Hunt saves the bankers leaving the people to pay.
Hunt may be patting himself on the back and Truss may have a little reprieve while the markets readjust but for the people, the damage is done!
The partnership between Kwasi Kwarteng and Liz Truss has brought with it the worst min budget in decades, without even having the chance to be implemented it has quite literally ruined millions of people throughout the UK.
The markets reacted so badly that it caused the Bank of England to step in and raise interest rates in some sort of economic jiggery-pokery to stop pension funds from crashing, obviously, mortgage rates shot up creating instability, not just for the markets, and business but more so for workers. Workers who are being put under the most extreme pressure just keep their heads above water with the ongoing cost of greed crisis.
This has been a failure of leadership and no amount of U-turns will elevate the pressure now firmly placed on the population.
To add insult to injury the Energy Price Guarantee is no longer a guarantee, it’s practically been dumped.
Instead of the government promising to reduce the unit cost of electricity and gas so that a typical household in Great Britain pays, on average, around £2,500 a year on their energy bill, for the next 2 years, from 1 October 2022, it is now only extended for six months to April 2023.
In an emergency statement, Jeremy Hunt said the energy price guarantee – which had been due to cap prices at £2,500 for an average household for two years – will end in April after which time the Government will look to target help for those most in need.
In an emergency statement, Mr Hunt said: “The biggest single expense in the growth plan was the energy price guarantee.
“This is a landmark policy supporting millions of people through a difficult winter and today I want to confirm that the support we are providing between now and April next year will not change.
“But beyond that, the Prime Minister and I have agreed it would not be responsible to continue exposing public finances to unlimited volatility in international gas prices.
“So, I’m announcing today a Treasury-led review into how we support energy bills beyond April next year. The objective is to design a new approach that will cost the taxpayer significantly less than planned whilst ensuring enough support for those in need.
“Any support for businesses will be targeted to those most affected and the new approach will better incentivise energy efficiency.”
This can only be translated as an abandonment of the people.
This is another period of instability for the people, gone is the time when we could budget for the small pleasure in life our meagre wages allow, we are all now at the mercy of the energy markets and the oligarchs that feed off them.
Of, course after all the u-turns on Kwasi Kwarteng and Liz Truss’s min-budget the one policy that does remain is the policy of lifting the cap on bankers’ bonuses, bonuses that are now to be exasperated by higher interest rates. These rates will sink many businesses and put children to bed with hungry bellies.
No, Jeremy Hunt has done nothing for the people apart from showing us the markets and the oligarchy rule.