2022 mini-budget discussion

SpeedFreak · 26 Sep 2022 at 10:37

I guess talking about the cost normal people incur to finance assets that bankers can pay for in cash makes it relevant.

hurfdurf · 26 Sep 2022 at 10:38

https://twitter.com/x/status/1574307604268027904

Not only do the politicians who are doing this deserve jail as per my last post, the media propagandists do as well.

Rilot · 26 Sep 2022 at 10:41

I’ve renamed the thread,

Azza · 26 Sep 2022 at 10:44

Rilot said:
I’ve renamed the thread,

You spelt doomsday wrong.

413x · 26 Sep 2022 at 10:45

I would protest if something got organised. This is far far more concerning than covid to me.

I'm sat here with a 5 year mortgage fix knowing that at the end of it I'll be down to at best 150k of debt.. Thinking.. That's still really really bad!

More concerning is the jobs market over that time.

potatolord · 26 Sep 2022 at 10:45

fez said:
Oh I have less than zero faith. I think that the Tories know they are on the way out and don't give a single **** anymore. The utterly brazen changes that don't even masquerade as anything but a windfall to the richest of society should tell you that.

Just remember, privatise profits and socialise losses. There is always massive money to be made in turbulent times and when you create and control those currents you can make a killing.

I can't believe the conservatives clung on through Truss. Weird strategy.

They could have gone for an early election, which would have played well and looked the decent thing to do.

And then the winner (Labour?) would have got all the blame.

purplesky · 26 Sep 2022 at 11:05

Freakbro said:
Brilliant for me, virtually no mortgage and plenty of savings

Great - that is until your savings get wiped out.

Raymond Lin · 26 Sep 2022 at 11:05

Buy Yen, lots of yen....before that goes back up!

SDK^ · 26 Sep 2022 at 11:06

The DM Headline : "Pound plunges".

Reality - The pound changed from 1.08 to 1.05 post budget, against the dollar. Not exactly plunges :rolleyes:

200sols · 26 Sep 2022 at 11:08

SDK^ said:
The DM Headline : "Pound plunges".

Reality - The pound changed from 1.08 to 1.05 post budget, against the dollar. Not exactly plunges

Eh, it was at $1.12 before the budget.

Stretch · 26 Sep 2022 at 11:09

Freakbro said:
Brilliant for me, virtually no mortgage and plenty of savings. But I still think this is a pants on head economic strategy they have implemented.

You think? Inflation is 10% now, and will likely go higher.

So real interest rates are at an historic low. A terrible to be a saver.

SDK^ · 26 Sep 2022 at 11:12

200sols said:
Eh, it was at $1.12 before the budget.

Correct - I miss read the dates on the graph .
Even so, 1.12 to 1.05 isn't exactly a disaster.

I remember being in Florida in November 2007 and it was 2.14 dollars to the pound. So it was already crazy low this year.

fez · 26 Sep 2022 at 11:12

Stretch said:
You think? Inflation is 10% now, and will likely go higher.

So real interest rates are at an historic low. A terrible to be a saver.

Terrible time to save and terrible time to be in a lot of debt.

moon man · 26 Sep 2022 at 11:14

No mortgage but my sipp is being hammered, helped out by my vwrl being funded in dollars bit even so............

200sols · 26 Sep 2022 at 11:15

SDK^ said:
Correct - I miss read the dates on the graph .
Even so, 1.12 to 1.05 isn't exactly a disaster.

I remember being in Florida in November 2007 and it was 2.14 dollars to the pound. So it was already crazy low this year.

Lol ok. Its an unmitigated disaster. It was low yeah, now its a lot lower and the other fallout like gilt yields etc, disaster. Pretty sure that 5yr is higher than Greek 5 yrs.

Robbo · 26 Sep 2022 at 11:15

fez said:
Terrible time to save and terrible time to be in a lot of debt.

What's it a good time for?

Stretch · 26 Sep 2022 at 11:15

fez said:
Terrible time to save and terrible time to be in a lot of debt.

Yeah. It’s just a terrible time all round.

Unless you have the means to play the markets.

omnomnom · 26 Sep 2022 at 11:16

SDK^ said:
The DM Headline : "Pound plunges".

Reality - The pound changed from 1.08 to 1.05 post budget, against the dollar. Not exactly plunges

1.13 Thursday night and went to 1.04 this morning...

Chuk_Chuk · 26 Sep 2022 at 11:17

What are the big fears with the interest rate rise? Is it the potential damage to the housing market, or people being put into a position of be unable to pay their debts?

GordyR · 26 Sep 2022 at 11:18

SDK^ said:
Correct - I miss read the dates on the graph .
Even so, 1.12 to 1.05 isn't exactly a disaster.

I remember being in Florida in November 2007 and it was 2.14 dollars to the pound. So it was already crazy low this year.

Friday was the third worst day for Sterling since Black Wednesday in 1992.

Only beaten by the Brexit vote and the initial Covid shock.