Soldato
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Yes, £20 billion in a week is just par for the course - but can you really put a price on extreme right wing ideology?
Kwasi Kwarteng has been sacked..
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The BoE spent £375bn in QE up to July 2012, following the global financial crisis.
That increased by £55bn between then and August 2016.
Following the Brexit vote, they had to ramp it up again and spent a further £210bn between 2016 and March 2020 at the start of covid.
There was a further £250bn spent up to November 2020, bringing the total at that point to £895bn and it’s been ramping down ever since.
So QE is only used at times of great financial stress. This mini budget, in the space of a few weeks, cost almost half what we spent in the four years between 2012 and 2016.
Why is the ECB, FED and BOJ all doing the same thing then?
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They’re all using QE at different times, at different quantities, for different reasons.
Did any of those other central banks have to unexpectedly ramp up their QE as a direct response to Kwarteng’s mini-budget? Because that’s what we just had to do and that’s what’s being discussed here.
Its just sad seeing people get outraged over something so small in the grand scheme of things. If that mini budget gets that much of an emotional response, why are you not more annoyed by the total? Because that mini budget stressor is like a fart in the wind
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I know right, all those financial people and their bloody emotions.
Would like to comment on the actual point?
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Not sure you have one, it was a poor move by the gov and could have been handled better. What else is there to say?
Because the mini-budget was unnecessary, ideologically driven, and comes at a time when the economy is already suffering.
You can forgive a central bank for taking drastic action in the face of a global financial crisis or a pandemic, but this was a choice.
And I can’t speak for anyone else, but personally, I am outraged that Brexit required £210bn of QE to steady the ship, just as QE was coming to an end — there’s another Tory-led, ideological act of self-harm.
Deleted User 298457
Deleted User 298457
^^^ what Kwasi said when he was asked to "double check the figures"
Soldato
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You're so fixated on putting the numbers into an acceptable context that you're missing the elephant in the conversation; the "why".
It's not solely about what had to happen, it's compounded by why it had to happen.
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Trusty for the Nov edition Chancellor.
With a name like Trusty and their odd views the Tory party will welcome them with open arms.
Because the mini-budget was unnecessary, ideologically driven, and comes at a time when the economy is already suffering.
You can forgive a central bank for taking drastic action in the face of a global financial crisis or a pandemic, but this was a choice.
And I can’t speak for anyone else, but personally, I am outraged that Brexit required £210bn of QE to steady the ship, just as QE was coming to an end — there’s another Tory-led, ideological act of self-harm.
The UK's debt to GDP levels are basically the best in the G7 and debt to service ratio's are far lower. The UK out of anyone had the ability to provide some fiscal support.
People have been gaslit into wanting the very thing they railed against for the previous 10 years. You want cuts to services and higher taxes? well that's what you've got. When you see other G7 countries providing more fiscal support over the next couple of years, with higher debt to GDP ratio's, i assume nobody will complain.
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Deleted User 298457
Deleted User 298457
Explain how 43bn of unfunded tax cuts helped?
We must support our esteemed leaders without question!
I mean, you said it cost us 65b, its wasnt 65b, and when you put it into context of the total, its even more insignificant.
Which sane person wants services cut?
I'm always in favour of cutting taxes and getting more money into people's wallets, the UK tax burden is the highest its been in 50 years. Considering the 'austerity' of the tories over the last 10/12 years, why not use some of that leeway that they created to soften the blow of the covid and inflation
No one, but that's what you'll get.
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