What a whirlwind that was!
Liz Truss and her first Chancellor Kwasi Kwarteng managed in a few minutes to brew up quite a storm or should I say tornado. To calm things down Kwasi was sacked, Jeremy Hunt brought back from the sidelines, Liz resigned, and Rishi came back from Yorkshire to reassure everyone he could tidy up.
There is a lot resting on Rishi’s shoulders and he himself has described the situation as a “profound economic crisis” He is also on record for saying that he does not want to leave debt for the next generation “because we were too weak to pay for it ourselves”.
But here is the conundrum. A strategy to reduce debt usually means increasing taxes. Or are savings made by cuts to public spending? (Would that be socially acceptable?) Did that not lead to austerity last time around? Growth was stifled but we need growth. How do we get growth, reducing taxes is the obvious way.
So you can see it’s not going to be easy for Rishi or us for that matter in the coming months
Perhaps Matt Hancock had the right idea of disappearing to the jungle…
Roger loves ‘getting his hands dirty’, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice.
Using an extensive network of business contacts to leverage the best guidance and practical solutions, he has been called a Business Godparent due to his caring, hands-on approach.
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