Missed her but Stephen Barclay, Chief Secretary to the Treasury is on now. Guess what he’s an actual moron! According to him none of the stuff that has happened since the Kwarteng giveaway on Friday has absolutely anything to do with the Kwarteng giveaway on Friday. The £65bn of our money spent by the Bank of England yesterday, totally unplanned and in response to the threat of Pension Funds going insolvent, is not a ‘crisis’. He says whatever happens, absolutely anything however disastrous, there will be no more economic policy announcements until the end of November. Todays spin doctor rules, learned by these walking dead - NEVER use the word crisis in relation to anything related to the government - deny, deny, deny! ALWAYS describe energy prices as ‘Putin’s energy prices’. 4 times by Barclay! ALWAYS say that the spending plans will be enforced with ‘iron discipline’ (3 times!) ALWAYS compare the emergency intervention by the Bank of England to something the Japanese central bank has done to support the ¥, even though it was for totally different reasons ALWAYS say that interest rates are higher in the US than here when questioned (do not discuss the fact that their mortgage market is structured in a completely different way to ours, long term fixed rates, or that their rises have been managed). ALWAYS assert that the government is working closely with the Bank and the OBR, even though if that were the case this ****storm wouldn’t have happened, and even though you are quite blatantly working in opposition to the Bank and ignoring the OBR. These people are an insult embodied in flesh.
Well … it seems the falling pound, increased loan and mortgage costs, increased food and fuel costs (that all negate the few hundred pounds most people will receive next year!) and the reported £65bn intervention of the BoE, that all followed her mini-budget decisions, is all down to … Putin and the energy crisis! A - maz - ing!! They must think our country is full of idiots.
Christ almighty I’ve just heard a clip of her on local radio (she’s giving a few local stations a maximum of 5 minutes each, I guess in the hope that the interviewers won’t get past ‘welcome’). She’s in total denial, refuses to talk about the financial markets. Digging a deeper hole for herself with her own MPs and even worse her donors.
She keeps talking about ‘higher paid jobs’ - ffs, it’s the average worker who is suffering and needs support through the next few years. They’re not concerned about the ‘higher paid jobs’ that are nowhere near their horizon. They will only see the well-paid/higher earners storing their money away (not spending or investing) while they get out their blankets for winter and find ways to pay their weekly shop, fill their car to get to work and care for their kids. This pm is the most out of kilter with the people I’ve known. Disgrace. Stephen Barclay was pathetic too Sb. Unbelievable.
At this rate, the men in grey suits will be telling her to go ….. Seriously, anyone know if there is a period of grace for new leaders of the Tory Party and if there is how long it is?
Wow, some hysterical posts on here atm An inauspicious to Truss's premiership. Kwartang failing to keep the markets informed and promising more tax cuts in November does not lead to investor confidence. Sunak must be drinking a glass of schadenfreude as we speak. His view that borrowing for tax cuts is unwise is proving to be right. The markets are settling with BoE intervention (who should have raised interest rates before now anyway). Truss needs to up her game and restore market confidence. She and Kwartang need to share their thinking with investors. At the end of the day what the UK needs is a vast improvement in productivity
Is it hysteria or are you just one of the ever-dwindling number of stupid ****s cheerleading for this?
I agree with you on the BoE should have raised interest rates many months ago Goldie; and we certainly need a vast improvement in business investment linked to productivity. Businesses didn’t do much when rates were lower, they won’t do much now. In my experience businesses talk productivity but aren’t prepared to invest time and money to get it across the long term. They certainly won’t now with the challenges they are facing on high energy costs, weak pound, workers needing more money and cautious buyers. Perfect storm on the horizon? Hysteria? Head in the sand?
Wouldn't say hysterical but more along the lines of common sense with a mixture of worry. We just need to get through it until this lot are voted out. Luckily they are a dwindling party with their demographic of voters.
It's interesting that business, CBI etc generally received Truss's mini-budget well, SW. There's no doubt we're in for a rough ride, as is the whole of Europe affected by the energy crisis (It's senseless those who compare the pound to the dollar, since the US has none of these pressures, indeed can make profit from the European energy crisis). I don't know to what extent Truss may have to trim the tax cuts to satisfy international investors. But it needs calm heads, because we've been hit on energy as we were still reeling from the pandemic, lockdown, and incurring huge debts by paying businesses large amounts of money to do nothing under furlough. And let us not forget that Kier Starmer was calling for even deeper lockdown measures.
Labour won't have a magic bullet, Bob. We're in for an economic downturn due to global factors. I agree, though, that we should be able to expect our government, Tory or Labour, to act competently, and so far, Truss has left a lot to be desired.
This is temporary stuff. The government has to work to bring confidence back to the markets, which may mean reducing some tax cuts.
Here I agree with you Goldhawk. We expect our leaders to act competently Truss and Kwatang are not. As a woke leftie I always had more faith in Sunak...but he was not Tory enough. Like Boris, LizTruss is just pandering to the Grey suit Tory Grandees. It is sickening I truly believe that is why Sunak was not elected...remember in the first vote Truss only could get about 50 of her own MPs to support her. I really believe Starmer and his ( on the whole) strong cabinet would not be in the mess. But if this goes on for another 2 years .no one will get us out.... And there could be serious civil unrest. Scary scary times
I’m not sure it’s true to say it’s senseless to compare the pound to the dollar. Many businesses hedge costs to the dollar, while many small businesses (mine included) have to buy from the US and will expect higher costs as a result. Many parts, services and materials are purchased according to the dollar and will result in much higher costs as a result of the pound taking a dive. Agreed other EU countries will face similar challenges but my focus is here in the UK right now. We’ve had enough challenges over the last 3 years or so without a government creating another one from thin air!
I meant senseless in judging government competence. Of course it does have a huge knock on effect, but from the perspective of looking at government capability and performance, comparison between the pound and the euro is fairer and more realistic imo
I agree that Starmer and cabinet may have avoided this temporary mess with markets. That's down to Truss. But as to an ongoing economic policy, as I say, Starmer was calling for deeper lockdown during the pandemic which would have made the problem worse.
