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

ArmaniJeanss · 26-09-2022 01:36PM

https://www.boards.ie/discussion/comment/119666614#Comment_119666614

It seems it's not specifically mentioned in the rules either way. The assumption was presumably that a new leader is going to enjoy a honeymoon period where no-one other than the odd crank is going to be sending in letters. So up to Graham Brady really.

Quin_Dub · 26-09-2022 01:46PM

https://www.boards.ie/discussion/comment/119666629#Comment_119666629

Absolutely - That she has only been in Office about a month and this is where she is already is just a stunning indictment of how utterly broken the Tory party is.

All those "red-wall" Tory MPs must be up in arms - They know they've just lost their seats.

Question is - Is this a deliberate action by the Tories , knowing that they haven't a hope of winning the next Election?

Are they to actively trying to utterly wreak the place such that the next Government are forced into significant tax increases and massive Public service cuts as they try to save the British economy , thereby making a Tory victory in the subsequent election more likely?

It's hard to see any other logical reason for the decisions - I mean they can't believe that this is actually going to create growth and prosperity and make people vote for them at the next GE , can they?

ancapailldorcha · 26-09-2022 01:52PM

https://www.boards.ie/discussion/comment/119666693#Comment_119666693

Rememeber when Theresa May used to say "Strong and Stable"?

To answer your question, yeah, I'd say so if these people had any sort of talent whatsoever. What I think is more likely is that IEA graduates and Britannia Unchained authors Truss and Kwarteng have just resurrected the old Cameron & Osborne playbook and are going at it because it's all they know. Cut taxes, ???, growth. Real underpants gnomes stuff.

I don't see them having the strategic foresight to trash the place so Labour can fix it for them. It's a dangerous play given how loudly people in Labour are talking about electoral reform. The Tories have been getting more and more anti-democratic as time has gone by. People in 2019, voted to get Brexit done, sure. I get it but they also voted for levelling up. Nobody voted to bankrupt the country so a few parasites could get handouts they didn't earn.

AdrianG08 · 26-09-2022 02:04PM

https://www.boards.ie/discussion/comment/119666693#Comment_119666693

Actually wouldn't be surprised if this was the case. Empty the already empty coffers and leave zilch for the impending Labour regime.

There will be an element of that for ourselves with the outgoing FG/FF coalition too.

ancapailldorcha · 26-09-2022 02:08PM

https://www.boards.ie/discussion/comment/119666787#Comment_119666787

Labour could make quite a lot of hay with that though. Cameron certainly did with that note about there being no money. When taxes have to go up, that can be quite potent.

26-09-2022 02:20PM

Pretty grim.

'Hope is not a strategy': Bank expects sterling to fall below parity with US dollar this year Japanese bank Nomura says it expects sterling to reach parity with the dollar by the end of November and to keep on falling.

According to the bank's research note, the pound is expected to fall $0.975 by year-end and $0.95 in the first quarter next year.

It hit a record low of $1.0327 earlier on Monday.

"This is a fundamental balance of payments crisis, with politicians hoping it will eventually just calm down.

"Hope is not a strategy, and markets are reflecting that," Nomura analysts said.

PommieBast · 26-09-2022 02:23PM

@Quin_Dub

Question is - Is this a deliberate action by the Tories , knowing that they haven't a hope of winning the next Election?

No doubt in my mind about it being deliberate. Even back in 2020 I thought they would end up doing stuff that would normally be considered political suicide.

Are they to actively trying to utterly wreak the place such that the next Government are forced into significant tax increases and massive Public service cuts as they try to save the British economy , thereby making a Tory victory in the subsequent election more likely?

My suspicion is they are simply buttering up their donors, with trashing the general economy in itself just being (to them) acceptable collateral damage.

26-09-2022 02:26PM

https://mobile.twitter.com/Nigel_Farage/status/1573278502790791168

lols

storker · 26-09-2022 02:32PM

https://www.boards.ie/discussion/comment/119666693#Comment_119666693

I don't think they're capable of even that level of "long-term" planning. More like its what's going to make ERG/1922 Committee/party donors happy right now.

Quin_Dub · 26-09-2022 02:39PM

https://www.boards.ie/discussion/comment/119666981#Comment_119666981

Probably correct..

More of a "last chance for our donors to fill their boots" than a "let's screw over the next guys" scenario.

Yurt2 · 26-09-2022 02:41PM

This really is the worst iteration of the Tories since the dark days of Thatcherism. Their cabinet stuffed full of really bad people larping as politicians acting in the public interest.

26-09-2022 02:42PM

exactly this.

the quality of elected official has divebombed and the acceptance of erosion of power of the safeguards against this level of democratic piracy has been notable.

ancapailldorcha · 26-09-2022 02:56PM

https://www.boards.ie/discussion/comment/119666937#Comment_119666937

Uafasach is right.

breezy1985 · 26-09-2022 03:09PM

https://www.boards.ie/discussion/comment/119666937#Comment_119666937

Probably means best for him and his City of London buddies.

26-09-2022 03:53PM

Yesterday I said that the pound would fall, then rally.

That's exactly what's happening today.

This morning, the pound hit a record low of 1.03, though it has already increased back up to 1.08 against the US dollar.

The uptick I spoke of is already taking place.

The BoE will make a statement later today. This will ease market concern further, and the pound will continue to increase.

kowloon · 26-09-2022 03:55PM

I was in a waiting room earlier and they had This Morning playing. I was surprised to hear their "expert's opinion" that if Truss managed to pull it off it would be a massive win. A big if, and the hosts didn't seem so keen, but it wasn't the negative reaction I've seen elsewhere. I can guarantee more people saw that entertainment program than any news report with dry facts and figures. The PR machine is working overtime.

Yurt2 · 26-09-2022 03:58PM

https://www.boards.ie/discussion/comment/119667350#Comment_119667350

You don't understand what happened there. The markets responded because the BOE are making a statement this evening. If they don't like what they hear, sterling is back under attack and hard. If the BOE raises interest rates sufficiently, it may temporily settle the rates, but it makes UK yields go up, the Treasury wince, and the cycle begins again. If they don't raise interest rates they'll start feasting on sterling again.

Most analysts are pricing-in dollar parity in the next couple of months, some have it under a dollar by end of year.

What you posted is known as a dead cat bounce, and the rate is still under the already punch drunk rate at closing on Friday.

26-09-2022 04:02PM

https://www.boards.ie/discussion/comment/119667367#Comment_119667367

Precisely, but these things have a habit of working themselves out.

Market freak-outs do not equate to what's right.

Yurt2 · 26-09-2022 04:13PM

https://www.boards.ie/discussion/comment/119667380#Comment_119667380

What does the above even mean?

A 'market freakout' as you so call it, is pension funds and investors etc protecting themselves against Truss pushing a sharpened pencil up the nose of the UK national finances and telling everyone it wont get brain damage because something something 'growth bonanza'.

You're actually agruing in defence of economic vandalism and shrugging your shoulders about it.

26-09-2022 04:15PM

Maybe few of the visible personalities in Tories are long-sighted enough to be strategic, but there are active figures who most likely are. Or maybe I’ve watched too much Yes Minister. 🙂

Timberrrrrrrr · 26-09-2022 04:28PM

https://www.boards.ie/discussion/comment/119667350#Comment_119667350

You seem to think that the BOE making a statement is going to be a good thing for the UK economy.

L1011 · 26-09-2022 04:38PM

https://www.boards.ie/discussion/comment/119667350#Comment_119667350

Statement comes out

Pound starts to fall again immediately.

Timberrrrrrrr · 26-09-2022 04:39PM

Let's see how the markets react

26-09-2022 04:41PM

Statement seems a bit wishy washy.

Yurt2 · 26-09-2022 04:43PM

I missed this gem with the ninja edit...

The BoE will make a statement later today. This will ease market concern further, and the pound will continue to increase

Yes, nice words from the BOE will make it all better. It's like flat 7-up but for a currency crisis 😂

Like the markets give a f*ck. There's either a major economy rocking interest rate hike, a rollback of the mini-budget, or the sterling bloodbath continues.

Hoop66 · 26-09-2022 04:45PM

https://www.boards.ie/discussion/comment/119667380#Comment_119667380

Utterly meaningless tripe, trotted out as the pound continues to fall.

ongarite · 26-09-2022 04:47PM

Halifax, largest mortgage lender in UK suspends some mortgage products due to sterling crash..

Yurt2 · 26-09-2022 04:50PM

"We will not hesitate"

Proceeds to hesitate

Sterling continues to get pummeled live. Back down to 1.06 after the BOE non-statement.

@[Deleted User] Just like I told you a few posts before.

26-09-2022 04:55PM

If sterling drops below the dollar just how bad could things get for the Uk ?

cheese sandwich · 26-09-2022 04:55PM

This crash is the logical consequence of the magical thinking behind Brexit - the UK as a unique nation that doesn’t have to abide by the boring economic and fiscal responsibilities that the rest of Europe is shackled to.

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