People thought Corbyn and I would crash the pound. The real risk was Truss and her fanatics | John McDonnell

We knew the markets would react sharply to us and were prepared for that. These free-market zealots had no plan at all

Watching the events since the introduction of the “Not a Budget”, I have sat with my head in my hands. You could almost weep for the lasting consequences of this show of arrogance, ideological obstinacy and incompetence . People’s homes, pensions and the public services they rely upon are all now at serious risk. It’s hard to comprehend just how badly they misjudged the situation and how little they prepared for taking over the highest offices of state.

In his brilliant book The Great Crash, 1929, the economist JK Galbraith advises that to avoid a crash in the future you should put in place a vast range of institutional protections, but that the most important protection is memory.

John McDonnell has been the Labour MP for Hayes and Harlington since 1997. He was shadow chancellor from 2015 to 2020

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Trickle-down Truss is carrying on the dirty work of Thatcher, Blair and Osborne | Yanis Varoufakis

Britain has endured 40 years of decline thanks to this faulty economic theory. Will Keir Starmer finally kill it off?

If Kwasi Kwarteng’s mini-budget survives the storm it triggered , a banker on a million-pound annual salary stands to receive £50,000 of income tax relief – on top of the extra bonuses the bank can throw in, now that the Liz Truss government has removed the cap on them. Meanwhile, a Deliveroo rider gets a pep talk on the emancipatory value of aspiring to be wealthy, presumably as an incentive to pedal harder. This is the gist of the government’s growth strategy or, according to former Brexit minister David Frost , its antidote to stagnation and defeatism.

While it’s tempting to draw the obvious analogy between zombie ideas such as the trickle-down growth effect , and the classic Hollywood horror film Night of the Living Dead, a more appropriate response to the seriousness of the situation is to follow the banker’s extra cash. The government claims the banker will invest it, thus promoting growth. If it were not a blatant lie, it might have passed as a touching example of unfounded faith. But unlike Adam Smith’s bakers, butchers and brewers, who would invest any spare cash into better and more bread, ale and meat, the banker will buy into some fund that will, in turn, purchase shares, derivatives and bonds.

Yanis Varoufakis is the leader of MeRA25 in Greece’s parliament, a former finance minister of Greece, and author of Another Now

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The Guardian view on Tory shock therapy: the wrong medicine for the country | Edirorial

Liz Truss’s policies have put the Tories behind Labour by 30 points. Without reversing course she will be in office but not in power

An ideologically extreme party that makes unpopular policy choices far removed from the position of most voters will reap the inevitable consequence in terms of public opinion. Liz Truss decided to bet against such thinking, and has lost badly. Squandering the Tory reputation for fiscal prudence will ensure the spectre of Black Wednesday hangs over its party conference.

The mistake was Kwasi Kwarteng’s plan for growth . The public, accurately, saw it as unfair, foisting higher mortgage payments on many while millionaires get a £55,000 handout. The Labour party has opened up a 30-point poll lead over the Tories. Sensing danger, Ms Truss and Mr Kwarteng did hold emergency talks with the Office for Budget Responsibility on Friday. But the move smacked of desperation. Her government, rightly, looks finished before it gets a chance to get started.

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Keir Starmer can lock the imploding Tories out for a decade – if he gets the message right | Jonathan Freedland

Labour has a brief window to sear a narrative into the public’s mind, so the Conservatives are saddled with this crisis for years

We are in the golden hour. That may sound warm and pleasant – as if we have entered those long-promised sunlit uplands – but you need only look around at the economic devastation wreaked by Liz Truss and Kwasi Kwarteng in the past week to know that’s not what I have in mind. Rather, I am using the phrase in the sense deployed by police: the golden hour refers to the period immediately after a crime has been committed, when evidence is in abundance and detectives need to move fast to collect it. We are in the political equivalent of that period right now, and it’s Keir Starmer who cannot afford to waste a second.

Of course, the Labour leader begins with an advantage denied to most investigators: the identity of the perpetrators is already known. Hence the epic shift in the opinion polls, with the Conservatives now a staggering 33 points behind Labour, according to YouGov . If that swing were uniform across the country (which it won’t be), there would only be three Tories left in the next House of Commons. Three.

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