Alleged businessman, faux-farmer, and far-right miscreant Rupert Lowe has already shown he’s got what it takes to be Reform UK leader. That is, in parliament on Wednesday 8 January he showed just how seriously him and his grifting il take the business of politics – or rather, they don’t take it seriously at all. No wonder Elon Musk has touted this clown as a future leader of Reform.
Rupert Lowe: future leader my arse
Rupert Lowe and his band of fag-stinking, dentally-challenged dirty old men have introduced a bill to parliament. It’s called the Quantitative Easing (Prohibition) Bill. However, his attempt to follow parliamentary protocol when formally bringing forward the bill descended into farce. Clearly, being a multi-millionaire pretending to be a man of the people doesn’t prepare you for the arduous task of following basic instructions:
Rupert Lowe(Reform MP) making a total arse of himself.
Mr Speaker: Absolute shambles
Labour bencher: A future leader. 😂 pic.twitter.com/WEJihfBs3A
— Haggis_UK 🇬🇧 🇪🇺 (@Haggis_UK) January 8, 2025
Back to the bill, and as the Daily Express gleefully described:
The former chairman of Southampton Football Club wants to stamp out “dishonesty on an industrial scale” and ban “quantitative easing” – a measure which saw the Bank of England buy nearly £900billion worth of bonds in the wake of the global financial crisis.
What is quantitative easing?
Quantitative easing is a monetary policy tool used by the Bank of England to stimulate economic activity when traditional methods, like lowering interest rates, are insufficient or ineffective. It was prominently employed in response to the 2008 financial crisis and during the Covid-19 pandemic to support the UK economy.
At its core, quantitative easing involves the central bank creating new money electronically to purchase financial assets, primarily government bonds (gilts), from banks and other financial institutions. By buying these bonds, the Bank of England injects liquidity into the financial system, increasing the amount of money available for lending and investment. This process also lowers the yield on government bonds, which reduces borrowing costs for businesses and households by influencing interest rates across the economy.
The primary objectives of quantitative easing are to encourage borrowing and spending, boost investment, and prevent deflation (a prolonged fall in prices). By increasing demand for government bonds, it also pushes investors toward riskier assets like corporate bonds or equities, further stimulating economic activity.
Blah, blah, blah
However, Rupert Lowe isn’t happy with the government and Bank of England’s use of quantitative easing. He told the Daily Express:
I am pushing for the state to be as accountable to the people, as the people are to the state. As we saw during the disastrous Covid response, it is capable of printing vast amounts of money to fund unaffordable policies.
What, like supporting people to be able to eat when they lost their jobs due to Covid? What a disastrous policy…
He continued:
I want the state to act as we are forced to, and live within its means. It should only be able to fund policies it can afford – this is not an unreasonable suggestion.
Quantitative Easing is the root cause of so many of our problems, it allows for dishonesty on an industrial scale. The state should spend what it earns, not print billions and billions to bail itself out. It’s about time we had this debate in Parliament.
Now, there is an argument against quantitative easing – just not the one Lowe makes. Most of the money the Bank of England created did not end up in yours or my pockets – it ended up benefitting the rich (which makes it surprising multi-millionaire Lowe is against it). Moreover, it also pushed up the prices of things – while wages didn’t go up accordingly; exactly what we’ve seen in recent years. This ultimately widens the inequality gap in society.
Rupert Lowe: charlatan
But this is not what Rupert Lowe has a problem with. He has a problem with the government wracking up debt (debt that doesn’t really exist BTW) and not being able to reduce taxes for him and his ilk enough, while not then tearing up regulation left, right, and centre.
This mindset is of course what makes Reform so appealing to Elon Musk. It’s far-right libertarianism on ket – and Lowe and his cronies have been snorting it up. However, These con men and their ideas are of no benefit to the people they pretend to represent.
Reform are right to question just how quantitative easing is used – but as always, it’s for completely the wrong reasons. Moreover, Lowe’s obvious contempt for parliament exposes him for the political grifter that he is.
And this is who Elon Musk thinks should potentially be running the UK?
Featured image via screengrab
