Paul Waugh Profile picture
Nov 4 5 tweets 2 min read
Mark Carney tells @BBCr4today that Brexit is a key reason for interest rates having to go up.
Says 2016 vote devalued sterling, hit growth and productivity + adds he was right in his warnings.
Also defends decision not to use purchasing parity measure, saying market measure much more important.
Says he and @jdportes disagree.
Meanwhile, yesterday's interest rate rise (the biggest since 1989) revives Qs about the Bank of England itself.

Should it take more account of growth and jobs, not just inflation?
A review of its remit is long overdue.

inews.co.uk/opinion/liz-tr…
Reminder: after the last review in 2013, the Treasury said the Bank's objectives would be "to maintain price stability" and "support the economic policy of [the government], including its objectives for growth and employment".
The growth + jobs bit still seems ill-defined.
While you're here, check out the latest #WaughOnPolitics

Brexiteer Sunak should watch out. 2024 could be the "Remainers' revenge" election.

inews.co.uk/opinion/brexit…

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More from @paulwaugh

Nov 1
Rishi Sunak has just added to the criticism of Matt Hancock for going on I’m A Celebrity.
“The Prime Minister believes that a challenging time for the country, MPs should be working hard for their constituents whether that’s in the House or indeed in their constituency,” -No.10
When asked if same approach applies to all MPs who leave the country in term-time (eg Boris Johnson), PM's official spokesperson: “It is for the whips to manage those instances and it needs to be dealt with on a case-by-case basis.”
But he added: “The public, when they elect their MPs, expect them to work hard for their constituents.”
Read 4 tweets
Oct 24
Tory donor Guy Hands, asked by @BBCr4today if the Tory party is fit the run the country: "No."

He says problem is not just the last 6 weeks, it's the last 6 years, including badly negotiated Brexit deal.
Warns IMF bailout now possible.
Hands said poverty was rising up the income scale, not least with many mortgage holders set to get hit in coming months/yrs.
Says the UK is unattractive to investors + returning to reputation as 'the sick man of Europe'.
Read 4 tweets
Oct 22
After this mad old week (the maddest in my 24 yrs in Westminster), @theipaper Weekend has got you covered on the political meltdown + more.

🫰A cost-of-living-crisis-busting £1.30 from yr newsagent or subscribe inews.co.uk/subscribe

Here's a taste: 🧵 Image
.@HugoGye @RichardVaughan1 @janemerrick23
“It’s an extraordinary world where Rishi is the ‘left’ candidate and Boris ‘right'."
A much-needed reminder that Johnson was a much the architect of higher taxes/spending as Sunak.
inews.co.uk/news/politics/…
John Curtice on why neither Johnson nor Sunak are likely to stop a Labour victory.
inews.co.uk/opinion/john-c…
Read 9 tweets
Oct 22
Whoever is PM next, it's high time the Tory party saw immigration as a mark of success, not a badge of shame.

My column for @theipaper Weekend.

inews.co.uk/opinion/tories… Image
You want more growth?
You want higher productivity?
You want to fill workforce shortages?
You want to plug the fiscal hole created by the demographic timebomb of falling birthrates + an ageing population?
Immigration is part of the answer.
US economist (and ex Obama adviser) Jason Furman on how to improve productivity: "It’s a long list, but immigration is so much more important to the US, the UK economy, than almost anything else you could do."

ft.com/content/ece819…
Read 9 tweets
Oct 20
On whether Liz Truss can turn the ship around and save her premiership, @Simon4NDorset tells @BBCr4today "there's about 12 hours to do it".
Funnily enough the naval analogy is in the latest.
The mutiny has started and the captain hasn't long left.
#WaughOnPolitics

inews.co.uk/opinion/pmqs-p…
One MP close to the action last night ridiculed Jacob Rees-Mogg's late attempt to tell rebel MPs fracking was no longer a confidence motion.
"It's like he was getting fucked and then shouting he wanted his virginity back. As a good Catholic, he should know that's not possible."
Read 12 tweets
Oct 19
As Shapps steps up, Liz Truss is more than ever a prisoner of her Cabinet - not the leader of it.

After an extraordinary day, tonight's #WaughOnPolitics is in your inbox

inews.co.uk/opinion/pmqs-p…
'The real problem is that Truss has fracked her party as much as she’s fracked the country.'

inews.co.uk/opinion/pmqs-p… Image
Tory MP Charles Walker: "I think it is a shambles and a disgrace.…All those people that put Liz Truss in No.10, I hope it was worth it for the ministerial red box...I’ve had enough of talentless people putting their tick in the right box.”
Read 9 tweets

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