Sunak’s day – again

While much of his personal life has been covered in Tatler (where else?), I thought this was an informative article on Sunak who appears to be a banker to his fingertips.

He seems to be a natural austerian – for everyone but himself, naturally. The piece suggests that he is much more ‘conservative’ – fiscally and emotionally than the chaotic political space that is Johnson – and therein lies a tension between the two.

Matthew d’Ancona, the author, says:

Politics is not a branch of economics…

Most right wing think tanks think it is. They frame economics to control the choice in politics. Thus the narrative will surely be that we cannot have it all, because in due course it will all need to be paid back (without ever telling us who to).

That, I fear is will be the theme running through Sunak’s statement today.

Bankers don’t want to share largesse if they can possibly avoid it. And Sunak will not want local authorities to have enough money to provide a democratic challenge to the Conservative over-centralised state.

Though when D’Ancona says:

In the past few weeks, three Conservative MPs have separately mentioned to me The Deficit Myth by Stephanie Kelton.

We may have some small hope that there is the start of a slight chink in the armour….


  1. B. Gray -

    Austerity has two parents: greed and fear, both of which are powerful motivators among the wealthy elites and the politicians that do their bidding.

    Greed: Austerity promotes privatization of public services and assets, and increased private debt, all of which help transfer economic surpluses to the wealthy elites in the financial sector.

    Fear: Money is how real resources, and by extension, power, are allocated in the economy. Elites fear if the public understood MMT and the power of the government purse, it would lead to anarchy in the allocation of real resources, which would lead to a reduction in the elites share of resources, as well as their influence in the political process.

    Unfortunately a proper government response to the economic devastation of the pandemic would expose the fraudulent nature of the austerity narrative and would represent a full frontal assault on the neoliberal paradigm.

    Very strong armour indeed….

    1. Peter May -

      Spot on – thank you.

      If I may, I’ll reblog that.

      1. B. Gray -

        Yes, you may. Thank you.

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