2022 mini-budget discussion

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https://news.sky.com/story/as-tory-conference-looms-the-pm-cuts-a-diminished-figure-after-squandering-much-of-her-political-capital-12708836
Three and a half weeks ago, Liz Truss was beaming as she was announced as the new leader of the Conservative Party.

She did not embrace her husband or console her defeated opponent - reaching instead for her victory speech and marching onto the stage.

The contrast as she heads to her party's annual conference in Birmingham is stark. The prime minister already cuts a diminished figure after squandering much of her political capital - damaging her party's reputation for economic management and demoralising many of her MPs, some of whom feel they are now facing an existential crisis.

"It was a foolish error," says Martin Vickers, a normally loyal Conservative MP, of the government's controversial mini-budget. "All we've done is supply ammunition to our political opponents."

He added: "I'm not arguing about the direction of travel. But it was too much too soon. It has clearly spooked the markets and is causing unnecessary distress and concern to my constituents."

"This can't go on," complains another frustrated MP.
"Meaning the policy or the people?" I ask.

"Both" is the reply.
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GordyR said:
Not sure if serious….

When you say “parity hysteria” do you mean that some people were worried that the pound would devalue versus the dollar?

Which happened.
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He's celebrating the fact that the pound didn't equal the dollar, and claiming this as some sort of indication that it's all just media hype. The fact that the Bank of England had to deploy £65 billion to ensure we "only" came within a couple of cents is apparently an irrelevance when he's trying to cling to any dangleberry in this butthole the government has dragged us into.

Consider his actual words - "We’ve heard the parity hysteria since brexit and it hasn’t happened." - and then have a look at the chart for the past couple of years. As you rightly pointed out, his words carry no more weight than football chants at this point.

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That recent bounce has cost £65 billion and the situation is still unfolding. Anyone who made money shorting the £ must be eyeing up another entry point...
 
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JamesH85 said:
Not every child would have the guarantee of capable parents sadly.
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Very true. I was utterly hopeless at maths so wouldn't have had a high hope in hell of being able to do it!!

At my boarding school, in the 6th form, it was compulsory to do general studies for A-levels. One of the worst modules was having to do something with stocks and shares.

I just gave it all to my best friend who was doing maths and pure maths to do all my work!! :rolleyes:

Despite this I agree with others saying that it should be compulsory to do in school as I'm sure there are lots of other parents who would struggle to help their kids with it at home.
 
Can someone please explain why we are (and have been over the past few decades) so utterly stupid

news.sky.com

British Steel's Chinese owner seeks huge government aid package

Jingye Group has indicated that British Steel's two blast furnaces will not be commercially viable without hundreds of millions of pounds of taxpayer support, Sky News learns.
news.sky.com news.sky.com

also, I think I read Aston Martin are selling more of the company to the Chinese. Lotus are owned by the Chinese.

Other than the financial markets, what do we actually have/do? I think I'll go through the FTSE100 at some point, crossing out companies who earn within the UK and see who's left. I'd like to know where the money coming in, is coming in from....and I don't mean selling property to the Russians.

Maybe, now we are having the hot summers we can rebrand Skegness and Rhyl and have something of a tourism trade?
 
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Roll on the Austerity and cuts to public services, the same ones that budgets never recovered from since the 2008 cuts.
I for one can't wait to see crime levels go through the roof.

Welcome to Detroit the country and enjoy your stay.

The wealthy will care once crime starts affecting them
 
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CapitalOne said:
All these people, prepared to chuck themselves under the bus, because being a Tory voter makes them feel better than others. Well if dwelling in that delusional asylum works for them, who cares. I am far more naturally Tory than them, and I think it’s a cluster ****.
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I think you have to remember that some people are just stupid/selfish/delusional/idiots/etc. The forum/country/world contains all sorts of levels of intelligence/character and the forum gives them a place to air their views. Browsing GD/SC always reminds me of this. I'm not referring specially to Tory voters here.
 
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mid_gen said:
People acting like everything is fine.

The Bank Of England is still buying billions of bounds of gilts every day. Pensions fund managers are trying to figure how to survive once the intervention ceases in two weeks.
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Am I right in thinking the billions on gilts they get back but the loss on the pensions will never be recouped?
 
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mid_gen said:
People acting like everything is fine.

The Bank Of England is still buying billions of bounds of gilts every day. Pensions fund managers are trying to figure how to survive once the intervention ceases in two weeks.
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We're trying to reduce spending by increasing spending.
 
arknor said:
The wealthy will care once crime starts affecting them
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In gated communities, i don't think so.
Alice In Wonderland said:
Hope it's safe to post this here as this is my level of understanding of trickle down economics.
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Well you've done a far better job of explaining it than some of the people who were so dismissive of everyone but the richest percentile losing thousands. :)
 
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mid_gen said:
People acting like everything is fine.

The Bank Of England is still buying billions of bounds of gilts every day. Pensions fund managers are trying to figure how to survive once the intervention ceases in two weeks.
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Lest we forget that the people who shorted the pound and made millions (which was essentially a cash transfer from the Bank of England to them) are probably poised for another round - a sizable sell off with Sterling could be enough to spook it into another spiral.

I don't think it's hyperbole to say that this is actually a serious national security risk right now, because the currency is at the mercy of any foe willing to take a risk.
 
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