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Old 07.10.2016, 08:16 PM
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I can't figure Theresa May out at all.

What is her philosophy? To listen to her recent keynote speech you would think she was taking the Tory Party towards the centre. Her tone was quite interventionist. Yet a lot of the things she rails against; tax avoidance by multinationals for example, have practically been Tory policy to date. It's been a while since Labour has been in power. If things are broken, her party has expressed very little interest in fixing it to date. Building lots of new homes is something every Government has promised to do for an age, but none has done. She says the Tories won't pick winners or prop up failing industries, shortly after doing exactly that with Hinkley C.

And with respect to the economy, she said this:

"Because while monetary policy – with super-low interest rates and quantitative easing – provided the necessary emergency medicine after the financial crash, we have to acknowledge there have been some bad side effects. People with assets have got richer. People without them have suffered. People with mortgages have found their debts cheaper. People with savings have found themselves poorer. A change has got to come. And we are going to deliver it. "

Which is just baffling.

Who is she talking about? Who are these poor people who have enormous savings - enough to generate an income - but no assets? People with vast cash deposits at the bank perhaps but no house or stocks or shares? Why are they more deserving than people with no savings but who own assets? Surely they are all the young people who the Government have encouraged to buy houses and take on huge mortgages under the help to buy scheme? Are they to be vilified now?

The "bad side effects" are not because of monetary policy. They are because of the financial crash and our rather fragile economy.

Are the Tories going to abandon monetary policy? Are they going to start borrowing a lot more money? But our National Debt is rising. Despite austerity.

The whole thing is strange and incoherent. It just seems like they don't know what they are talking about. Or really what they want to achieve.
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