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COMMENTS DAILY MAIL: Nervous Tories risk fueling misery in the market

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Global markets are in turmoil, the strengthening dollar is hitting all currencies, inflation is rampant everywhere and the era of historically low borrowing is coming to an end.

These are terrifying days indeed, but Britain is not uniquely engulfed in this chaos. The whole world is suffering from the shockwaves of the Covid lockdown and the Russian war in Ukraine.

So why has the International Monetary Fund singled out the UK – a G7 economy, hardly an emerging market – for a humiliating rebuke over its response to the crisis?

The truth is, the organization hates Liz Truss and Kwasi Kwarteng’s bold low-tax, pro-growth mini-Budget, as it challenges every abrasive liberal economic orthodoxy she and her fellow travelers have been preaching for over a decade.

Chancellor’s biggest intervention (pictured) by far, the £150bn energy bill freeze, will cut inflation

The package, it warns, threatens to fuel inflation. But by far the Chancellor’s biggest intervention, the £150bn energy bill freeze, will reduce inflation. Compared to this bailout, his tax cuts and changes – even if unfunded – are a drop in the ocean.

The IMF also claims that the measures will increase inequality – apparently to the benefit of the high earners. But isn’t it supposed to make economic judgments—not unsolicited and overtly political?

Anyway, Britain is much less unequal than many other countries, including the US.

The fact is that the tax burden in the UK is at its highest since the 1940s. If Mr. Kwarteng is to succeed in bringing the sclerotic economy back to life, she just has to come down.

Of course, the IMF’s predictions have been wrong for years. That didn’t stop the government’s enemies — proponents of the failed economic consensus, Remainers fighting the 2016 Brexit battles, and hysterical anti-Tory media — from seizing the criticism.

The truth is, the organization hates Liz Truss (pictured) and Kwasi Kwarteng's bold low-tax, pro-growth mini-Budget, as it challenges every sharp liberal economic orthodoxy she and her fellow travelers have preached for more than a decade.

The truth is, the organization hates Liz Truss (pictured) and Kwasi Kwarteng’s bold low-tax, pro-growth mini-Budget, as it challenges every sharp liberal economic orthodoxy she and her fellow travelers have been preaching for over a decade.

The response from the Bank of England has been confused and sluggish for days. But now that the markets are back on track, it deserves applause for buying up government debt quickly to end the rising interest rates that are collapsing pension funds and hitting mortgages.

Ministers insist that the budget for tax cuts will not be torn apart. But the Prime Minister and Mr Kwarteng are not alleviating the jitters by going missing as the crisis rages. And waiting weeks to determine how they will balance the books has needlessly led to more carnage.

Some Tory MPs are so nervous that they have signaled that the Prime Minister and Chancellor should stop — less than a month after receiving it.

But that would be suicide. With Labor streets leading the polls, the Tories are drinking in the saloon of the last chance.

Changing the leader is not an option. The project was never going to deliver results overnight, so they have to find out. Voters will never forgive internal warfare when faced with financial woes.

Historic breakthrough

Few families are lucky enough to escape the scourge of Alzheimer’s disease. And the fact that the disease is so widespread is compounded by the reality that there is no cure.

But for the first time, scientists have successfully developed and tried a drug that slows the decline of memory in patients.

Charities have applauded the exciting breakthrough as a ‘historic moment’. And it gives hope to millions who have been tragically caged by this cruel disease.

A painful problem

After a tip from the Daily Mail, the Justice Department found the contraband smartphone used in prison by David Norris, one of Stephen Lawrence’s killers.

Following a tip from the Daily Mail, the Justice Department found the contraband smartphone used in prison by David Norris, one of Stephen Lawrence's (pictured) murderers.

Following a tip from the Daily Mail, the Justice Department found the contraband smartphone used in prison by David Norris, one of Stephen Lawrence’s (pictured) murderers.

An X-ray discovered the device hidden in his body. While painful for the killer, it was also uncomfortable for the authorities.

Despite millions being spent on preventive measures, thousands of cell phones still end up behind bars, allowing gangsters to run their criminal empire. The Minister of Justice must order an immediate investigation of this scandal.

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