Mini-budget was 'serious mistake' - former Tory Chancellor Lord Clarke says
Lord Clarke, Chancellor under Sir John Major, said the past week shows Liz Truss's government have had a "catastrophic start".
He told Sky News the mini-budget was a "serious mistake" and he had never seen a fiscal event cause a financial crash so quickly.
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It wasn't a budget it was a special financial operation.
For the WEF
While I don't go for conspiracy theories, it is interesting that Kwasi Kwarteng's old boss at a major London Hedge fund is making an absolute killing out of the crashing pound sterling rates.... almost like he saw it coming.
Well put!
Putin agrees as long as she stops calling his invasion an invasion
the nukes come later......
It wasn't a mistake. She said exactly what she was going to do during the leadership debates and the mad dogs of the Tory party cheered her on.
100% correct. Tory membership voted foe this policy.
Correct.
2 things - 1. The tax cuts were larger than expected and 2. The tax cuts were uncosted and with no detail on supply side reform... So the markets said sorry no good. So most Tory's are aghast at the level of incompetence
@@krruns4165 Carrot and stick tax cuts. The Chancellor ‘warned’ that cuts imposed a moral duty to pay taxes rather than avoid them. I think it’s a warning that he’s going to attack the burdensome tax codes to eliminate tax dodging by ‘legal’ means. It’s calling bluff on major tax dodgers who have major business in the UK that they’ll not pull out. If it works and he does, in time, eliminate tax dodging, then the public will love him and the PM. Every gamble of this magnitude will shake the markets but the pound is up by a few cents already. The energy tactic applies to everyone whereas mortgage rates only apply to those who have them and, within reason, they can either extend the term or reduce their lifestyles to meet higher payments. The equity leveraging is over.
Thatcherism doesnt work in todays situation, Liz wants to try and be Thatcher 2.0
I'm afraid the public are way past any point of forgiveness!!
I'm beginning to think 'the public' have forgotten how to work and are evolving into a nation of victims.
We need a revelation
This is not a mistake - it is a crime.
Agreed and they should pay for it. Starting by doing the right thing and resigning!
Well said🤗👍
Riots ahead
Don't forget that Truss knows all about working class poverty when she lived in her middle class house in Leeds.
@Kermit Idiothunter it's like watching a circus
Kwasi is the wrong scapegoat. Liz talked and talked about these unfunded tax cuts throughout her campaign. This is all her.
He supported Truss.
It's a gang of four.. Britannia Unchained is now Britannia unhinged
She surrounded herself with yes men.😡😡😡😡
She has intended to fund all these goodies by selling huge amount of bonds in the market. Players in the bond market fled quickly to avert a coming collapse of the bond market. Milton Friedman's iconic saying is right "There is no such thing as a free lunch".
They’re both muppets.
"We have to be honest. Borrowing your way out of inflation isn't a plan - it's a fairytale." Rishi Sunak
They elected a corporate shell as PM and we all know it. And the media are trying to justify it
Gambling with people's pensions unforgivable.
Definitely unforgivable.😡😡😡😡
And mortages,
And lives.
Gambling with that is forgivable. Allowing that, however, is not.
Lord Clarke couldn’t have summed it up more succinctly. Voted Tory most of my life and we can be assured of one thing going forward, this lot won’t be around in two years time. From the time of Boris onwards, unimaginable harm has been done to our country
The currency markets where tolerant up to 2016. Everybody was suffering from 2008. Everybody was borrowing to buy up toxic debt , and boost recovery. Everything since has been UK only. Borrowing to limit the damage of Brexit. The mini budget was the final straw. Borrowing to fund tax cuts that won’t be payed back via taxable growth.
What about Cameron? Austerity was also a terrible idea and the US diverged strategies and have been increasingly ahead of us ever since.
She is going to ruin the country for her own greed. This must border on criminal.
Never voted Tory and Never will. The harm being done to the country is part of a long list.
please stop voting for them , they dont have an ideology that works in 2022
An old school Tory from back when they gave a fig about the national interest. Very different party these days.
When was that?????
@Guus Thijssen living in the past doesn’t move us forward though, that generation has almost died out and their values with them.
They've never been interested in the public none of them .
Don't forget he had the ambulance people out on strike.He was pretty awful,but . . looks a genius compared with Bonnie and Clyde
He was one of last of the 'one nation' Tories who actually cared about the wellbeing of the county as a whole.
I was a Tory voter all the way up till 2018... now I will vote for any party I think can get them out.
Same here. Think I have to hope that my constituency can pull off something similar to what happened a few months ago in Tiverton and Honiton though.
Me too. Until Truss, Rees Mogg and their fellow incompetents are wiped off the political map, I will never vote Tory again.
And Labour to the rescue yeah ? Labour and Tory ,two cheeks of the same arse as far as I’m concerned.
Yes let's all vote for the Labour "communist lockdown" Party with its white hating MPs. What's not to like. 👍
@@jazzycattruthkitten4101 no not Labour, at least not for me. Tiverton and Honiton suggested that the Lib Dems could do well at shifting this government out of office though?
The thing is, she's still on the radio defending it and telling us there's more to come - she must be just trolling us at this stage, surely?
Europe: give me back my money. Why should I pay for your?
The comms dep sent out a memo saying, “DO NOtHINg BUT MENTION THE “ENERGY CAP”
She is trussing us up
Nope there's more tax cuts to come apparently!!
The Chancellor hinted at reforming the tax codes if business and personal morals didn’t see that paying a fair share was responsible. Is that what’s to come? A long overdue overhaul of the tax system to simplify it removing the loopholes accountants and lawyers exploit for their corporate clients. If so the public will applaud such a move.
Shame that Boris kicked out half of the sensible Tories in 2019 (Clarke, Soames, Lidlington, Hammond, Gauke, Stewart, Grieve etc). If he didn't do that we wouldn't be in this mess right now, Truss wouldn't be in power - Boris would have been pushed out a year ago and Rishi would have faced the member vote when he was still popular, and even if Truss was still in she wouldn't be getting away with this as the party would be much more centre leaning
Yeah we would all of this is 50 years of mostly tory rule. They have ran us into the ground, none of them are real conservatives. On top of that conservative ideology is not worth a packet of crisps in the market place of ideas. Gerrymandering and control of the media have kept them in power over the years.
No one sensible would support him
Clarke is a die hard na zy.
@@thetruth9210 he was called spreadsheet Phil for a reason. Safe pair of hands.
The only shame is the Tory part
The quality of our politicians is appalling
Tory politicians
Bring back Ken.
But why is the calibre of MPs so low? Or rather why does the cream of MPs seem so thin compared to the past.
No quality at all, just corruption and greed.And most of them appear to be like that.
let face it the "TORIES" is a noun we use to describe a collective of self serving con artists
Politicians havent a clue, nobody should be allowed to run the country who hasnt got years of business success under there belts.
@stuart Harris Like Donald Trump
It is actually a 17th century Irish term of abuse meaning robber or outlaw. Just saying!
Amen
@@SH66667 hmmm one particular Tory candidate comes to mind (Rishi in Truss out)
A mistake is something that is undone unintentionally. This was done with plenty of deliberation and intent.
No, a mistake is something that is wrong.
Rishi Sunak said right from the beginning that Liz Truss fiscal approach would be a disaster. The majority of Tories voted for Truss and are now as much to blame as the Chancellor and Prime Minister for this mess. This government can not go on.
TORY VOTERS ARE TO BLAME.
Oh yes it can and it will. We'll be a mess for years as a result of it for sure, but it will "go on"
@@awtistiaeth4699 There is a a petition out that had now passed it's mark for a debate on an early general election..most PMs replacing another would not long after call one themselves to get the peoples' mandate (Theresa May did, Boris did)..because it is the DEMOCRATIC thing to do. The Tories are now 30 points behind in the polls-Truss knows full well it would be a disaster . But if she believes her fiscal plan will truly turn things around- she should have no fear in calling one by the new year at the lastest (which am sure she won't.) Just a shame it is the "honourable" thing to do politically , rather than a legal obligation.
Tories have lossed my vote at the next election ,come back Boris, he wasn't this bad
@@ianphillips6871 Boris Johnson is every bit as bad. Just he had the skill to hide it better from the voters.
Retired politicians are always wiser when not in government.
Yes, logical really. They did it already & there is nothing new under the sun.
We are a globalised economy who told global markets to get stuffed. What did they think would happen? We are replicating Zimbabwe.
The people doing it have worked in the markets so their incompetence is the more baffling
@@julianshepherd2038 . It’s clear that too many Tory MP’s will do anything to get into the cabinet. Including setting aside everything they know and have learnt,
"We are replicating Britain..." under Thatcher. [Fixed.]
@@thetruth9210 But not necessarily doing worse by sabotaging their own economies.
Exactly.🤗👍
His insults and criticisms were absolute brilliance, delivered so eloquently. He's spot on, plus, a man with so many busts on his mantlepiece should in theory be trusted.
He should at least pay out a few shekels to have the collar turned on his shirt
Robert Walpole, Lord Salisbury... couldn't identify the third guy
@@drparnassus2867 Lionel Richie
@@immers2410 Iggy Pop? Dr Octagon? One of the Macc Lads?
"with so many busts" LOL
My leftie sister used to work for ken clarke back in the day . She once said for a tory he was alright . Praise indeed.
@@thetruth9210 A moderate Tory. In the old days they weren't *all* barking mad.
Things are worse than we thought Ken Clarke is literally losing his shirt as we speak.
That collar has sure seen better days.
Times are hard!
I'm sure that if his wife were still alive she wouldn't have let him appear like that. A fine man, nonetheless.
@@nautilusshell4969 i wish him a long life - a good & decent man
he s a senior tory who set agenda for greed in the 1980s
I found my daughter in tears over her mortgage and frankly have had enough of mistakes,crisis and Conservatives even the Westminster Government,the King must dissolve Parliament and force a General Election as being run by a PM elected by the Con party and not the nation is just wrong
I think it's inevitable that there will be some adverse consequences of the pandemic, no matter who the government. Plus, I'm not sure how much the Ukraine war is affecting us, but I bet causing economic destabilisation for the West is part of Putin's intention But I agree, the mortgages and cost of living crisis must be addressed.
By just 0.2% of the population
80££0X.
Is your daughter pretty? I'd like to comfort her in her hour of need. What her mobile number?
No PM is ever elected at all, least of all by "the people".
I kept mishearing and thought he was saying "Crazy Kwarteng"😁
"Minimal budget" or not...those wealthy rich and the Monarchy will not be affected,anyway. My heart ❤ goes out to the poorest of the poor 💔 😢 and amongst the common folks 😢 💔
What's that about? I'm not interested with What's going on in Indonesia when the main video is about What's happening in the UK
Mrs. Thatcher was successful in large part because she surrounded herself with competent people. None more so than Kenneth Clarke. The end came for Thatcher when she stopped listening to them.
That's a fair assessment. She didn't surround herself with people who were just her cheerleaders, unlike Johnson and Truss. She surrounded herself with people who could actually challenge her.
@@thetruth9210 Poll Tax didn't exactly help either.
@@thetruth9210 The Conservatives couldn't have won an election with a Poll Tax policy. MPs acted in self-interest as they always do.
I've got a joke about trickle down economics but most people won't get it.
Lord Clarke is the only one I have ever had respect for over the years. I decent guy with common sense.
I used to think Boris Jonson was the biggest clown in politics but Liz truss makes him look like a genus. Its time for Scotland to leave this sinking ship.
Lol
I'm just so angry at what they have done. People will die this winter of cold or lack of food and they have opened the trough to greed. They say it will have the trickle down effect. I'm 62 and I know that only excrement trickles down. I've worked for 40 years now I'm ready to join the great unwashed and riot.
I share your frustration.😡😡😡😡😡😡
Liz Trussless hates the idea of working people earning a living wage, that's why she wanted to cut civil servants salaries in the country outside London. We need to stop her from her intent on going further with stupid tax cuts.
I do not want my gran to die of cold for Ukraine, Truss!
Oh an actual Tory such a rare sight these days.
No witch hunts to be had and your getting bored ....your disgusting
@@martinmanifold2241 yer ma
An actual Tory? As in Margate Thatcher's gvt?
I know a Tory, Clarke's no Tory.
And people thought Boris was bad...
Tories are all bad and that Kenneth Clarke likes Kwasi Kwarteng says it all.Truss needs to go and take Kwarteng with her.Call a general election now!!!
he was/is
It makes me think they are rearranging deckchairs on the titanic
I do so miss the old school politicians. Dominic Grieve included.
Agree with the first bit Sarah...:)
LOL Grieve the man's a traitor clueless people wow
They've had twelve years too get it right and have failed to do so,
It’s been catastrophic politically, and economically it’s been a disaster so far
Truss went out the front door leaving the the back door open for the banks !
its been open since 2003 buddy.
Well rishi was right after all. 😂🤣😂
I hope Lord Clarke is going to be ok this winter, let us all pray for him.
If it gets any worse, he might have to sell the Aristotle bust on his mantlepiece!
@@user-wl9gw7xe2q he could throw some of that fiat currency on the fire! He's got plenty of it😁
Praying never did anyone any good.....ever!
yeah, hes down to last 2 million
I will be praying for the poor and sick that his party will be and have been, letting die every winter so they can save tax. Greed.
In contrast to the self-assured, ignorant and incompetent interview from Chris Philp who regurgitated the Troy script, what refreshing sense, spoken by Lord Clarke.
12 weeks of Conservative naval gazing chose Liz Truss over Rishi. It was logical that Rishi was correct in the debates.
True.🤗👍
From the rightwing commentors i read on facebook Sunak is a backstabber & a WEF puppet. So Truss was the least worst option but they would prefer to bring back Boris.
@@BionicRasta easy labels thrown at an inconvenient truth. Those right wing commentators have a lot to answer for.
Poorly timed, Only 2 days after the FOMC raised rates by 0.75% with a further projection of 1.35% was a mega clash for Investors of bond buyers.
I was transfixed by how threadbare his shirt collar was. Presumably an expensive shirt when new, which is now worn, but still worn. Good on him
threadbare.......like the Tory politics being foisted us on us since 2008, how much more damage could these people do to Britain whilst feathering their nests in the Cayman Islands
Older generation, still remember WW2. We'd all be better off if we kept items this long...
I remember when they lost the election he was chancellor and was moving out himself round the back of Downing St with a hire van.
Shirt collar crisis.
What about his old beat-up chair and tacky-looking lamp?……Must be very rich, I thought.
Truss is by far the biggest mistake the tories have made!
Funny how she made it to the top. No one else in her party really wanted it?
Would Lord Kwarteng now reconsider his resignation ?
Sod off!
I remember when ministers we're telling us not to ask for pay rises then they went and gave their mates more money, ffs
Liz Truss implemented exactly what she said she would do in her leadership campaign - everyone acting surprised is a bit of a doughnut
Didn’t Lord Clarke push for us to join the ERM and the EURO!!! 🤔
He did but the reaction from markets and investors to the mini budget show that they also think that Truss is an economic illiterate.
@@Irishtradchannel Erm I think the reaction to the markets when we fell out of the ERM was bigger!
Lord Clarke is always a voice of reason!
Old politicians may not always have been right as seen over the years especially on policy sometimes...but they knew how to behave in Parliament....and didn't show this country up. Also had this country in mind not their own bank balance.....running the country is not like being in a soap opera....like we've had recently.
Pensioners and people unite and kick them out at the next election
Truss is gaslighting us all
Lol
We've seen the complete "Changing of the Guard" process, whereby the current politicians are happily exchanging rewards from lobbyists for immense, mutual financial favours, unabashed and unrepentant.
By the time Kwasi got to Eton, the dope people smoked was probably considerably stronger than when Thatcher arrived in Downing Street in '79.
Ken Clarke was always chirpy and happy looking. I've never seen him looking so broken. One of the better prime ministers we never had.
He's obviously worried about losing his big fat state pension! 🙄
@@mark.e.p I doubt his MP's pension is affected, nor are any of his other investments $$$
@@splinterbyrd Looks like he lost his shirt on one of them! But seriously he was a good egg as Chancellor, bumped into him once at the IoD.
@@FHIPrincePeter IoD?
This is something I will NEVER forget. Labour had recently won the general election, Gordon Brown was about to present his first ever budget (The previous chancellor had been Kenneth Clarke) They were interviewing Denis Healey, himself a one time chancellor but later virtually retired from politics on TV about Mr. Brown's first budget and he was asked if he would like 'Gordon Brown's job' and Denis replied (Wait for it) "Oh Gordon hasn't much to do really, maybe tidy up a few loose ends, Ken Clarke has left the economy in a good state!" I heard with my very own ears a one time Labour politician singing the praises of a Conservative chancellor. Had they both been active in politics they would have been shouting at each other across the floor of the house of commons!
@@thetruth9210 nope, the gold sell off stopped a financial crisis type event
@@techtech7803, yes, a self-induced crisis caused by Brown and Blair’s borrowing
@@ffrederickskitty214 no. A crisis caused by American banks speculating. Not the financial crisis, which was also caused by the yanks, incidentally
@@techtech7803 The gold was sold off well before the 2008 financial crisis, as were Brown’s pension raids. Brown announced the sale first, causing the gold price to tank befor he sold it. An idiotic decision.
@@ffrederickskitty214 it had nothing to do with ‘08. It was a different crisis
"Re-elected in 2 years time". Heaven forbid.
kicking the intelligent conservatives out of the party was the biggest mistake. No wonder so many other intelligent ones left in disgust.
This makes me very angry. Rishi Sunak should have become PM. He warned about this and within a few weeks he was proven right. We can lower taxes later when we're in a better position. I don't understand why Tory members who voted for Liz Truss have such poor judgement. My confidence was in Rishi Sunak and I'm seeing more and more evidence I was right.
They'll be replaying Rishi's words over and over now.
I'm still saying it about Brexit but it doesn't change the result .
Rishi signed off on furlough and walked us into this inflationary cost of living crisis, johnson told zelensky to cancel the peace treaty creating the energy crisis and he supports continuing that like Truss too, the country is being deliberately deconstructed by both sides, Rishi is literally a stooge of the WEF
Rishi sunuk had a green card his wife using non Dom status for tax
@@SajjadKhan-cl3yf And boasted about diverting funding from poor Labour controlled councils to rich Tory constituences. However, he wouldn't have done what Truss and Co did.
A sensible Tory. A rare and vanishing species.
"Sticking it to the left" has become more important to the British right wing, and the idiots they elect, than the good of the country. Nothing else can explain Brexit, Boris, and Liz, in sequence. At this stage, if the left decided that vegan thing was overblown, and they wanted a hamburger, Liz Truss would outlaw meat.
I knew whoever got the job it wouldn't be any better than Boris but I didn't expect it this bad with truss and kwasi ..its just really pathetically bad 👎
kzhead.info/sun/hbaGYttukKKEnJs/bejne.html
The Country needs elections soon.
Three words that put the willies up the English Independent Government, Change of Government Completely, New Government
That’s 4 words
@@joshmuldoon6560 thanks for the point out I have change it but makes no different lol
Independant government??? In your dreams my Elvish friend... How independant can it be when the VAST MAJORITY of its "home funds" are "DONATIONS". DONATIONS solely designed to give the DONOR a chance to influence governmental decisions. I have suggested for a while now that in political party talk, the word DONOR must be replaced with INVESTOR. This in turn would turn DONATION Into INVESTMENT. SURELY A MORE ACCURATE USAGE OF LANGUAGE .
Lord Ken Clarke the voice of wisdom helped flog off all our services and left us in this mess....
Which makes it scarier
If this chap is against it we know it was a good idea !
We all have a duty to be competent, and part of that is taking on all the available information and then coming to the right decision
I wish today's politicians were like the latter ones, like Lord Clarke.
Retired
Lord Clark and the rest made this problem it was cooking slowly and now we got to clean up thier mess they made.
@@julianshepherd2038 Yes, wish he`d taken much earlier retirement!
He's a dreadful open borders Globalist.
Listen to him...no real criticism of the Quasi method, no alternatives offered. No acceptance that its been 12 years a-brewing and we are approaching the "final solution" , time to loot whats left and then hand over to the grown-ups for repair, for rebuilding. All the while, the lower classes will be dropping lower still...unless of course they decide enough is enough and take to the streets. To strive to take back some semblance of self-respect and dignity.
I love his optimism over the party he used to help manage. They keep making mistakes, surely they would be responsible, listen to the voices he ignored before and do the right thing? Nope the Tories are off the rails!
They lost the plot, I think.😡😡😡😡
He needs to tell madam truss this because she thinks it's all going great
Windfall tax, 🤪🤯🤭
Kwasi - learn from this. UK taxpayers - pay for the lesson
It took Boris two years to destroy his changes, but Liz seems intend to improve on this record. Will she be here next year?
Well said...im gobsmacked at this recklessness...its a bad joke.
There goes my house sale 😭
If the UK people still vote for Tory after this they deserve what to come
Under Liz Truss, this could be the worst Tory Government ever!!
Its a right Balls up is quasi from Zimbabwe by any chance
She has NO mandate.
Thank god I fixed my interest rate just in time. The government will potentially take us back to the disastrous late eighties and early ninety’s buckle up and watch the ride
A winter of discontent is just over the horizon,this was tried in 1972 and failed miserably IMF had bail the uk out which eventually led to austerity under Thatcher.
What about the 70s??
@@Whizzy-jx3qe well considering the powers that be have tried blaming the imf for this fiasco good luck getting the begging bowl topped up by them anytime soon!
15% ring a bell?
Kick them out NOW
Im so glad im not normal and dont pay taxes
National. Crisis. National. Interests. Mistake. Problem.
These same people at the bank of England where we have had zero or very limited growth in the last 30 years I think that's a great idea lord clarke
We don't need to wave a coupon infront of millionaires. We need to invest in people. When we have a more educated population we will attract the best companies because they want the most competent staff that will make them money.
But what are the tories doing about it !!! NOTHING!!!
That shirt doesn't owe him any money. Was he called in from the garden to do this interview?
Ken like the rest of us were hoping for some calm with a new PM. We are now in crisis of our PM's making.
Thank goodness! Sadly I don't think my Lord Clarke will be listened to. And finally someone who can pronounce" KWASI" properly.
I'd like to hear what Bruiser Clarke was saying after a few pints and chasers at his local jazz club .
Whatever Clarke says it will be the opposite.
Ken Clarke, knows the truth, Inflation is from one place and one place only, it is from "government" working with central Banks to Print money and distribute this cash (mainly on bailing out Banks) through so-called quantitative easing, the present Government spending schemes will cause more Inflation (the curse of cheap money) Whats been mainly driving house Prices up was low interest Rates and a tsunami of readily available stream of cash. Government Ministers mostly think that "Inflation is something related to Bicycle Tires" They drive us around the bend (on rubber flat tires) giving out misleading and deceptive statements
correct, and the sting in the tail is it will now wipe out every boomers pension. which is too bad....
House prices has nothing to do with demand (migration) far outstripping supply then, so that those property portfolios bring exceedingly good returns ?
No there're other courses.
Nowt to do with closing the planet down or 🇩🇪 goose stepping into Russia.
They are listening to people, sadly it’s the dark forces based in Tufton St they’re listening to. Their aim, make as much cash for the funders of Tufton st.
2:00 not a chance in hell are they "listening"
Tax cuts for the rich...just wow. What an absolute at a time like this
The Truss clowns cannot U turn as it would mean the end of them, so they will keep driving the car over the cliff
Rishi Sunak was right
Anyone that mentions trickle down should be put in the poor house and fed gruel
Interesting to hear Ken Clarke pointing out that trickle-down economics doesn't work. I wonder if he ever mentioned that view to Mrs. Thatcher when she was PM? I'm going with probably not.
Clarke has been a supporter of trickle down economics for decades. (Rolls eyes)
prove it. that just bs. (rolls eyes)
@@saigonbaby he has been a Tory mp all the time tory governments have pursued trickle down economics.
We need Ken Clarke back
Liz Truss, ' it's all Putin's fault '
Well that was a pile of self-rewarding drivel!