I argue that regardless of the political party in power, the economic outcomes remain the same, a phenomenon I attribute to the influence of the Bank of England and the Treasury. Through an audit-like approach, I conclude that the true source of the UK’s recurring financial crises since the 1960s lies in the actions of these unelected elites, rather than in the policies of different governments.

A general election is upon us, and this is my Second Election Commentary and although I don’t engage with politics, because none of the main political parties offer policies I can support. This time I have established without any doubt that my values, which are contained within the REFORM PARTY Contract, are Brexit centrist values, which makes Conservative Party the extreme Right and the Labour Party extreme Left.

I know that Many people feel confused by the lack of meaningful choice in the traditional two main parties, we now have the REFORM PARTY that is a centralist party and a natural home for both Conservative and Labour voters that want a change for the good.

Approximately 30% of the voting population never vote. but this time they should, as REFORM can make a difference, as they have candidates who is principled and has policies that broadly align with my aspirations. REFORM policies align with the decision-making process, I published ‘The Royd Hierarchy of Moral and Ethical Attributes for Politicians.’ in my first general election special.

The UK’s first-past-the-post system consistently produces lacklustre governments, with promises that vanish almost immediately, a phenomenon I call ‘collective post-election amnesia.’

Below are two institutional failings that hinder the successful operation of a true democracy, along with proposed solutions.

Backbench MPs are routinely coerced into voting for policies that were not in the manifesto and are not necessarily in their constituents’ interests. In the last parliament, the Conservative Party was elected with a mandate for Boris Johnson, but saw him replaced in quick succession by Liz Truss and Rishi Sunak, neither of whom had a mandate from the electorate.

These leaders enforced their will using party whips, and those who refused to vote along party lines were labelled rebels instead of the principled individuals they are.

(Firstly, I am using reform as a verb, not a political party.) Party whips should only enforce discipline for policies stated in the election manifesto. MPs who declare moral or ethical issues in advance in their electoral literature should be exempt from this discipline.

This reform would return power to backbenchers, allowing them to represent their constituents and ensuring a true democratic outcome.

What I mean with ‘reform control of governance’. Governance in political terms is how government institutions conduct public affairs, manage public resources, and guarantee the realisation of human rights.

The UK is ostensibly run by the government of the day, but in reality, it is run by the Civil Service Mandarins.  These are senior officials within the British Civil Service who play a crucial role in advising ministers, implementing government policies, and managing public administration. These mandarins are career civil servants known for their expertise, impartiality, and continuity across different political administrations.

However, in recent times their impartiality is questionable as Staff in the U.K. Foreign Office were crying and in a state of “mourning” following the Brexit vote, which the office’s former chief Simon McDonald has revealed.

My article on the UK economic policies also demonstrated that the Bank of England (Bank), is out of control.

There are a number of disadvantages of the Civil Service Mandarins System, one is that it has the potential for bureaucratic inertia as emphasis on continuity and stability can sometimes lead to resistance to change and innovation within the civil service.

The bureaucratic nature of the civil service can sometimes result in slow complex-decision-making processes and excessive red tape.

There is a lack of political accountability as non-elected officials, mandarins may not always be directly accountable to the public, which can lead to criticisms of a “permanent government” that is insulated from democratic oversight.

The lack of political accountability of Mandarins, as non-elected officials is the reason that regardless of which main political party comes to power, the current failed economic policies will continue.  I am absolutely positive of that outcome and so are a number of like-minded economists who are campaigning for greater investment in the UK.

Since the 1960’s the UK has had six financial crises and the solutions entail increases in National Debt and an increase in unemployment.

1967 Stirling Crisis: Labour. PM Harold Wilson, Interest rates were raised. National Debt increased to approximately £98 billion, 40% to 50%. Austerity measures led to higher unemployment rates as public spending was cut.

1980 – 81 Recession: Conservative, PM Margaret Thatcher, Monetarist policies, tight control of money supply, reduction of public spending. Interest rates were kept high to control inflation. National Debt remained around £93 billion 1980, rising back to 44% of GDP in 1981. Austerity measures led to higher unemployment rates, peaking at over 3 million (around 11%)  

1992 Black Wednesday: Conservative, PM John Major, Interest rates were raised. National Debt around £156 billion, 38%.  Unemployment remained high, with over 2.8 million people unemployed (around 10%).

Credit, where credit is due, John Major withdrew from the from the European Exchange Rate Mechanism and interest rates were cut drastically, although unemployment remained high.

2008 Global Financial Crisis: Labour, PM Gordon Brown, cut interest rates to historic lows, reaching 0.5% by March 2009. National Debt around £614 billion, 43%. Bank bailouts, fiscal stimulus, and quantitative easing. (See UK Monetary Policy).  Unemployment rose significantly, peaking at around 8% in 2011.

2020 COVID-19 Pandemic, Conservative, PM Boris Johnson, cut interest rates to lowest ever, reaching 0.1%. National Debt around £2 trillion, 100%. Massive fiscal stimulus packages, furlough schemes, and quantitative easing. Unemployment was initially mitigated by the furlough scheme, but still rose, peaking at around 5.2% in 2021. (Compared to previous levels ranging from 8% to 11%, this could be considered an achievement, so Boris didn’t do so bad, especially when you consider the next two paragraphs).

Under PM Rishi Sunak the most recent monthly estimates show that borrowing reached £15bn in May, which was £800m higher than a year earlier. The National debt is currently about £2.7 trillion, 99.8%, 3.7% higher than a year ago. Interest rates are forecast to remain high.

The UK unemployment rate was 4.4%, and 1.53 million people aged 16+ were unemployed. Unemployment levels increased by around 133,000 over the last year, and the unemployment rate rose. 9.38 million people aged 16-64 were unemployed 22.1% (House of Commons Library)

I believe that I have demonstrated that voting the major parties is a vote for continued high mortgages, high rents, high taxes, high levels of unemployment, stagnated growth, growing levels of homeless people, including families with children. Our prisons are full. The Conservatives will give you another five years of increasing austerity.

The Bank of England will continue to increase Government Debt with its failed monetary policies, including paying the High Street Banks interest on bank reserve deposits (money) held by the Bank. House prices will continue to rise faster than incomes, so affording a house is out of reach of many. Children of working-class families denied work, and set-up to fail, (See my article on Education for more on this topic).

If you vote Labour, you get all of the above, with a begging bowl to the EU for a return deal.

There is just one hope and that is that the Reform Party do better than predicted. Farage did it for Brexit, can he do it again? I am supporting Reform, because they are the only party that is committed to delivering the benefits of Brexit and only Nigel Farage has the track record in defeating the establishment, which will be needed to implement policies for growth.

Furthermore, I was delighted to note that one of Royd’s policies is included in Reforms Contract (manifesto). Reform will stop the Bank of England from paying interest to commercial banks, on money held in reserves, saving around £35 billion per year. They are also supporting a resurgence of Technical Colleges, which is a key point in todays article on Education, but as always, I take it to the next level.

On the subject of Brexit, the Media is constantly beating the drum of ‘Brexit has failed’, when the truth is that Brexit has not been implemented, just establishment smoke and mirrors. It would appear that the Mandarins want us back in the EU more than Sir Kier Starmer.

Please will someone persuade Nigel to accept more of the Royd Monetary Policy. If it was implemented, it has the potential to reduce interest rate within three months, if not earlier and money will start flowing to support growth.

In a nutshell the logic behind the policies, is that money is like water. If water is not controlled, it will flow down streams into ponds, lakes, then as rivers into the sea. When water is controlled, it can be stored in reservoirs, for drinking water, hydroelectricity, water sports and more. It can be used to irrigate crops, water the animals and more.

Commercial banks and the super-rich have huge stores of money that can be controlled by incentivising them to use it in ways that will boost the economy, reduce interest rates and with government persuasion, rents can be reduced as well. Money will flow to this country because the policies will ensure that the super-rich can continue to prosper, as the British pound will be a safe haven for investors, the super-rich and multinationals.

With ‘The Royd Monetary Policy’ there will be no need to have austerity, with high levels of unemployment and taxation (with the pretence / justification that its needed for growth). Neither will there be a need for a continuous high Bank rate, with soaring mortgage rates and bankruptcies.

Desire: “I want my children, nieces, and nephews to be able to find school places and at good schools.”

Refutation (that Brexit is extreme Right Wing) : Wanting accessible and high-quality education for future generations is a fundamental concern for any society. Education is a cornerstone of personal and societal development, and it is widely accepted that good schools contribute to better life outcomes. This is a mainstream expectation and aligns with the goals of most education policies.

Desire: “I want them to be able to get a job and not a zero-hour contract.”

Refutation: Desiring stable and secure employment is not extreme; it’s a basic aspect of economic security. Zero-hour contracts, while offering flexibility, often come with financial instability. Advocating for stable employment reflects a concern for economic stability and worker rights, which are central to many labour and economic policies.

Desire: “I want them to be able, in time, to buy a house.”

Refutation: The aspiration for home ownership is common and deeply rooted in many cultures as a symbol of financial stability and personal achievement. Affordable housing is a key issue for policymakers and citizens alike, and striving for this is aligned with broader societal goals.

Desire: “I want them to find a doctor, dentist, and hopefully a midwife and other NHS services. When I get old and frail, I want to be able to find a doctor too.”

Refutation: Access to healthcare is a basic human need and right. Ensuring that everyone has access to medical services is fundamental to public health and social welfare. This desire is consistent with the principles underpinning the National Health Service and is a priority in health policies worldwide.

Desire: “I want to be part of a growing economy that is generating more jobs, with a lower cost of living.”

Refutation: A thriving economy with job creation and a manageable cost of living is a universal goal. Economic growth benefits individuals and society, leading to higher living standards and better quality of life. This view supports mainstream economic and social objectives.

My desires for quality education, stable employment, affordable housing, accessible healthcare, and a strong economy are not extreme but reflect widely held values and goals. These aspirations are foundational to a well-functioning society and are commonly pursued by individuals and policymakers alike. Emphasising these points can help demonstrate that your views are aligned with mainstream societal objectives and are aimed at enhancing overall well-being and stability.

I believe that I have established without any doubt that our values, which are contained within the REFORM PARTY Contract, are centrist values, which makes Conservative Party the Extreme Right and the Labour Party Extreme Left.

Consider carefully. Ignore the exhortations of the media and listen to the urgings of your discernment. My words have Power, because they have Truth, so vote for Truth.

We need to have a party that will implement the changes we need, so vote for those who will work to change the Status Quo.

Final words 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!