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Sangita Myska delivers a scathing monologue on Liz Truss and Kwasi Kwarteng's catastrophic economic plan
1 October 2022, 17:20 | Updated: 19 October 2022, 08:27
Sangita Myska shared some powerful words as she called out Liz Truss and Kwasi Kwarteng's "national gaslighting" in skirting the blame for the financial crisis.
Sangita Myska ripped into the mini budget 'that became a major catastrophe' in a powerful speech detailing the inadequacy of Truss and Kwarteng.
"The level of incompetence to make Boris Johnson look like a model of good governance does not bear thinking about," she said.
"Our new Prime Minister chosen by about 80,000 tory party members and our new Chancellor, who let's face it, very few people had heard of until he nearly drove the economy into crash mode, are in serious danger of making Boris Johnson look benign."
Sangita continued: "The fiscal event produced by Kwasi Kwarteng set off an unprecedented spiral at an unprecedented speed."
"Mr Kwarteng's list of uncosted tax cuts including for the very wealthy who didn't expect them, want them, or need them, spooked the financial markets.
"It wasn't the tax cuts themselves that seemed to have been the problem, rather Mr Kwarteng's failure to explain how he would pay back the billions of pounds he intended to borrow."
This comes after Truss and Kwarteng revealed their mini budget which cut tax for the wealthy. Following their announcement of this, the pound fell to an all time low.
In the aftermath of the mini budget Truss and Kwarteng failed to explain how the plan would benefit the average person.
The Bank of England intervened to raise interest rates, and mortgage lenders have pulled deals on rates as a result.
Sangita said: "The Bank of England like grown-ups stepping into a nursery wrecked by toddlers, spent 65 billion pounds to restore market functioning."
Sangita then stated that Truss and Kwarteng were guilty of "national gaslighting" after they absolved themselves of blame for the financial turmoil the mini budget brought about.
Truss finally admitted her plan caused "disruption" but Sangita said she would call it "near economic catastrophe".
Update: To clarify the Bank of England said on 28 September that it was prepared to spend up to £5 billion a day on temporary purchases of long-dated UK government bonds “to restore orderly market conditions” over a period of 13 days. If the Bank had spent the maximum, then spending would total £65 billion.