O/T:- Impressed with the leadership

[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/wallstreetb...m_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.

[countygump]

I was expecting some sort of humongous U turn, or possible the record broken for shortest serving PM ever. But as of yet, there's no backing down.


Next up, Liz Truss is interviewed on BBC Radio Nottingham.

The PM continues her defence of the government's mini-budget, saying the energy package is likely to reduce inflation and increase economic growth.

She reiterates the government has taken decisive action to help people with energy bills.

And Truss says it "simply isn't true" that the tax cuts announced on Friday will benefit higher earners.

"The biggest part of the package that we announced is the support on energy bills, making sure that people across this country are not facing energy bills of more than £2,500 and the businesses can get through this winter," she says.

She adds that it's not "fair" to have a recession or to not have high-paying jobs in the future because "we've got the highest tax burden in 70 years".

My advice. If you're gonna borrow a chit load of money in a time of crisis, use it to help those that the C.O.L and fuel crisis most affects. At least that way you might curry some support amongst the voters. For all I know her ''plan'' might well be a perfectly viable one. But it's certainly not a plan for this moment in time.

[sidders]

Truss and her 'Quasi' Chancellor are responding that their policy is a long term plan and they are unconcerned about the short term but if you don't cover the short term you may never reach the long term.
Money markets hate sudden change and when it's accompanied by a refusal to publish the OBR it sends nerves a-wobbling. Bankers aren't prepared to wait patiently until November 23rd before they make their decisions. It's the supreme arrogance of the woman. Nor does she have the nerve to face her critics except on local radio.

[Elite_Pie]

Truss and her 'Quasi' Chancellor are responding that their policy is a long term plan and they are unconcerned about the short term.

I’m sure in the middle of a cost of living crisis poorer families will be comforted by that. Support the rich in order to create jobs and growth and the benefits will trickle down to them one day!

[Bushwacka]

Her planned easy ride, doing the rounds on provincial BBC radio this morning was painful. She is woefully out of her depth, unfortunately, and every time she opens her mouth it must send more panic through the finance markets.

[SwalePie]

Her planned easy ride, doing the rounds on provincial BBC radio this morning was painful. She is woefully out of her depth, unfortunately, and every time she opens her mouth it must send more panic through the finance markets.

Agreed. Scary times.