Wed. Sep 20th, 2023
    Former Bank of England Governor Accuses Liz Truss of Turning Britain into “Argentina on the Channel”

    In a scathing attack on Liz Truss and her government, former Bank of England governor Mark Carney accused them of transforming Britain into “Argentina on the Channel.” Carney also criticized Brexiteers, including the former Conservative leader, for their “basic misunderstanding of what drives economies.”

    Speaking at the Global Progress Action Summit in Montreal, Carney applauded “progressive” policies while denouncing “far-right populists.” He referred to Argentina, a country known for its repeated economic crises, as an implied consequence of the economic turmoil caused by Truss and her chancellor Kwasi Kwarteng’s mini-budget last year.

    Carney challenged the misconception that cutting taxes and government spending leads to economic growth. He accused Brexiteers of wanting to “tear down the future” and criticized their approach as short-sighted.

    According to Carney, progressives focus on building sustainable systems such as healthcare, infrastructure, schools, and opportunities for prosperity. On the other hand, he suggested that far-right populists exploit present anxieties to fuel anger for their own destructive agendas.

    Carney asserted that populists, including Brexiteers, treat spending and tax cuts as a reflexive response to any problem. He claimed that their approach reflects a lack of understanding of what truly drives economies.

    In reference to Truss’s vision of creating a “Singapore on the Thames,” Carney argued that her government had instead delivered an outcome resembling Argentina on the English Channel.

    – The Guardian
    – BBC News

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