Monday, July 25, 2022

Who wins the mess.

"The prospect of Rishi Sunak becoming the next British prime minister has sparked fervor in India, where some social media users are rooting for him because of his Indian Hindu ancestry," wrote Taniya Dutta. "The British ruled over the Indian subcontinent for more than two centuries before it earned independence in 1947 after a long battle for freedom. Mr Sunak is seen by many in the country as an answer to British rule over the Indians." Not really. Sunak was born in Southampton, his father was born and raised in Kenya, while his mother Usha was born in Tanganyika, now part of Tanzania. wikipedia. Hence, he is British by birth and has no real connection to India. He said he is Hindu. Sunak's candidature actually highlights the diversity in the Conservative Party in Britain. "Of those originally in contention, half were of ethnic-minority backgrounds and half were women.Until today's initial selection, Britain could have had in Rishi Sunak or Suella Braverman its first Asian prime minister, in Kemi Badenoch its first Black prime minister, or in Nadhim Zahawi its first Kurdish and Muslim prime minister." The Atlantic. Exactly opposite to what the cheering Bhakts would like to see in India. 'Bhakts' are fanatics who believe whatever they read on social media about the supremacy of Hindus and the divinity of cows. DH. In the last stage Conservative Party members across Britain will choose between Rishi Sunak and Liz Truss. "Foreign Secretary Liz Truss has extended a commanding lead 28 (point) lead over British-Indian ex-minister Rishi Sunak in the race to be the UK's next Prime Minister, according to the latest YouGov survey." BS. Bookies are also betting on Truss to win handsomely over Sunak. bettingodds.com. It is not nice to lose but victory in this election could end up as a classic 'poisoned chalice'. "Inflation in the United Kingdom has accelerated to a new 40-year high, driven by rising food and fuel prices that are contributing to a cost-of-living crisis. Consumer prices rose 9.4% this year through June, up from 9.1% the previous month, the Office for National Statistics said." News18. In June, the Bank of England raised interest rate for the fifth consecutive time to 1.25%. BBC. Some are even pushing for a 50 basis point rise in the next meeting of the Bank. Reuters. "British Prime Minister Boris Johnson's chaotic government and its equally chaotic collapse two weeks ago, are not the only source of panic," Prof Barry Eichengreen. "Since peaking in the spring of last year, the pound has depreciated by about 10% against the US dollar." "Traders appear to view sterling more like the currency of a troubled emerging market than of a stable advanced economy." Then there is Brexit, which was Britain's exit from the membership of the European Union (EU). BBC. "(Boris) Johnson bungled Brexit and the country could be paying the price for years," wrote Clive Crook. The Northern Ireland Protocol in which customs checks are done in Northern Ireland, a part of the UK, and not at the border with the Republic of Ireland, a member of the EU, has been causing problems. BBC. "Yet, the candidates to replace Johnson are mostly arguing about taxes and spending, experience and leadership, competence and integrity, aiming to position themselves as effective modern conservatives as though Brexit was done and dusted." A big mess. Whoever wins will inherit it.

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