Should Rachel Reeves have gone to China whilst over here the economy was doing bad things? If she’d have been here, could she have done something herself to prevent the pound slipping? To protect the rising rates of our national debt interest? Maybe stuck her finger in the hole where pound notes were slipping through in their billions to the nations who hold our debt. Which, coincidentally, is China.

I’m only writing about Rachel Reeves today because by tomorrow she could well be history. Consigned to the pages of ‘ex-chancellors’, of which there are many. I’m not supporting her. Nor praising her. My personal knife has been poised over her back since the budget day. Metaphorically speaking, before the police come round and arrest me for ‘posting nasty things’.

Rachel is useless. Catastrophic. Abysmal. Clueless. Which is why, even if the economy lapsed further into crisis, why would we want her any more involved than she has to be, whether in Westminster or Beijing? Its not like she can do anything. The damage was done when she chose ‘not to raise taxes’. Instead, she rose taxes. Ah, but different ones. And now businesses are preparing to suffer come April. And with that, our promised ‘growth’ gets ever smaller in the rear view mirror.

The government didn’t account for the rising cost of borrowing. And pledged not to borrow more to pay for previous borrowing. And Rachel has but one major policy: to stick to her plan. Even when its proven to be non-functional. So she’s still pledging billions to promote greener stuff even as the economy is falling and our international credibility with it.

However she did come back from China with a ‘deal’ worth £600 million!!!! Well, spread over 5 years, and 120 mil a year is not a vast fortune in real terms, in fact its negligible. Furthermore, ‘deals’ with China always come with conditions. Like: ‘we’ll allow you to import Stilton cheese and Brompton bikes, as long as we get to re-wire your entire nation with devices which report back to President Xi’.

So as the pound drops against the Euro and the dollar, borrowing increases and bond values tank, its nice to know that the PM ‘has full confidence in the chancellor’. Well, I’m glad someone does. She makes Kwasi Kwarteng look prudent.

Happy Monday

A xxxx