Following the elevation of Liz Truss to the job of prime minister last month, and her disastrous "mini" budget which tanked the pound and sent the cost of borrowing sky high, it is time for an election.
I say this not because of the change of leader - that is a normal part of our political system - but because the government has no mandate for the policies it is now pursuing. The Conservatives were elected in 2019 on promises to level up the country, investing in long forgotten communities - including deprived areas of our own borough. By contrast, the only authority Liz Truss has for her extreme right-wing vision comes from a few thousand members of the Conservative Party.
Our new prime minister is right that this country needs to focus on increasing economic growth, but her ideas for achieving this make little sense, and have already had the opposite effect on our country’s economy. Decreasing taxes on the wealthy - who tend to save, not spend extra money - and lifting the cap on bankers’ bonuses is nothing more than trickle down economics.
Meanwhile, Tory ministers have said that there is still “fat to be trimmed” from the budgets of councils, despite funding cuts of well over 50% over the past decade. These are not innovative solutions to our current issues, as claimed; instead we are hearing a stale political dogma which has consistently been shown to fail.
What this country needs, and what Liberal Democrats want to deliver, is investment. Investment in education, in health and in schemes, like expanded childcare, which help people back into work. That is the only way in which we will boost the UK’s flagging productivity. We also need investment in green energy - which should be paid for by taxing the mega profits of energy companies, who are making millions thanks to Putin’s war in Ukraine. Not only is this far cheaper than oil and gas, and so will, in time, bring down soaring energy bills in a sustainable way, it will also create thousands of new jobs.
Rising inflation means government needs to reassess its spending, and the same goes for local authorities.
Haringey expanded its borrowing massively this year, and had no clear strategy for how the interest can be paid without cutting services in a few years time. Now, with interest rates going up, the impact on our frontline services could be even worse. All existing borrowing needs to be urgently evaluated, and a long-term investment plan needs to be drawn up, to ensure the council can afford the borrowing it wants to undertake.
We agree with many of the projects which are going ahead, but we cannot allow ourselves to get into a situation where Haringey’s finances spiral out of control. It would be unforgivable, unsustainable and downright devastating if key services have to be cut back to pay debt interest because of borrowing costs increasing; and that is without even considering the impact of rising interest rates on the council's ongoing costs, such as staffing and materials for maintenance.
This country cannot afford another two years of unproven right-wing dogma and fiscally irresponsible decision making, which nobody voted for and very few people support. We need an election, and we need it now.
Luke Cawley-Harrison is councillor for Crouch End ward and leader of the Liberal Democrat opposition on Haringey Council.
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