Lord Hannan of Kingsclere is sworn in to the House of Lords in 2021. (Photo: House of Commons - PA Images via Getty Images)
A Tory peer has been mocked after he blamed the economic chais engulfing the UK on the prospect of Keir Starmer becoming prime minister.
Daniel Hannan said a Labour victory at the next election would lead to “higher taxes, higher spending, and a weaker economy”.
They urged Kwasi Kwarteng to U-turn on his decision to cut the 45p rate of income tax paid by those earning more than £150,000.
The chancellor’s decision, announced in last week’s mini-budget, has already led to turmoil on the international money markets, with the value of the pound plummeting and experts predicting huge rises in interest rates.
In his article, Hannan said: “To blame these tiny tax reductions for the fall in the pound is akin to a fly alighting on an exhausted shire horse as it lies down to sleep, and telling itself that it wrestled the mighty beast to the ground.”
The former MEP went on: “The fiscal statement has been so widely mischaracterised that I suspect several voters genuinely now believe that the Tories are trying to boost the economy by making the rich better off.
What the sterling sell-off may have reflected – and what those Deutsche Bank analysts may clumsily have been suggesting – is the belief that this budget has made a Labour victory more likely.”
He added: “In other words (and I am aware of how much this runs against the current narrative) what we have seen since Friday is partly a market adjustment to the increased probability that Sir Keir Starmer will win in 2024 or 2025 – leading to higher taxes, higher spending, and a weaker economy.”
Lord Hannan’s remarks were immediately savaged on Twitter.
Daniel Hannan will get to sit in our legislature FOR THE REST OF HIS LIFE. https://t.co/yIlnKO3D3k
— Thomas Penny (@ThomasWPenny) September 28, 2022
Genuinely contains the line: “So much commentary over the past five days has been driven by motivated reasoning.” https://t.co/MG75VrbFbP
— Tom Peck (@tompeck) September 28, 2022
The Party told you to reject the evidence of your eyes and ears. It was their final, most essential command. https://t.co/QGAYz3z4tS
— . (@twlldun) September 28, 2022
This article originally appeared on HuffPost UK and has been updated.