Kwasi Kwarteng has been sacked..

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One first/last party this evening .. deck of the titanic

Truss will host a reception for the Cabinet at 10 Downing Street on Monday evening to continue to get their input into a medium-term financial plan, which Hunt will announce on October 31, according to an official familiar with the matter.
Hunt will also host meetings with all Conservative MPs this week to get their feedback, the official said.
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Reveals policies, markets tank, Tories claim its coincidence.
They roll back some policies and mark recovers a bit, still coincidence.
They roll back almost all of their changes. Market recovers even more. Damn these coincidences keep stacking up.

Thank god they kept the ******* stupid stamp duty holiday though. Prop the housing market up a little more, reduce taxation and create a load of bagholders when the market has the massive correction its due.
 
I wonder how much hedge funds doubled down on this mess. Another windfall if you knew the U turns were coming. Make bank on shorting the GBP, then buy the dip and sell after the U turn.
 
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Truss is too afraid to turn up at HofP 15:30 and answer Kiers urgent why was Kwasi sacked question , and is sending in Mordant, must be writing her resignation, Hunt @4pm now.
 
wildman said:
the Daily Heil is going to have trouble reconciling this. Their headline on the day of the Kami Kwasi budget was " At last a Real Tory Budget ", so they will have to throw Hunt under a bus now and effectively get their readership to think Hust is satan and part of the anti growth coalition, thereby 100% guaranteeing a massive and catastrophic loss at the next election.
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Right wingers love pointing all the blame to the "globalists"...
 
413x said:
Yeah m the 66 gbp had brought my October bill to likely 50 quid

November will like be 100.

I didn't need that money. Many don't. And many need more. Really need, not just nice to have.
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Plenty of people who don't need it. Anyone on a fixed deal, anyone with solar and batteries charging at cheap overnight rates. Anyone earning over x amount. A tiered pricing structure could also work, x number of units at the capped rate and full price above that.
 
Priceless!! :cry:

But true.

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wildman said:
the Daily Heil is going to have trouble reconciling this. Their headline on the day of the Kami Kwasi budget was " At last a Real Tory Budget ", so they will have to throw Hunt under a bus now and effectively get their readership to think Hust is satan and part of the anti growth coalition, thereby 100% guaranteeing a massive and catastrophic loss at the next election.
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This one? The dribbling idiots that read it will be waiting for their thought instructions tomorrow morning.
 
Was busy yesterday, so could only read, not respond.

Trusty said:
So if it's not just a UK problem. Then the countries with higher debt service ratio's are in a worse position, they have less leeway of providing support in the form of tax cuts across the board or direct payments to households, correct? And this decade is going to be harder for workers than the previous. Credit is going to be more expensive and people's standard of living is going to reduce.
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You're acting as if the Debt:GDP ratio is the only (or single most important) aspect of a country's economy. All sorts of other factors will affect a country's ability to weather the storm of a recession or economic shock. From the country's deficit going into the recession, to existing bond/gilt borrowing costs, to growth levels, inflation, the value of their currency, market sentiment towards the country, etc.

And while the tables you've provided show the UK is in a strong position in terms of Debt:GDP (it would have helped if they were in ascending order but never mind), it's not like we're miles ahead of the rest. Some are better, some are about the same, and some are worse.

Just look at Covid — the UK is the only G7 economy still below pre-pandemic GDP levels (as of 30th September). Some of the G7 has a better Debt:GDP ratio than us, and some have worse, but it hasn't stopped them from having a quicker recovery than us.

So why are you so confident that the UK will do better at dealing with the impending global recession than our neighbours?

Trusty said:
So when exactly do we take advantage?
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The whole point of this thread is that it's less about when and more about how we take advantage (or in this case, exacerbate the problem). As I said before:
Irish_Tom said:
But our response to the global situation is our choice.

We can make things better or worse depending on the fiscal policy of the government of the day. At the moment, the government of the day thinks it prudent to announce billions of pounds of unfunded tax cuts at a time when the cost of borrowing is increasing — all because they are ideologically wedded to trickle-down economics despite 30 years of evidence that it doesn’t work.
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The government could have done plenty of things to stimulate growth, make things better for ordinary people, not spook the markets, and take advantage of our Debt:GDP ratio — but they decided not to do that.
 
One nice thing about all of this is the £ vs the Canadian Dollar, it had already been strengthening for the last 7 days anyway but todays events just mean that its strengthening further. Its now the strongest it has been since June, which is handy for my annual long winter Canada stay :)
 
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