It's all falling apart alarmingly fast for Boris Johnson across the water. How long you reckon he has left as British Prime Minister? Hours surely?
How many parties are they talking about now? I've lost count.
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Don't underestimate how absolutely mental the play Truss and Kwarteng are making is. They are betting the farm that UK growth will start magically outpacing their swelling debt obligations year-after-year. Meanwhile, back in reality the UK has shown chronically low growth over the last 15 years and now is heading into chronic zero growth (first major economy into recession) territory with no end in sight.
If they want to do synthetic growth via borrowing, the markets have already called bullsh*t and have high yields on borrowing priced-in making it a pointless endevour in the first place. Completely ignored any revenue raising measures that would even give it the veneer of credibility.
The only option is austerity even greater than that imposed in the GFC, which will crash the economy. Bye bye HS2, new hospitals and other goodies.
In case there's any doubt, Tories have completed the trasnformation into certifiable nutters bent on destruction.
Yahoo says pound now down to $1.0835 it was €1.0779 at one point. A far cry from $1.4212 on 24/2/2021
A lot to digest in this article. The UK will be borrowing 40% of one years's GDP extra over the next 5 years. Bond yields of 4% become 28% over five years don't they ? so it's more like 50% of a year's GDP. Tax cuts may make the UK more attractive for higher paid foreign workers, but sterling has fallen 25% since Feb last year and the UK isn't as welcoming as it used to be.
The Resolution Foundation, stated that the worsening economic outlook and new energy support are already estimated to have increased borrowing by £265bn over the next five years.
It noted; “Tax cuts of £146bn raise that to £411bn – the biggest increase in borrowing by any Chancellor.” ...Philip Dragoumis, owner of London-based wealth manager, Thera Wealth Management, said: "This budget is fiscally reckless. It's Trussmoronics not Trussonomics. ... ING also expressed concerns over a potential negative reaction from ratings agencies; “The risk of a possible shift to a negative outlook will come when the ratings are reviewed on 21 October (S&P and Moody’s) and 9 December (Fitch).” = Two dates for Liz's calendar
Somebody asking about whether there were people shorting the pound. Seems like a lot of Truss supporters were.
That's the thing. We won't know until Brexit is done. UK is still not imposing full regulations on imports. So still grounds for third party countries to take the UK to the WTO over "most favoured nation" stuff.
Wouldn't that include Truss herself?
Fairly noticeable rise in the cost of UK govt borrowing on the markets particularly in the last week.
That budget has really called in to question the UK's credibility.
Economics is a fools errand to predict, with predictions often coloured by the politics of the person rather than the evidence they can summon.
The whole mini-budget is an exercise in predicting how the economy will respond. You don't borrow so much unless you have some expectation of turning things around. Unless this whole affair is about protecting the wealthy against a predicted economic disaster. Can you accept that it might be the latter>
🙈🙉
The same people who said there'd be an instant recession with 500,000 jobs immediately lost after a Brexit vote?
That an "emergency budget" would be required to address it.
That didn't happen.
Nah, I won't listen to prophets of doom.
As for people on economic markets, they cannot stop getting everything wrong. It's literally a gambling game for them, day in, day out.
But some Tory backbenchers are crap, I agree.
I have a rather different point of view. The UK are welcome to their PM of whatever political stripe, but for Ireland's sake I'd rather they were competents and not the economic equivilant of Al Qaeda.
You are trying to explain partizanism to a gay guy who worships Anne Widdecombe and her belief in gay conversion therapy just because it's the opposite to what the "enemy" believe.
"On here"
Are the UK economists, Tory backbenchers and players in economic markets on Boards 🤣
That's your interpretation - and you're entitled to it.
It's unsurprising. As I say, it doesn't matter what Truss said, you'd be on here condemning her anyway.
Do you get what Liz Truss actually did last week?
This isn't about partisanism, Truss and Kwarteng just performed hari kiri on the UK economy. It's economic balderdash of the highest order. This isn't about what anyone thinks either, the British economy is heading for pain.
The Easter Bunny isn't real.
It doesn't matter what Liz Truss does or says, the same lot on here will condemn her.
If tomorrow Liz Truss adopted the entire Labour manifesto as her pledges going forward, she would still be ridiculed for it.
Absolutely dreadful.
Pound falling again on Asian fx markets. Roubini warning that the UK is starting to be priced like an emerging market, and heading back to the 1970s.
Jesus Christ. What is Truss thinking
id be interested to know how many of the cabinet shorted sterling last week. Rees-Mogg would have done for sure
(by the way, I’m a long time Tory voter….just not since Brexit after which they’ve utterly lost the plot)
Well done toast
https://twitter.com/D_Blanchflower/status/1572358933473333249?s=20&t=9OTBk5tH0DFIPqs7gBGA1w
Whatever it takes to "own the libtards"
I don't believe you have changed you mind about Truss, I suspect it was more a realisation that it would be tricky to be able to continue spamming this place with your brand of Tory hero worshipping from an anti-Truss position.
If you think he is a parody now you should have seen the Anne Widdecombe account he was using when he got a temporary ban
If the pound reaches parity with the dollar, UK inflation will skyrocket. The Bank of England will respond and interest rates will be aggressively hiked, probably a number of full point moves. The economy will go into deep recession. In such a scenario Truss will indeed be a dead woman walking
If this were to happen she may well seek to follow through on her utterly insane threat, made during the leadership campaign, to remove the independence of the Bank of England and put interest rate decisions back into the remit of Number 11. Markets will turn away from the UK completely and London will lose its attractiveness.
she’ll have gone full Truss (to borrow from Tropic Thunder…..”you don’t go full Truss”) and burned down the house
So she can't even unite her own party but she thinks she has the backing of the country for such extreme actions?
This is a new leader, should be in her honeymoon period but she has gone so off the deep end, and let's remember they are refusing to publish the economic justification for any of this, and clearly has failed to consult with her own party.
What are the projected growth figures ? Have they any additional investment figures identified and targeted?
What time frames are they looking at to review if it is working?
Did they anticipate the big drop in sterling , have they factored that into the cost of living especially the cost of energy?
I'd say it was more that it was truss that "flipped" you :)
It will get worse and more ridiculous as time goes on, this is just the beginning, you may as well embrace being a parody from now on.
Well you can go back on your dislike of Truss when it became apparent she was winning but you seemed unable to change your mind about comparing Rashford to a paedophile when it was discovered you were working off a forgery.
It's your timing of flip flop makes it hilarious. It was before she even became PM it was exactly the time it became aware your temporary hero Sunak had lost.
"Flip"? So, you've never changed your mind about a subject because you encountered different evidence that changed your position?
Why portray changing one's mind as a negative; if anything, it's a net positive. I understand teenagers never change their mind due to ego and so on, but adults -- I expect better, let's just put it like that.
There is no outrage, just disbelief that throwing around abuse is considered an acceptable form of debate. Quite sad actually!
The economy and the currency immediately sh*tting itself when a new PM implements Latin American 90s economic policies isn't standard Tory jostling, and chumming it up as such is fairly ridiculous.
Boards never ceases to surprise. A blatant economically illiterate ham with a bumper sticker ideology immediately starts setting fire to the UK, and we have somebody telling us its all normal.
A bit of history of you: since it has been freely traded, the pound has never been worth less than a greenback (and as far as I'm aware, it has never fallen below that threshold ever). Only 9 cents until Liz faces her first knife fight.
Everyone knows you were full on Sunak and called Truss the end of the Tories in power.
So your recent flip is laughable so don't be acting the outraged snowflake when people laugh at it.
Given that it is factual I can understand why you have an issue with it.
This is the standard of debate from the opposition. Speaks for itself, really.
You can get a lot of of gas from bs
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