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

[grunt]

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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.

A shame that we've reduced the number of UK companies exporting (to the EU) by a third because of Brexit.

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.

[hibsbollah]

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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.

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.

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.

[Just_Jimmy]

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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[Hibernia&Alba]

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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.

[hibsbollah]

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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.

Funnily enough, UKIP now run the country. That’s who the new Tories are in all but name.

[grunt]

Bank of England steps in to calm markets

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Were dysfunction in this market to continue or worsen, there would be a material risk to UK financial stability.

[hibsbollah]

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Patrick Minford, economist to the Government



https://www.telegraph.co.uk/news/202...-minds-idiots/

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.

[grunt]

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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.

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.

[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"

[cabbageandribs1875]

quite astonishing, but at least hedge fund managers have made a mint, now, let's talk about those damn ferries in Scotland

[ronaldo7]

Kwarteng should resign, and he should take the rest of them with him.

[Ozyhibby]

https://twitter.com/joncraig/status/...TfPK9cN6nFkIow

Tories boycotting Tories.


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[The_Exile]

This is a two-year cash grab, it's obvious. There's only one tiny minority of people who would stand to gain from Sterling losing it's value like this.

[cabbageandribs1875]

Liz Truss City backers 'made small fortunes betting against plunging pound', report claims (yahoo.com)


LIZ Truss-supporting investors made “small fortunes” as the value of the pound plummeted following the radical Conservative budget announced on Friday, a report has claimed.

An anonymous source quoted in the Sunday Times told the paper they had attended a dinner with hedge-fund managers who were said to have won big betting against the pound last week.
They were quoted as saying: “They were all supporters of Truss and every one of them was shorting the pound.”



i'm sure wee Liz O'Leary will have a cayman island account to collect her cut

[GlesgaeHibby]

https://twitter.com/EdConwaySky/stat...vjQMgUIgg&s=19

Bank had to intervene to avoid mass insolvencies of pension funds...surely no way Truss and Kwarteng survive this.

[WhileTheChief..]

Yup, don’t see how they survive the next few days, never mind weeks or months.

Have Labour been calling for a general election? They should be.

I’d expect one fairly soon.

[grunt]

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Yup, don’t see how they survive the next few days, never mind weeks or months.

https://twitter.com/ShehabKhan/statu...XuzTS1xaCoKGUA

NEW: Treasury sources say the Chancellor Kwasi Kwarteng will not be resigning and there will be no U-turn on the policy.

[grunt]

With every passing day Sunak appears to be a much better option

https://twitter.com/OhGodWhatNowPod/...XuzTS1xaCoKGUA

[grunt]

Peston

https://twitter.com/Peston/status/15...XuzTS1xaCoKGUA

Here is one way of seeing the scale of the markets rout that was close to wiping out pension funds. At start of year, 40-year gilt (government bond) with a 0.5% coupon was worth 85p. This morning it was trading at 25p and even after Bank of England intervention it's 34p.

[Ozyhibby]

https://twitter.com/zelenskyyua/stat...251556352?s=12

Truss comes out of hiding with a call to Zelensky. A familiar tactic.


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[neil7908]

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https://twitter.com/zelenskyyua/stat...251556352?s=12

Truss comes out of hiding with a call to Zelensky. A familiar tactic.


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Ukraine will be the ones sending us financial support at this rate.

[DaveF]

Whatever they are doing, can they please stop. The small shareholding I have is heading downhill faster than an Olympic skier.

[Stairway 2 7]

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Ukraine will be the ones sending us financial support at this rate.

Since truss has come in the pound has fallen against the Ukrainian hryvnia. They are in literal ******g war for there national survival, but the markets think we're more unstable

[Ozyhibby]

https://twitter.com/jessicaelgot/sta...TfPK9cN6nFkIow


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[Just Alf]

Whatever the SNP paid Truss to do this is working a treat... I cant find anyone at work that now wants to be part of the UK!

[Torto7]

I posted about more QE a while back with higher interest rates. It will get hammered but the bank has done the right thing here. Brutal on mortgage holders though and public services are again going to be slashed and the only thing left is the NHS the big target for the Libertarians. There's systematic fraud going on at a scale we've not seen before alongside ideological war. Yet the awful system of mutual back scratching in the UK blocks any ability to stop it. Shame on any Tory who can see what is going on and keeps quiet. Rats.

I long for independence.

[grunt]

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I posted about more QE a while back with higher interest rates. It will get hammered but the bank has done the right thing here. Brutal on mortgage holders though and public services are again going to be slashed and the only thing left is the NHS the big target for the Libertarians. There's systematic fraud going on at a scale we've not seen before alongside ideological war. Yet the awful system of mutual back scratching in the UK blocks any ability to stop it. Shame on any Tory who can see what is going on and keeps quiet. Rats.

I long for independence.

[Ozyhibby]

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I posted about more QE a while back with higher interest rates. It will get hammered but the bank has done the right thing here. Brutal on mortgage holders though and public services are again going to be slashed and the only thing left is the NHS the big target for the Libertarians. There's systematic fraud going on at a scale we've not seen before alongside ideological war. Yet the awful system of mutual back scratching in the UK blocks any ability to stop it. Shame on any Tory who can see what is going on and keeps quiet. Rats.

I long for independence.

https://podcasts.apple.com/gb/podcas...=1000580932708

Today’s Newsagents podcast has an interesting piece on the libertarian think tanks behind Truss and Kwarting. It’s a decent listen all the way through but the think tank thing starts in second half.


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[Hibernia&Alba]

James O'Brien has Tory 'logic' sussed:

[Since90+2]

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Whatever the SNP paid Truss to do this is working a treat... I cant find anyone at work that now wants to be part of the UK!

I have seen a few comments along these lines, and appreciate some are probably tongue in cheek, but this really isn't good for anyone, independence supporter or not.

Unless they get a handle on this, and very very quickly, then a lot of people are going to be really badly effected by what is going on at the moment. If you own a home, regardless of whereabouts in Scotland, and are planning to sell within the next 2-3 years or are currently trying to get a mortgage and are currently buying at today's prices,I'd be extremely worried.