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The Owen Jones Podcast

Tories Crash The Economy

The Owen Jones Podcast

Owen Jones

Politics, Government, News & Politics, News

4.41.4K Ratings

🗓️ 30 September 2022

⏱️ 54 minutes

🧾️ Download transcript

Summary

Liz Truss' decision to wage class war on behalf of the rich - with a Budget which slashes their taxes - has crashed the British economy, throwing the pound and the markets into turmoil. Why has this happened, what will this for the economy - and what will this mean for you?


We're joined by Alfie Stirling, chief economist of the New Economics Foundation.


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Transcript

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0:00.0

Don't know what to say, not simply because I've lost my voice, as you can see I'm

0:21.8

sounding quite hoarse, that's because I've been a Labour Party conference.

0:26.7

But where to begin with the state of the country and the government?

0:31.9

A neat poll has just come out, let's just have a little look at what that poll says.

0:37.9

This new poll, which is just emerged, obviously, emits the collapse of the economy,

0:43.4

Labour on 54%, the Conservatives on 21%, that's her 33 point lead for the opposition.

0:50.9

Estonishing, one projection suggests that if replicated at a general election under our first

1:00.0

past the post system, every single Conservative MP in Britain would lose their seat.

1:06.1

That's what we're talking about. The government's approval ratings,

1:10.5

calamitous, crazy and quieting, apparently I think 6% of the population think he's doing a good

1:14.8

job. I'd love to meet them. I think they largely work and we talk about this for

1:19.8

neoliberal think tanks or their relatives, doesn't they? This is a monumental calamity facing

1:25.7

the country and I think we should be in no illusions about that. The Conservative Party launched

1:31.4

a mini budget and under that mini budget they proposed drastic tax cuts for the richest 1%,

1:38.4

who obviously have been booming like never before over the last few years.

1:42.9

The consequences of that have been an epic catastrophe in the markets, the pound,

1:51.2

guilt, boring, you name it, an absolute catastrophe facing this country. Now, largely the people

1:59.2

are responsible for this, Liz Truss, who is a quarter time vanished, just disappeared, nowhere to be

2:04.4

seen. Except this morning, Liz Truss did a round of local radio stations. I'll come onto that

2:10.8

at the end after we speak to a brilliant expert because I want to talk to him first about what

2:15.2

this all means. We will go through every single car crash interview which Liz Truss did because I

2:21.7

think it's quite astonishing just to listen to that. The point of her doing it, of course, was

...

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