Has Kwasi just destroyed the UK economy?

[RenegadeFurther 2,393]

Anyone read the updates on the mini-budget?

 

Madness, absolutely Madness.

[yesterday 1,979]

3 minutes ago, RenegadeFurther said:

Anyone read the updates on the mini-budget?

 

Madness, absolutely Madness.

 

Hope the plan succeeds

 

But I fear that it will not, and the UK will end up further down shit creek  

 

All the analysis on the nes says this is going to fail big time

 

I think I will move money to the UK, if the exchange rate gets to 1.10 to the Euro, currently its dropped to 1.13

 

I am just annoyed that such a huge change is coming, that the current government did not have to fight and win an election over,  they are using Johnsons huge win to do things that the public were not told about at the last election. Where is the democracy in that ?  At least when Thatcher, did what she did the public had kinda voted for it 

 

 

[dstanners 1,529]

Crazy economics. Looks like the UK is in for a short-lived, inflationary bit of growth for the wealthy.

Liz and Kwasi were claiming that they don't like the idea that a government should have a redistributive purpose. However, it is hard to see accepting higher public debt to the benefit of the wealthy as anything other than redistributing income....just that this time the shift is in favour of the already wealthy. I guess they are gambling on the trickle-down benefits that have been shown to work so well in....oh hang on, there aren't any examples of that.  

A comment from Paul Johnson, Director of the Institute for Fiscal Studies:

Worth repeating. Take all the tax changes coming in over next few years and: If your income is < £155k, you lose If your income is > £155k you win If your income > £1m you gain more than £40,000

[fraufruit 41,940]

Sounds like Reaganomics to me.

 

I watched a bit on BBC news and another on CNN.

 

Won't the people go to the streets in protest?

[yesterday 1,979]

It has to be voted on in parliament first, if I am not wrong, so things can change

[keith2011 2,573]

3 hours ago, dstanners said:

If your income is > £155k you win If your income > £1m you gain more than £40,000

 

Well thank goodness they are finally doing something for the people using foodbanks...NOT

[Wulfrun 23,037]

On 23/09/2022, 19:15:13, fraufruit said:

Won't the people go to the streets in protest?

There was talk of a general strike, but it's gone quiet now...

[RenegadeFurther 2,393]

Letters are now coming into the 1922 committee.

 

Liz Truss might just be the shortest serving Prime Minister of all time. 

 

Madness to try to take on the markets.

 

What were they thinking and then Kwasi pulls another master stroke at the weekend by suggesting there will be more Tax Cuts.

[emkay 10,151]

I read this mini budget dark humour comment….’saw a homeless bloke on the street so I drove around and found the biggest poshest house and stuck a tenner in their letterbox. It’s going to trickle down to the poorest surely?!’

 

The budget is bizarre. 

[RenegadeFurther 2,393]

IMF now involved.

 

Kwasi is on fire. now he is going to explain it to the markets on the 23rd Novemer.

 

Good Job we have the pounds last line of defense ....Andrew Bailey. 

[keith2011 2,573]

I see a very big and embarrassing U-turn looming!

[RenegadeFurther 2,393]

Not sure a U turn makes any difference.

 

Credibility is everything to the markets. Kwasi has just lost his

 

Euro not dong much better

[capslock 204]

https://www.nytimes.com/2022/09/27/opinion/uk-pound-inflation-mortages.html

 

Paul is always very much to the point. At the very end, there's this:

When the City of London calls your party a “doomsday cult.”

[RenegadeFurther 2,393]

Absolutely madness, the BOE just restarted QE.

 

If this doesn`t work the UK is f***ed.

 

Goodbye Pound my old friend.

 

When will the ECB start buying Italian Bonds? 

 

Do the ECB and the BOE think the pound and the Euro are the reserve currency

[Wulfrun 23,037]

It seems that Thick Lizzie is about to receive the Order of the Boot...

 

No doubt they'll find another clown to replace her

[Lorelei 1,881]

On 23/09/2022, 20:04:08, keith2011 said:

 

Well thank goodness they are finally doing something for the people using foodbanks...NOT

 

From the new Secretary of State for Business, Energy and Industrial Strategy:

 

Jacob Rees-Mogg: Food banks 'rather uplifting'

 

Quote

The voluntary support given to food banks is "rather uplifting" and "shows what a compassionate country we are", Tory MP Jacob Rees-Mogg has said.

He told LBC radio the only reason for the rise in their use was "that people know that they are there".

The North East Somerset MP said the former Labour government had failed to inform people of their existence. ...

"To have charitable support given by people voluntarily to support their fellow citizens I think is rather uplifting and shows what a good, compassionate country we are," he said.

"Inevitably, the state can't do everything, so I think that there is good within food banks.

"The real reason for the rise in numbers is that people know that they are there and Labour deliberately didn't tell them." ...

 

 

[yesterday 1,979]

 

You too can support the UK PM, buy buying a MUG

[capslock 204]

Please enlighten me, who's the criminal in the enumeration in the ad? Or can the lyer and the criminal be the same person?

 

BTW, interesting ways to insert extra commas.

[capslock 204]

https://www.nytimes.com/2022/09/30/world/europe/truss-bbc-interviews-tax-cuts.html#commentsContainer

 

Barely three weeks into her job, Ms. Truss has suffered a dizzying loss of public support. Her Conservative Party now trails the opposition Labour Party by 33 percentage points, according to a new poll by the market research firm YouGov. That is the largest Labour lead since Tony Blair’s early days as prime minister in 1998, and the kind of gap that usually results in a landslide election defeat.

[hooperski 29,416]

This is how the trickle up economy works.

Or maybe Truss is retelling the Trojan Horse story, and she is the Liberal/Geek attacking from within.

She's actually saying that the financial clusterfuck in the UK was caused by Putin.

Looking forward to the fireworks at the Tory Conference.

Truss, "I am prepared to be unpopular".

YouGov, "Whoa, you're gonna fucking love this then ..."