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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As said above, letters going in on Truss already
They are absolutely shagged over there now, billions squandered during Covid, whole country divided on 'tribal ' lines over Brexit which means that both sides will not move on inch on the issues as Brexit sinks their economy, a charlatan in Johnson given power to strip their Government party of any form of dissension or alternatives..... meaning now it's Truss or ?
She made stupid over the top promises in her leadership campaign, when she already had Sunak beaten; and then failed to use the last 2 weeks of Queen's mourning to settle into an alternate or coherent plan. Instead it's 100% free money for all, especially her mates, as the UK debt explodes and inflation runs rife meaning their currency is worthless.
What an absolute mess they are in
The usual attitude one sees with Libertarians is that Libertarianism only fails when it's not applied properly. Therefore, the solution will always be more Libertarianism no matter what the problem.
Indeed - It's about "looking the part" rather than "being the part".
They look and sound like they are intelligent - The right entries in the CV and they use the right words etc. but it's all a veneer.
It harks back to the Officer class 100 years ago , largely you got to be an officer not on merit/skill but on where you came from and what you looked/sounded like.
Some snippets from sky news.
House price crash - Graham Cox, director of Bristol-based Self Employed Mortgage Hub:
Unless the government steadies the ship, we're heading for a house price crash of 20-40% over the next couple of years. There's 1.8m borrowers coming off fixed rate deals next year. They simply won't be able to afford the mortgage payments, forcing them to sell or be repossessed.
UK the sick man of Europe again - Lewis Shaw, founder of Mansfield-based Shaw Financial Services:
It has taken less than 18 months for the UK to become the sick man of Europe once again. At every stage in this debacle, we've been on the back foot. We need to regain momentum, which will mean real economic pain. The fiscal event last week by Kami-Kwasi has the potential to turn the UK into an emerging market, or worse still, a failed state.
Here's what I've noted about spending enough time around Oxbridge / Eton types to give me heartburn:
There's a notion of intelligence that they place very a high-premium on that is called "brightness". It's a close cognate of intelligence in their patois, but it's not quite the same thing.
"Brightness" refers to yes, a base level of mental agility where you don't lick walls - but it also implies adherence rhetoric, mental shortcuts to make you look smarter than you are, a degree of cunning and a mastery of in-group language.
On first glance, it resembles intelligence, but it actually isn't.
You’d wonder what the tone is amongst Truss and her advisors behind the scenes. Did she realise the pound would fall this far, this fast? Does she care? She seems completely deranged, and thick as mince to boot.
How is giving cost of living pay increases only going to lead to inflation yet massive investment is not? Of course, one has to believe that the rich will actually invest their money gained through lower taxes rather than just saving it. What policy has the government enacted to ensure that earning over 150k cannot simply hold the extra savings?
This is the central failure of "Trickle-down Economics" - The idea that the rich give a toss about anyone other than themselves.
As a class-room thought project , "Trickle-down" makes some degree of sense. The idea that freeing up capital at the top end by lowering taxes should drive increased investment and growth etc. has some element of logic BUT, it fails spectacularly to account for human nature.
So what happens in reality is that that money "saved" by the top-end in taxes is just parked in long-term investment vehicles or consumed by stock buy-backs which only benefit the same group of top-end investors etc.
It has never ever worked in practice and never will - It drives income inequality and inflation , it does not drive growth and never has.
Nothing good will turn up. The UK is on a downward trajectory and it's one that it openly walked into. Enriching a series of economic and cultural parasites benefits only the parasites.
Even if they get rid of Truss, who's next? That leadership election was dire. There wasn't an ounce of talent on display, just a group of careerists interested only in lining their own pockets. I could almost forgive that if they showed any degree of competence at all.
You are missing his Penny Mordaunt phase, when she was briefly the favourite. He only became Liz Truss's no.1 fan when it became obvious she was going to win
Just prior to that his musings on Truss included...
"Liz Truss, in the round, doesn't project a vision for the country.
She doesn't appear to have the oratorical and rhetorical skills you need to campaign effectively. She doesn't have a defined politics of what she believes and what she doesn't believe. She doesn't have zeal and energy; it's all a bit May-esque. Boris Johnson and Brexit were two very different beasts in comparison.
For an election against Labour, you cannot just rely on minimalistic talking points.
Detail and vision matter. I don't think Truss has either of these, and when you throw her disappointing performances into the mix, you have a recipe for disaster."
"I've said it since the beginning of this contest. A vote for Liz Truss in this leadership election is a vote for a Labour government in December 2024.
I'm astonished that she has managed to hoover up as much support as she has. Incompetence in a dress.
Sunak or Mordaunt, or else the Conservative Party faces electoral oblivion at the next election."
"It almost looks like a sketch from Little Britain. Liz Truss is the Conservative Party manifestation of Diane Abbott."
"It would be a catastrophe for the Conservative Party if Truss becomes Prime Minister.
If I were a Labour supporter, she would be the one I'd want to become PM.
It would mean that the Pat Kenny cardboard cut-out can finally become PM."
"Liz Truss is a lightweight, the female manifestation of Keir Starmer: boring, ligneous, and stale. Anti-charismatic, and someone who couldn't summon an ounce of enthusiasm among the electorate, and will almost certainly lead to an incoming Labour administration."
Pointless at this stage. The Tories have no choice but to sit tight and hope this works. Give themselves to 2024 and hope that something turns up. To even try to remove Truss now would be electoral suicide. It appears that Truss is electoral suicide anyway, but there is always the hope that something comes up.
If Truss really believed this action was based on the best interests of the economy she would publish the forecasts that she has relied upon.
Instead, it is all just 'growth plan' and no actual details. "It will work, trust us!" seems to be the only thing they have. They have crossed their fingers and placed a bet, using everyone else's money.
Have they accounted for the possible (now actual) increase in interest rates and thus debt interest payments? Where does that money come from given that, in the short term even under their plan, tax receipts will decrease?
Imports, particularly those prices in US$ like Gas and oil, will have gotten markedly more expensive. How will that be paid for, given they recently announced an effective tax price so the tax payer must fund the difference. Where is this extra money coming from?
Exports should rise, but given that the GBP had already lost value since Brexit and exports were not seeing the full impact due to now the issues caused by Brexit, will a further falling pound really make a difference?
So many questions, and absolutely no answers. This is Truss big idea, her belief that this is the right course. Yet she cannot articulate why, apart from 'Growth'. And that is really what is spooking the markets. Not the drop in the higher tax rate, not the borrowing. Its the apparent lack of any actual plan, any actual economic policy apart from hope in growth. The markets don't care that the poor aren't being treated fairly. They don't care how crazy it is to allow bankers bonuses yet remove 120k social welfare recipients unless they work harder. They only care that none of this is based on anything other than hope and some crazy notion that tricky down will work this time when it never has before.
Here's the sort of advisor she's choosing.
Mark Fullbrook is understood to have been promised by Liz Truss that his company would run the Tories’ next general election campaign if he joined her No 10 operation as chief of staff. ... However, it is likely to infuriate Tory MPs with insiders warning of a potential “revolution” on the backbenches as the agreement could mean that Isaac Levido, who ran Boris Johnson’s election campaign in 2019, could be sidelined.
Mark's last campaign saw Sadiq Khan elected Mayor of London. Sounds good except he was batting for the Conservatives.
Seriously? It's amusing to watch the party destroy itself like this. They're already on their fourth PM in just over six years.
Unless there is a sharp course correction, she's finished.
The entire Tory schtick is "strong pound, tax cuts, economic bonanza" even if it is a mirage and dogmatic nonsense 99 percent of the time.
They can't sell that crap to the people when the roof is on fire. There's a hard limit to how much you can lie to people and get away with it.
She's having a fairly bad morning alright.
More reports of letters going in against Truss, I really don't see her lasting till Xmas.
Worrying times for the UK now. The full damage that Brexit has wrought is still to be seen, and now a cabinet of imbeciles (only in power because they could be relied upon to wave Brexit through to keep hold of power) is making decision like this that absolutely destroy the economy.
But it's OK, old Eskie thinks Truss is a winner.
So you thought Sunak was the dogs danglers and he would win?
Then when Truss went ahead you flip flopped to her side and said she was the new dogs danglers and her ideas and policies would be the best ever.
And if you had only left your flag tied to the Sunak mast you would have finally had a win, instead you just look like someone who swings whichever way the wind blows.
Here's the spectator piece on Sunak, Now it turns out everything He said would happen is happening.
What utter crap.
You are basically saying that Truss suddenly changed her mind about Brexit because the facts change. Given that there has been absolutely nothing positive for the British people as a result of Brexit, what evidence could have helped her change her mind as she certainly hasn't shown it to the public?
As for complete dogmatists believing something that they know to be false, this is the entire Brexit lie, this is the entire levelling up nonsense, this is the trickle down nonsense, and so on. Are you confirming that the Tories are dogmatists?
Too much debt, selling stuff that's not real, demand driven by borrowing, societies that are deeply allergic to recessions.
The list is long
This is turning into a canary in the coalmine type moment ...whats happening to the pound can initiate market forces to turn against any weakness in any asset or economy and could signal the mystery catalyst which torpedoes many economies .
What evidence is there that she was wrong about being a remainer ?
She u-turned for personal gain not because of evidence that Brexit was working (there is none)
When the evidence changes, you change your mind. Only a complete dogmatist continues to believe something they very probably know is false.
The irony...
The best political leaders are not the most intelligent, driven or ideological. They are the ones who have clear ideas of what needs to be done but are willing to change depending on the circumstances and who have very capable and expert lieutenants (ministers, secretaries, call em what you will). They let the better people deal with the detail and themselves hold it all together pragmatically.
I can't think of one senior or well known Tory who fits this description and Truss is the opposite of this type. The Tories and the UK are in deep trouble and nobody over there has a real clue how to fix their mess (or is afraid to publicly say what needs doing because of Brexit). Truss is toast and probably before the next general election. They don't have anyone better however, just more of the same to replace her
Only in politics is a "U-turn" considered a bad thing.
If someone changes their mind due to the evidence, that's a good thing not a bad thing.
Unfortunately these days, changing your mind means the media goes into overdrive about "U-turns" and silly things like that.
And on the monarchy. And on cannabis. And on the political party she's a member of!
It may be doubling down over and over until an incoherent u-turn.
once she had made her mind up on an idea she would not change it, even if all the evidence was that it was wrong. Instead she would double down over and over.
Her stance on Brexit proves this is clearly wrong
There was an interview with her Oxford professor during the leadership contest. He talked about how smart she was. Highly intelligent and capable. One of the top students. But her weakness was her stubbornness…..once she had made her mind up on an idea she would not change it, even if all the evidence was that it was wrong. Instead she would double down over and over.
Id rather have a less intelligent PM who listens and adapts, than a highly intelligent PM with an absolute belief that they’re right. The latter sounds very dangerous and I fear that’s what we have
The government of the UK always seemed to be a fairly stable at managing there economy but since the Brexit referendum they seem to have lost all their common sense. Its mad watching it.
She was always going to hung out to dry.
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