Pound back at £1.12?
Hanlons Razor?
I don't think they acted maliciously, that's reserved for immigration policy.
I think they had genuinely drunk their own Britannia Unchained cool-aid. They thought we'd be having coronation street parties and hanging a picture of our great Liz up with ones of Charlie the third in all the hallways of the land* at the news we were all getting tax cuts.
*on embossed Damask wallpaper for the full 70's aspirational vibe.
BofE save the pound (and pension funds). Prepare for the inflationary effect of all that though. Cost of living over the next year being hit from all directions.
Im with tinas.
I think she really believes in it and that she thought the markets would as well. Narrow thinking and no dissenting voices around her and being encouraged by the hard right think tanks and loons.
Pound back at £1.12?
It was always going to bounce back a bit but I think the dollar weakened too due to the hurricane as it lost a bit of ground to the euro as well.
Pound back at £1.12?
And it only cost 65 billion in inflation-fuelling QE and a massive interest rate hike!
I think she really believes in it and that she thought the markets would as well
Unfortunately, Liz and Kwasi have read Milton Friedmans Chicago School Economics for Simpletons, which clearly stated ‘reduce taxes and you will encourage economic growth’ and they took that at face value
+1 with TINAS.
I think they genuinely believe this - and are so surrounded by the echo chamber of their own rejection of any other view, that they think that this *is* the correct course of action to take. They really do think it will turn our nation around. They really do not think it will have too much of an impact - and if it does, it is the great unwashed who need to get a better job...
I said with Little Alexander that I have never even considered going on a political protest before - and was thinking I may. I am now actively wondering how I can engage and influence the politics of this country - and not just at a General Election...
Pound back at £1.12?
and the repercussions of the enormous efforts required to attain that are only just beginning
At the end of the day, all this self-inflicted damage was completely avoidable and is simply the result of the arrogance and utter mindless stupidity of Truss and Kwatang
I am now actively wondering how I can engage and influence the politics of this country – and not just at a General Election…
https://www.electoral-reform.org.uk/
I think they genuinely believe this – and are so surrounded by the echo chamber of their own rejection of any other view, that they think that this *is* the correct course of action to take.
They have allowed themselves to be convinced that any dissenting voices to this madness are just 'the orthodoxy' and should be ignored while the job gets done. That includes the OBR, but the job is mostly done now so they can make a show of listening to them.
It's an extension of the Brexit 'had enough of experts' philosophy, but turned up to 11.
Beware truss apologists banging on about £ rising against $ and €; BoE intervention and external factors are the drivers.
Markets have not changed their views about last week's fiscal event.
Question ^^^ about council tax; the squeeze on LA budgets has started and will worsen so council tax, IMO, will increase by an average of c5% - possibly more.
Councils will prioritise children and adult services followed by education; revenue and capital budgets for highways, parks, open spaces, play areas, street cleansing, street lighting and other similar services will be slashed - some councils, I think, will deliver only those services which are statutory or legislative requirements.
That may be only the start.
Anyone else expecting the head of the OBR to resign soon? Like the standards guy did with Boris
Has anyone tried turning Britain off and on again?
Just a thought
Has anyone tried turning Britain off and on again?
Tried it. Still getting the Blue Party of Death.
Has anyone tried turning Britain off and on again?
Isn't that what Truss is doing? Not sure about the back on bit though.
Anyone else expecting the head of the OBR to resign soon? Like the standards guy did with Boris
I'm not.
1) They're not a government department, so it's neither an elected minister or even a civil servant, just publicly owned and 'sponsored' by the treasury.
2) Their reports are public. Boris' ethics adviser only reported to him. So if he was un-ethical you had no real way of knowing what had been said/advised behind closed doors.
Suggesting someone at the OBR quits over this is like suggesting the BBC* Director General resigns because of bad news. Unless that bad news was to do with the BBC then they're just reporting on events.
*so I fully expect the Mail to call for both by the end of next week obviously.
Tried it. Still getting the Blue Party of Death.
Their reports are public
Like the one waiting on the new chancellor’s desk when he started in the role? Is that public? Did he act on it? Or did he rubbish it and keep it private. They work for him ultimately. They can’t publish without his say so.
Like the one waiting on the new chancellors desk when he started in the role? Is that public? Did he act on it?
Unless I've miss-read the news, they COULD have prepared him an updated report of the current situation last week, but he told them not to. So no report exists.
He didn't then send them the details of the "mini-fiscal event" so no report of it's forecast outcomes exists either (beyond the first draft they're apparently giving him today).
They prepared him one setting out the course we were on when he started. Not published. You’re thinking of a report around the changes he announced in the mini budget… he didn’t ask them to produce one. In both cases it shows that they ultimately work for him, he can silence them if he doesn’t want us to hear their analysis.
Markets have not changed their views about last week’s fiscal event
Indeed. And there’s a very strong possibility - in fact it’s a certainty - that the OBR report will say that this whole thing is economic illiteracy on a biblical scale, that looks like it’s been mapped out by a 5 year old with ADHD by randomly shouting numbers
And when it does, what happens then?
I am now actively wondering how I can engage and influence the politics of this country
Matt for PM, free canoes for everyone!
I don't think there's going to be a bounce.
I can definitely see a bounce in the second week.
It's rather flaccid mind.
Matt for PM, free canoes for everyone!
Slogan:
Yes, that IS a canoe in his pocket!
ernie, are you referring to kwasi?
Does truss share your view?
The x axis, is that days or hours?
They prepared him one setting out the course we were on when he started. Not published.
They supplied a draft on the 6th, how close that is to complete is a different matter (I'd agree it could well have been a finished draft, but that's not known?)
I can't find the quote now, but in the last treasury select committee meeting with the OBR the wording was allong the lines of 'this normally takes 10 weeks, we were commissioned at the end of July (so about 6 weeks to the 6th Sept) and will try to produce something that meets our minimum standards/obligations'.
Although we're now ~10 weeks so maybe that's why they're meeting again.
They supplied a draft on the 6th, how close that is to complete is a different matter (I’d agree it could well have been a finished draft, but that’s not known?)
Probably fairly simple. Something like: 'R You insane, bruv?'.
now it makes sense
Another one
*Only* 30pts
https://twitter.com/ElectionMapsUK/status/1575816156937875456?t=f6dqkcywrDMGS94Vu37HAw&s=19
I'm calling bullshit on that Star front page. The only demo day I've ever been to at Balmoral was for Santa Cruz.
Councils will prioritise children and adult services followed by education; revenue and capital budgets for highways, parks, open spaces, play areas, street cleansing, street lighting and other similar services will be slashed – some councils, I think, will deliver only those services which are statutory or legislative requirements.
That may be only the start.
At the previous local elections 'we' voted a Tory council in, in Cornwall.
So far all they have done is cut services, our local pool is closed along with a couple of others (in a seasside town there is now no public pool for children to learn to swim!) they've closed educational outdoor centers & are threatening to close the Royal Cornwall Museum.
There is an inkling of a plan.
Scrap sterling wreck the country.
Call election they'll lose.
Then ride the wave of discontent to victory in the following election.
Another one
*Only* 30pts
Undoubtedly exaggerated and not likely to be repeated in a general election but nevertheless fantastic news for Labour, as even with a massive margin of error it still points to a very comfortable general election victory for Labour, were it to be held now.
However surprisingly recent opinion polls are not very good news for the LibDems. They suggest that the LibDems would struggle to match the support which they received last general election, which was half of what it was before Nick Clegg shafted them.
Great news for the Green Party though, all the polls consistently show them recieving far more support than in any previous general election.
And if the polls before the next general election predict a Labour landslide the Greens are likely to benefit further as the threat of a possible Tory victory diminishes.
In 6 weeks time when that report comes out 120,000 people will have been forced to sign up for mortgages they cant afford, or be homeless. Time itself will not make this better.
Some of those made homeless will be NHS staff, carers and volunteers who are already covering up the shit this Government has made. This won't look any better in 6 weeks, it's death by a thousand cuts, again.
I get that people have got used to low interest rates and have planned with only this in mind but to increase as it has is an absolute wrecking ball, and why the BoE increase at the minimum to give people time to adjust.
I have heard one Tory supporter state that all these polls where taken at the Labour conf...
I get that people have got used to low interest rates and have planned with only this in mind but to increase as it has is an absolute wrecking ball, and why the BoE increase at the minimum to give people time to adjust.
Then we'd have even more inflation.
The vote actually went;
0.25% rise : 1
0.5% rise : 5
0.75% rise : 3
So this was already the compromise. The only way they could raise them slower and not make things worse would be with a time machine.
Then we’d have even more inflation.
The vote actually went;
0.25% rise : 1
0.5% rise : 5
0.75% rise : 3So this was already the compromise. The only way they could raise them slower and not make things worse would be with a time machine.
Ah right, I had one eye in it only as my fixed runs out mid next year, I thought they'd gone up at .25% stints to get to .75% not in those increments themselves as you say, but still they were doing the best they could to give people time to adjust while trying to keep inflation in check.
Interesting opinion piece from FT
"We are now watching the real-time implosion of the governing party. It’s going to be a hell of a show, though sadly the tickets will prove expensive".
Ah right, I had one eye in it only as my fixed runs out mid next year, I thought they’d gone up at .25% stints to get to .75% not in those increments themselves as you say, but still they were doing the best they could to give people time to adjust while trying to keep inflation in check.
I wouldn't be surprised if it's another 0.5% next time though. They'll need to do something to slow down the pounds devaluation.
Back of a fag packet maths for someone earning £30k with a 200k/20year mortgage a further 1% interest rate rise from 4% to 5% would cost about £100/month. 10% inflation (i.e. from here to parity with the dollar) costs £250. So while it might hurt A LOT in the short term I'd rather they stopped the slide now than let things get worse.
A lot has happened since… but at one point we were discussing Truss’ efforts to get a trade deal with India (to show something she can claim as a Brexit benefit now that she has destroyed any chance of a USA deal in the near term with her posturing over NI in order to become party leader) and were talking about rumours as regards what she might do now she’s PM to make that happen. Talk was of a November deal from those briefing for her. Anyway…
https://twitter.com/samuelmarclowe/status/1575861611096854528?s=21
Ironic given Tata's involvement in UK steel production for a long time before deciding it wasn't profitable.
grahamt1980
Honestly i don’t think they were expecting any of it, and I’m also not convinced that truss or kamikwazi actually care about the damage they are causing, only in some abstract way which means they might have challenges in their quest to destroy the welfare state and government services
Honestly i don’t think they were expecting any of it
Neither of them are that stupid... the economics part is the equivalent of sticking your tongue into the mains plug and being surprised. The only people who could claim differently are also looking for Elvis on the moon and convinced the earth is flat or running Turkey's economy.
I’m also not convinced that truss or kamikwazi actually care about the damage they are causing, only in some abstract way which means they might have challenges in their quest to destroy the welfare state and government services
A bit of Occam's razor here... Has Truss deeply held political beliefs that just happen to do 180's (totally coincidentally to do with her career) OR she just doesn't give a toss, has no morals or political beliefs?
Look at Brexit.. she's totally on one side then the other whichever was expedient at the time.
Pretty much sums up her entire political career.
which means they might have challenges in their quest to destroy the welfare state and government services
I don't think she ever had any illusions about being in place long enough to do either of those. IMHO she's not stupid enough to think she'd survive long enough as PM to play the slow game so if you accept she simply has no morals or political beliefs she's just in it for what she can make.
Equally assuming the same why would she care about destroying the welfare state and government services unless she can personally benefit from it?
