Tories are still lying *******s

[Bostonhibby]

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The pound has also dropped massively against the Australian dollar.

Didn't we recently have a foreign secretary & Trade secretary who was heavily promoting the virtues of a rather lopsided trade deal with Australia?

Hopefully the exchange rate on all our imports will have been shrewdly managed, as ever.

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[hibsbollah]

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).

[Hibby Bairn]

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The pound has also dropped massively against the Australian dollar.

The AUSD is also trading at about 80% of its value from 5 years ago v USD.

The AUSD v GBP is more or less the same as it was 5 years ago at 0.6 to the £.

[Stairway 2 7]

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The AUSD is also trading at about 80% of its value from 5 years ago v USD.

The AUSD v GBP is more or less the same as it was 5 years ago at 0.6 to the £.

@saylor
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%

[cabbageandribs1875]

[Torto7]

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@saylor
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.

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.

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.

[Stairway 2 7]

Labour 4/7 tories 5/4 on skybet for next election. Nows the time if you think tories will win

[Hibernia&Alba]

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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?

[Stairway 2 7]

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Is that the betting for the largest party or for a majority?

Most seats. Majority 6/4 lab 3/1 con

[hibsbollah]

Breaking News- “In the US, rapper 50 Cent has announced that in the UK he will be now known as One Pound…”

[Scorrie]

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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 night

[hibsbollah]

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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 night

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.

[Scorrie]

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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.

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 …

[GlesgaeHibby]

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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.

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.

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.

[hibsbollah]

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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.

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 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 …

[matty_f]

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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.

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.

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.

Yay Tories!

[James310]

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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 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 …

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.

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

[hibsbollah]

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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.

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/isas/junior-isa/my-ethical-select-junior-isa

Thank you. I am pretty clueless about such matters.

[Ozyhibby]

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@saylor
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%

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[hibsbollah]

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

[Oscar T Grouch]

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Most of the noise is hyperbolic. Media frenzy now the Queen has been buried.

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.

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.

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.

[grunt]

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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.

https://www.thetimes.co.uk/article/t...shes-9x8shgvpd

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.

[Zambernardi1875]

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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.

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

Do you work at Scottish friendly? I know a Jambo who does

[Kato]

https://twitter.com/Ianblackford_MP/...wxsPVv_DA&s=19

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[grunt]

https://www.bloomberg.com/news/artic...uverify%20wall

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.

[James310]

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Do you work at Scottish friendly? I know a Jambo who does

I don't, but have 2 Junior ISAs with them.

[WhileTheChief..]

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Thank you. I am pretty clueless about such matters.

Check out Lifetime ISAs

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!

[WhileTheChief..]

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The story is really the strength of the dollar.

Yup, and it will keep getting stronger. Whenever there is any form of global crisis, the dollar strengthens.

It's up 17% year to date, the largest rise in a year since 1972.

[James310]

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Check out Lifetime ISAs

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!

There are a few providers do a Stocks and Shares lifetime ISA.

https://www.youinvest.co.uk/lifetime-isa

[Stairway 2 7]

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