BoJo banished - Liz Truss down. Is Rishi next for the toaster? threadbans in OP

Leroy42 · 24-09-2022 09:34PM

https://www.boards.ie/discussion/comment/119660643#Comment_119660643

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?

24-09-2022 09:38PM

https://www.boards.ie/discussion/comment/119660643#Comment_119660643

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

breezy1985 · 24-09-2022 09:40PM

https://www.boards.ie/discussion/comment/119660927#Comment_119660927

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

24-09-2022 09:52PM

https://www.boards.ie/discussion/comment/119660879#Comment_119660879

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.

breezy1985 · 24-09-2022 10:11PM

https://www.boards.ie/discussion/comment/119661076#Comment_119661076

Whatever it takes to "own the libtards"

newmember2 · 25-09-2022 09:19PM

Well done toast

https://twitter.com/D_Blanchflower/status/1572358933473333249?s=20&t=9OTBk5tH0DFIPqs7gBGA1w

25-09-2022 09:23PM

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)

25-09-2022 09:23PM

https://www.boards.ie/discussion/comment/119664402#Comment_119664402

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.

Yurt2 · 25-09-2022 09:31PM

https://www.boards.ie/discussion/comment/119664422#Comment_119664422

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.

25-09-2022 09:37PM

https://www.boards.ie/discussion/comment/119664456#Comment_119664456

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.

breezy1985 · 25-09-2022 09:38PM

https://www.boards.ie/discussion/comment/119664422#Comment_119664422

"On here"

Are the UK economists, Tory backbenchers and players in economic markets on Boards 🤣

breezy1985 · 25-09-2022 09:40PM

https://www.boards.ie/discussion/comment/119664456#Comment_119664456

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.

Yurt2 · 25-09-2022 09:40PM

https://www.boards.ie/discussion/comment/119664484#Comment_119664484

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.

25-09-2022 09:44PM

https://www.boards.ie/discussion/comment/119664488#Comment_119664488

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.

Economics is a fools errand to predict, with predictions often coloured by the politics of the person rather than the evidence they can summon.

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.

25-09-2022 09:46PM

https://www.boards.ie/discussion/comment/119664524#Comment_119664524

🙈🙉

kowloon · 25-09-2022 10:25PM

https://www.boards.ie/discussion/comment/119664524#Comment_119664524

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>

Kermit.de.frog · 25-09-2022 10:50PM

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.

Leroy42 · 25-09-2022 11:06PM

https://www.boards.ie/discussion/comment/119664524#Comment_119664524

Wouldn't that include Truss herself?

Capt'n Midnight · 25-09-2022 11:59PM

https://www.boards.ie/discussion/comment/119664524#Comment_119664524

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.

The Raging Bile Duct · 26-09-2022 12:07AM

https://twitter.com/mikegalsworthy/status/1573775346213834753?t=O1r5Dr8Dke8wJ7UBgaxM6w&s=19

Somebody asking about whether there were people shorting the pound. Seems like a lot of Truss supporters were.

Capt'n Midnight · 26-09-2022 12:16AM

https://www.boards.ie/discussion/comment/119664773#Comment_119664773

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.

https://www.exchangerates.org.uk/news/36596/2022-09-24-pound-to-dollar-exchange-rate-parity.html

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

Yurt2 · 26-09-2022 12:34AM

https://www.boards.ie/discussion/comment/119664981#Comment_119664981

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.

Yurt2 · 26-09-2022 12:54AM

Asian markets are having their say in early-trading. Sterling getting smoked. Will set the tone for the rest of the long long day. Tokyo will fire the starting gun in 10 mins. Anyone taking bets for dollar parity (or even lower) by close of business tomorrow?

Has Black Monday been taken yet? Might be getting a bit ahead of myself with dollar parity, but we may see 1.05 today.

Psychedelic Hedgehog · 26-09-2022 12:57AM

It's pretty sad. I know a good few folks in the UK that'll suffer thanks to these misguided policies.

Kermit.de.frog · 26-09-2022 01:13AM

https://www.boards.ie/discussion/comment/119664981#Comment_119664981

TBH I think it's possible they will need an IMF bailout as things stand. Those yields will keep climbing. Once they hit 5% they are really going to struggle. 4% 10 year is manageable but at a dreadful cost to the population in the medium term.

Ultimately this is about credibility and the market simply does not believe the UK govt.

kowloon · 26-09-2022 01:19AM

https://www.boards.ie/discussion/comment/119665055#Comment_119665055

Same. Was only talking to one today. She's a teacher in a school in what I gather is not the most affluent area. She was saying a lot of the kids are obsessed with these easy-money social media personalities. Grifters like this Andrew Tate guy who are promising the young lads a life of strippers and supercars for no effort while scamming them. Showing kids that it takes work to get out of poverty is going to be pretty difficult when they see the wealth gap grow wider. /tangent

Yurt2 · 26-09-2022 01:22AM

https://www.boards.ie/discussion/comment/119665080#Comment_119665080

They may as well pin their hopes on Instagram nonsense, because when your PM and Treasury Secretary have structurally set fire to your economy, being the best butcher, baker or candlestick-maker won't put bread in your mouth either.

26-09-2022 01:48AM

Talk of parity between usd and gbp. What’s the chances of the euro and gbp parity being met? Euro would need to rebound some itself i imagine

26-09-2022 01:58AM

https://mobile.twitter.com/kit_lowe/status/1574199258177499136

….

kowloon · 26-09-2022 01:58AM

https://www.boards.ie/discussion/comment/119665082#Comment_119665082

That's the issue they're having/going to have, working your way out of poverty seems pretty hopeless so people turn to grifters promising easy solutions.

BoJo banished - Liz Truss down. Is Rishi next for the toaster? **threadbans in OP**

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BoJo banished - Liz Truss down. Is Rishi next for the toaster? threadbans in OP