Depends which way the right direction is I suppose :greengrinQuote:
Originally Posted by ronaldo7
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Depends which way the right direction is I suppose :greengrinQuote:
Originally Posted by ronaldo7
We don’t even get the penny saving!! It’s really grim.
Yup. The hedge fund managers will be making millions.Quote:
Originally Posted by ronaldo7
Tory ******* MP, 4 point plan for hassle free get rich plan; Bet against the pound. Get into Government, Pass destructive laws, pound collapses, buckets of free cash for Tory ******* MP.
Added benefit that Fossil Fuel firms that benefit from a strong dollar are also happy, and repay some of those guys that bankrolled your run for office in the first place. Just keep blaming Russia and you'll be fine; the press aren't all that interested anyway.
Interesting take from the Scottish Tories and their media friends that Scotland should follow in England footsteps on tax, whilst the pound is nose diving, the UK economy is in peril, and millions of livelihoods are at stake.
Some of those same Tories now plan to move to England. Enjoy the beaches. 🚽
https://twitter.com/pippacrerar/stat...u5Zzg2GZtfhI6A
Rumours of letters going in already.
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Jeezo what an absolute farceQuote:
Originally Posted by Ozyhibby
Bring back Boris 😱Quote:
Originally Posted by Ozyhibby
Ah the über unionist, hater of Gaelic road signs and most things Scottish, Effie Deans. A really horrible piece of work this one is. As an aside, 20 portions of oatmeal is 50g per portion or 194 calories, you'd assume they'd want the food bank users to have 3 meals a day (though I would not count on them wishing this), so that is 582calories a day per person, which would not keep an inactive person alive very long, the lack of nutrients like protein and fat would render those on this sort of diet useless for any job. But that feeds into their narrative that food-bank users are all lazy non working good-for-nothings when in reality they are normal working people pushed the the limit by rising costs across the board! Given the choice I would assume Effie would welcome the return of the Workhouses, which lets not forget haven't even been gone for 100 years yet.Quote:
Originally Posted by Moulin Yarns
https://twitter.com/SaltireSatire78/...UDgJ4eW1w&s=19
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This is fair but it's a multitude of things hammering us at once. The pound, inflation, gas prices all seem that bit worse in the uk than many
tapas321
·
23m
A little reminder in these troubled times
Us Brits seem to forget that there are 2 sides to a story & 2 currencies involved
The huge drop in the value of the £ is MAINLY due to the 'flight to quality' to the $
Year to date:
£ down v $ 18.85%
€ down v $ 14.9%
$ up v JPY 25
Pound back up above Fridays end and rising fast, **** knows.
EdConwaySky
·
Latest from the rollercoaster that is the UK currency market: sterling has just recovered some of its losses vs the US$.
Now at $1.09, the pound is now ABOVE where it ended the day on Friday.
The hedge funders would have cashed in on Friday.Quote:
Originally Posted by Stairway 2 7
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The huge falls came today, then reversed. Although it's still overall pishQuote:
Originally Posted by Kato
Yep though cashed in this morning. And the rise in the pound today is probably in expectation of a BoE statement this afternoon. Unlikely to see an interest rate rise today as the optics would look awfulfor Truss but markets would want certainty that the BOE would do what’s necessary. If no such statement then watch sterling fall again overnight would be my guessQuote:
Originally Posted by Kato
https://twitter.com/darioperkins/sta...-1dZyDPAh4Ug5g
Quote:
The problem isn't that the UK budget was inflationary, its that it was moronic. And a small open economy that seems to be run by morons gets a wider risk premium on its assets - currency down, yields up
https://uploads.tapatalk-cdn.com/202...5886986753.jpg
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Dropped again after BOE said they won’t hesitate to raise the interest rate to whatever they deem necessaryQuote:
Originally Posted by Ozyhibby
I don't think that either "the pound is no longer at its lowest ever rate against the dollar" or "the pound didn't tank against the euro as much as it did after Brexit" are particularly vote winning messages.Quote:
Originally Posted by Ozyhibby
To be fair to Murdo, winning votes and sustaining a career in politics isn’t something he has had to worry about.Quote:
Originally Posted by grunt
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Quote:
Originally Posted by Ozyhibby
Pound now trading at $1.07
Wonder what his thoughts are now?
I've seen a couple of reports that a few Tory MPs have already submitted letters of no confidence in Truss to the 1922 committee. That would be astonishing.
A lot of banks appear to be pulling their mortgage products tonight. Truss is going to completely crash the UK economy.
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What. A. ****ing. Plum.Quote:
Originally Posted by Ozyhibby
He’s a right slimy ******* that one.Quote:
Originally Posted by McSwanky
Not surprising, when UK bond rates / cost of debt has shot through the roof. My remortgage is due to go through on Monday...even though the offer has been accepted for months I've still got the fear it'll be pulled at the last minute.Quote:
Originally Posted by Ozyhibby
In better news, the Bookies think she'll be gone soon. I took a punt this morning at 33/1 for her to go this year. It's shortened to between 6/1 and 11/1 now.
I move house on 1st Nov so I’m sweating a bit. I have a deal agreed but I’m aware that it could be pulled at the last minute. There is also the worry that the people buying my house have their mortgage pulled. The whole thing is an absolute ****show.Quote:
Originally Posted by GlesgaeHibby
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Most of the noise is hyperbolic. Media frenzy now the Queen has been buried.Quote:
Originally Posted by Keith_M
The Euro is trading at around 82% of its value v the $ from 5 years ago. The £ around 80%.
The story is really the strength of the dollar.
Fingers crossed for you. Moving house is stressful enough as it is, without this ****show happening in the background.Quote:
Originally Posted by Ozyhibby
The pound has also dropped massively against the Australian dollar.Quote:
Originally Posted by Hibby Bairn
Didn't we recently have a foreign secretary & Trade secretary who was heavily promoting the virtues of a rather lopsided trade deal with Australia?Quote:
Originally Posted by neil7908
Hopefully the exchange rate on all our imports will have been shrewdly managed, as ever.
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Was speaking to an Argentinian today, who has had to live with economic growth instability and hyperinflation for many years down there. When asked for advice he said ‘if you need any electrical appliances, or think you will need a new one in the next year or so, buy them NOW, because they are about to skyrocket in price more than anything else’. (All the components are imported, falling value of pound makes imports more expensive with soaring inflation as a multiplying factor).
The AUSD is also trading at about 80% of its value from 5 years ago v USD.Quote:
Originally Posted by neil7908
The AUSD v GBP is more or less the same as it was 5 years ago at 0.6 to the £.
@saylorQuote:
Originally Posted by Hibby Bairn
Over the past year currencies have collapsed against the dollar:
CAD -8%, CNY -9%, AUD -11%, ZAR -17%, KRW -18%, EUR -18%, PLN -21%, GBP -22%, JPY -23%, TRY -52%
A strong dollar is bad for America as well. This is the Trump Stock pump drying out and the US dipping into their o and g reserves to keep Europe going more than anything else.Quote:
Originally Posted by Stairway 2 7
The dimwit Truss is trying a mini version here. I'd actually be in favour of more QE despite the inflation it's essentially government borrowing interest free as the BOE controls it similar to lockdown this is supply lead inflation mainly. What we'll end up with is the government and the BOE being at loggerheads.
Insider trading should be investigated but the UK isn't robust at all in tackling Fraud on that scale as the fraudsters control the government. :brickwall
The lack of morality is the real story with the Truss give away. Britain's debt is on the lower scale of the G7 there is scope for some spending or was. Unfortunately the cretin in charge is going to blow it in a hurry securing her post Westminster future.
Why any Scot isn't at least considering Indy is beyond me.
Labour 4/7 tories 5/4 on skybet for next election. Nows the time if you think tories will win
Is that the betting for the largest party or for a majority?Quote:
Originally Posted by Stairway 2 7
Most seats. Majority 6/4 lab 3/1 conQuote:
Originally Posted by Hibernia&Alba
Breaking News- “In the US, rapper 50 Cent has announced that in the UK he will be now known as One Pound…”
What he doesn’t seem to understand that the reason the pound “recovered “ to 1.08 is that the markets have now priced in UK interest rate will be 6% early next year. If this doesn’t happen, sterling is likely to plummet. If it does then it will be brutal for millions of people. In effect, interest rates are at over 4% now anyway on the markets, that’s why some mortgage providers pulled products last nightQuote:
Originally Posted by Ozyhibby
I wouldn't so mind if the interest rates on savings accounts went up as fast. Never seems to happen. Its all about consume consume consume.Quote:
Originally Posted by Scorrie
That’s a very fair point. What I would say is that as money becomes more “expensive” for banks and other lenders to obtain from the market, they might then start to raise savings rates to attract deposits ( more of a return to how banks etc used to operate). Whether anyone has much money to put away is another question …Quote:
Originally Posted by hibsbollah
Agree savings rates should be increased too, but very few folk will be in a position to save with gas/elec bills having doubled, mortgage payments going through the roof and the cost of groceries up massively too.Quote:
Originally Posted by hibsbollah
This whole situation is mental. Inflation isn't being driven by demand, but supply side issues. I can see interest rates need to rise to try and protect sterling, but the increased cost of borrowing will drive more folk into destitution and collapse of housing market.
I’ve had saving accounts for the kids since they’ve been little, I just put an small amount in each month I barely notice. Even if you’re clever and change it to a short term ISA the best interest rate for me is i think 1.5%, hardly worth the effort in moving it around. I know there’s bigger problems out there but encouraging savings seems to be the forgotten job of Government :dunno: I don’t have the stats but personal savings in most European countries dwarf ours. I suppose in this country we’re always encouraged to use savings to buy a house and become somebody else’s landlord instead …Quote:
Originally Posted by GlesgaeHibby
There will be a sizeable chunk of the population who will have thousands more to save thanks to tax cuts for the richest, thankfully for the rest of us there's no way they're going to stick it in savings, it's all going straight back into the retail etc so we can all benefit from it.Quote:
Originally Posted by GlesgaeHibby
Yay Tories!
Did you consider a junior stocks & shares ISA for the kids? A cash ISA at this moment in time is just eroding your money due to inflation. I have some junior ISAs for my kids and while you see the ups and downs over the long term (16 years basically) they are miles ahead in returns compared to cash ISAs.Quote:
Originally Posted by hibsbollah
Although I should point out it comes with risk, but there are different levels of risk you can select.
There are even ethical investment type ISAs.
https://www.scottishfriendly.co.uk/i...ect-junior-isa
Thank you. I am pretty clueless about such matters.Quote:
Originally Posted by James310
https://uploads.tapatalk-cdn.com/202...38be970f55.jpgQuote:
Originally Posted by Stairway 2 7
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I’m very much enjoying the Daily Express front page ‘Germans Declare War On Our £’…yes, that’s a fair take on the current situation :rolleyes:
It really isn't, these falls are unprecedented and combined with the cost of the UK government borrowing, which has seen two massive increases, one on Friday after the budget and one yesterday once the markets realised what the tory plan is, means there is no way to control the GBP drop apart from a rise in interest rates, they are saying a rise to 6% by the end of October!! The Bank of England is not meant to meet again until November, but there are calls for immediate emergency action i.e. meet earlier and raise interest rates to prevent the GBP from falling further.Quote:
Originally Posted by Hibby Bairn
Rumours are that Truss already has letters of no confidence submitted and if the whispers of Westminster are correct the trickle will turn to a deluge when the GBP reaches parity with the USD (which will happen without the Bank of England stepping in). It is going to be an interesting week in politics and economics, everyone bar the tories are saying the tories strategy has no way of succeeding.
I think that not even all the Tories are saying it will succeed.Quote:
Originally Posted by Oscar T Grouch
https://www.thetimes.co.uk/article/t...shes-9x8shgvpd
Quote:
Ministers have warned that the Conservative Party is facing a “world of pain”, stemming from fears that voters will punish them for Kwasi Kwarteng’s tax cuts for high earners.
Liz Truss is facing a backlash from her own government after the value of the pound plummeted in the wake of Kwarteng’s £45 billion tax-cutting budget, announced on Friday.
Do you work at Scottish friendly? I know a Jambo who doesQuote:
Originally Posted by James310
https://twitter.com/Ianblackford_MP/...wxsPVv_DA&s=19
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https://www.bloomberg.com/news/artic...uverify%20wall
Quote:
The UK’s stock and bond markets have lost at least $500 billion in combined value since Liz Truss took over as Prime Minister, with investor confidence shattered by a shock tax-cutting budget.
I don't, but have 2 Junior ISAs with them.Quote:
Originally Posted by Zambernardi1875
Check out Lifetime ISAsQuote:
Originally Posted by hibsbollah
You can save up to £3,000 pa with the govt topping it up to £4,000. They are cash only but a 25% uplift would be pretty hard to beat using investment funds without taking on way too much risk.
Needs to be used for a house purchase when it comes to withdrawing the funds or the kids would lose the top up. Alternatively they need to leave it there until they retire!
Yup, and it will keep getting stronger. Whenever there is any form of global crisis, the dollar strengthens.Quote:
Originally Posted by Hibby Bairn
It's up 17% year to date, the largest rise in a year since 1972.
There are a few providers do a Stocks and Shares lifetime ISA.Quote:
Originally Posted by WhileTheChief..
https://www.youinvest.co.uk/lifetime-isa
Oh boy, horrible horrible time for people with mortgages that aren't fixed. Housing crisis unseen before coming up
EdConwaySky
·
57m
NEW
Money markets now pricing in a 1.5 per cent rise in interest rates at or before the next @Bankofengland meeting in Nov.
Expectations back up well above 6% next year.
All follows that speech from BoE’s Huw Pill hinting of big action to come
Telling it like it is
https://twitter.com/chakrabortty/sta...b7deLnqECwkHhA
Telling it like it is - Richard Murphy
Skip to 5 minutes in (if you don't want to hear the Bowie track) https://www.bbc.co.uk/sounds/play/m001c7j4
Gets in a good dig at the IEA too.
The IMF having their say...
https://twitter.com/faisalislam/status/1574845873154101261?t=00Q8X1RJSQoUn4y9HMhhMQ&s=19
The only people who win from that scenario are those whose income far outweighs their outgoings. After this last budget, the rich are not only increasing their wealth on the money they accumulate, but also on the money they have in the bank, win win for them, lose lose for the poor.Quote:
Originally Posted by Scorrie
Yes, there was an interesting piece on the news earlier. If interest rates do reach 6% from their current 4.75%, a 200,000 mortgage will increase by 600 per month. That would be a world of pain for a lot of people. It does seem inevitable that interest rates will be increasing by quite a lot soon.Quote:
Originally Posted by Stairway 2 7
That's actually horrendousQuote:
Originally Posted by Hibernia&Alba
James O'Brien did a piece about the difference between interest rates in teh 70s and now. I think he said 6% would be the equivalent of 20% back then due to how much bigger the mortgage to wage ratio is now. On top of that you have large increases in domestic fuel and high interest with Unions that are far weaker. Workers who are feeling like they are winning disputes are getting 5% or more poorer with worse to come. Worst of all I still don't think we have reached peak ToryQuote:
Originally Posted by Hibernia&Alba
Going well eh?Quote:
Originally Posted by He's here!
https://twitter.com/itvborderrb/stat...yfzyleJZqid0MQ
Let’s not forget this is supported by the Scottish Tories.[emoji35]
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Of course they do, and wee Dougie is a disgrace.Quote:
Originally Posted by Ozyhibby
https://twitter.com/simon_nixon/stat...yfzyleJZqid0MQ
US treasury Secretary now calling them out.
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Couldn't be worse timing for me. Anxiety has been through the roof today. My current fixed rate deal ends in 7 months. I'm probably going to have to find £3k to exit my current agreement early to get a fixed rate over the next 5 years which is £150 more expensive per month. Hopefully I can get the agreement in place before any more interest rate rises. As if I didn't despise the Tories enough already...
Yes, and the banks are pulling some of their mortgage offers, as they know what's coming. I hope you find a workable solution.Quote:
Originally Posted by JJP
i'd heard a few times about Kwarteng and Truss recently, but i did know she cheated on her husband years ago
(1) Bish ��*�� on Twitter: "Ironically, Truss knows all too well what a weak pound from #KwasiKwarteng feels like ��*♀️" / Twitter
i didn't realise he had a relationship with Amber Rudd as well Kwasi Kwarteng and Amber Rudd relationship led to shock scandal inclusion (thefocus.news)
I'm not that bothered about that in any way tbh honest. I'm more bothered that their deliberate plans to help the highest earners is going to cause absolute misery for millions this year. SnakesQuote:
Originally Posted by cabbageandribs1875
https://uploads.tapatalk-cdn.com/202...94ed8fb879.jpg
These people are going to go for spending cuts on a level we haven’t seen before. Terrifying. No doubt unionists in Scotland will blame the SNP for not protecting us from them.
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It's absolutely brutal just now. If there's one crumb of comfort you may be able to apply for a remortgage this week and avoid early repayment fees as offers are usually valid for 6 months. I'd imagine the time to process applications has increased due to volume. When I applied for a remortgage deal at end of march it took just over 3 weeks for the offer to come through.Quote:
Originally Posted by JJP
Richard Murphy summed it up well when he destroyed the IEA shill on Jeremy Vine yesterday with "bye bye NHS".Quote:
Originally Posted by Ozyhibby
Truly horrific state of affairs.
Bloomberg UK: UK financial markets have lost a combined $500 billion in value since Liz Truss became PM. That's roughly $1 billion per hour.
Apparently the markets haven't been spooked by the mini budget, but by the prospect of Keir Starmer becoming PM. Getting more and more desperate now
https://twitter.com/mrjamesob/status...NLPEB4lJg&s=19
From twitter
Today’s poem is called ‘An Incomplete List of Things More Capable of Running the Country than the Current Government (reprise)’.
https://twitter.com/brian_bilston/st...Pv_HPwFqg&s=19
That's desperate. They are like the typical Eton school bully that refuses to take the blameQuote:
Originally Posted by GlesgaeHibby
https://www.theguardian.com/money/20...s-defy-gravity
A wee insight in to the level of pain anyone with a mortgage is about to face.
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This begs the question why do the markets suddenly think that Starmer might be PM?Quote:
Originally Posted by GlesgaeHibby
Some friends of mine have just had to downsize due to health issues. They put their modest bungalow in Craiglockhart with a bit of a rubbish extension on the market for 460k, a couple of weeks ago, their agent told them to put it on at 420k. They got a firm offer that was accepted 48 hours later for 620k. The market is insane, and although I was pleased for them it made me angry for my 3 kids who won’t ever be able to get on the property ladder like I did. It was never sustainable.Quote:
Originally Posted by Ozyhibby
Someone further down the thread jokingly saying Meghan Markle is to blame.Quote:
Originally Posted by grunt
The sad, weird and totally inexplicable situation we live means those tropes actually gain traction.
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Patrick Minford, economist to the Government
https://www.telegraph.co.uk/news/202...-minds-idiots/Quote:
There is no sterling crisis, except in the minds of idiots
It is important to leave the pound free to find the level that will allow the Government's pro-growth policies to work
There is some merit in allowing the pound to devalue as it has been. That makes UK exports, and its tourism market, more attractive to others. However, that is only working at the moment in relation to the $.Quote:
Originally Posted by grunt
And people wonder why we're ****ing striking.
whole affair since Kwasi helped his hedge fund manager pal fill his boots is scandalous, and such a shame for many aspirational people.Quote:
Originally Posted by hibsbollah
Truss will be along to tell us a big boy done it and ran away, scruffy b*****, children all over the place, prone to telling lies and likes a good illegal party, that sort of thing..........
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A shame that we've reduced the number of UK companies exporting (to the EU) by a third because of Brexit.Quote:
Originally Posted by CropleyWasGod
A shame that we've done untold damage to the tourism industry by sending so many EU workers away from the UK because of Brexit.
:agree: Yes, those two potential benefits of a weak pound have been taken away. Hospitality especially in rural areas has been decimated, everywhere is desperate for staff. Which will inevitably lead to worse service and levels of customer spend and satisfaction at best, or companies just going under at worst.Quote:
Originally Posted by grunt
David Cameron will rot in hell for the part he played in this.
Caused it to appease back benchers, left the door open to the racists, the xenophobs, the liars, the cheats and the fascists and then he ran away.
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Correct. The Brexit referendum was promised in order to prevent the Tories losing a huge number of votes to UKIP. It was political expediency, and history will judge him harshly as someone who was reckless with the country's future.Quote:
Originally Posted by Just_Jimmy
Funnily enough, UKIP now run the country. That’s who the new Tories are in all but name.Quote:
Originally Posted by Hibernia&Alba
Bank of England steps in to calm markets
https://pbs.twimg.com/media/FdvDM1XW...jpg&name=large
Quote:
Originally Posted by The Bank of England
I read his stuff when I was a student. Chicago school, Thatchers inspiration. It’s like Hegel or Marx being quoted in the paper, totally outdated and with limited relevance to modern economic realities.Quote:
Originally Posted by grunt
Yes but it's worse than just being quoted in the paper. I could cope with that. This particular idiot is guiding the decisions of Truss and Kwarteng and demonstrably crashing the UK economy.Quote:
Originally Posted by hibsbollah
Run! Run!
Good morning from Citi: "We see no near-term end to the UK’s fiscal woes. We recommend selling GBPUSD via a Put spread with strikes at 1.00/0.95 and expiry on 28 Dec 2022"
quite astonishing, but at least hedge fund managers have made a mint, now, let's talk about those damn ferries in Scotland
https://scontent.fman1-1.fna.fbcdn.n...Lg&oe=6339F125