Copy article

Should the Chancellor quit?

ended 12. October 2022

With all the chaos triggered by the mini-Budget, and mortgage rates going through the roof, Newspager Riz Malik of R3 Mortgages called for the Chancellor to quit live on Sky News today. Newspage asked brokers if the Chancellor should go. Their responses will appear here until COB.

 

8 responses from the Newspage community

Copy all

Copy

Editor
Mike Staton
Director at Staton Mortgages
Should the Chancellor quit? Hell Yes. We work in one of the most heavily regulated industries where one small mistake could cost us our careers. Meanwhile, the mini-Budget was a wreckless act, seemingly done without any thought given to the public or economy. This government have singlehandedly caused the biggest financial catastrophe since the Global Economic Crisis. Why shouldn't they be held accountable?
Copy

Editor
Craig Fish
Director at Lodestone Mortgages
There is a huge question mark hanging over Liz Truss and the Chancellor following the mini-Budget, because it seems that neither of them wish to acknowledge that they are one of the main causes of the turmoil that has unfolded since. Many people are calling for a General Election, not just for the Chancellor to quit. But my opinion is that a general election will cause further uncertainty and turmoil. At the very least Kwasi needs to go, and the Conservative party need to find a more suitable Chancellor. I didn't think I'd ever find myself saying this but, "Rishi, where are you?".
Copy

Graham Cox
Director at Bridging Hub
Kwarteng should definitely resign, as should Truss. In their cavalier and over-zealous attempt to make good on Truss's hustings promises, they've made a bad economic situation even worse. And just to rub salt in the wound, Truss continues to insult the electorate's intelligence by banging on about the energy crisis help, yet completely ignoring the fact that mortgage borrowers now need to stump up thousands of pounds extra thanks to her incompetence. She's basically replaced one financial emergency with another. It really feels like we're in the last dog days of this woeful administration. It's time for a General Election.
Copy

Rob Gill
Managing Director at Altura Mortgage Finance
The markets have firmly rejected the mini-Budget and, as a certain woman once said, “You can’t buck the markets”. With the Bank of England concluding they’re no longer prepared to try, we’re reaching the stage where the Chancellor needs to perform so many U-turns that resigning looks a more honourable option.
Copy

Amit Patel
Adviser at Trinity Finance
In any other job, he would have been sacked by now, so yes Kwasi needs to go. In fact, the whole Cabinet should resign. What we now need is a General Election and put it to the nation. It's been a complete shambles for years now and ordinary people have been left to foot the bill once again. The Tory party are meant to be the party of 'business people' but I've seen little evidence of this over the past decade. Every decision they have made has been fundamentally flawed, with no logic behind it.
Copy

Mark Robinson
Managing Director at Albion Forest Mortgages
The problem isn't the Chancellor, it's the entire government. We need a complete reshuffle. At this point a general election shouldn't just be a possible solution, it is the only one. If the Chancellor left, another one of similar competence would likely just fill the void. The current government has no focus, and is completely out of touch with the population it supposedly governs.
Copy

David Robinson
Co-Founder at Wildcat Law
The one thing worse than a bad policy is to have no discernible policy or plan at all, and unfortunately that is the current situation with the Chancellor. Changing him now, however, would only invite even more uncertainty and that is something that the markets and Sterling cannot afford. Instead, perhaps a period of limited exposure to the press and let others run the economy who actually have a clue what they are doing. Then when things are a bit more stable he can be replaced publicly.
Copy

Anil Mistry
Director and Mortgage Broker at RNR Mortgage Solutions
The Chancellor, the PM, and the whole cabinet need to go. Ever since Liz and Kwazi came in and delivered their mini-Budget, it has been nothing but chaos for everyday people. We already had high fuel costs and shopping price increases, partly due to the war in Ukraine, but now we have had tax cuts for the rich, and people who have mortgage deals coming to an end soon who are in a state of panic due to potential increases in their mortgage payments. This leads to stress and anxiety for many people. Liz keeps saying she has capped energy prices, but the potential increased mortgage payments will be much more than the energy savings.