Liz Truss has replaced Boris Johnson as prime minister of UK. The first obvious step intended to show the direction the new government intends was a budget presented by new Chancellor Kwasi Kwarteng on Friday. Kwarteng fired the Treasury's permanent secretary in the preperation of this budget.
There is a cost of living crisis in UK driven by runaway inflation and massive increases in energy bills. Despite this, Truss and Kwarteng's budget benefitted the already stinking rich. The top rate of income tax of 45% for the highest earners was abolished so that the highest rate is now 40%. Clearly that's going to benefit the rich and the very rich most.
Despite denials, this is trickle-down economics with the idea being that the economy will be stimulated by the highest earners and that benefits will trickle-down to all. There is a simple, logical argument against trickle-down economics. It is that the rich already have money that they can spend to stimulate the economy and they're not doing it, if they're already not spending their wealth, why should they now start?
There is also an alternative, logical argument that to stimulate the economy it's best to instead help the poor. The argument is that the poor are desperate and that any money they receive to alleviate their wreched situations will be spent and therefore stimulate the economy.
It appears that Liz Truss and her Chancellor Kwasi Kwarteng are pursuing outdated, discredited and abandoned economic theories which are the exact opposite to what is needed. Markets responded poorly to the budget.
More than 50 protesters who are demanding urgent action to address the climate crisis were sent to jail on one day this week after refusing to comply with court proceedings.#
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Many of the protesters made it clear they would continue to take action at the Kingsbury terminal if they were released on bail, despite an injunction prohibiting protests at the site still being in force.
In response, 30 protesters in Birmingham and 21 in London were remanded in prison and are due to appear before the courts again next week, when activist group Just Stop Oil said they could face lengthy spells in prison.
Geneva, 13 September 2022 (WMO) – Climate science is clear: we are heading in the wrong direction, according to a new multi-agency report coordinated by the World Meteorological Organization (WMO), which highlights the huge gap between aspirations and reality. Without much more ambitious action, the physical and socioeconomic impacts of climate change will be increasingly devastating, it warns.
The report, United in Science, shows that greenhouse gas concentrations continue to rise to record highs. Fossil fuel emission rates are now above pre-pandemic levels after a temporary drop due to lockdowns. The ambition of emissions reduction pledges for 2030 needs to be seven times higher to be in line with the 1.5 °C goal of the Paris Agreement
The past seven years were the warmest on record. There is a 48% chance that, during at least one year in the next 5 years, the annual mean temperature will temporarily be 1.5°C higher than 1850-1900 average. As global warming increases, “tipping points” in the climate system can not be ruled out.
