WTF is happening in the UK?

[Boac]

I'm wondering whether I am more frightened by the Conservative party than by Putin.

[Fox3WheresMyBanana]

At least with the Conservative Party you can stand near windows or drink tea in relative safety.
But I understand the concerns.
And your PM hasn't invoked the War Powers Act because some truckers disagreed with him!

[Boac]

Today's budget has acquired the nickname the KamiKwasi budget.

[Fox3WheresMyBanana]

I note Kwasi has a PhD in Economic History.
My experience of historians is that they are absolutely dire at dealing with the future, and especially leading change, the more so the more qualified they are.

His 2014 book is described as

a history of capital and the enduring ability of money, when combined with speculation, to ruin societies.

So, he knows all there is to know about ruining societies when allowed to speculate with money.

[Boac]

It is said that the tax cut for the wealthiest will cost £2.3bn. That’s more than the entire Levelling Up Fund given out so far. It totally sums up this government. More money for millionaires than for the North.

[TheGreenAnger]

It is said that the tax cut for the wealthiest will cost £2.3bn. That’s more than the entire Levelling Up Fund given out so far. It totally sums up this government. More money for millionaires than for the North.

Leaves the average, middle class person, sucking the hind tit. Leaves the destitute, well, destitute! The "Let Them Eat Cake", budget. I see very bad trouble ahead!

Bank of England urged to call emergency rates meeting next week to rescue pound..

<<Bad start, Kwasi, me old non reflective ideological mucker! (Oops racism alarm)... >> - Arrogant idiot!

The Bank of England has been urged to raise interest rates as soon as next week to help the pound from further weakening.

Sterling plunged by the most since March 2020, reaching the lowest in 37 years against the US dollar, following Kwasi Kwarteng's mini-Budget. It fell by as much as 3.5pc to $1.0863 after the Government outlined new debt borrowing to fund increased spending.

Meanwhile, UK bond yields were on the rise, with the 10-year gilt yields seeing their biggest one-day surge on record in Bloomberg data.

Deutsche Bank analysts said there are "very strong signals" that the market is no longer willing to fund the UK’s external deficit position.

Threadneedle Street needs to show that it will do “whatever it takes” to bring inflation down quickly and real yield in to positive territory.

Deutsche Bank's analyst George Saravelos said: "We’ve been expressing our concerns about UK external sustainability for a while. The very large, unfunded tax cuts and other fiscal giveaways announced by the UK chancellor a few minutes ago only strengthen our worries.

"From our perspective, the UK’s immediate challenge is not low growth. It is an extremely negative external balance picture reliant on foreign funding."

£ - 1.09 United States Dollar

[Fox3WheresMyBanana]

Since every western government for the last 15 years at least seems to think that tax cuts for the rich are an essential part of dealing with every economic situation,
shouldn't we logically solve all our problems by not taxing them at all?

[TheGreenAnger]

Since every western government for the last 15 years at least seems to think that tax cuts for the rich are an essential part of dealing with every economic situation,
shouldn't we logically solve all our problems by not taxing them at all?

Where is Madame Defarge when you need her?

[Fox3WheresMyBanana]

Retired to Nice off the proceeds of her sponsored knitting tours.
The rich have many ways to remove opposition.

[TheGreenAnger]

Retired to Nice off the proceeds of her sponsored knitting tours.
The rich have many ways to remove opposition.

Monte Carlo tax havens... and crooked rooms in London where the rich and shameless can live and laugh tax free!

Sharpen the blades men...

[TheGreenAnger]

The £ is in free fall. Go figure...

The pound has hit an all-time low against the dollar after the bonanza of tax cuts and spending measures in Kwasi Kwarteng’s mini-budget threatened to undermine confidence in the UK.

The pound plunged nearly 5% at one point to $1.0327, its lowest since Britain went decimal in 1971, as belief in the UK’s economic management and assets evaporated. Even after stumbling back to $1.05, the currency was down 7% in two sessions, after the UK chancellor pledged over the weekend to pursue more tax cuts.

As Asia-Pacific markets opened on Monday, Ray Attrill, National Australia Bank’s head of currency strategy, said: “It’s a case of shoot first and ask questions later, as far as UK assets are concerned.”

Marc Chandler, chief market strategist at Bannockburn Global Forex, called the currency’s record plunge “incredible” and said there was bound to be speculation of an emergency Bank of England meeting and rate hike.

Chris Weston, the head of research at the brokerage firm Pepperstone, said the pound was “the whipping boy” of the G10 foreign exchange market, while the UK bond market was “getting smoked” thanks to Kwarteng’s £45bn debt-financed tax-cutting package.

https://www.theguardian.com/business/20 ... r-bond-tax

[compo]

... "but it would be worse under labour"

[Boac]

Ah yes! Labour - the party that borrowed 'indiscriminately' to get us out of the 2008 financial crisis - remember?

KamiKwasi and the Truss have handed Labour a huge 'get out of jail' card here.

[Boac]

How long will she last? https://www.independent.co.uk/news/uk/p ... 75108.html

I think I gave her 3 weeks.

[TheGreenAnger]

How long will she last? https://www.independent.co.uk/news/uk/p ... 75108.html

I think I gave her 3 weeks.

She and this cabal of ideological vandals should not have been given 1 second!

I note that both Truss and Quasi Crater have taken a vow of silence as markets react to their insouciance!

https://www.huffingtonpost.co.uk/entry/ ... 04e08fe937

[Seenenough]

Good luck on the slippery slope-I am of the option that the UK is so embroiled in its internal bickering and squabbling over who should have done what and when,so much so that it has become disengaged with todays world reality.

As long as paranoia and financially unviable green energy demands rule the crash will only worsen.

[G-CPTN]

I despair . . .

[llondel]

The shortest term for a British PM is four months, although that's because the incumbent died. I think Bonar Law did six months, but he stepped down for health reasons and died not long afterwards. I don't know the shortest term for someone who was thrown out by the PM's party, although a few have lost a general election and been turfed out by the general population.

[TheGreenAnger]

I despair . . .

Let's see what the Asian markets make of this stuff overnight!

Like you I despair as well!

[TheGreenAnger]

... "but it would be worse under labour"

It would be better under my cat, If I had one?