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By the BoEs own metric, it takes two years before interest rates have any noticeable effect on inflation.
So we were lowered during the pandemic and then March 22 back to 0.75 which is where they were for ages prior then started to come up 0.25pts a bit at a time from May 22. So high interest rates didn't have much time to filter through before CPI stated dropping. Hmm.
It's a total fraudulent system.
The net effect of interest rates is giving BoE created money to people who already have money. Rich people yeah?
That has distributional issues that benefit people with money over people that owe money. It's a tax in all but name.
On this occasion central banks were looking to be validated even though this was a supple side issue.
Which is why they have remained stubborn with cutting.
Make no mistake Labour endorsed the BoEs decisions too.
The bottom line is that pretty much everyone, apart from the super-rich such as himself, is feeling a lot worse off than they were when he arrived at number 10 and thats all that matters
Well yeah, given if you've got savings you're likely to be wiped out by mortgage interest, rent increases, energy. Interest rate system is bollocks and not fit for purpose.
It works for those who already own assets.
America has faired better due to very long fixed mortgages.
The BoE effectively paid commercial banks during this fiasco.
Supposed to be a lack of money in central government and its bank. 🤣
Sunak "The government doesn't have any money of its own."
(But its bank does you daft sod.)
It's one large regressive horror show.
I doubt many of those votes will go to either Lib Dems or the Greens, as those are seen very much as parties for middle class white people by many PoC.
That's not what I was picking up at a meeting at my local mosque last month. There was huge support for the LibDem guy in response to him calling for an immediate ceasefire and justice for the Palestinians.
In contrast there was zero support for the Tory and Labour speakers who refused to support the end of Israel's senseless slaughter of civilians in Gaza.
Also the fact that the LibDem foreign affairs spokesperson is half Palestinian whose family is currently being targeted by Israeli snipers in Gaza won't be lost on many opponents of the genocide.
So muslims won’t vote for Starmer because he is racist but then won’t vote for Sunak because he is Hindu and a Hindu in another country is a ****, mmm.
1) I don't think anyone is claiming to be the definitive voice of The Muslims.
2) It's not merely that Sunak and Modi are both Hindus, and Muslims are irrationally bracketing the two. Modi's fascism (and lynchings and pogroms go with it) is directed at Muslims in India, and it is interwoven with Hinduism. And then you have Sunak talking about his Hindu pride and making pilgrimages to Hindu shrines in India when he is supposed to be on government business.
If the boot were on the other foot, and you were a Christian who saw Christians being murdered by Wahhabi Muslims - you'd be totally mad to vote for a PM who was a proud wahhabi and made a point to weave his faith around his work.
3) and in any case, if you think Muslims are hypocritical for thinking in the way suggested above - then that just makes them as useless and inconsistent as the rest of us...who knew?
Sister and bil over later.
They will vote Tory.
Same as my cousin.
He'll vote Tory every single time, without question. He wouldn't even contemplate voting for anyone else.
Why?
Because he's enjoyed a very privileged, easy life, complete with all the middle-class trappings, despite being as thick as a boxing day turd. He wears his entitlement like a badge of honour. Come to think of it, he'd presently be a shoe in as a Tory MP. Ticks all the boxes
Sister and bil over later. They will vote Tory. 2 reasons.
1 They are racist. Not an assumption, they tell me they are.
2 Triple lock pension.
I think there's an excellent chance the Tories can deliver on #1...I have a feeling they're cruising for disappointment on #2, though...
I'm glad I haven't had to explain this. For the record; I don't subscribe to any form of prejudice or racism, but I'm just offering a bit of insight into how people behave. Muslim-Hindu hostility goes back a very long way. Such things become ingrained in culture. Not saying that's right, but that's how it is. To understand this a little better, have a look at Anglo-Irish politics throughout modern history. Different, but sort of similar.
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If the boot were on the other foot, and you were a Christian who saw Christians being murdered by Wahhabi Muslims – you’d be totally mad to vote for a PM who was a proud wahhabi and made a point to weave his faith around his work.
Nope, I would never vote for anyone that weaved their faith into their work - especially when their actions are typically the opposite of what anyone of the given faith should do.
I’m glad I haven’t had to explain this.
So am I, you do tend to use far too many words 🙂
So am I, you do tend to use far too many words
No-one’s forcing you to read it. I’m hardly Tolstoy.
No-one’s forcing you to read it.
Who says I read it 🙂
Who says I read it
Ah, that’ll explain why you didn’t understand it.
I'm still struggling with this.
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Will it shift the dial on the polls? (itll take a while for this to filter through to be people’s bank balances)
Having listened to the radio today I would guess that it won't affect polls. People.were told that high inflation makes prices high, but now that it is lower people seem to be expecting prices to go down again. They will be in for a surprise.
People.were told that high inflation makes prices high, but now that it is lower people seem to be expecting prices to go down again. They will be in for a surprise.
Sunak may have a point with his Maths agenda.
Regardless of the fact that there are more of them knocking about than ever before, being able to say that you’re an Ex-UK PM still opens doors. It’s pretty much a life long pay-check. And in 5 years time, no-one will remember that you were totally shit at the job.
I hate the Tories. But I sincerely hope there is one very notable exception to this. The one who lacked all of charisma, empathy, diligence, insight.
Having listened to the radio today I would guess that it won’t affect polls.
We've got another winter of energy company profiteering to get through yet, with considerably higher energy bills for everyone than last year.
Something the government intend to do absolutely nothing about in the short or long term
Talk of reduced inflation rates is largely academic when essentials like energy and food now cost substantially more than they did this time last year (and are still rising fast) and a lot of people were struggling then.
We also seem to be in a recession in all but name. Thats certainly the way it feels. So I doubt the floods of gratitude from a thankful nation that Sunak clearly thinks he deserves are likely to materialise.
It all just highlights that the man with the large heated swimming pool, who travels everywhere by helicopter, hasn't got the first idea what reality is like for large parts of the population of this country
People.were told that high inflation makes prices high, but now that it is lower people seem to be expecting prices to go down again.
Not helped when they keep lying about there being more money in your pockets than before. It's still getting less, just not as quickly as it was.
Well, got into a heated debate with my sister over the Tories.
Immigrants get to see GP's and dentists first apparently, they get priority. I don't doubt immigrants might be given a general health check on arrival for TB etc etc but that's not the same as walking into a surgery and having a vip lane straight to a GP's door. I don't know why I bother though, it's not about appointments really, it's about race/ colour.
What did amuse me though? My sister chats to a fellow dog walker on their walks but recently politics came up. My sister made it clear what she thought about immigrants and since then this guy with the dog won't talk to her anymore. Totally blanks her.😁
My response? "There an awful lot of people that *really* hate the Tories
and what they stand for." Which is patently true.
Oh, "Boris Johnson did the best he could during covid, he was only one man." I despair.
That’s how these folks operate, It’s another way of earning more money in the future, just one more thing to leverage. In that respect at least, he’s no different than Johnson.
I don't agree. For Truss, who is patently dim and nuts, being PM for any duration would have been a once-in-a-thousand-lifetimes opportunity to get her nose in the trough like never before.
But for Johnson and Sunak, being an MP and PM is a terrible way to get richer. They'd have made tons more money over their lifetime if they'd never bothered with politics. They're not doing it for the money. They're doing it for the arrogant lols (Johnson) or out of some weird sense of entitlement-mission (Sunak).
Sunak and Thatcher are supremely confident that they're right and believe(d) they have a duty to be PM. Thatcher seemed to really enjoy being PM. Sunak seems totally miserable all the time. But I have a way he can fix that...
As stated above, Sunak's FiL has probably asked what is he bringing to the party, he's married money how's about 'making' some. I don't think Johnson would've made a fortune outside of politics. He's lazy, **** struck, boozy and probably likes to powder his nose, he's was sacked too many times for lying therefore he was well suited to politics but not much else.
Johnson thought that a spell in no.10 was a natural thing for someone as talented as himself. And that it would help him monetise his very mediocre scribblings afterwards.
You really couldn’t make it up. Levelling up in action.
The ‘Network North’ money for cancelling HS2 used for improving roads in the northern town of….
London
No it isn’t a spoof. It’s for real. The government actually released this today
Nah, be honest… you made that to see how far we believe they will go?
Remember Sunak promised to redirect funds to richer seats in the South when he stood and failed to become leader of his party. So it’s almost believable… but… no… the NETWORK NORTH logo is just a step too far into unbelievable parody… no?
How could anyone who wasn’t totally detached from reality have that placed in front of them and sign it off?
You’re balls deep into taking the ****ing piss territory by this point
I’m guessing they’ve (correctly) assumed that those ‘red wall’ seats they won last time around are already long gone, so it’s shore up the South East base.
It’s not even like that many people in London actually vote for them
Why the surprise? I pointed out at the time of the HS2 cut announcement that some of the money was to be allocated to projects in the South.
This is trolling territory now.
Clearly (again) none of that money went into paying a graphic designer. Another 4pm on a Friday get the work experience kid to do it job.
Surely that Network North logo is below even the work experience kid?
Why does everything have to be in CAPITAL LETTERS?
Seems odd they'd leave the JCB logo in OH NO IT DOESN'T
https://www.theguardian.com/politics/2023/sep/27/hmrc-investigating-tax-affairs-of-one-of-tory-party-largest-donors-anthony-bamford
"But it’s incredible to think a Tory minister thought it was a good idea to scrap railway lines to the north and use the cash to fix potholes in London and then show off about it."
Rishi Sunak has previous when it comes to showing off with pride when it comes to redirecting wealth in favour of the wealthy.
Here he is proudly boasting how he has redirected money intended for deprived urban areas to mega-affluent Royal Tonbridge Wells
No it isn’t a spoof. It’s for real. The government actually released this today
It's entirely predictable. BUT WHY WOULD YOU ADMIT IT WAS HS2 MONEY?
Honestly, you get the sense that no-one at the top of the party has any political acumen.
Unless they think robbing the north to fix up the south is a net positive for them, because they've given up entirely on the red wall seats and are focusing absolutely everything on their core southern vote, who will like the idea of that.
Another 4pm on a Friday get the work experience kid to do it job.
Nah it was the normal staff after a really, really good xmas party. Shortly after photocopying their arses they booted up the computers and did some prank posters.
because they’ve given up entirely on the red wall seats and are focusing absolutely everything on their core southern vote, who will like the idea of that.
London is not the Tories's core southern vote. In fact it has the greatest concentration of Labour MPs anywhere in the UK.
Out of 73 London MPs only 20 are Tory. And if the current polls were replicated in the next general election there would be a real possibility that the Tories would lose every single seat in London.
I have no idea why they want to spend the money on potholes in London. Other than many Tory MPs live in London and maybe they get rattled every time there ministerial cars hit potholes.
One of the things which struck me when I did the coast-to-coast a few years back was how few portholes there were in the roads, compared to down south. And trees, and hedges, and people. Just grass, sheep, and stonewalls, iirc.
If they carry on in their usual style then that 235 mil will be spent in very specific London areas. The 20 with Tory MPs. The rest will be getting the same as the North. Nothing!
Kensington and Chelsea should be pot-hole free. Tower Hamlets, not so much
I’m still genuinely gobsmacked that they’ve actually put that out today.
I loved the comment from Transport Secretary Mark Harper
In response to the backlash, Transport Secretary Mark Harper posted his own comment, saying it was "great that people are talking about our Network North plan".
Clearly believing the nonsense that there’s no such thing as bad publicity
Mark… there really is, you dimwit
Turns out this ‘Network North’ initiative is bizarrely nationwide…
However it’s not London unless you consider how the re-appropriation of Euston £££ is for ‘everywhere else’ that fails to benefit from the transport investment London gets.
That initiative is a shit show. No clue how London can possibly benefit given paragraph 5.