Kwasi Kwarteng has been sacked..

[Ahleckz]

What tax increases and public sector cuts are people hoping for now?

Higher tax on internet companies (Amazon/Facebook), those earning over £150k, crack down on tax evasion/avoidance. Perhaps a penny on income tax but raise the tax free allowance.
Public sector is hard to know what to cut. I’d probably suggest defence but know that’ll get shot down (pub not intended). Greater alignment with nato and a European force would help cut costs and create efficiencies perhaps.

 

[Dirk Diggler]

What tax increases and public sector cuts are people hoping for now?

Aw, why so passive aggressive? I'm sure the BoE will be hoping for an end to the incompetence that cost us $65 billion.

That would be a start.

 

[Trusty]

Aw, why so passive aggressive? I'm sure the BoE will be hoping for an end to the incompetence that cost us $65 billion.

That would be a start.

It hasnt spent £65b. Where did you get that figure from?

 

[chroniclard]

It hasnt spent £65b. Where did you get that figure from?

Isn't that what it cost the bank fixing the issues....

 

[Trusty]

Isn't that what it cost the bank fixing the issues....

no

 

[chroniclard]

no

So how much was it...

"The BoE took emergency action on September 28 by pledging to buy up to £65 billion of gilts to calm the market after Chancellor Kwasi Kwarteng’s mini-budget spooked investors and sparked a sell-off of British government debt."

 

[Trusty]

So how much was it

around 4b i believe

let me do a search, pretty easy to confirm.

 

[Dirk Diggler]

It hasnt spent £65b. Where did you get that figure from?

What is the Bank of England doing in bid to stabilise UK economy?

Threadneedle Street will buy UK government bonds as pound tumbles in response to Truss and Kwarteng’s mini-budget

www.theguardian.com

Bank of England to buy 65 billion pounds of UK bonds to stem rout

The Bank of England stepped into Britain's bond market to stem a market rout, pledging to buy around 65 billion pounds ($69 billion) of long-dated gilts after the new government's tax cut plans triggered the biggest sell-off in decades.

www.reuters.com

 

[Trusty]

What is the Bank of England doing in bid to stabilise UK economy?

Threadneedle Street will buy UK government bonds as pound tumbles in response to Truss and Kwarteng’s mini-budget

www.theguardian.com

Bank of England to buy 65 billion pounds of UK bonds to stem rout

The Bank of England stepped into Britain's bond market to stem a market rout, pledging to buy around 65 billion pounds ($69 billion) of long-dated gilts after the new government's tax cut plans triggered the biggest sell-off in decades.

www.reuters.com

The Bank of England hasn’t already spent £65 billion following mini-Budget – Full Fact

Claims that the government had spent £65 billion have been shared extremely widely on social media.

fullfact.org

 

[Irish_Tom]

The BoE said that they could spend as much as £65bn in QE to steady the markets.

As of 3rd October, they had actually only spent £3.66bn - source - so £4bn is probably about right.

However, let’s not pretend that this is some kind of win. It was still £4bn £20bn of unnecessary spending.

 

[Dirk Diggler]

The Bank of England hasn’t already spent £65 billion following mini-Budget – Full Fact

Claims that the government had spent £65 billion have been shared extremely widely on social media.

fullfact.org

You're article was written on October 4th.

The sum reserved is 65 Billion and if you're thinking they're done spending then you must be living on cloud Truss.

 

[Trusty]

"The BoE took emergency action on September 28 by pledging to buy up to £65 billion of gilts to calm the market after Chancellor Kwasi Kwarteng’s mini-budget spooked investors and sparked a sell-off of British government debt."

Doesnt mean they did

 

[Uther]

around 4b i believe

let me do a search, pretty easy to confirm.

Try 19.3 bn. It's a number less than 65, but more than 4.

Bank of England ceases bond-buying after spending £19.3bn

The interest rate on these bonds had reached highs not seen since the financial crash of 2008, due to a lack of market confidence in the UK economy.

news.sky.com

 

[Trusty]

You're article was written on October 4th.

They've stopped doing it

 

[Dirk Diggler]

They've stopped doing it

Read my edit

 

[Tony Edwards]

The BoE said that they could spend as much as £65bn in QE to steady the markets.

As of 3rd October, they had actually only spent £3.66bn - source - so £4bn is probably about right.

However, let’s not pretend that this is some kind of win. It was still £4bn of unnecessary spending.

Try 19.3 bn. It's a number less than 65, but more than 4.

Bank of England ceases bond-buying after spending £19.3bn

The interest rate on these bonds had reached highs not seen since the financial crash of 2008, due to a lack of market confidence in the UK economy.

news.sky.com

Its not oh they have only spent 19.3. The story is they promised to pump £65b in if needed. That is what calmed the market for now. The very fact they had to offer to do that and the fact they have so far spent 19.3b should shut people like trusty up but oh no.

 

[Trusty]

Read my edit

Well considering central banks have been doing this very thing for the last 10 years, yeah its unlikely its going to suddenly stop forever. Thats why its kinda funny seeing people saying it cost us 65b. Its been happening for 10/15 years

https://twitter.com/x/status/1213214631436726282

 

[Irish_Tom]

Try 19.3 bn. It's a number less than 65, but more than 4.

Bank of England ceases bond-buying after spending £19.3bn

The interest rate on these bonds had reached highs not seen since the financial crash of 2008, due to a lack of market confidence in the UK economy.

news.sky.com

Interesting, they really ramped it up between 3rd and 14th.

Let’s round it up to £20bn — that’s a significant sum!

There’s an interesting case study in psychological framing here.

 

[Allnamestaken]

Not with the precedent where in now?

There's something oddly different about now and previous years Trusty. Things that may make the current situation slightly different in a really bad way.

Oh I dunno, a slightly suicidal government perhaps.

This is nothing like past years.

 

[Tony Edwards]

Well considering central banks have been doing this very thing for the last 10 years, yeah its unlikely its going to suddenly stop forever. Thats why its kinda funny seeing people saying it cost us 65b. Its been happening for 10/15 years

https://twitter.com/x/status/1213214631436726282

Yes but they were at the stage of doing it less. That again is the story here and yes the BOE have been propping up the Tory governments terrible policies for years.