Policy is hard

Most of the current Goverment came from Vote Leave and the other offices in 55 Tufton Street, where focus groups with agendas and funded by money from abroad somehow got invited to appear on BBC news shows again and again, so that fringe ideas in the end became mainstream.

But with Brexit policy, Government and monetary policy is difficult.

I mean really, really hard.

Any old Old Etonian cane say they're gonna do something, but actually make it happen.

That's hard.

That's Government.

Which is why the UK has the Civil Service, which will enact election dreams and promises into actual polices.

No matter how stupid some are.

(Brexit).

The current Cabinet, and Johnson's for that matter, saw the Civil Service as a hinderance to getting things done, and are now looking to switch to the American way of having political appointees instead.

I mean look how well that goes.

On top of this, this is a group of politicians that has grown used to governing without scrutiny. Having to explain, either in the House or in committees how they harebrained schemes will work.

So, under COVID they found Statuatory Instruments (SIs) and other mechanisms for driving policy without much or any scrutiny.

They also reduced debate to a joke, with major bills having just a single day of debate allocated.

Scrutiny drives better policy, of course, as does taking in different points of view.

But that is hard.

Which is how, the Chancellor, having the one chance to impress the markets with his chancelling skills failed so badly, his non-budget budget have exactly the opposite effect that was planned.

UK Government debt will now cost £15 billion a year more.

THat is impressive in your first month.

The "fiscal event" wasn't called a budget because that would have meant impact assessments and scrutiny, so that is to be avoided.

Strangly, the markets noted this, and guessed the reason, and are not impressed.

In days new interest rates on mortgages will be announced, for new buyers and those who want to re-finance.

Its gonna be brutal.

Also will effect landlords and those who have bought to let, who will now find that rents will not cover the mortgages they have.

The value of your investment can go down as well as up.

Policy is very hard.