My first article focussed on the UK Government’s Monetary Policy and the Bank of England’s (Bank) sustained high interest rates and the damage it has inflicted on the UK Economy. I also published an alternative, ‘The Royd Monetary Policy’, which is a comprehensive proposal to balance economic growth with social well-being.

I also emphasised how under Rishi Sunak’s stewardship, both as Chancellor of the Exchequer and as Prime Minister the Bank has moved a substantial amount of government debt, from fixed-rate borrowing to higher-rated floating-rate borrowing, which increases Government debt, which is an astronomical 98.3% at the end of March 2024. 

The Net debt as a percentage of gross domestic product (GDP) remains at levels last seen in the early 1960s.

The UK Government Policy article illustrated how higher-rated floating-rate borrowing have increased the debt-servicing costs that have been increased by the Bank’s sustained high interest rates. This has benefitted the financial markets, especially the banks, with high interest charges on loans and mortgages. Additionally, the Bank has continued to sell the Government’s stock in the Nat West bank at a loss to cover the loss of income from Guilts.

Higher taxes are not just a random outcome, but rather a direct consequence of a failed monetary policy. When the government’s monetary policy fails, it leads to a chain reaction that ultimately burdens taxpayers with increased tax obligations. The Treasury, tasked with managing government debt and making crucial decisions regarding taxation and budgetary requirements, finds itself compelled to raise taxes due to the repercussions of the Bank’s ineffective monetary measures.

Apart from failing to manage the economy, the Conservative government has also failed to protect tenants from no-fault evictions, whilst UK rents have risen at the fastest pace since records began according to the Office of National Statistics, based on a period of 12 months to February this year.

The Conservatives are now asking us to believe in a whole raft of new measures that they have failed to implement during the last 14 years in office and they have not delivered Brexit.

The Labour party, as an opposition, has put forth its alternative plans to address the current economic situation in the UK. However, these plans have been met with skepticism due to their failure to tackle the underlying structural financial issues that have contributed to the country’s economic instability.

According to the latest report by the Institute for Fiscal Studies (IFS), a leading independent research institute based in the UK, Labour’s spending plans would lead to an extra £17.5 billion borrowing and public debt over the next five years (IFS, 2024). This is concerning given that the UK already has one of the highest levels of public debt among developed countries. The IFS also noted that Labour’s plans would result in higher taxes for many households and businesses, which could hinder economic growth.

Furthermore, Labour’s stance on Brexit has been criticised for being unclear and inconsistent. While they have expressed their commitment to leaving the EU, they have also proposed closer links with the bloc through membership in various EU agencies and participation in some EU programs. This position is seen as contradictory and may not deliver on the promise of a clean break from Europe.

As confidence in politicians wanes due to scandals and ethical lapses that have plagued the recent parliamentary term, combined with the failure to deliver on promises, the dwindling trust in politicians has reached an unprecedented nadir, leading to the pervasive question of ‘who is worth voting for?’ reflects a broader sentiment of scepticism and disillusionment among the electorate. In this climate of uncertainty, voters may grapple with issues of credibility, integrity, and accountability when evaluating candidates and political parties.

Addressing the challenges posed by scandals and ethical lapses necessitates proactive measures to rebuild trust and restore confidence in the political process. Transparency, accountability, and ethical leadership are essential components in fostering a culture of integrity within government institutions, so I have formulated a Moral and Ethical attributes for politicians.

In an ideal scenario, instead of blindly supporting one of the major political parties, individuals should take the time to evaluate the qualifications of the candidates before casting their votes. By doing so, it is hoped that voters are more likely to select a candidate who demonstrates a commitment to strong moral and ethical values.

This approach could potentially lead to a situation where no single party secures a majority in parliament, creating an opportunity to shift away from the current norms. In this new setting, politicians would be held accountable for fulfilling their campaign promises while also having the freedom to vote on legislative matters based on the needs of their constituents. The specifics of how to achieve this transformation will be explored in upcoming articles throughout this election period. 

As you might expect I shall be rooting for the Brexit party ‘Reform’, as my local candidate passes the Moral and Ethical tests, although I would rather be voting for a candidate that adopted ‘The Royd Monetary Policy – Empowering Tomorrow’s Economies’, which will reduce mortgage interest levels to a sustainable level, boost growth by funding economic growth, using Bank of England Discounted Rates, to Economic Sectors that are significant contributors to the UK economy. It will also boost the central bank reserves and improve it’s sovereign credit rating that will lower the interest rate on UK debt.

I will also bring forward an article on changes to Education that will bring about significant benefits for both individuals and the economy as a whole. By aligning education with the needs of the labour market and providing pathways to rewarding careers. The initiatives I will propose, will have the potential to drive economic growth, address skills shortages, and create positive social change.

Final word, please don’t invite me to join a party. I do social change for the greater good of all, not politics. Unfortunately, you need politicians to implement the changes, so vote for those who will work to change the status quo.

That last sentence is addressed specifically to the 30% of you that never vote and the 26% who have no particular political affiliation. Do the maths: an additional 56% voting with one intention, so together we will make a difference, or ‘Is It Me!