Conference. Chair of the Treasury Select Committee, Tory MP Mel Stride said, ‘One thing is for sure – it would be wise to take stock of how through time the markets weigh up recent economic announcements rather than immediately signalling more of the same in the near term’. However, rumours abound that Truss and her Chancellor will not stop here; the borrowing is set to extend into 2023 and Kwarteng has promised more is to come. Stories of further tax cuts for the rich even resulted in Gideon himself – George Osborne – criticising the ‘schizophrenic’ notion of cutting taxes along with more borrowing, and also prompted ye olde Hush Puppy-wearing, cigar-smoking, Ronnie Scott-loving Chancellor of a different era Ken Clarke to comment, ‘I’m afraid that’s the kind of thing that’s usually tried in Latin American countries without success’. The fact polls show Labour now has its largest lead over the Tories since 2001 suggests the incumbent Chancellor hasn’t made a great start.

It goes without saying that even those of us not in possession of a brain boasting an implant with a degree in advanced mathematics could see this coming when industry was plunged into mothballs during lockdown, so it’s no great surprise that our governing party of 12 years is confronted by an economic meltdown of unprecedented proportions. And the majority who tend not to follow the FT Index are now faced with the realities of it all when they venture down supermarket aisles and notice how much more expensive certain items are today than they were this time last year. Yes, a recent reunion with some of my childhood reading material may have reminded me that we’ve been here before, but I guess that’s not much comfort for those who weren’t forking out pocket money for ‘The Mighty World of Marvel’ in 1972.

© The Editor

Website: https://www.johnnymonroe.co.uk/

Patreon: https://www.patreon.com/user?fan_landing=true&u=56665294

Vimeo: https://vimeo.com/746266089

BLAME IT ON UKRAINE

LamplighterIt could be worse, I guess – we could be Germany; no, this isn’t anything to do with the War, not the 1939-’45 one, anyway. Events in Ukraine that have been in full swing for six months now have undoubtedly impacted on life in Western Europe, especially when it comes to the import & export trade, though Tsar Vlad’s invasion does provide politicians with a convenient get-out-of-jail card, one that serves to obscure their own failings over the past two or three years. Don’t blame it on the sunshine, don’t blame it on the moonlight, don’t blame it on the good times – blame it on Ukraine. Don’t blame it on the lockdown, don’t blame it on Covid, don’t blame it on Net Zero – blame it on Ukraine. Considering Germany’s somewhat…er…problematic history with Russia, perhaps Frau Merkel reckoned it was a nice reconciliatory gesture to entrust the old enemy with providing the majority of Germany’s gas imports. She obviously (not to say inexplicably) didn’t foresee a time when Comrade Putin might use this to his advantage; after all, it’s not as if he hasn’t sought to extend his nation’s current borders via military means in the past, is it?

Following the Fukushima disaster in 2011, Mrs Merkel eagerly embraced the ‘renewable energy’ agenda and announced all of Germany’s nuclear power plants would be gone by…well…this year. Eight of the country’s 17 were permanently closed in the immediate aftermath of Japan’s very own Chernobyl, yet the alternative to the system being phased-out overnight wasn’t necessarily very ‘Green’, reliant as it is on coal-fired electricity production; since 2011, this has led to an increase in deaths caused by fossil fuel pollution. Is the idea to save the planet by killing its inhabitants? Like many a political leader, Merkel seized upon renewable energy as a move to boost her short-term popularity, yet the swift winding-down of the nuclear power industry in Germany continued apace throughout her lengthy tenure in office; as things stand, there are a mere three remaining plants still operational today. Reliance on Russia for natural gas was underlined by the controversial Nord 2 pipeline project, which has yet to open for business; largely financed by Russian-owned energy giant Gazprom, final construction on the pipeline was suspended when Russia invaded Ukraine; Russia responded by slashing supplies of gas to Germany down to 20% of its capacity.

Despite pleas by the German nuclear power industry to extend the life of the three plants left when confronted by the prospect of an energy emergency following Russia’s response to sanctions, the German Government is refusing to budge and waver from its rigid Green commitments. Instead, Chancellor Olaf Scholz’s administration has announced severe restrictions on the use of electricity that will come into effect this winter. Anyone who either lived through – or has experienced second-hand via numerous TV documentaries – the power-cuts imposed upon the UK during the 1972 Miners’ Strike and the 1974 Three-Day Week will recognise some of the measures. To the no-doubt relief of muggers and cat burglars, street lighting will be one of the first casualties; this blackout will also be extended to the illumination of monuments, buildings and shop-fronts; moreover, heating of public buildings will be reduced with the exception of hospitals. Anyone wondering what these measures will make the German capital look like at night need only track down the footage of Piccadilly Circus deprived of its gaudy light-show 50 years ago. But it’s hoped the restrictions will save upwards of €10.8bn, so that’s alright.

Prior to the closure of three further plants at the end of last year, nuclear power was responsible for 13.3% of Germany’s electricity, whilst up until the fallout from the Ukraine situation, Russia was providing Germany with as much as 55% of its gas supplies; yes, it doesn’t exactly sound like economic sense to be dependent on such a notoriously untrustworthy foreign power for your fuel, but that’s the position Germany finds itself in. And it’s not alone. Russia was supplying the best part of 40% of gas across the EU before sanctions provoked a hasty reduction, and despite Monsieur Macron’s much-publicised freezing of gas prices and a cap on energy increases, neither measure will see out the winter, when gas and electricity will naturally be far more in demand that they are at the moment. The French are already switching off street lighting every night for around three-and-a-half hours in parts of Paris, but most are more concerned with the impact of restrictions in the workplace, and especially the home. Mind you, the Germans are way ahead in their Project Fear preparations, for the country is also looking forward to a fresh wave of Covid infections come the autumn, giving the population something else to look forward to before the fun-packed winter arrives.

According to the German Government, lockdowns will not constitute their strategy this time round. They’ve left such a damaging legacy in every country that imposed them that even Rishi Sunak, desperately seeking an 89th minute winner against ‘Stars in Their Eyes’ Thatcher Ms Liz, has publicly declared he thought they were a mistake. Any further school closures have also been frowned upon by German Health Minister, Karl Lauterbach; let’s be honest, the disastrous interrupting of children’s education all over again would hardly be a vote-winner. Instead, Germany has opted for the safe option of reintroducing and reinforcing mask-wearing on public transport as well as Covid tests being a requisite for entering any institution housing the vulnerable, such as hospitals or care homes. The World Health Organisation has also got its scaremongering hat on once more re the coronavirus; perhaps disappointed that Monkey-pox has been such an anticlimactic sequel to 2020’s blockbuster, the WHO has this week been issuing melodramatic predictions all over again.

‘It is now abundantly clear we’re in a similar situation to last summer,’ read the WHO statement, ‘only, this time the ongoing Covid-19 wave is being propelled by sub-lineages of the omicron variant…with rising cases, we’re also seeing a rise in hospitalisations, which are only set to increase further in the autumn and winter months as schools reopen, people return from holidays and social mixing moves indoors with the onset of colder weather.’ Yeah, move indoors to escape that colder weather, only to find it’s colder in than out due to power-cuts. At least the persistent lobbying of the pharmaceutical industry will be rewarded with the announcement that a new booster jab for the over-50s will be available in Blighty as of September, though cases here have fallen anyway, without the aid of yet another booster; stats show infections have declined nationwide across all age groups, with children unsurprisingly boasting the lowest levels – just as they always have done.

Alas, Covid can’t be blamed on Ukraine, even if the ill-thought-out policies to combat it that we endured in 2020 and ’21 are more responsible for the state we’re in (and the state we’ll be in this winter) than what’s currently going on in Eastern Europe. Still, entrusting Russia with the contract to supply Western Europe with so much of its gas was an arrangement that was hardly guaranteed to progress along a smooth, uneventful course with a man like Vlad at the helm, and the whole Ukraine situation is clearly playing no small part in the gloomy narrative of the moment. But the futile pursuit of the Green dream that has taken possession of so many Western Governments is one that can also take its fair share of the blame; our own Net Zero fantasy threatens to condemn more to fuel poverty than anything Russia can use as a bargaining chip, whereas Germany’s determination to exclude nuclear power as a viable option when its suicidal reliance on Russia for energy was destined to end in tears is an extreme example of what can happen when just the one basket contains all your eggs.

© The Editor

Website: https://www.johnnymonroe.co.uk/

Patreon: https://www.patreon.com/user?fan_landing=true&u=56665294

Vimeo: https://vimeo.com/719591724

THE WRONG SORT OF RAIN

Dr FosterUnless you happen to be six or seven-years-old – and I’m guessing you’re not – you’ll have lived through enough hot summers to know heat-waves are usually followed by thunderstorms. Indeed, there’s nothing quite like an outburst of summer rain at the end of a sweltering day for washing away the stuffy mugginess and cleansing your parched person after weeks of exhausting temperatures. Even 1976 – yes, even 1976 – saw the drought and the ladybird invasion and ‘Save it!’ stickers and street-corner standpipes eventually consigned to a lifetime of future anecdotes from those who were there when the heavens opened. Thankfully, we don’t live in a country stuck with the one climate all year round, so we’re all aware of the usual pattern when we’ve experienced an occasional bout of extremely hot weather. I wish someone would alert the MSM to this fact. Sometimes it seems their hysterical headlines are penned by those very six or seven-year-olds whose memories don’t stretch back far enough to recognise an annual pattern when it happens.

According to ‘journalists’ suffering from this particular strain of arrested development, ‘The UK’s heat-wave is predicted to come to a dramatic end this week!’ In an unprecedented move, weather forecasters apparently predict it’ll give way to thunderstorms. Fancy that. Now, for those averse to the kind of temperatures the country has been basking in for the last few weeks, the inevitable rainfall will come as one hell of a relief, but it’s highly unlikely they’ll be as shocked by this news as the headline-writers appear to imagine. And if the remarkable revelation that a hot spell will be followed by heavy showers isn’t enough to stoke the requisite panic in the reader, the Project Fear narrative our media seems addicted to informs us that floods are on the way! From the apocalyptic portrait of Britain as some sort of scorched earth African desert that could provoke a finger-wagging ‘told you so’ from Little Miss Thunberg to the unleashing of forces requiring the swift building of an ark, we swing from one crisis to another with barely a Pinter-esque pause for breath in between.

If one were to be a tad more generous towards the headline-writers, one might attribute their open-jawed surprise re the way weather works to a more familiar short-term memory loss. I guess it is fairly commonplace once you’ve lived long enough; by the time we get a year away from the previous summer, for example, I can barely remember if it was a warm one or a wet one last year. I can recall a few exceptionally hot days around six years ago, but only because the heat is attached to an especially vivid memory unrelated to the climate of the moment. Other than that, I see the stats for the UK’s highest temperatures on record and (unless it’s 1976), I would’ve struggled to put a date on said scorchers anyway. Of the top ten hottest days ever recorded in Blighty, all-but three have come this century, with a day from this very summer – 19 July in Coningsby, Lincolnshire – now having deposed 25 July 2019 in Cambridge as the official winner. And it seems only right to reveal the temperature in old money: 104.5 ºF – which is extremely bloody hot. Do you remember it being a hot summer in 2020, 2015, 2006 or 2003, though? I can’t say I do, but they were some of the other years figuring in this top ten, even if we’re only dealing with isolated days rather than a uniquely prolonged dry spell like 1976.

Anyway, as a nice man at the Met Office has explained, the welcome rains won’t cure the drought that has led to the standard hosepipe bans in the sweatiest corners of the country. This is on account of the fact that ground rendered so dry by constant exposure to the kind of heat the red-faced folk of Coningsby endured last month will struggle to absorb the anticipated downpours. A good deal of the water will not therefore soak into the soil and will instead run off it, leading to flash floods. Not a nice prospect for those riverside towns and villages accustomed to a rude awakening whenever this type of rain sends their neighbouring waterways redirected through their living rooms, yet this is not a nationwide crisis yet. Some parts of the country will still be baking in Fahrenheit temperatures of the upper 80s, whereas others will receive the ‘dramatic’ thunder and lightning we’ve been promised. Eight locations in England have now been officially designated drought areas, meaning images of wildfires and shallow reservoirs can carry on being run by news outlets. The insufferable humidity that usually serves as a prologue to a summer storm will be with us, so the experts say, and then rain will stop play. Of course, if investment in infrastructure was a by-product of privatisation, perhaps there wouldn’t be the outrageous amounts of water reserves lost through rotting pipes that have left water companies so ill-prepared for the current crisis, but that would mean depriving directors of their hard-earned bonuses, so we shouldn’t judge them too harshly.

With the coming of the UK’s very own monsoon season, Project Fear has ramped-up the drama by prophesising power-cuts, along with bus and train cancellations. After all, the imminent ending of a story that has generated so many of those hysterical headlines this summer needs to be superseded by another, lest the people slide into complacency and forget the end of the world is nigh. I guess the rains will keep the MSM going until the long-awaited Winter of Discontent is with us – and there’s a shilling for the first person to spot a ‘coldest winter since 1963’ headline. Naturally, this winter simply has to be the coldest since 1963 in order for the cost-of-living crisis story to reach its correct apogee from the perspective of the media. We’ve already been warned gas power stations may be switched-off before we get there as part of an emergency strategy to prevent 70s-style blackouts come the winter – an operation that goes by the suitably dramatic name of a ‘war-game’ plan. Not that any of this reduced power will be reflected in lower energy bills for the customer, mind.

Mercifully, the UK isn’t as dependent on Russian gas as, say, the Germans fatally are; but a hands-across-the-ocean approach to sharing energy with some of our European neighbours could cost us. Interconnectors link Britain with France and Norway, giving Brits top-ups from both nations when the UK network is running low. News that the Norwegians might be forced to ration such exports isn’t encouraging, and some in the industry have claimed the UK’s onshore storage amounts to gas that will span no more than 10 days. Predictions of the kind of energy-saving blackouts that anyone over the age of 50 will recall from candlelit childhoods are being touted, with one insider suggesting a possibility of limiting the use of gas and electricity to barely six hours a day. An ‘unplug-at-home January’ – as it’s been referred to – is the perfect element to add further colour to the forthcoming Project Fear winter narrative we can look forward to. Throw the recession into the mix and there should be enough to keep the MSM going till next spring, if we haven’t all frozen or starved to death by the time it comes around.

What to do? Well, standing for Parliament could be one way to survive the energy apocalypse. Over the past three years, taxpayers have forked-out £420,000 to cover the cost of heating the second homes of honourable members, with 405 MPs claiming energy expenses since April 2019, according to a report by Open Democracy earlier this year. One of those MPs was a certain Ms Truss. No wonder people are taking notice of the findings of this report now more than they did when it was published in the spring. Hot on the heels of Climate Change and Covid and lockdowns and Monkey Pox and a global recession and a summer drought, the MSM has been spoilt for choice, and it looks as though they’ve got plenty more to work with to ensure many a sleepless night. Where’s Nick Ross when you need him?

© The Editor

Website: https://www.johnnymonroe.co.uk/

Patreon: https://www.patreon.com/user?fan_landing=true&u=56665294

Vimeo: https://vimeo.com/521025443

THERE MAY BE TROUBLE AHEAD

TrussShe may have sped ahead of her solitary rival in a leadership race for the most select of audiences – and she is indeed fortunate to be up against a man so adept at shooting himself in the foot; but Liz Truss (whose name always sounds like it belongs in the toolbox of a St John’s Ambulance-man) was today confronted by stats that don’t reflect her 26-point lead over Rishi Sunak amongst Tory voters. A survey carried out by Opinium suggests Truss’s much-trumpeted solution to the cost-of-living crisis – tax cuts – has not gone down well with the wider electorate; 34% of those polled believe taxes, as well as spending on public services, should stay exactly where they are, and a further 26% want them raised. The survey appeared in the Observer, so Conservative Party members – in whose hands the decision rests, like so many clandestine cardinals picking a new Pope – were not included. Nevertheless, the chosen 160,000 seem to be favouring the Foreign Secretary over the former Chancellor.

Some wag on Twitter cleverly redubbed Rishi’s Tunbridge Wells boast about redirecting ‘levelling up’ funds from deprived urban areas to wealthy Tory shires with a soundtrack of Alan Partridge during his disastrous stint hosting an open-air country show. It was an apt manipulation of a mistimed moment. Yes, Sunak was preaching to the converted and telling them precisely what they wanted to hear, but he surely must have known someone in that crowd would be recording his speech on their phone and was highly unlikely to keep it to themselves. Whilst not necessarily in the same league as Gordon Brown’s infamous ‘bigoted woman’ comment, it was still something of a cock-up characteristic of a campaign that has oozed surface and has been short on substance. One could argue Rishi’s prime concern at the moment is to capture the faithful on whose votes he is ultimately dependent for the keys to No.10 – hence such crowd-pleasing claims – yet he should be aware as much as his rival that a General Election in a couple of years means he has to reach beyond them too.

However, even those who don’t have a say in this contest – i.e. around 97% of the electorate – haven’t been convinced by Sunak’s slick spiel; Truss is well ahead of Rishi as preferred PM amongst all voters; and, as was pointed out at the beginning of this post, Truss’s lead over Rishi is even more impressive amongst those who voted Conservative at the last General Election. Perhaps equally encouraging for Truss is the fact that the same poll puts her ahead of Keir Starmer as a potential Prime Minister, albeit only by one point – though Sunak is four points behind the Labour leader; maybe the fact Truss is regarded by those polled as being more in touch with ordinary folk is merely because the ex-Chancellor makes David Cameron look like Dennis Skinner. And it’s also worth noting that a larger proportion of the lucky 2000 punters asked for their opinions went for the ‘none of the above’ option, which seems to say more about the contenders and the opposition when it comes to this uninspiring spectacle than any of the other stats such a survey can throw up.

Needless to say, anything remotely approaching a ‘honeymoon period’ that Liz Truss is anticipating probably won’t last very long; she’ll take the reins of power in September and within a month she’ll be expected to do something about the much-publicised, astronomical soar in energy prices that is – according to the MSM – poised to plunge most of us who aren’t Tory Party members into fuel poverty. Oh, and the Bank of England is adding to the beloved Doomsday narrative by forecasting the mother of all recessions. When it comes to the issue of energy prices, the futile pursuit of ‘Net Zero’ is noticeably absent from so many column inches as one of the reasons why energy bills will rise for those least able to pay them. The war in Ukraine is a far more convenient reason – and one guaranteed to receive the thumbs-up; after all, it’s bloody horrible and everyone hates Vlad, so it’s a preferable excuse than one shining a light on the way in which Western Governments have capitulated to the most fanatical zealots of the Green lobby at the expense of plebs already struggling to make ends meet.

As for the other treat we’ve got to look forward to in the autumn – i.e. the impending recession – well, it’s not as if nobody saw this coming, is it? If you completely close down industry for months and give no clear indication as to when all those mothballed businesses can reopen, it’s pretty obvious what’s going to happen. The tax cuts Liz Truss favours over what she calls ‘handouts’ to help people cope is a clear nod to Rishi’s magic money tree during the furlough episode of lockdown, effective benefits for the employed which anyone with half-a-brain knew were glorified loans from the Government usurer that would eventually have to be paid back. Actual benefits in the shape of Universal Credit were unsurprisingly the first to feel the pinch, losing the £20-a-week uplift, and since then benefits haven’t kept up with inflation either. Lib Dem leader Ed Davey is keen on Parliament to be recalled from its summer hols to look as if something is being done – as is former PM Gordon Brown, who instigated a report into the cost-of-living crisis that has just been published.

Brown calls on the two leadership contenders as well as Boris to get their fingers out by delivering a special budget ASAP, and has aired his thoughts on the emergency, which are fittingly bleak for a man not renowned for being the life and soul of the party. But, let’s face it – we’re all now becoming as accustomed to emergencies as Brits back in the 1970s were, so the findings of this report make for the expected gloomy reading. Even before energy regulator Ofgem announces details of the rising price cap on fuel, the report claims many families and individuals in Britain appear to exist solely to pay bills at the moment; and having been in that position in the past, I know how demoralising it is. A grassroots movement encouraging those most terrified of what’s to come to essentially go on strike and refuse to pay their bills is a nice, collectivist concept in the tradition of what happened when the Poll Tax was introduced in 1990, but – like the fruits of Sunak’s magic money tree – it’ll still all have to be paid back in the end, anyway, so it’d only just be kicking the can further into the long grass, alas.

‘We are facing a humanitarian crisis that Britain hasn’t seen in decades,’ says Gordon Brown. ‘As living costs continue to skyrocket, families on the brink of making ends meet cannot bridge the gap. (The next Prime Minister) must ensure that families have enough to live, through this crisis and beyond.’ The author of the report, Professor Donald Hirsch, says even those receiving financial assistance from the Government stand to see their standard of living decline rapidly; Prof. Hirsch’s report states an unemployed couple with two kids will be as much as £1,300 worse off a year. Gordon Brown urges action immediately, and if that fails to happen soon, that failure will be responsible for ‘condemning millions of vulnerable and blameless children and pensioners to a winter of dire poverty’.

I guess many MPs will currently be sunning themselves on some beach that the majority of their constituents will never sun themselves on, and the recent publication of the latest expenses claims by Honourable Members suggests their world remains a parallel universe of privilege to ours. And, smack bang in the middle of this uneasy calm before a dreaded storm, we’re lumbered with a lame duck Prime Minister counting down the days till his eviction and a couple of potential replacements travelling up and down the country, selling themselves to people who are amongst the least threatened by what awaits the rest of us. Doesn’t fill you with much confidence, does it.

© The Editor

Website: https://www.johnnymonroe.co.uk/

Patreon: https://www.patreon.com/user?fan_landing=true&u=56665294

Vimeo: https://vimeo.com/719591724