Labour motion to ban Truss-style budget meltdowns puts pressure on Tory MPs

Ho ho ho ho.

I can only imagine that Labour haven't pushed for this sooner to find the right time to stick it to the Tories. But this needs to happen. And it needs to happen soon.

Some brilliant political manoeuvring by Labour. Really interested to see how the tories worm their way out of this one

Usually the economic narrative that takes hold amongst the general public is a gross oversimplification or distortion of what has happened.

It is still a source of amazement to me that "Liz Truss’s catastrophic mini-budget, which sent the financial markets into meltdown and drove up mortgage rates" is not only accurate but kind of understates the stupidity of what happened.

The Tory faithful elected a simpleton, who implemented an ideological belief that has been tested in the real world many, many times and has never delivered the result that is promised (rather than the result that fantastically wealthy individuals get even wealthier, which is the actual desired outcome.)

This is the best summary I could come up with:

Labour will force a Commons vote this week aimed at creating new legal safeguards against fiscal disasters such as Liz Truss’s catastrophic mini-budget, which sent the financial markets into meltdown and drove up mortgage rates.

The party’s plan for a “fiscal lock” to protect personal, family and the national finances from reckless politicians will be contained in an amendment to the king’s speech that will be voted on by MPs on Tuesday.

The manoeuvre will present Conservative backbenchers with a dilemma over whether to back a Labour amendment, or vote against what is a plan designed to embed fiscal responsibility into the budgetary process, and protect it from wild or accidental political misjudgments.

When the contents of the OBR report on the Kwarteng mini-budget were eventually made public, they showed it had warned that the economy was already on course for a year-long recession, and that higher interest rates were pushing up the cost of servicing the UK’s debts.

She adds: “That is why I have pledged that a future Labour government will strengthen the Office for Budget Responsibility so that any administration making significant, permanent tax and spending changes will be subject to an independent forecast of its impact.

In recent opinion polls, Labour has had a strong lead on these issues over the Conservatives, having reversed a longstanding trend which saw the Tories favoured by more voters for sound economic management.

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