In today’s episode of Conservatives are the Party of Fiscal Responsibility, an independent economic research think tank has accused Rishi Sunak of costing the country £11 billion in interest payments on government debt.
According to the National Institute of Economic and Social Research, the costs could have been vastly reduced if the chancellor had arranged insurance against potential interest rate rises.
NEW: Rishi Sunak had been accused of costing taxpayers £11bn by failing to insure billions of pounds of reserves against interest rate rises https://t.co/IOqVUEnqcC
— Matthew Garrahan (@MattGarrahan) June 9, 2022
This accusation comes just days after it was revealed that PPE costing £4 billion will be burnt after it was deemed unusable – a figure close to the amount written off by the treasury rather than pursue companies and individuals who fraudulently claimed covid relief payments.
The latest addition to the list of wasted taxes went down as well as you’d expect.
1.
This should be HUGE news …. Sunak blamed for losing £11bn in servicing UK government debt | Financial Times https://t.co/b6zgySbT5t
— ALASTAIR CAMPBELL (@campbellclaret) June 10, 2022
2.
Jeez. Just when you thought it couldn’t get any worse https://t.co/vPXMQ4xmQl
— Peter Stefanovic (@PeterStefanovi2) June 10, 2022
3.
Rishi Sunak managing to lose £11BN at the Treasury because he forgot to take out insurance is a timely reminder that he has the talent to be one of the top level idiots in this Government
— dave
(@davemacladd) June 10, 2022
4.
Rishi Sunak blew £11bn of taxpayers' money by failing to insure against interest rate rises. If he were a working-class family, Tory backbenchers would tell him he lacked budgeting skills.
— David__Osland (@David__Osland) June 12, 2022
5.
This is casual incompetence. Economic illiteracy. A government that does not care about our money because money has never been a problem for the ones who lead it. https://t.co/Ibl9pIp0t3
— Tim Walker (@ThatTimWalker) June 10, 2022
6.
An absolute master when it comes to protecting his own money
A complete liability when it comes to protecting ours…https://t.co/B2EXf6WC1s
— Marina Purkiss (@MarinaPurkiss) June 10, 2022
7.
Oh look. Our Chancellor’s lost £11bn of our money but make sure you embrace that pay cut everyone. https://t.co/UAKxoreupL
— Emma Kennedy
(@EmmaKennedy) June 9, 2022
8.
Seems tarnished @RishiSunak is only good with money when it's his hoarded fortune (or that of his tax avoidant nearest and dearest)
With OUR money he's completely shit#SunakOut
— Will Black (@WillBlackWriter) June 10, 2022
9.
Remember 2000 when Gordon Brown sold half of UK gold reserves at the bottom of the market, & missed out on c.£5bn of upside?
Tories relentlessly mocked his "incompetence"
Sunak has now lost 15bn to fraud & £11bn on unnecessary debt interest
Good timeshttps://t.co/9vYiFfvuJN https://t.co/U2qdanZOwZ
— Incorrigible FCA (@ImIncorrigible) June 9, 2022
10.
You know that £11 Billion Sunak just lost with sheer incompetence, don't worry it's fine, it's covered!
That New National Insurance Tax every full time worker is paying for the next year… luckily it comes to just shy of £11 Billion. I hope that makes you feel better!— Steve Bray Activist Against Brexit +Corrupt Tories (@snb19692) June 12, 2022
11.
Cost of benefit fraud last year – £2.3 billion
Amount Rishi Sunak has just "lost" – £11 billion
It's not benefit fraud that's bleeding us dry, it's Tory politicians
— RD Hale (@RickyDHale) June 10, 2022
12.
Chicken feed. pic.twitter.com/WEt4vzNVFT
— THE SECRET TORY
(@secrettory12) June 10, 2022
13.
actually insanely funny bc this time last year he kept telling everyone who'd listen that he was so worried interest rates would go up it was keeping him up at night. how do you do this shit man. you were supposed to be the one who'd save you lot. this is like something I'd do
https://t.co/Vf2Ltfo5zV
— tyron (@thetyronwilson) June 10, 2022
14.
I mean who hasn't lost £11 Billion at work, we all do it….. https://t.co/UzphDeBtm7
— Laz, Lazarou Monkiest of Terrors 3.5%
(@FrancisMaudeAdv) June 10, 2022
Historian Dan Snow gave the latest wasteful blunder some context.
The UK Conservative Party's reputation for managerial competence is the most successful branding exercise in the three thousand years of since Rameses II sprayed the Battle of Kadesh on every flat surface he could find.
— Dan Snow (@thehistoryguy) June 10, 2022
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The post Rishi Sunak is accused of wasting another £11bn of taxpayers’ money through incompetence – 14 scathing responses appeared first on The Poke.
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