Show Hide image

Laurie Penny: The Chancellor’s an economic sadist – and we love it

There's something about punishment and hierarchy that holds a guilty appeal for the British public.

This is going to hurt. Perverts and politicians love a bit of dirty talk and for months the coalition government has been intimating exactly what it is going to do to us, oiling us up with simple, seductive moral offensives on the poor and vulnerable in anticipation of the economic violence to come.

This past week it was university funding; before that, it was child benefit. Now, Chancellor George Osborne's cuts have been revealed in all their glory and no government department has been saved from the coalition horsewhip.

Unsure where the first blow would fall, the country seemed to freeze into some kind of rigid inertia, refusing to acknowledge the totality of our barelyelected leaders' assault on social democracy, on the postwar Attlee settlement, on welfare and health care and everything that once made life on this rainy island bearable. The proper term for this approach is not "economic masochism", in the shadow chancellor's phrasing, but fiscal sadism.

Power games

Only politicians and perverts truly understand sadism. Amateurs think that sadism, fiscal or otherwise, is about hurting people. They are mistaken. Sadism is not about pain. It is about power. It is about the power to inflict pain at random, for no reason, with the most cartoonish and fetishistic of implements, just because you can.

Sadism is about having the power to decide when and if and how much to hurt people, because that kind of control makes you feel important, because that's how you get off.

This is precisely the sort of power play we are dealing with, on both a national and a global scale, as the oligarchies of the world react to the public humiliation of the recession with whiplash efficiency. The phenomenon of fiscal sadism is not unique to this government, although the wet-towel-whipping changing rooms of exclusive private schools do perhaps foster a specific fetish for kinky brutality.

The fiscal sadism of these cuts is part of an international war on social democracy whose agenda is mutating into a terrifying form of kamikaze capitalism. However this government wishes to dress up its decisions, whether in the language of economic pretext or a little rubber dress, there is still no pressing reason for these cuts to be made at such colossal speed, in so calculatedly regressive a fashion, besides the ugly Conservative conviction that poverty is a moral failing.

There are patently more efficient ways to make savings than slashing the heart out of the welfare state. For example, the money saved from George Osborne's crackdowns on benefit fraud could be recouped simply by persuading one man -- the government's efficiency tsar, Philip Green, to pay his taxes like the rest of us. This is not about saving money. This is about control. They plan to hurt us because they want to show us that they can.

The truly awful thing, though, is that we like it. There's a guilty appeal to the easy narrative of punishment and hierarchy, especially if it seems -- whisper it -- that only people worse off than us will really be taking the full whack of the Chancellor's changing-room economics. The French, who, as amply demonstrated this month, don't quite have our fetish for grumbling political obeisance, describe bondage and sadomasochism (BDSM)
as "the British perversion"; perhaps there is something in our national character that delights in ritualised deference, especially if it stings a bit.

Make it hurt

It can be grotesquely reassuring to know that someone else is taking charge, even if they're doing so cruelly. Just as sadism is about power, masochism is about the pleasurable surrender of power.

The right-wing press has squealed in gleeful horror every time a new cut was announced, their only real objections being to the relatively minor excisions from the defence budget. Unfortunately, nobody has yet questioned whether there will be anything left worth defending when the Tories have finished slashing the state into submission.

I have many dear friends who enjoy a little private torment, but the proper place for savage power play is not the theatre of politics. Those in power have co-opted us into a dangerous game of kamikaze capitalism and if we want to continue to live in a country with pretensions to freedom, tolerance and justice, we have to risk rearing up against our chains and ruining the game. We have to risk a bolder refusal to submit to this sick assault on social democracy.

We need to throw their filthy talk back in their faces, before it's too late.

Laurie Penny is a contributing editor to the New Statesman. She is the author of five books, most recently Unspeakable Things.

This article first appeared in the 25 October 2010 issue of the New Statesman, What a carve up!

Getty
Show Hide image

George Osborne takes up job at BlackRock - but what does it mean for politics?

The former Chancellor insists he hasn't forgotten about the Northern Powerhouse.

George Osborne is to take up a part-time role at asset management giant BlackRock.

The former Chancellor is understood to have been hired by the chief executive of the world's biggest investor, Larry Fink. He will be working alongside his former economic adviser Rupert Harrison.

The appointment has been approved by the Independent Appointments Committee and Osborne intends to continue as a backbench MP.

He said: "I am excited to be working with the BlackRock Investment Institute as an adviser. BlackRock wants better outcomes for pensioners and savers - and I want to help them deliver that. It's a chance for me to work part-time with one of the world's most respected firms and a major employer in Britain. 

"The majority of my time will be devoted to being an MP, representing my constituents and promoting the Northern Powerhouse.  My goal is to go on learning, gaining new experience and get an even better understanding of the world."

Once tipped as a future Prime Minister, Osborne's career ambitions were stymied after he backed Remain in the EU referendum and was sacked in Theresa May's Cabinet reshuffle. Whether he will find the halls of fund managers more comfortable than the green back benches is yet to be seen, but for now he has been clear he intends to continue his constituency duties. 

He will work at the BlackRock Investment Institute, which researches geopolitical, technological and economic trends. 

He is expected to provide insights on European politics and policy, Chinese economic reform, and trends such as low yields and longevity and their impact on retirement planning. 

While the pay packet has not been officially confirmed, Sky News quoted a source saying it would be hundreds of thousands of pounds.

But the move will also place a pro-Remain former Chancellor at the heart of the City of London, just as his Tory front bench is losing its support over Brexit negotiations.

Speaking shortly after the EU referendum vote, BlackRock chief executive Fink said he "didn't get a lot of sleep" the night of Brexit, and that the decision had led to greater uncertainty. 

 

Julia Rampen is the editor of The Staggers, The New Statesman's online rolling politics blog. She was previously deputy editor at Mirror Money Online and has worked as a financial journalist for several trade magazines.