Prime MInister Rishi Sunak. One of Rishi's first acts as Prime Minister was to re-instate the fracking ban. By Chris McAndrew - link, CC BY 3.0, link

British Prime Minister Flip-Flop will Now Attend COP27

Essay by Eric Worrall

British Prime Minister Rishi Sunak seems to be shaping up as one of the weakest Conservative Party Prime Ministers Britain has ever produced.

Rishi Sunak U-turns and says he WILL attend Cop27 climate summit after ex-PM Boris Johnson revealed he will be going to event after being invited by Egyptian hosts – but King Charles STILL won’t be going

The PM had initially indicated he would not travel to North Africa next week due to pressing domestic issues

But wrote on Twitter this morning that he would now head for Sharm el-Sheikh next week after all 

Change came after predecessor Boris Johnson confirmed he would attend at request of Egyptian government

By DAVID WILCOCK, DEPUTY POLITICAL EDITOR FOR MAILONLINE

PUBLISHED: 21:09 AEDT, 2 November 2022 | UPDATED: 02:37 AEDT, 3 November 2022

The PM had initially indicated he would not travel to North Africa despite the UK hosting the previous event in Glasgow last year. 

The change came after Mr Sunak’s predecessor Boris Johnson confirmed he would attend, having made the environment a key plank of his premiership. 

Writing on Twitter, Mr Sunak said: ‘There is no long-term prosperity without action on climate change. There is no energy security without investing in renewables. 

‘That is why I will attend Cop27 next week: to deliver on Glasgow’s legacy of building a secure and sustainable future.’

The PM previously said he had to focus on Britain’s ‘depressing domestic challenges’ but faced growing pressure to join other world leaders at the conference next week.

Following discussions with the Chancellor (Jeremy Hunt) this week he has now agreed to attend. The PM feels there is sufficient space to make this trip.’

Read more: https://www.dailymail.co.uk/news/article-11381133/Rishi-Sunak-U-turns-says-attend-Cop27-climate-summit.html

Chancellor Jeremy Hunt still appears to be calling the shots behind the scenes, despite refusing the top job. I met Jeremy Hunt in person once and exchanged a few words. My impression he is very much a back room operator, someone who keeps his cards close to his chest, so it is no surprise to me that people are hinting Jeremy is the real power behind the throne. Former Labour politician Gordon Brown once had a similar reputation, but Brown’s reputation as a smooth operator was left in tatters, after his disastrous term as Prime Minister.

Given Prime Minister Rishi Sunak’s apparent inability to stick to a decision, former British Prime Minister Boris Johnson might be attending COP27 as Rishi Sunak’s minder, to make sure Rishi doesn’t trip over his own shoe laces, or make rash commitments in one of the meetings.

To be fair, Prime Minister Rishi hasn’t flip-flopped on every issue. Rishi’s plan to inflict years of rising taxes, on a British public already reeling from excruciating energy and cost of living inflation, seems to be locked in for the foreseeable future.

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strativarius
November 3, 2022 2:08 am

Pathetic

Parliament is full of Cnidarians

Steve Case
Reply to  strativarius
November 3, 2022 2:39 am

I took my share of biology, but I had to look it up.

Reply to  strativarius
November 3, 2022 3:56 am

ROTFL. For those not familar with them:
“Cnidarians have only one opening in their body for ingestion and excretion i.e. they don’t have a separate mouth and anus.”

strativarius
Reply to  StuM
November 3, 2022 4:49 am

Yes, they do talk…

Joe Crawford
Reply to  StuM
November 3, 2022 6:55 am

Sounds like an awful lot of our politicians… least they sure don’t know the difference :<)

Willem Post
Reply to  strativarius
November 3, 2022 11:34 am

Biden told his junior partner to attend for appearance’s sake.
The UK is broke big time.
The pound continues its post WW 2 downward slide wrt the dollar, and euro

ResourceGuy
Reply to  Willem Post
November 3, 2022 5:16 pm

Yes, the real doom is in the pension plans and nhs.

Bill Toland
November 3, 2022 2:09 am

Why would any politician want to be associated with the train wreck that COP27 promises to be?

Speed
Reply to  Bill Toland
November 3, 2022 3:12 am

Because it’s too hard to explain to the electorate what is really going in our world. Just go to the meeting, pretend that you’re paying attention, read the newspaper and get caught up on paperwork. Maybe make a speech.

Go to lunch.

Fly back home and maybe make another speech.

Lots of press releases.

Political theater.

Reply to  Bill Toland
November 3, 2022 9:08 am

COP is a Climate Liars Annual Party
Every politician loves a party !

Rowland P
Reply to  Bill Toland
November 3, 2022 9:46 am

Coming our way in the UK – the Government’s command and control: https://committees.parliament.uk/publications/30146/documents/174873/default/

Be afraid, very afraid. It is going to be massive job to overturn this tyranny.

Oldseadog
Reply to  Rowland P
November 3, 2022 1:24 pm

That is scary indeed. A pity the CCC didn’t include setting out why they think any of this is necessary.
But the whole thing is out for consultation so maybe someone should ask that question, not that they are likely to get a sensible, or indeed any, answer.

Iain Reid
Reply to  Rowland P
November 4, 2022 1:25 am

Rowland,

the irony is that the recommendations of the Climate Change Committee would not work anyway. Their idea of ‘low carbon’ transport and heating is not going to reduce CO2 emissions as expansion of sufficient non Co2 generation output will not be able to match the load from evs and heat pumps which means an increased output of our primary generation source, that is gas.
Who was responsible for the creation of this seemingly very arrogant committee and the acceptance of it’s ideas?

auto
Reply to  Iain Reid
November 4, 2022 2:14 am

Iain Reid
Who was responsible for the creation of this seemingly very arrogant committee and the acceptance of it’s ideas?”
Surely the moving spirit is John Selwyn Gummer, Baron Burger-feeder, of BSE.
He was, for some reason, made a life peer, and is now Lord Debden or some such – I can’t be arsed to look it up, even on the ever variable Wiki-Thingi.

Auto – not, as you may perceive, Gummer’s Biggest Fan.

Phil Rae
November 3, 2022 2:17 am

The lunatics are still running the asylum, unfortunately. British people have no choice in such matters since parliament is stuffed full of innumerate eco-zealots who have no idea about anything to do with science. Their ignorance, coupled with an incessant blizzard of misinformation and propaganda from the MSM (particularly the BBC) continues to be the greatest threat to British democracy.

We need Nigel Farage to start a new political party (again) and flush these idiots out of parliament at the next election.

alastair gray
Reply to  Phil Rae
November 3, 2022 2:25 am

Pray for a blisteringly cold winter to focus the mind political on the true dire state of our society. Death and misery for a few thousand is better than the same treatment that will otherwise be doled out to millions by the Net Zero Eco loony paranoia that stalks the land

Last edited 2 months ago by alastairgray29yahoocom
IanE
Reply to  alastair gray
November 3, 2022 2:36 am

I must admit that I have thought this for a while. However, I now rather doubt that a few thousand (or tens/hundreds of thousands) deaths will be seen as anything other than success by TPTB. There are just too many damn plebs around interfering with the enjoyable activities of the ‘elite’ – something just HAD to be done.

HotScot
Reply to  alastair gray
November 3, 2022 4:10 am

As we would say to the eco nuts who have no concern for the preservation of life. You first.

Elliot W
Reply to  alastair gray
November 3, 2022 11:20 am

I think it’s naive to believe those deaths will be reported as cold deaths.
Let me predict that a cold and bitter winter will still have Attenborough, BBC, etc all saying it’s proof of warming AND the tens of thousands of excess deaths will be reported as Covid deaths due to a “new xyz variant”.

Editor
Reply to  Phil Rae
November 3, 2022 2:41 am

Phil Rae – I so agree. But surely Britain can find at least one more person with the guts to stand up and be counted. It is disgraceful that Nigel Farage seems yet again to be Britain’s only hope. It is unfair to put so much weight on one person, especially on one who has already done so much for Britain.

HotScot
Reply to  Mike Jonas
November 3, 2022 4:24 am

Nigel seems to be biding his time. He’s openly invited support from some of the big beast’s of the Conservative party to join him if enough do (4 or 5?) he will lead a political party for the next GE.

The 100 day promise of Sunak to deal with the immigration invasion will tick by and if nothing meaningful is done I suspect there will be Tory defectors. If Braverman is sacrificed on the alter of political correctness that 100 days will be slashed in half, so not a hope in hell of achieving it.

I daresay, like the rest of the world, Nigel’s waiting for the results of the US mid-terms before making any decisions.

I predict he’ll wait for an opportunistic crisis like an immigration riot along with a rise in numbers hitting the beaches from France which would suggest late spring/early summer as the numbers rise.

Bearing in mind there will be numerous Ukrainian immigrants now joining the Latvians in coming across. And I use the term “immigrants” deliberately as Ukrainian refugees will have passed through numerous safe European countries before jumping on a RIB on the French beaches.

Richard Page
Reply to  HotScot
November 3, 2022 10:00 am

Also worth bearing in mind that these are people with plenty of money to pay the smugglers/ enablers for boats and help getting across. These are not refugees fleeing from a bad situation, these are economic migrants targeting the UK because there are more opportunities and money here. Well, Sunak is well on his way to dealing with that little problem – soon there will be no money, opportunities or migrant problem.

Ben Vorlich
Reply to  HotScot
November 3, 2022 10:06 am

Personally I think that Farrage is a spent force, very much a one issue politician. He did himself no favours when he ran away after the referendum I can’t help thinking he didn’t really expect or even want the referendum to come out leave. Being part of the EU sinecure, easy money, regular appearences in the media, no problems with re-election and freedom to annoy lots of politicians. An ideal job. He killed the Goose than laid the golden egg.

What we really need is a charismatic and honourable person who actually knows what they are talking about. Bunter only ticked one of those three boxes, no sure Farrage ticked any.

HotScot
Reply to  Phil Rae
November 3, 2022 4:04 am

since parliament is stuffed full of innumerate eco-zealots who have no idea about anything to do with science.

So why have sceptics been trying to persuade them with science for the last 50 years if they don’t understand science?

Editor
Reply to  HotScot
November 3, 2022 4:37 am

HotScot – good question. But I think there’s a good answer: Innumerate parliamentarians (not necesarily eco-zealots) parrot what they hear scientists say. If we can change what scientists say, then we can change the political attitude. It’s only one approach of many, but I think it’s an important one.

Reply to  Mike Jonas
November 3, 2022 7:55 am

You are completely wrong. Scientists are NOT saying. If you examine it carefully most scientsts are keeping their mouths shut and looking the other way.

The people who are saying, are the BBC, the Guardian, the Green party, Friends of the Earth, David bloody Attenborough, the WWF, etc etc. In short a bunch of over privileged left wing Marxists who want to destroy the existing social order as long as they can be rich, famous, and eat at the best restaurants. And send their children to private schools and holiday in their houses in the south of France.

There is no science and no rational argument supporting the Climate Change movement, It’s all about perception, power, money and population control.

So its pointless to point out that its a crock of shit. It’s a political, economic and bowel movement. They don’t do logic, they can’t do sums, and they certainly don’t do science.

Reply to  Leo Smith
November 3, 2022 9:12 am

There is no science and no rational argument supporting the Climate Change movement,

There is a little science: The greenhouse effect and increasing greenhouse gases. They add up to some small, harmless amount of AGW. Beyond that, there is only speculation based on unproven positive feedback theories and radical assumptions of future CO2 growth rates, causing imaginary CAGW, that has never existed in real life.

Last edited 2 months ago by Richard Greene
Editor
Reply to  Leo Smith
November 3, 2022 12:55 pm

Michael Mann. Steven Sherwood. Tom Wigley. Jonathan Overpeck. Phil Jones. Matthew England. Andy Pitman. … The list is as long as your arm. Yes, they are the ones that get the media fawning, and yes the rest mostly stay silent to save their jobs, but it definitely is the case that politicians perceive the alarm as having come originally from scientists and science. If the narrative from scientists could be changed then the politics could change.

Reply to  HotScot
November 3, 2022 7:47 am

It’s because they dont understand science, that climate pseudo science is used to persuade them that they can support green and still keep their seats. That and fat green envelopes under the desk.
As good corrupt little ArtStudents™ they are in awe of science, which, unlike anything they learn at school or University, actually works.
The problem is that climate sciemce doesnt work, but it doesn’t matter, because truth in politics is a dangerous irrelevancy. What matters is what people believe.

People believe people who call themselves ‘scientists’.

Climate change is Marxism wearing a white coat and green underpants

Reply to  Leo Smith
November 3, 2022 9:16 am

Too many people believe everything they are told by governments on every subject, not just science.

Reply to  HotScot
November 3, 2022 9:11 am

The key is to differentiate between science and the always wrong wild guess predictions of the climate in 100 years. The predictions have been 100% wrong since the 1960s and we should always talk about those failed predictions, because wrong predictions are never science.

IanE
November 3, 2022 2:25 am

Yes, the silly man thought he was in charge now that he has been placed as PM. Hubris, nemesis: had he seriously imagined that the WEF would let him oppose their wishes???

Right-Handed Shark
November 3, 2022 2:34 am

sunak takes instructions from the WEF who put him in place, along with many other puppets now in the UK cabinet.

https://clintel.org/open-letter-to-global-leaders-assembled-at-cop27-in-sharm-el-sheikh-egypt/

HotScot
Reply to  Right-Handed Shark
November 3, 2022 4:31 am

Dr. Robert Malone maintains a downloadable WEF membership spreadsheet on his website. I can’t find any mention of Sunak and Truss on there.

The WEF operate a nasty practice of posting pictures of prominent politicians on there website with a ‘Wikipedia’ bio but no attribution to the WEF itself (unlike the true members) to deceive the unwary that they are members of that odious organisation.

I don’t like Sunak for a number of reasons, not least that he supports digital currencies however, until I have solid evidence of his association with organisations like WEF I won’t condemn him for something which can’t be supported.

Reply to  HotScot
November 3, 2022 7:57 am

Sunakl Gove and Hunt are classic technocratic puppets. It doesnt matter what they are members of, what matters is they they will do precisely as the New World Order tells them, or else.

Editor
November 3, 2022 2:37 am

This isn’t Rishi Sunak’s only flip-flop:
July 27, 2022; Sunak joins Truss in backing frackingConfirmed by the BBC: “During the leadership campaign in the summer, Mr Sunak had mirrored the position of Ms Truss on fracking. He said he would support it “if local communities support it”.”

One thing that amazes me is that none of Gang Green, the media, the opposition, etc, seem to be ripping into Rishi Sunak for the flip-flop. Usually a flip-flop, especially one of this magnitude, is pounced on with glee and reported to the rooftops for days on end. Maybe this flip-flop is OK because it is so damaging to the Britich public that it is acceptable??

Sweet Old Bob
Reply to  Eric Worrall
November 3, 2022 6:56 am

Yes.

“There is no energy security without investing in renewables. ”

INVESTING …

Dave Andrews
Reply to  Eric Worrall
November 3, 2022 10:17 am

For example, ex PM David Cameron’s wife’s father earns £0.5m pa in rent for the two wind farms on his land.

Alasdair
Reply to  Mike Jonas
November 3, 2022 3:22 am

The Communists are only allowed to complain about flip-flops in ONE direction; the Media /BBC being strictly controlled over this.

Simonsays
November 3, 2022 2:40 am

Bit early to call him one of the weakest PMs of all time. That’s a very high bar, but he is off to a good start.

Last edited 2 months ago by Simonsays
HotScot
Reply to  Simonsays
November 3, 2022 4:45 am

Good comment.

I suspect this winter will be an opportunity to flip back to supporting fracking if there are power cuts which enrage the public enough.

Conservative MP’s are instrumental in this. If their constituents by and large support the fracking moratorium there’s not a lot they can do.

When they start getting letters, emails and visits from angry constituents who have their families forced into Heat Banks this winter during blackouts there will be a very different feeling in the country by spring.

Then there’s the ghost of Christmas past, Nigel Farage. If the mood of the country swings over winter he’ll have two major issues to campaign on, immigration and energy security.

Every political party in the UK is terrified of Farage and Richard Tice has just entered into a non competition agreement with the Lib Dems. That’s important as, if Nigel joins the Reform party again Lib Dems won’t dilute the support of defecting Conservative and Labour voters.

Were I a betting man I would seriously consider putting a few bob on Nigel being our next PM if Sunak doesn’t call an early election.

Bruce Cobb
Reply to  Simonsays
November 3, 2022 5:37 am

Maybe not the weakest, but he does appear to have much in common with invertebrates.

Reply to  Simonsays
November 3, 2022 8:01 am

I think Theresa May has to be without doubt the absolutely worst PM in living memory. Worse than Blair, worse than Wilson

But Rishi is off to a flying start as he undoes any pretence at being a conservative, or having any interest in anybody but his city chums.

Well if thats what the Tory MPs want, that’s what they have got, and they will lose their jobs and their seats on account of it.

Art Slartibartfast
November 3, 2022 2:45 am

“There is no energy security without investing in renewables.” The stupid, it burns.

HotScot
Reply to  Art Slartibartfast
November 3, 2022 4:49 am

Renewables were providing the UK with some 45% of it’s electricity yesterday.

Today it’s around 10%.

Quadruple the number of wind turbines and that’s still only 40%.

And electricity remains about 10% of our total energy demand (from memory).

Ben Vorlich
Reply to  HotScot
November 3, 2022 10:16 am

I work on electricity being about 20% of UK energy consumption, but 10 or 20 doesn’t really matter 40% is still pissing in the wind.

Dave Andrews
Reply to  HotScot
November 3, 2022 10:36 am

I read somewhere that electricity is 20% of the world’s total final energy and wind and solar comprise 1.8% of that final energy but not sure about UK.

Tomsa
Reply to  HotScot
November 3, 2022 1:33 pm

That was quite the drop off in wind. I note that CCGT use went from under 5GW to about 17GW in two hours this morning. Good thing you’ve still got gas, at least for now.

michel
November 3, 2022 3:07 am

Agreed about the attendance. And that statement:

There is no long-term prosperity without action on climate change. There is no energy security without investing in renewables.

Ludicrous. But don’t agree about your opposition to tax rises and spending cuts. The alternative would have been systemic financial crisis. Soaring interest rates, crashing gilts, crashing of property both residential and commercial, moving into systemic crisis as the affected financial institutions were overwhelmed by bad debt.

You cannot, as Truss and Kwarteng proposed, simply borrow and spend without limit and with no properly worked out financial plan of how to fund it all.

Agreed that he seems to have a fatal eagerness to please.

Editor
Reply to  michel
November 3, 2022 4:45 am

Truss and Kwarteng’s proposed borrowing and spending would have been paid for from the production of (fracked) gas and from the economic activity that it would have enabled. IMHO the debt would have been paid off easily, with cash to spare that could be invested for future needs as Norway has done. The massive benefit of Truss and Kwarteng’s proposed actions is that it would have eased the pain of the British people on the shortest possible timescale. Rishi Sunak is now going to extend the misery indefinitely. That is the ‘without limit’ crime that you should be addressing, not the Truss/Kwarteng people-oriented affordable policy.

michel
Reply to  Mike Jonas
November 3, 2022 7:30 am

Problem is, the fracked gas revenues are two or three years out. The crash in sterling and gilts, and the follow on systemic effects, were instant.

If they had simply carried on, the country really would have had interest rates rising well north of 5% in a matter of days. Big chunks of the pensions funds would have gone bust because of their LDI investments. Big numbers of mortgages would have defaulted in the next few months as they had to be rolled over, and that would have continued.

Remember that UK mortgages are typically 3 years or less, fixed, and then they renew at market rates. Recipe for disaster if interest rates jump.

Commercial property likewise. Within a couple of months you’d have seen bank runs and large scale collapse of big companies in the finance sector. Because the collateral would have crashed. They would pretty soon have found it impossible to fund their spending plans.

And its not over yet. Interest rates and the return on gilts are well below inflation. Whatever Bailey says, there is more to come, and that is even with cuts in spending and rises in taxation.

Now, it may be that had they produced at the same time as announcing the mini-budget some properly quantified scenarios how this was all going to work. If they had properly analysed the risk from the rise in interest rates, or even considered that was possible… maybe they would have gotten away with it. Or with some of it.

I don’t think so. I don’t think it was a possible plan. The problem is the policy could only work starting from a low debt and low capacity utilization and high unemployment starting point. Then you could have produced a quick boom. Not in the present global and local scene. There was no way it could work in the current environment.

The absurd thing is that they have closed down coal power generation without having any viable replacement. Utterly idiotic. This is what has made gas price rises so catastrophic, both parties have over the last 20 years taken the country into total dependence on gas. All the while pretending that this is not what they were doing.

Don’t blame just Miliband either. Blame the MPs who almost unanimously voted for the Climate Change Act and therefore Net Zero, without having the slightest idea of a costed plan of how to get there. And blame Sunak who still appears to believe in it all, and also has no costed plan.

Dave Andrews
Reply to  michel
November 3, 2022 10:57 am

Some MPs have voiced concerns, however.

House of Commons Public Accounts Committee report ‘Achieving Net Zero: Follow Up’ (April 2nd 2022)

The government has invested in a plan without the answers to key questions of how it will fund the transition to net zero”

“The Government has no reliable estimate of what the process of implementing the net zero policy is actually likely to cost British consumers, households, businesses and Government itself”

“The Government has no clear plan for how the transition to net zero will be funded” – “vague performance measures” – “lack of overall budget” – “limited assessment of the cost impact on consumers”

Editor
Reply to  michel
November 3, 2022 8:32 pm

If they had simply carried on, the country really would have had interest rates rising well north of 5% in a matter of days. Big chunks of the pensions funds would have gone bust because of their LDI investments. Big numbers of mortgages would have defaulted in the next few months as they had to be rolled over, and that would have continued.“. All of that is utterly trivial compared with having no energy.
.

michel
Reply to  Mike Jonas
November 4, 2022 1:34 am

All of that is utterly trivial compared with having no energy.

This misses the point. They are not alternatives. The remedy to long term energy shortage, or part of it, is fracking. The decision to permit or ban it is completely independent of the current budgetary decisions.

It was not possible for Truss and Kwarteng to continue with their mini-budget. The imminent disaster was great enough that a U-turn was compulsory, and their departure essential. Hunt and Sunak are making the only possible choices on the country’s finances, to put them on a fiscally sound basis.

The alternative would have been the fiscal disaster I sketched out above, and it would have happened in days not weeks.

But there was no reason to combine this fiscal U-turn with banning fracking. The right policy is to have a sensible budget, which they seem to be doing, and also to permit fracking.

The most worrying thing about the new government is its apparent continued commitment to the Net Zero and alternative energy madness that has possessed the British political class for decades now. If you combine this with the laudable, indeed essential, ambition to put the public finances on a sound footing, then you end up with a huge hit to income.

There are three things needed in the UK.

One is what they are doing, a fiscally sensible budget.

Two is to throw out the whole Net Zero commitment. Its just an astronomical waste of money the country cannot afford.

Three is to resume fracking.

The only way to balance the books and keep on with Net Zero is going to be a huge hit to living standards, and banning fracking will make this even worse.

HotScot
Reply to  michel
November 3, 2022 5:22 am

We didn’t see the end of Truss and Kwarteng’s financial plans.

There’s no doubt they were clumsy releasing what they did when they did, and lowering the upper rate tax was a pointless and self destructive exercise, but they had more to come, just no one gave them a chance.

You can be guaranteed of one thing though. If Farage enters the political arena again, the Tories will move hell and high water to re-install Boris as PM to take him on.

M Courtney
Reply to  HotScot
November 3, 2022 6:23 am

They had a chance. They blew it. No-one to blame but themselves.
They openly said to the market that were adopting Thatcherism without North Sea Oil to pay for it.
Of course, the market collapsed. It’s been tried before and ti doesn’t work. Growth does not come from reducing investment.
You can’t hide from the market.

Reply to  M Courtney
November 3, 2022 8:03 am

And how does raising the interest rates help investment? Money moves out of shares into bonds, and infrastructure companies cant afford to invest any more

michel
Reply to  Leo Smith
November 4, 2022 1:53 am

Their problem, and that of the BoE, turned out to be very simple. Do nothing and gilts would have continued to collapse, taking interest rates of gilts well north of 5%.

The collateral damage would have been initially to pension funds, who would have been obliged to sell gilts to meet margin calls because of LDI. This would have accelerated the decline in gilts, ie the rise in rates. There would have been large scale insolvency of many pension funds in days.

This in turn affects the parent companies. But the next step would have been a housing and commercial property crash, because both are dependent on gilt interest rates, because both sectors have large amounts of debt outstanding which have to be rolled over at the current rates.

So the housing market would have frozen immediately (the high rates leading to mortgage cancellations, and buyers not being able to afford at the new high rates). But worse, when the large number of short term (3 year or so) mortgages came up for renewal, borrowers would have been unable to qualify or afford them.

At this point banks and building societies are holding collateral for loans which has plunged in value. They and the country will be caught in a bind: do repossessions on a massive scale go ahead? Or do the banks take a huge hit to assets? We then start to see capital flight out of Sterling.

But all this takes place against other developments. In this scenario Truss and Kwarteng have also just increased the Public Sector Borrowing Requirement. So they need to sell lots of gilts to raise the money for their proposed deficit, which is resulting from tax cuts and increased spending. At the same time in this scenario the BoE is also selling gilts to reverse its quantitative easing program and get them off its balance sheet.

What you are looking at, if you are the BoE, is all interest rates soaring to north of 10%, it becoming impossible for the Treasury to sell gilts at any reasonable price, a systemic crisis in financial institutions, a crash in Sterling, a property house crash, large scale insolvency of all kinds of businesses and companies, and eventually the arrival of men in suits from the IMF, who are hear to help us.

The U-turn was essential, as was the departure of the parties who had thought up the crazy policies of the mini-budget.

The very unfortunate thing is they have not U-turned on two other aspects of the craziness currently possessing the UK political class. They are keeping their obsession with Net Zero, and they are banning fracking. The first is unaffordable, the second is simply stupid and makes the energy price problem insoluble. They have a medium term remedy for it, but are refusing to use it.

IanE
Reply to  HotScot
November 3, 2022 6:31 am

Bozo??? Ha ha ha!

Ben Vorlich
Reply to  HotScot
November 3, 2022 10:23 am

One step at a time and they might have succeeded, but the whole lot in one mouthful was too much to swallow.

As for Farrage and Bunter the longer they are out of politics the better I’ll like it. There are too many politicians in the UK who are in it for themselves and the money and favours. Bunter has a Sugar Mummy in Mrs Bamford of JCB fame.

michel
Reply to  HotScot
November 4, 2022 1:37 am

I doubt they will ever let Boris back. Don’t know what he will do, it will be interesting to see, but I think he has no future in Conservative Party politics now.

atticman
Reply to  michel
November 3, 2022 7:01 am

Which was precisely BoJo’s biggest fault. Lord help us!

Oldseadog
November 3, 2022 3:08 am

The PM won’t be tripping over his shoe laces; I doubt if he knows how to tie them.
I suspect he wears slip-ons.

And he won’t be travelling to North Africa, Sharm el Sheik is in Asia Minor, east of the Red Sea at the top of the Gulf of Aquaba.

Last edited 2 months ago by Oldseadog
Rod Evans
Reply to  Oldseadog
November 3, 2022 3:26 am

Slip ons only for our PM, so much easier if flip flopping is the order of the role….

Steve G
November 3, 2022 3:15 am

He has been ordered to attend by the Emperor, Antonio Guterres…And must explain his policies to The Emperor’s young climate apprentice – Simon Emannuel Kervin Stiell of Granada…the executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC).

Martin
November 3, 2022 3:25 am

UK Prime Minister Rishi Sunak is the protege of billionaire eco-loon Sir Christopher Hohn – so it would have been surprising if he hadn’t gone to COP27

strativarius
November 3, 2022 4:04 am

Pre-CoP round up – Rishi Sunak wobbles edition

“Future generations face ‘climate carnage’ without surge in funding – UN”

In the light of this, er, fact the UK Greens are keenly climate conscious, or are they?

“World leaders at Cop27 in Egypt must demand the release of Alaa Abd El-Fattah – Caroline Lucas”

El-Fattah is a writer and pro-democracy activist, not a climate scientist.

Bonkers claim of the week goes to our old loony friend, George ‘Moonbat’ Monbiot:

“Fossil fuel burning once caused a mass extinction – now we’re risking another – George Monbiot”

One of the comments to Moonbat’s article sums them up:

“We are not sustainable. Tinkering will not make us sustainable.

“There has to be a radical reduction in consumption to net zero impact on the environment right now.”

https://www.theguardian.com/uk/environment

At least that commenter was honest.

Reply to  strativarius
November 3, 2022 4:54 am

The moment ex PM Boris said he was going, the present PM felt he had to go.

So will he tell the the truth about their being no climate emergency.

I doughty it, that might upset someone back in the UK.

Just as long as he does not promose more of the Tav payers money to the Money Sink Hole which is Africa.

Michael VK5ELL

strativarius
Reply to  Michael
November 3, 2022 5:15 am

So will he tell the the truth about their being no climate emergency.”

Do you really think that? I, for one, do not

Joseph Zorzin
November 3, 2022 5:00 am

“‘There is no long-term prosperity without with action on climate change. There is no energy security without investing in renewables.”

There fixed it.

strativarius
Reply to  Joseph Zorzin
November 3, 2022 6:12 am

I wish you really could fix it, Joseph.

James F. Evans
November 3, 2022 5:05 am

Britain is hopelessly screwed up.

They have the energy… in the form of fracked natural gas, North Sea oil & gas, and coal.

But they have been brainwashed… I wish it was only a light rinse… But I’m afraid they’ve been put through the whole wash cycle.

kim
Reply to  James F. Evans
November 3, 2022 5:17 am

Pod People, Tide Pod People.
==========

strativarius
Reply to  James F. Evans
November 3, 2022 5:18 am

We haven’t all been brainwashed, but there can be no free choice in the matter.

The Parliamentary dictatorship will ensure all parties have Net Zero on their manifestoes. And you can be sure that following the total cock-up of 2016 there will be no asking what the plebs think or even want.

Maybe your sources of information have been put through the whole wash cycle.

Bruce Cobb
Reply to  strativarius
November 3, 2022 5:47 am

Whatever you do, don’t step on their manifestoes.

James F. Evans
Reply to  strativarius
November 3, 2022 6:11 am

Net-zero is suicide…

ResourceGuy
Reply to  strativarius
November 3, 2022 11:41 am

Avoid eye contact, any rapid moves, or emotion in response to baseless climate doomism. Don’t try to place a call or use the internet. You could cause a swarming of them against you in the streets and squares. That will buy you a bit of time, but your options are dwindling fast. If they offer you “imported frozen seafood” or “evacuation to Russia” claim some kinship to Greta.

Ben Vorlich
Reply to  James F. Evans
November 3, 2022 10:29 am

The BBC are now complaning about Europe’s growing reliance on liquefied natural gas (LNG) is coming at a high environmental cost.

Climate change: Hidden emissions in liquid gas imports threaten targets

November 3, 2022 5:43 am

The jihad against Russia in ukraine has destroyed the climate scam. Nations round the world now understand more clearly than ever that the climate missionary pitch is just another arm of the west’s militarised colonial agenda. Increasingly the climate missionaries are going to be told to put their solar panels where the sun don’t shine.

kim
Reply to  Phil Salmon
November 3, 2022 6:10 am

Net energy out even in darkness? It’s the hamsters on treadmills.
Oh Joy!
===========

M Courtney
Reply to  Phil Salmon
November 3, 2022 6:25 am

Nuts.
If you said the “jihad against Russia in Syria”, you might have been more coherent. But even then, it was Russia that was the agressor.

strativarius
Reply to  Phil Salmon
November 3, 2022 6:59 am

The jihad against Russia

Nations around the [third] world have their begging bowls out.

Ben Vorlich
Reply to  Phil Salmon
November 3, 2022 10:35 am

The jihad against Russia in Ukraine Ah yes “honest gov, he just threw his jaw at my fist, there was nothing I could do to avoid it”

John Law
November 3, 2022 6:05 am

He won’t last long : President Hunt will remove him when the Blob require it.
Democracy is dead in the UK!

M Courtney
November 3, 2022 6:29 am

COP27 doesn’t start until Sunday and it lasts at least two weeks.
There is no guarantee that Sunak wil be PM by the start of COP27, let alone the end.

He is not secure as his party don’t respect him. He is unelectedand loses everytime he goes up for th eleadership. And he also looks like a loser everytime he faces Sir Keir Starmer. So they need to get him out before the General Election.

Or they need to gamble on this honeymoon period being as good as it gets and go for the General Election now.

observa
November 3, 2022 6:47 am
Bruce Cobb
Reply to  observa
November 3, 2022 6:55 am

The din coming from the Climate Kluckers as of late certainly has reached ear-splitting levels.

atticman
November 3, 2022 6:57 am

Shouldn’t that be Sham el-Sheikh?

ResourceGuy
November 3, 2022 7:08 am

These are not puppet strings being reconnected, they are field lines snapping back into place.

tgasloli
November 3, 2022 7:14 am

Rishi Sunak will do whatever the hedge fund managers who put him in power (by screwing with the value of the pound) tell him to do. They didn’t risk the value of their investments on that gimmick in ordet to allow him to do as he pleases.

Coach Springer
November 3, 2022 7:24 am

Any system of government has an automatic limitation: the people in government. So, their strongest leader is King Charles? Decay comes round.

Last edited 2 months ago by Coach Springer
ResourceGuy
November 3, 2022 7:39 am

Oh, I get it–it’s to get out of town when bad news hits. Run!

Jack Frost
Reply to  ResourceGuy
November 3, 2022 10:53 am

I think he wants to keep an eye on BoJo

Kevin
November 3, 2022 8:26 am

But the Conservatives “owned Labour” by choosing the first POC PM!

So there!

November 3, 2022 9:07 am

Rishi “flip flopper” Sunak takes both sides of an issue to please everyone. He’ll be gone in a month or two — isn’t that the new British system? This month’s Prime Minister is next month’s bum.

Jack Frost
November 3, 2022 10:42 am

Sunak has U-Turned that many times he’s making me dizzy.

Chris Nisbet
November 3, 2022 11:01 am

“There is no energy security without investing in renewables”
Absolutely – just look at Germany for proof of that.
/s

Joe Gordon
November 3, 2022 11:45 am

This idiot is simply ensuring that the UK elects Labour the next time they’re allowed to vote.

Which means doubling down on energy poverty.

And when that happens, no one in power will admit for one second that they caused the economic collapse of the UK.

Instead, they will blame the voters, and Brexit.

Mike Lowe
November 3, 2022 11:52 am

Is Rishi’s wife a committed Greenie like Carrie? If so, pity the poor British taxpayer!

Olen
November 3, 2022 12:58 pm

A prominent British woman in England said in the mid 1950s, the members of the colonies have as much right to be in England as we do. It is no secret India did not want the British and the British had wanted out of India. There is humor in that, somewhere.

Disputin
November 3, 2022 1:22 pm

“The PM had initially indicated he would not travel to North Africa…”

I hope he does – Sharm el-Sheikh is in Europe (just).

Michael in Dublin
November 3, 2022 1:48 pm

I came across an interesting chart of coal power stations by country that puts the situation into perspective. Notice that there is only one country in Africa in the top 18 and this is bottom of this list:

https://www.statista.com/statistics/859266/number-of-coal-power-plants-by-country/

ResourceGuy
November 3, 2022 5:15 pm

What side trips and meetings will he do to secure energy deals?

Kramer
November 3, 2022 7:41 pm

Pretty sure he’s a WEFer (WEF) member.
If I’m right, explains his changing his stance on going to the COP.

Fun fact, Maurice Strong was helped get the WEF started.

Kevin McNeill
November 4, 2022 6:30 pm

Rishi washi at best

Patrick MJD
November 4, 2022 9:28 pm

Sunak was ushered in to do a job (On the UK). He’s a globalist. Don’t be surprised if we hear talk of Britain re-joining the EU. He’s about as Conservative/Tory as my left foot. He’s very wealthy. His wife is a billionaire, wealthy enough to avoid paying taxes in the UK. The UK is doomed (Well, almost all western countries are now) it’s just a race to see who get’s to the bottom first.

Mervyn
November 5, 2022 11:43 pm

Rishsi Sunak is another W.E.P. guy. Britain can expect economic poverty as it implements “the great reset” under the globalist Sunk government. They are not conservatives who believe in traditional conservative values. These Tories in power subscribe to the arrogant, ambitious, unscrupulous ideology of environmentalism… an ideology that poses the greatest threat to freedom, democracy, the market economy and prosperity.

Edward Sager
November 6, 2022 9:20 am

UN official Ottmar Edenhofer, co-chair of the IPCC Working Group III, admitted, “One must say clearly that we redistribute de facto the world’s wealth by climate policy … One has to free oneself from the illusion that international climate policy is environmental policy. This has almost nothing to do with environmental policy anymore.”

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