I listened to Margaret Hodge on Newsnight last night. She was one of the Labours biggest critics on how they handled racism and Anti-Semitism. She was asked to comment on the Rupa Huq situation and she declined stating that it was a racist comment but we need to wait until the investigation concludes. She went on to praise the procedures that Starmer has implemented to immediately and unequivocally deal with any incidents or examples of racism within party members.
The Bank of England have advised that the tory budget on Friday is "A material risk to the uk economy... pension funds are at risk..." Ffs
I have just heard Martin Lewis talking about mortgages and still can't grasp the enormity of what he was saying. Basically for every 1% the mortgage rate rises you will pay £600 a year extra on every £!000000 of mortgage. My mortgage is paid so I am ok, but one of my daughters and my son are first time buyers and can't get on the housing ladder and my other daughter has a small portfolio of rental houses and has decided to take the hit and not increase rents for her existing tenants.
I just had a letter from the energy company. I'll pay 300 quid more next year. But I'm getting four hundred quid off the government. Marvellous.
Peston suggesting that MPs will pressure Truss into appointing a new Chancellor but then slightly contradicting himself by saying the pair of them will be given time and space to tough it out. Not sure they've got time have they?
Surely Truss had to have had sight of what the budget contained anyway. To sack him would be an admission that she saw it and agreed to it without understanding, or even approving of, the potential consequences.
In that Twitter thread, Robert Peston suggests that Kwasi Kwarteng was just doing what she told him anyway. Its all got so out of hand that I think someone's head will roll. I'd imagine it's more likely that they'll sacrifice Kwarteng. If she goes, wouldn't that force them into a position where they have to call an election?
I think if he goes she'll have to go as well. Completely untenable. If it does happen, the new monarch might have a big decision to make. Although I am slightly worried about the direction this would take us in. Are we saying we're now completely beholden to everyone else when it comes to economic decisions? Why not just hand them over to the markets, or the IMF, if that's the case?
That last bit is what I don't understand. John Redwood saying this morning it's not the Bank of England's role to support the pound. If that's the case, they can surely help the situation by not putting interest rates up?
There not my figures Rooch, they are Martin Lewis'. I don't know where your £1 a week comes from. The £600 per annum is how much the Mortgage will rise for every £100000 of mortgage so a £100000 mortgage would cost you £50 per month extra for every 1% the interest rate rises, a £200000 mortgage £100 per month extra etc. They are talking about mortgage rates possibly rising 4% since last year, so that would be a £200 per month increase for every £100000 owed
Aye the six noughts had me confused I remember mine going up from £ 350 to £625 in the 90’s, so looking at that comparison it’s still peanuts although I’m glad it’s not me who’s on the end of it
Pension funds would have collapsed today without BoE action - with 'mass insolvencies' The Bank of England's intervention announced today was in response to a "run dynamic" on pension funds, Sky News' economic editor Ed Conway has been told. If the bank had not intervened, there would have been "mass insolvencies of pension funds by this afternoon", he said. "It's very similar in kind of wholesale terms to what we saw with Northern Rock when there was that run on that bank back in 2007," he explained. "It's a vicious cycle. Essentially, people trying to withdraw money, which in turn sometimes leads inevitably to financial collapse. "I am told there were a swathe of pension funds that, were it not for the government's intervention, would have essentially collapsed by this afternoon - that's how fast moving this crisis in the pensions markets was. "It is the gilts market that lies underneath, that defines benefit pension schemes, all of whom are reliant on that market for their funding and for the structure of their investments. "The scale of this crisis is now becoming clearer. "We have seen a big reaction in those markets where the bank has gone and started to buy those securities, but it is an extraordinary day and an extraordinary event. "They believe that they may have done enough now for the time being, it's a two-week course of emergency buying of some of these assets, but we have never quite seen anything like this before."
So Truss becomes PM the day after seeing the Queen she dies. England's football takes a nosedive and looks dead. The chancellor takes office and kills the economy. Wow... awesome stuff...
