Truly, we live in parlous economic times. For proof, consider the warning from the International Monetary Fund last week: “The sovereign bank nexus could lead to a self-reinforcing adverse feedback loop that could force the government into default”, calling the process a “doom loop”. Bewildering or what?
I know economists are a rarefied breed, but they’re not doing themselves any favours when they dish up warnings like this. Mind you, “doom loop” is sensible shorthand. After all, consider its full meaning: “The doom loop is the circle of vulnerability where a country’s banking system can be severely hurt by volatility in the price of the sovereign bonds they hold for reserves resulting in a contraction in lending provided by the banks.”
As for George Freeman, a science minister, commenting on partygate and the fixed penalty notices issued to Boris Johnson and Rishi Sunak, he said: “So I’m pleased that the PM and the chancellor have issued fulsome apologies, which is absolutely right.” Mr Freeman, consider the definition: “Complimentary or flattering to an excessive degree.”
I am grateful to Ian Dutch for the following: “Applicants for a counterterror check needed for an ‘airside’ airport pass, will be ‘expedited up the pipeline’ by the UK Security Vetting (UKSV).”
I’m further grateful to David Darwin for: “Kwasi Kwarteng is reported today as saying about Rishi Sunak and his wife that they had been ‘incredibly transparent’ about her non-domicile tax arrangement. I assume he did not intend to suggest that it is scarcely believable that a Conservative minister would be open about his family’s tax affairs.” Just so.
• Jonathan Bouquet is an Observer columnist
