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

The UK since 2016 has been like a post-modern experiment where they pick the craziest thing they can do, then watch the results with horror/amusement. And when you think they can't go any further, they go and outdo themselves. It's almost past Trump-bizarro-world at this stage, the constant implosions and self-flagellation.

Just wondering, would a few hundred thousand protestors showing up and making enough noise that the conventioneers can't hear themselves think, make a difference?

The BoE said a couple of days ago they are not going to act till November, could that be brought forward?

2 million households in the UK are on variable rate mortgages, I wonder how much extra a month a 1% increase in interest would cost a mortgage holder on a £300k mortgage. A 1% increase would seem at the lower end of what the Bank of England would likely implement to stabilise the pound.

I was/am struggling to understand why the markets reacted so overwhelmingly negatively to this mini budget, as I find economics on a large scale difficult to understand fully. I found this article very useful:

Truss is borrowing £27bn to fund the tax cuts, and £60bn for the energy price cap. These, plus other items mean the government is borrowing £127bn more than last year, or 75% more, pushing total borrowing for the year up to £299bn. Apparently, before the pandemic, it was £50bn. These numbers are truly staggering.

Is it the tax cuts that have the markets panicked? Or the price cap borrowing? Or all of it? Or the fact that she's funding all of it by borrowing? How is it Conservative to borrow nearly a third of a trillion pounds in one year?! It's mental. And that they refused to let the Office for Budget Responsibility get involved at all...

I would appreciate it if anyone could explain this stuff to me like I'm a child, to be honest! :D

I'm guessing that even if Truss did a complete U-turn now, and pulled all of this, the markets would still regard UK as an unpredictable basket case, careening out of control...

What would a sensible mini budget have looked like?

Big tax cuts and state borrowing at a time when inflation is rampant will only exacerbate currency inflation. This ontop of the fact that the BoE has clearly outlined their policy of tackling inflation through rate rises, means the only outcome from Trussonomics will be to strangle the life out of the British economy.

I don’t think they have a clue what they’re doing, or what to do next. Look at the cretin they’ve just installed as PM, despite severe warnings that her planned tax cuts would be inflationary. And while lots of the blame lies with the membership who voted for her, they wouldn’t have been able to if she had not been put forward as one of the final two by the party.

Well, I also blame the wider population for voting for Brexit, then Johnson. Now economic meltdown is happening.

Oh but he loves the notoriety. He'd be all over this like white on rice. Farcical as it might seem, remember 'them's the breaks.'

Johnson's idol made a comeback as PM, albeit he didn't ever resign the leadership. He still thinks he is Churchill in some ways, so probably wants to do that.