I bet even the best AI couldn't crash the economy as fast as our Liz. :-)
The Bank of England had a busy end to September. On Wednesday last week, it said it would buy £65 billion (c $72 billion) of government bonds after the pound tumbled to historic lows and pensions funds went into meltdown, all seemingly the result of the government's mini-budget days earlier. The move sent shockwaves through …
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Monday 3rd October 2022 15:22 GMT VoiceOfTruth
The Daily Mail was gloating about it at the time. The 24th of September front page headline in all caps: AT LAST! A TRUE TORY BUDGET.
How much the Daily Mail and its tax-haven dwelling owner hate people who are not wealthy. Reality sank in a few seconds later. Even the Daily Mail could not argue with a 33% by Labour. But but but, if only the great unwashed would put their shoulders to the wheel a bit more they too could afford a holiday home in Cornwall.
I imagine the queue for the Tory lavatories in parliament was very long suddenly, and the supply of bog roll soon ran out. It would be funny if it were not so serious. We were hours away from a financial crash, wiping out pensions in the process.
There is the well known saying that "You can fool some of the people all of the time, and all of the people some of the time, but you can not fool all of the people all of the time". By Abraham Lincoln, apparently. I looked it up to quote it correctly because it is prone to incorrect quotation.
I have a modification of that for the era in which we live: You can eff off some of the people all of the time, and all of the people some of the time, but you can not eff off all of the people all of the time.
Tuesday 4th October 2022 08:04 GMT Binraider
Ha! I for one was delighted by the ongoing car crash of an incompetent an unelected (by the general public) government.
Obviously their policies are what they are, varying degrees of hatred for those, but the more they screw up the more likely they are to be removed at the general.
Short term pain, long term gain.
Tuesday 4th October 2022 17:46 GMT Trigun
Tuesday 4th October 2022 17:59 GMT Binraider
Advocate of ending FPTP here for the very reason you give here.
I can't vote for what I want under FPTP because FPTP. And nor can a lot of other tactical voters.
Labour aren't ideal but with PR on the agenda they are at least a bit of hope. For what's the alternative to change? More cronyism?
Monday 3rd October 2022 12:49 GMT Paul Crawford
Monday 3rd October 2022 13:42 GMT andy 103
Monday 3rd October 2022 14:24 GMT John Smith 19
Truss's plan explained in detail
1) F**k the poor *
2) Blame mortgate hikes on the BoE for doing the job they are required to do.
3) Pray to whatever Dark Lord she believes in that rich people will use the extra money by buying useful stufff that a)Injects cash into the economy (hiring expensive escorts. Doing lots of recreational drugs, legal or otherwise) b) Buys "useful" stuff, like machinery for their companies, or even whole new companies.
*And by "poor" I do mean anyone on < £150k, the point at which someone starts to see a benefit from all of the last 12 years UK tax and benefit changes. Anyone on < c£35k is likely in fuel poverty as well.
Monday 3rd October 2022 20:14 GMT Anonymous Coward
Trickle down Trussonomics
The BoE made it clear what it thought of Truss's plan to cut the tax on the rich with the hope that the rich would trickle down their profits to the economy. Trump made the same argument for his tax cuts and they resulted in increased wealth, bigger bonuses, stock buy-backs, and increased debt.
Throughout history, "trickle down" economics translates to "piss on the peasants" economics.
Monday 3rd October 2022 20:26 GMT veti
Tuesday 4th October 2022 12:31 GMT Anonymous Coward
Wednesday 5th October 2022 01:09 GMT Fruit and Nutcase
Re: Seems to me
Lots of good things have been done on the back of a cigarette packet or paper napkin - but the people doing the scribbling are usually adults and have some talent. The First Lord of the Treasury and her Chancellor of the Exchequer on the other hand are somewhat lacking in the talent department - and over and beyond that, an ounce of empathy and humility would be nice
Tuesday 4th October 2022 09:19 GMT Oh No, Not Again
Tuesday 4th October 2022 09:43 GMT PhilipN
Tuesday 4th October 2022 11:29 GMT Peter2
The Bank of England had a busy end to September. On Wednesday last week, it said it would buy £65 billion (c $72 billion) of government bonds after the pound tumbled to historic lows and pensions funds went into meltdown, all seemingly the result of the government's mini-budget days earlier.
Compare both of these charts.
It's interesting how the UK mini budget caused a crash in the value of the euro at the same time, isn't it?
A sceptic might think that the cause could be more related to the US's .75% interest rate rise on the date both dropped in value relative to the dollar, coupled with the fact that the entire of Europe (including the UK) is now buying gas from the USA in dollars.
You might also mourn the fact that our home grown extremists forced the closure of North Sea Gas, as otherwise we'd be self sufficient, and any additional supplies would have gone to exports, meaning that if they hadn't have done that then we'd have been rolling in money at the moment.
Alas, the green movements aim appears to have been to close down gas production in the UK in favour of foreign imports, and opposes any form of practically workable power generation such as nuclear which would threaten to reduce CO2 emissions through the closure of gas or coal plants.
Tuesday 4th October 2022 13:01 GMT Danny 2
Moaning Scot again
Liz said the big thing about the package was The Energy Price Guarantee, and financially it is, it's just so badly targetted.
I've pointed out before here that it's unfair and irrational that my rich sister gets it once for hr home in London, and again for her holiday home in Scotland.
It also seems obvious that London or Brighton are much warmer than say Edinburgh or Thurso and so require far less electricity to stay warm.
It's wasteful and unfair, and they had time to think about this.
Tuesday 4th October 2022 17:52 GMT hammarbtyp
Trickle Down economics
I saw a homeless man in the street, so I decided to do something about it.
I took £10 out of my wallet, hopped on the bus to the most expensive area in town, found the biggest house and pushed the £10 through the letter box.
I hope the homeless guy appreciates the money when it gets to him