O/T:- ⚠️Impressed with the leadership [The UK Party Politics Thread]

[SwalePie]

Maybe it's the right time for Charles III to get his revenge for what happened to Charles I.

Can't really argue with that based on the Truss regime's performance thus far.

[SwalePie]

What is happening is wrong on so many levels.

The Conservatives got a large majority for the policies Boris and Cummings set out, which included a high level of public spending on infrastructure, particularly in traditionally Labour-voting areas.

You can argue about whether that was promised in good faith or not, but it's not really the point. Truss has no mandate whatsoever to do what she is doing.

That's just the ethical problem. There's also the fact that it is balls-out, bat**** mental from an economics perspective. We've just restarted QE with inflation at 9% (officially, it's really probably more), but as GranthamPie pointed out they didn't have much choice because if they didnt, people's pension funds would've gone under by the close of business today.

And they've thrown the pound off a cliff at a time when the UK is already paying the highest prices we can remember for natural resources priced in US dollars. I can't believe what I'm seeing.

It is gobsmackingly incompetent so far. What's even more staggering is how far we've plunged in so short a time.

[magpie_mania]

It is gobsmackingly incompetent so far. What's even more staggering is how far we've plunged in so short a time.

And the Govt are still saying they have the right plan.

No plan B (now where have I heard that before?!)

[Elite_Pie]

The Conservatives got a large majority for the policies Boris and Cummings set out, which included a high level of public spending on infrastructure, particularly in traditionally Labour-voting areas.

I think the large majority had very little to do with policies. It was won by a combination of a con man saying he would “get Brexit done”, offering a host of false promises, and piss weak opposition.

[magpie_mania]

I think the large majority had very little to do with policies. It was won by a combination of a con man saying he would “get Brexit done”, offering a host of false promises, and piss weak opposition.

It was mainly won imo on Brexit. Add to that some empty promises to the red wall seats and there was only going to be one winner.

Pretty scary stuff to hear about the possibility of pension schemes going belly-up today, but Truss and Kwarseng seem to have no shame.

[magpie_mania]

It was mainly won imo on Brexit. Add to that some empty promises to the red wall seats and there was only going to be one winner.

Pretty scary stuff to hear about the possibility of pension schemes going belly-up today, but Truss and Kwarseng seem to have no shame.

Kwarteng even.

[magpie_mania]

Can't really argue with that based on the Truss regime's performance thus far.

She has to survive just over 3 more months to avoid being the shortest serving PM.

[drillerpie]

I think the large majority had very little to do with policies. It was won by a combination of a con man saying he would “get Brexit done”, offering a host of false promises, and piss weak opposition.

It was a lot to do with Brexit for sure, but the economic policies that were promised were nothing like what Truss has implemented.

I really hope some kind electoral reform happens soon. There are a few things happening in the political arena I think are madness, but this is madness hardly anyone voted for, which makes it even more ridiculous.

[Magpies1959]

Surely people realise the bankers bonuses are paid for by the banks, not the government, so that any extra money they get will be taxed at 40% putting huge sums of money back into the economy.
The msn do not seem interested in telling folk that all currencies are tanking against the US dollar.
Where was the IMF when we spent over £400 billion on a virus that has proved to be little more deadly than the flu, but feel the need to intervene when we announce £2 billion of tax cuts, designed to restore growth in Britain.
It is no suprise to find the managing director of the IMF is Kristalina Georgieva who has previously been in charge of the EU monetary budget. They are determined for Britain not to be successful after it's break from the EU.

[applepie2]

Surely people realise the bankers bonuses are paid for by the banks, not the government, so that any extra money they get will be taxed at 40% putting huge sums of money back into the economy.
The msn do not seem interested in telling folk that all currencies are tanking against the US dollar.
Where was the IMF when we spent over £400 billion on a virus that has proved to be little more deadly than the flu, but feel the need to intervene when we announce £2 billion of tax cuts, designed to restore growth in Britain.
It is no suprise to find the managing director of the IMF is Kristalina Georgieva who has previously been in charge of the EU monetary budget. They are determined for Britain not to be successful after it's break from the EU.

Nice try, but none of that lets the Truss government off the hook - though at least she’s admitted that the last 12 years have been very poor. Her gamble (with our money) to fix 12 years of Conservative poor performance has made things far worse and forced the BoE to “print” even more money.

[frenchmagpie]

Surely people realise the bankers bonuses are paid for by the banks, not the government, so that any extra money they get will be taxed at 40% putting huge sums of money back into the economy.
The msn do not seem interested in telling folk that all currencies are tanking against the US dollar.
Where was the IMF when we spent over £400 billion on a virus that has proved to be little more deadly than the flu, but feel the need to intervene when we announce £2 billion of tax cuts, designed to restore growth in Britain.
It is no suprise to find the managing director of the IMF is Kristalina Georgieva who has previously been in charge of the EU monetary budget. They are determined for Britain not to be successful after it's break from the EU.

Par for the course another load of hog. Most currencies aren't 'tanking'. Many have fallen due to high US rates but only UK has tanked.
Bankers bonuses encourage high risk taking and many use tax schemes to avoid even the 40%. And if that argument holds true let's pay nurses double eh? We could all have some from the extra tax they are paying.
The IMF commented throughout the pandemic, where the money spent prevented an outcome much worse than flu.
And finally the IMF isn't one person messaging from their bedroom. They are some of the most eminent economists in the world who have collectively decided that the Tories are barking.

[drillerpie]

Surely people realise the bankers bonuses are paid for by the banks, not the government, so that any extra money they get will be taxed at 40% putting huge sums of money back into the economy.
The msn do not seem interested in telling folk that all currencies are tanking against the US dollar.
Where was the IMF when we spent over £400 billion on a virus that has proved to be little more deadly than the flu, but feel the need to intervene when we announce £2 billion of tax cuts, designed to restore growth in Britain.
It is no suprise to find the managing director of the IMF is Kristalina Georgieva who has previously been in charge of the EU monetary budget. They are determined for Britain not to be successful after it's break from the EU.

Which currencies would you like to compare GBP against? We can go straight to the graphs and compare performance since Truss's mini budget, and keep those devils in the MSM out of the equation.

Also, who do you think has stopped buying UK debt? Is it the MSM or actual bankers? And do you really think they decide where to allocate hundreds of billions in capital based on what they read in the Guardian?

Saying Truss's policies will cost 2 billion is quite a lot lower than the other estimates being talked about. Could you expand on that?

How do you feel about increasing the budget deficit at a time when the cost of borrowing is only going to get higher?

[drillerpie]

Found a post on reddit with a graph that illustrates it pretty well!

https://www.reddit.com/r/wallstreetbets/comments/xqtdwd/everyones_fleeing_to_the_dollar/?utm_medium=android_app&utm_source=share

[GranthamPie]

Found a post on reddit with a graph that illustrates it pretty well!

https://www.reddit.com/r/wallstreetb...m_source=share

Yup… saw a similar one last night….the £ falls off a cliff since last week… I wonder what happened then?

It’s utterly bizarre that there are people including the treasury and Truss on the media rounds this morning, still defending last weeks “mini” budget, whilst leading economist throughout the world.. including former BoE Gov, Mark Carney saying the Government are undermining the BoEs attempt to control inflation and prop up the pound.

I’m 60…. I’ve never, ever seen such economic incompetence in Government in my lifetime. The thought that my (very small) company pension nearly went down the schit hole yesterday, sends shivers down my spine. Incompetence… negligence… call it what you will… these fcuking school kids in Government need removing… and quickly before more damage is done.

[drillerpie]

Yup… saw a similar one last night….the £ falls off a cliff since last week… I wonder what happened then?

It’s utterly bizarre that there are people including the treasury and Truss on the media rounds this morning, still defending last weeks “mini” budget, whilst leading economist throughout the world.. including former BoE Gov, Mark Carney saying the Government are undermining the BoEs attempt to control inflation and prop up the pound.

I’m 60…. I’ve never, ever seen such economic incompetence in Government in my lifetime. The thought that my (very small) company pension nearly went down the schit hole yesterday, sends shivers down my spine. Incompetence… negligence… call it what you will… these fcuking school kids in Government need removing… and quickly before more damage is done.

Yes, you can't really have a turbo-growth period while you're trying to get inflation down. Actually you think you can if your name is Lis Truss or Erdoğan, but that's not working out too well in either case. All we need now is for Truss to sack everyone at the BoE and put her cousin in charge.

The pension thing is scary. As the bond yields (ie the amount you have to pay people in order for them to accept the risk of buying your debt) have risen, their underlying price has drilled through the floor. That's why the pension funds who bought at say 100 were close to going under when the price dropped to 40. They are meant to be ultra safe investments, not swing all over the shop like meme stocks.

It's like having a property portfolio when the housing prices lose 60% of their value overnight. The bank will be on the phone sharpish to organise repossession of your assets.

I have my own political opinions of course, but all I really care about now is having somebody competent in charge. I don't even really care any more about their ideology, I just want them to be competent. We keep choosing people for other reasons than being the most competent, and it is not going to end well.