Take one day. Today. The Bank of England has again intervened to ensure there isn’t a fire sale of UK government bonds by pension funds. The Institute for Fiscal Studies has published a report saying the government will have to find £60bn of spending cuts over four years to pay for the recent mini-budget. The International Monetary Fund has restated its criticism of said mini-budget indicating that the unfunded cuts will ramp up inflation.
With all this going on, you might have thought that Kwasi Kwarteng and his Treasury gang might have been feeling a bit chastened. Nervous even. After all, it’s not every chancellor who gets to screw up their first budget on such a grand scale. Normally that’s the kind of achievement that takes years of acquired incompetence.
