The Month That Was……June 2023

If ever there was a month to sum up the fast moving pace of politics, June was it.

In one week, Trump was indicted on 37 counts of espionage (how very Trump)……Sturgeon was arrested……Berlusconi was taken by the (presumably scantily clad) angels……Nadeen Dorries went on TV to say “the last thing I would want to do would be to cause a byelection in my constituency” and yet four hours later she resigned with immediate effect, causing a byelection in her constituency……and, inevitably, there was Boris Johnson.

I don’t know about you but I have BoJo fatigue. I am just exhausted having to bear witness to yet another of his dramas playing out relating to covid parties. 

The spine of the biography of BoJo has his relationship with the truth running straight down it. Sacked from The Times for making up a quote. Sacked from the Conservative front bench for lying about an affair. And now the Partygate enquiry confirmed he lied.

The report was brutal……but not shocking. The report’s breadth and depth simply demolished BoJo’s character and conduct and confirmed yet again that he is not great with the truth.

For me, the report was never about parties during Covid. It is about the fundamental pillars upon which public life and society at large is constructed. Conduct. Behaviour. Believability. Integrity. The sanctity of truth. The contempt for lies. BoJo’s behaviour and moral compass couldn’t be further from this.

The report confirmed our suspicions and suggested an unprecedented 90 day suspension from Parliament as punishment (triggering a by-election). But BoJo did what BoJo does……took no ownership, did a runner by stepping down (avoiding a further show of no confidence in a by-election) and deflected attention by accusing the committee of mounting a "witch hunt" against him that is determined to "drive me out of Parliament". He jumped before he was pushed.

What I find fascinating is the media losing their minds over a 90-day suspension yet this is the man who has literally been touring the world making £4 million doing speaking gigs whilst missing 187 Commons votes in the process. I’m embarrassed for you.

Just 40 weeks ago, BoJo was Prime Minister……the figurehead of a Government with a huge majority. But then……

41% of his MPs voted against him in a confidence vote. 72 ministers resigned to get rid of him. He was found guilty by Sue Gray, fined by Met Police and found to have lied during the cover up by an independent committee.

Catapulted first to the backbenches and now out of Parliament too. The demolition of BoJo’s career by his own peers has been brutally quick.

People who say Boris Johnson came to power, achieved nothing, partied during lockdown and then ran off in scandal are forgetting……he built 40 imaginary hospitals.

Good riddance. We deserve better.

 

The Numbers

The big news of the month was the announcement that annualised wage growth increased from 6.7% to 7.2%...... the fastest rate in 20 years. This has raised concerns that employers would try to pass on the extra costs through higher selling prices and fuelling inflation rather than cooling it. 

Ever willing to show how little he understands inflation, Rishi boasted during PM Questions that “we are delivering the fastest wage growth in years”.

It was an extraordinary boast for a few reasons.

1) Wage growth is a big reason why interest rates are still rising and why the Bank of England will continue increasing them. Mortgage pain is in the post for many. More than 400,000 people will see their existing fixed rate deals end between July and September and the cost of remortgaging has soared by nearly 40%. It is no wonder that house prices are falling at their fastest pace in nearly 14 years……it’s not a sexy time to borrow money.

2) “Fastest wage growth” is mainly in the private sector, over which the Government has no control except in respect of setting the minimum wage.

3) Downing Street and the Treasury have been furiously trying to suppress wage increases in schools, hospitals and the rest of the public sector because they regard inflation as THE problem.

4) Even with this “fastest wage growth in years”, most people on average are poorer because inflation is even faster / higher.

5) The Government’s 2-year borrowing costs have risen above 5% for the first time in 15 years amid mounting expectations that the Bank of England will continue to lift interest rates in forthcoming months.

I’m embarrassed for you Rishi.

Given the wage growth level, there was little surprise that the inflation data for the month showed inflation remained at 8.7% despite hopes of a fall. The exceptionally grim part of our inflation outbreak is food inflation, which is still running at 18.4%.

If inflation isn’t under control soon, the Bank of England will raise rates to a level where a recession next year becomes inevitable. As a Chancellor said 34 years ago, "if it isn't hurting, it isn't working".

So, the Bank of England decided to test our pain threshold a little further by increasing the base rate by 0.5% to 5.0%. It is the 13th increase in a row and the rate now stands at its highest level for nearly 15 years.

The Government knows that it will feel the wrath of voters in next year’s General Election who are seeing their household income squeezed. Let’s see how creative they get in tackling this. 

The big number for me was the little lady finisning 1st in the school sports day (hurdles). Priceless.

Trump of the Month

The Trump of the Month award for June 2023 for services to lunacy can only be……Boris Johnson.

No further questions your honour.

Trump Lunacy Rating: 10 / 10

 

And Finally……

“It is better to offer no excuse than a bad one.”

George Washington