Iunbelievable, but true! Since Brexit, British governments have, each year, shown greater talent in demonstrating that leaving the European Union (EU) takes its people a little further away from the promised land of regained sovereignty and free and not distorted.
If we understand what is happening across the Channel, it’s the world upside down! The British nation is being put under trusteeship, like poor Greece in the 2010s, and its people being robbed of their right to choose their government like an unfortunate post-Berlusconi Italy in 2011.
This without the intervention of the European Commission, nor of the European Central Bank (ECB), nor of the council of the euro zone. Because it is indeed the Bank of England (Bank of England, BoE), the central bank of the United Kingdom, which has just released the red card to sanction the British government in place for a little over a month.
A very worried judgment
Rather than bow with respect to the new fiscal policy course of the new Prime Minister, Liz Truss, the institution is making it known that it is unsustainable and is increasing its key rate drastically. Better still, the BoE is acting under pressure from the Federal Reserve, the central bank of the United States, and the International Monetary Fund (IMF), which has just passed a very worried judgment on British budgetary policy.
The government which has just launched it plans to bring the public deficit of the State of the United Kingdom to a level rarely reached and to compensate by massive borrowing for a historic drop in taxes. This is why the rate of British sovereign debt is in the process of reaching a level comparable to that of Italy, which is causing concern and the intervention of the British and American central banks, as well as the IMF.
“Take-back control”, they said! The British are far from it. In this case, leaving the EU was of no use to them – especially since to date none of the Member States of the Union is in such a situation. Is the British government, which triggers such a barrage of fire from its own central bank, the victim of a denial of democracy and technocratic supervision?
Proof by absurd
Not really, because, in fact, he has just been appointed following a palace revolution – namely an internal vote of Conservative Party activists, ie less than 1% of the electorate. The latter had voted for a parliamentary majority in 2019 whose program did not mention massive tax cuts and debt of the same order.
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