Breakingviews - Breakingviews Delusions of grandeur are root of Britain s chaos Icymı - Brv HEAD TOPICS

Breakingviews - Breakingviews Delusions of grandeur are root of Britain s chaos

10/21/2022 7:00:00 PM

#ICYMI Trussonomics followed hot on the heels of the UK s exit from the EU Both are symptoms of a country that hasn t fully come to terms with the loss of its empire writes @Hugodixon

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ICYMI : ‘Trussonomics’ followed hot on the heels of the UK’s exit from the EU. Both are symptoms of a country that hasn’t fully come to terms with the loss of its empire, writes Hugodixon The mess Britain is in can be partly explained by the fact that its politicians think it is more special than it really is. Prime Minister Liz Truss and her short-lived “Trussonomics” came hot on the heels of Brexit. Both are symptoms of a country that hasn’t fully come to terms with the loss of its empire. If the United Kingdom now realises it can’t defy the laws of economics and geopolitics, it may emerge wiser albeit weaker. That’s admittedly a big “if”. current account deficitRegister now for FREE unlimited access to Reuters.comTruss’s folly doesn’t stand in isolation. It is an example of “cake-ism” – the view that Britain could “have its cake and eat it”, an English expression which means one can enjoy the good parts of something without the bad ones. accordingGHOSTS OF EMPIREThe Brexiters said Britain could forge its own relations with the United States, China and other countries. After all, it is a military power with nuclear weapons and a permanent seat on the United Nations Security Council. It is also the leader of the Read more:
ReutersBreakingviews » Breakingviews - Delusions of grandeur are root of Britain’s chaos Breakingviews - Breakingviews: Britain’s next leader will be on a short leash Breakingviews - Breakingviews: Zooming car sales will hit China’s growth limit Breakingviews - Britain’s bond crisis reverses over the government: podcast

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Read more >> Breakingviews - Delusions of grandeur are root of Britain’s chaosThe mess Britain is in can be partly explained by the fact that its politicians think it is more special than it really is. Prime Minister Liz Truss and her short-lived “Trussonomics” came hot on the heels of Brexit. Both are symptoms of a country that hasn’t fully come to terms with the loss of its empire. If the United Kingdom now realises it can’t defy the laws of economics and geopolitics, it may emerge wiser albeit weaker. That’s admittedly a big “if”. Hugodixon Anyone would think that there is nothing else going on... Liz has gone Nominations will be made on Monday and we will have a new PM on Friday Must every news channel do endless analysis that is the same as everyone else's and adds nothing The UK was confronted for the umpteenth time. The Suez crisis, going bankrupt in 1976, black wednesday in 1992, the financial crisis in 2008. They do not learn. The UK is an irrelevant tiny island with a poor economy and low productivity. Facts the English still do not recognise. Breakingviews - Breakingviews: Britain’s next leader will be on a short leashLiz Truss has earned a footnote in the history books. The British leader on Thursday after just 44 days in charge, making her the country’s shortest-serving prime minister ever. Failed policies and a deeply unpopular party will keep her successor on a tight leash. pfft Breakingviews - Breakingviews: Zooming car sales will hit China’s growth limitAutomakers are hitting China’s growth limit. The industry achieved four consecutive months of double-digit growth in September when deliveries reached 2.3 million, 33% higher than a year earlier, per the China Association of Auto Manufacturers. But temporary government incentives greased sales, which could pull forward demand. Breakingviews KatrinaHamlin This is weird. The commentary doesn't seem to recognize the reason for the reduction in IC engine sales is the increase in EV engine sales. One is replacing the other. Which is the desired outcome. Breakingviews - Britain’s bond crisis reverses over the government: podcastNew finance minister Jeremy Hunt has scrapped most of his predecessor’s unfunded tax cuts, scuppering Prime Minister Liz Truss’s growth plan. In this Viewsroom podcast, Breakingviews columnists debate what the U-turn means for markets – and whether Truss can survive. Enjoying the title of British Prime Minister Hi new lady leader how the world moved think Breakingviews - Grocery deal could have European interloperGood luck to Kroger and Albertsons – U.S. lawmakers are already getting concerned about a deal. Late last week, the former said that it would purchase the latter for $25 billion, and U.S. Democratic Senator Amy Klobuchar and Rep ublican Senator Mike Lee were quick to say that they would hold a hearing to discuss the merger. A Europ ean interloper could make deal plans even harder. Breakingviews - P&G’s pricing power hangs by a flossProcter & Gamble , which sells everything from diapers to laundry detergent, offers a lens into how consumers are feeling about their marginal dollar. show a company whose pricing power is hanging on by a piece of floss. That suggests people are about to ditch some of their few remaining small joys, even when it comes to necessary goods. The immediate cause of the chaos Truss unleashed was her failure to heed the advice of her hero Margaret Thatcher.The immediate cause of the chaos Truss unleashed was her failure to heed the advice of her hero Margaret Thatcher.Breakingviews: Britain’s next leader will be on a short leash By Peter Thal Larsen British Prime Minister Liz Truss announces her resignation, outside Number 10 Downing Street, London, Britain, October 20, 2022.Some recent purchases represent pent-up demand after months of lockdowns. The former prime minister once declared “there is no way one can buck the market”. Truss, who has resigned in humiliation, thought she could borrow yet more money while inflation is high, global interest rates are rising and Britain is running a big current account deficit with the rest of the world. Truss, who has resigned in humiliation, thought she could borrow yet more money while inflation is high, global interest rates are rising and Britain is running a big current account deficit with the rest of the world. Truss might have got away with large tax cuts and a big increase in spending if central banks were still flooding the global economy with cheap money. Failed policies and a deeply unpopular party will keep her successor on a tight leash. She might also have got away with it if the pound was still a vital reserve currency. She might also have got away with it if the pound was still a vital reserve currency. But the days when Britannia ruled the waves – and sterling ruled the markets – are long gone. Smoothing out data on a year-to-date basis, total sales grew 14% from a weak base. Now new finance minister Jeremy Hunt is ripping up her economic plans to balance the budget. Now new finance minister Jeremy Hunt is ripping up her economic plans to balance the budget. That U-turn explains why government bond and foreign exchange markets largely shrugged off news of her resignation. Register now for FREE unlimited access to Reuters.com Register CAKE OFF Truss’s folly doesn’t stand in isolation.com Register CAKE OFF Truss’s folly doesn’t stand in isolation. It is an example of “cake-ism” – the view that Britain could “have its cake and eat it”, an English expression which means one can enjoy the good parts of something without the bad ones. The Conservatives, who are about to choose their fourth prime minister in six years, disagree over key issues such as the role of the state, the correct level of taxation, and the approach to immigration. Boris Johnson, Truss’s predecessor, notoriously peddled cake-ism in the Brexit referendum. Boris Johnson, Truss’s predecessor, notoriously peddled cake-ism in the Brexit referendum. Battery-powered designs were especially popular. He promised that Britain could enjoy the benefits of the European Union’s single market without having to be a member of the EU or follow its rules. The folly of Brexit, which I campaigned against, has played a role in the subsequent madness. The folly of Brexit, which I campaigned against, has played a role in the subsequent madness. Yet no aspiring leader dares confront this fact. Its supporters maintained leaving the EU would put rocket boosters under the UK economy. It has done exactly the opposite, cutting the size of the economy by over 5%, according to the Centre for European Reform. It has done exactly the opposite, cutting the size of the economy by over 5%, according to the Centre for European Reform. But Brexit supporters, and zealous converts such as Truss, refused to accept that it was a mistake.com Register according to the Times include Johnson – will face tighter restraints, though. They concluded that the problem was poor implementation and so it was necessary to cut taxes, among other things, to fuel a dash for growth. They concluded that the problem was poor implementation and so it was necessary to cut taxes, among other things, to fuel a dash for growth. GHOSTS OF EMPIRE Brits narrowly voted to leave the EU in the 2016 referendum for many reasons. One was the rise of nationalistic populism in much of the West following the global financial crisis, which also fuelled Donald Trump’s victory in the 2016 U. One was the rise of nationalistic populism in much of the West following the global financial crisis, which also fuelled Donald Trump’s victory in the 2016 U. According to the BBC , Hunt will not be a candidate for the leadership, potentially strengthening his grip on his current job.S. presidential election. presidential election. But delusions of grandeur meant this global phenomenon played out in the UK in a specific way. Current opinion polls show the opposition Labour Party with a lead of around 30 percentage points. Advocates of Brexit spouted the myth that the UK was so special that it didn’t need the EU for either geopolitical or economic reasons. Advocates of Brexit spouted the myth that the UK was so special that it didn’t need the EU for either geopolitical or economic reasons. Voters were susceptible to this magical thinking in part because they hadn’t recognised the UK’s diminished status. The Brexiters said Britain could forge its own relations with the United States, China and other countries. The Brexiters said Britain could forge its own relations with the United States, China and other countries. Only a national election can restore political stability. After all, it is a military power with nuclear weapons and a permanent seat on the United Nations Security Council. It is also the leader of the Commonwealth , a group of 56 nations most of which were previously part of the British Empire. It is also the leader of the Commonwealth , a group of 56 nations most of which were previously part of the British Empire. Brexiters also said Britain, which was then the world’s fifth largest economy, could cut its own trade deals across the world. Follow @peter_tl on Twitter CONTEXT NEWS British Prime Minister Liz Truss resigned on Oct. America, India and maybe even China would open their markets to British services, goods and entrepreneurs. America, India and maybe even China would open their markets to British services, goods and entrepreneurs. Much of this was delusional. While the UK was a member of the EU, it acted as a bridge between the United States and Europe. While the UK was a member of the EU, it acted as a bridge between the United States and Europe. The announcement came days after turmoil in the bond market forced Truss to reverse drastic tax cuts and replace the country’s finance minister. Britain had clout in Washington because of its influence in Brussels – and vice versa. True, it has played an important role in solidifying the Western alliance following Russia’s invasion of Ukraine. True, it has played an important role in solidifying the Western alliance following Russia’s invasion of Ukraine. But its underlying power has been damaged.” Jeremy Hunt, who replaced Kwasi Kwarteng as finance minister, is not expected to run, the BBC reported. Trade deals have also proved elusive. Trade deals have also proved elusive. America is unenthusiastic, India is proving hard to nail down and China is nowhere to be seen. The folly of cutting Britain off from the EU is even more evident today, when geopolitical tension is rising and globalisation has taken a knock. The folly of cutting Britain off from the EU is even more evident today, when geopolitical tension is rising and globalisation has taken a knock.S. BRITAIN’S MANY STRENGTHS Observers such as former U.S.S. Treasury Secretary Lawrence Summers have described Britain as a bit like an .85%, down from a high of close to 4% earlier in the day. This is over the top. This is over the top. Truss, Johnson and Brexit have certainly damaged the UK, but haven’t totally wrecked the country. The UK is still fairly pragmatic and entrepreneurial. The UK is still fairly pragmatic and entrepreneurial. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. It has a smaller proportion of .