kamikaze kwarteng

Should he stay or should he go now?

He and Truss are quite simply inept.

Even the IMF are telling them to reconsider their actions.

Lots of rumours that Tory MPs already calling for Truss to go.

Got a family member on the verge of buying a house and many mortgage companies have removed their products.

This is worse than the last worldwide crash except this is just in the UK. No hiding place for them now.

Unfortunately, ineptitude is now the Hobsons Choice faced at every election, even more so in Wales.

The pound is stable against the Euro, this is a strength of the dollar issue that is being pumped by the US fed. The press are driving this anxiety, everyone just chill. The FTSE is at the same level as just before the pandemic. Don't listen to journalists trying to drive a.stoey.

50/50 choice, cut taxes and drive more money to be spent or hold or increase taxes to get more cash but people spend less which means overall there are less taxes.... I'd cut them.

Should he stay or should he go now?

KK and his PM - Have not got a clue ...They were warned but the pair of them just don't listen to advice
Then they are starting to send out the backroom team to defend their actions

The pound is stable against the Euro, this is a strength of the dollar issue that is being pumped by the US fed. The press are driving this anxiety, everyone just chill. The FTSE is at the same level as just before the pandemic. Don't listen to journalists trying to drive a.stoey.

50/50 choice, cut taxes and drive more money to be spent or hold or increase taxes to get more cash but people spend less which means overall there are less taxes.... I'd cut them.

And the Bank Of England have issues with Truss as thier poster boy didn't get the job ,whose to say they have it right .. perhaps the plan is to install a Labour government and re enter Europe???

He and Truss are quite simply inept.

Even the IMF are telling them to reconsider their actions.

Lots of rumours that Tory MPs already calling for Truss to go.

Got a family member on the verge of buying a house and many mortgage companies have removed their products.

This is worse than the last worldwide crash except this is just in the UK. No hiding place for them now.

Not quite that catastrophic mate. Lenders just trying to reprice their fixed rate products as they secure their own funding at the moment. Initial commercial products coming out seem to indicate the wholesale market predicting base rate of around 4.5% instead of the media hysteria as Einstein mentioned. Everyone forgetting we’ve had abnormally low interest rates that had to move back to an acceptable range at some time. For me, the Biggest Bollock dropped by KK was not giving the OBR the info on it all, as this infers there’s bad news of some form in it. IMO if he’s got it right his execution of it is awful. If he’s got it wrong, we need to belt up for the ride. But as Einstein has pointed out, it’s not necessarily the pound and euro weakening, but everyone buying the American Bonds their government has been selling like they’re going out of fashion, as their interest rates are higher than ours.

Perhaps listen to the answers the PM gave to local bbc radio station questions this morning, currently on LBC.

Incredible to listen to her stuttering and paused responses.

I doubt very much she will make it to Xmas.

He and Truss are quite simply inept.

Even the IMF are telling them to reconsider their actions.

Lots of rumours that Tory MPs already calling for Truss to go.

Got a family member on the verge of buying a house and many mortgage companies have removed their products.

This is worse than the last worldwide crash except this is just in the UK. No hiding place for them now.

Not quite that catastrophic mate. Lenders just trying to reprice their fixed rate products as they secure their own funding at the moment. Initial commercial products coming out seem to indicate the wholesale market predicting base rate of around 4.5% instead of the media hysteria as Einstein mentioned. Everyone forgetting we’ve had abnormally low interest rates that had to move back to an acceptable range at some time. For me, the Biggest Bollock dropped by KK was not giving the OBR the info on it all, as this infers there’s bad news of some form in it. IMO if he’s got it right his execution of it is awful. If he’s got it wrong, we need to belt up for the ride. But as Einstein has pointed out, it’s not necessarily the pound and euro weakening, but everyone buying the American Bonds their government has been selling like they’re going out of fashion, as their interest rates are higher than ours.

Are you honestly thinking that this is going to get better with Truss and KK in charge !?

This is an absolute disaster for our country with other countries, banks and investors laughing at our incompetence.

Have a listen to the Truss interviews this morning and honestly tell me that you think she has the intelligence/leadership needed to get us out of the mess she and her chancellor have created.

Even a Tory MP has described it as a “s*^tshow” !!

She’s on the cards to be the shortest serving PM in history !!

Now if this was a Labour government this thread would be twelve pages by now with all and sundry queuing up to slag them off.

Now if this was a Labour government this thread would be twelve pages by now with all and sundry queuing up to slag them off.

Got WG for that..

To be fair, I listened to the Labour conference this week and it's the first time I've actually thought they have a chance of getting elected since Tony Blair. They delivered good speeches but could they deliver? Interesting times and I am considering voting Labour in the next election as it stands.

The pound against the dollar was crashing before the mini budget ,the media have over hyped this ,the rest of the world is weak against the dollar too ,th3 euro crashed before us ,the mini budget will work in the long term ,remember organisations like the imf want austerity and a one world tax rate the governmentare going againstthese types of organisations,reducing tax for people and businesses is not in there plan ,book mark this topic and give it 6 months I bet the pound has rebounded better than the rest of the world against the dollar also i bet more investment from outside the euro zone will be announced ,markets are volatile in the short term but will recover .

The pound against the dollar was crashing before the mini budget ,the media have over hyped this ,the rest of the world is weak against the dollar too ,th3 euro crashed before us ,the mini budget will work in the long term ,remember organisations like the imf want austerity and a one world tax rate the governmentare going againstthese types of organisations,reducing tax for people and businesses is not in there plan ,book mark this topic and give it 6 months I bet the pound has rebounded better than the rest of the world against the dollar also i bet more investment from outside the euro zone will be announced ,markets are volatile in the short term but will recover .

Wez I can vouch for £££ drop against $$$$ as using them in 2wks and every time asked the rate it had dropped and well before budget ..

He and Truss are quite simply inept.

Even the IMF are telling them to reconsider their actions.

Lots of rumours that Tory MPs already calling for Truss to go.

Got a family member on the verge of buying a house and many mortgage companies have removed their products.

This is worse than the last worldwide crash except this is just in the UK. No hiding place for them now.

Not quite that catastrophic mate. Lenders just trying to reprice their fixed rate products as they secure their own funding at the moment. Initial commercial products coming out seem to indicate the wholesale market predicting base rate of around 4.5% instead of the media hysteria as Einstein mentioned. Everyone forgetting we’ve had abnormally low interest rates that had to move back to an acceptable range at some time. For me, the Biggest Bollock dropped by KK was not giving the OBR the info on it all, as this infers there’s bad news of some form in it. IMO if he’s got it right his execution of it is awful. If he’s got it wrong, we need to belt up for the ride. But as Einstein has pointed out, it’s not necessarily the pound and euro weakening, but everyone buying the American Bonds their government has been selling like they’re going out of fashion, as their interest rates are higher than ours.

Are you honestly thinking that this is going to get better with Truss and KK in charge !?

This is an absolute disaster for our country with other countries, banks and investors laughing at our incompetence.

Have a listen to the Truss interviews this morning and honestly tell me that you think she has the intelligence/leadership needed to get us out of the mess she and her chancellor have created.

Even a Tory MP has described it as a “s*^tshow” !!

She’s on the cards to be the shortest serving PM in history !!

I didn’t say I was thinking things will get better under Truss and KK. I was stating what is happening with lenders and their products. To be honest, like any other sane person, I don’t have a clue how things will pan out, but there are a lot of reasons combining to cause the panic of the last few days. Not least by the hysterical media. Mortgage lending for the last 10-15 years has factored in rates going to around 5.25% (stress testing) as part of affordability assessment, so why they’re going into meltdown at anything between 2.75% and 5% is very bizarre. But I stand by what I said. His method of doing what he’s done was very poor. When the figures are looked in perspective the bulk of tax cuts were already factored in to the markets as they’d been widely discussed. What threw things out was the 45% tax cut and the reduction to 19% income tax being brought forward. Plus them not giving the OBR the raw data to work with. Added to that is the now disclosed issue that pension funds hold some very technical, risky investment gilt linked products, which also triggered a sell off in Gilts— the financial authorities seriously need to look at those. Truss is a horrendous speaker and I tend to switch off or switch over when she comes on tbh.

The pound against the dollar was crashing before the mini budget ,the media have over hyped this ,the rest of the world is weak against the dollar too ,th3 euro crashed before us ,the mini budget will work in the long term ,remember organisations like the imf want austerity and a one world tax rate the governmentare going againstthese types of organisations,reducing tax for people and businesses is not in there plan ,book mark this topic and give it 6 months I bet the pound has rebounded better than the rest of the world against the dollar also i bet more investment from outside the euro zone will be announced ,markets are volatile in the short term but will recover .

You are correct Wez but the reason why it was crashing before was because the facts around this mini budget were well known before it was made official.Also I'm also old enough to remember when 5-7% interest rates were the norm so I wouldn't bet on them coming back down any time soon as the financial institutions will like all this extra revenue they get.A good way to solve the housing crises but a lot of pain for alot of people including loads of working class Tories.

Where was all of this in March 2020 when we embarked on the economically destructive policies which have actually caused this?

Truss has not taken over a thriving economy, quite the opposite - if she did nothing we would be be heading for catastrophe.

She has to do something and with taxes the highest they have ever been we cannot do any more there, we have to generate growth and cutting taxes is the sensible way to do that. The 45p abolishing was unnecessary and will be reversed eventually I am sure. They are better off raising tax bands and finding other ways to get wealthier people spending money again (which was the point of it IMO).

But we have to do something and at least she has an idea, the opposition and rivals in her own party are the ones who have actually caused this issue with their actions (and lack of opposition) over the last 2 1/2 years.

The value of other currencies is also dropping with inflation rife in other countries too (thanks to following the same ruinous policies we did). We are not alone in this and it will be a tough recovery, there is no easy way out whoever is in charge and whatever we do.

What is funny is £26bn of tax cuts are attracting more attention than many more billions of unfunded spending to help with the energy crisis. IMO this is political and Truss enemies are using it to try and get her out as she was not the establishment choice.

FYI I am not a Tory, I hate all the main parties equally but I knew from day one in March 2020 we would end up here as I do work in the financial sector!

The pound against the dollar was crashing before the mini budget ,the media have over hyped this ,the rest of the world is weak against the dollar too ,th3 euro crashed before us ,the mini budget will work in the long term ,remember organisations like the imf want austerity and a one world tax rate the governmentare going againstthese types of organisations,reducing tax for people and businesses is not in there plan ,book mark this topic and give it 6 months I bet the pound has rebounded better than the rest of the world against the dollar also i bet more investment from outside the euro zone will be announced ,markets are volatile in the short term but will recover .

You are correct Wez but the reason why it was crashing before was because the facts around this mini budget were well known before it was made official.Also I'm also old enough to remember when 5-7% interest rates were the norm so I wouldn't bet on them coming back down any time soon as the financial institutions will like all this extra revenue they get.A good way to solve the housing crises but a lot of pain for alot of people including loads of working class Tories.

Currencies all around the world were crashing against the dollar, the main reason is that the US federal bank raised interest rates massively compared to other g7 countries.

All the people moaning are the same people who shouted from the roof tops labour etc,they all wanted the money dished out through COVID ,they all wanted a price cap on energy prices,they all wanted a reversal of the ni rise ,and income tax reduction,they have been given everything they cried for,now there moaning and saying you have borrowed to much money you could not make it up ,so all the people moaning you don't want your energy bills capped ,you want to pay more tax and and ni ,so if tomorrow they reversed it all ,let me guess they would be happy ,like crap would they

These two are idiots beyond repair. They were warned time and a again not to follow this tax cutting course with feathering the pockets of the rich.

The actions of Downing street are hitting all sections of society except the rich tory cronies who put them there. I am looking at the stock market not as a a face-cat investor but as a person that has managed to put together a modest pension pot (just retired after 50 years in the world of work) and i am seeing all my retirement plans shrinking on a daily basis, since Monday my pension income has shrunk by 2 and a half years worth, because of the actions of these two clowns in Downing Street.
I dare say there are millions of others in the same boat

All the people moaning are the same people who shouted from the roof tops labour etc,they all wanted the money dished out through COVID ,they all wanted a price cap on energy prices,they all wanted a reversal of the ni rise ,and income tax reduction,they have been given everything they cried for,now there moaning and saying you have borrowed to much money you could not make it up ,so all the people moaning you don't want your energy bills capped ,you want to pay more tax and and ni ,so if tomorrow they reversed it all ,let me guess they would be happy ,like crap would they

Bang on ,they keep going on about a energy windfall tax but there's already been one .

The pound is stable against the Euro, this is a strength of the dollar issue that is being pumped by the US fed. The press are driving this anxiety, everyone just chill. The FTSE is at the same level as just before the pandemic. Don't listen to journalists trying to drive a.stoey.

50/50 choice, cut taxes and drive more money to be spent or hold or increase taxes to get more cash but people spend less which means overall there are less taxes.... I'd cut them.

And the Bank Of England have issues with Truss as thier poster boy didn't get the job ,whose to say they have it right .. perhaps the plan is to install a Labour government and re enter Europe???

The Leader of the Labour Party has made it clear that the UK will stay out of the EU when the inevitable happens and we take power.

But don't let the facts get in the way.

These two are idiots beyond repair. They were warned time and a again not to follow this tax cutting course with feathering the pockets of the rich.

The actions of Downing street are hitting all sections of society except the rich tory cronies who put them there. I am looking at the stock market not as a a face-cat investor but as a person that has managed to put together a modest pension pot (just retired after 50 years in the world of work) and i am seeing all my retirement plans shrinking on a daily basis, since Monday my pension income has shrunk by 2 and a half years worth, because of the actions of these two clowns in Downing Street.
I dare say there are millions of others in the same boat

This is not solely down to The present 2 incumbents it’s been coming down the track for years. No country can keep borrowing and printing money without consequences. My shares are worth a third less than I put in and around 40% down on their peak.

The pound is stable against the Euro, this is a strength of the dollar issue that is being pumped by the US fed. The press are driving this anxiety, everyone just chill. The FTSE is at the same level as just before the pandemic. Don't listen to journalists trying to drive a.stoey.

50/50 choice, cut taxes and drive more money to be spent or hold or increase taxes to get more cash but people spend less which means overall there are less taxes.... I'd cut them.

And the Bank Of England have issues with Truss as thier poster boy didn't get the job ,whose to say they have it right .. perhaps the plan is to install a Labour government and re enter Europe???

The Leader of the Labour Party has made it clear that the UK will stay out of the EU when the inevitable happens and we take power.

But don't let the facts get in the way.

I think the self-styled 'New Day' is still rising, Ned...

Times poll showing Labour on 54%.

We're all doomed.... Hold on the pound is up 8% from the lows two days ago!!!!!!!!!

No the "bad news" journalists don't want to mention that.

Times poll showing Labour on 54%.

1700 people asked ,and of those 68% voted remain ,and 590 were from a region somewhere in the south seensca bit of a weird poll to me no doubt labour are in the lead but I don't think it's 54%

Times poll showing Labour on 54%.

1700 people asked ,and of those 68% voted remain ,and 590 were from a region somewhere in the south seensca bit of a weird poll to me no doubt labour are in the lead but I don't think it's 54%

Opposition is easy, say the opposite of the gov and have no real plan of your own... Labour have been running WAG for a while now, disaster.

Times poll showing Labour on 54%.

A lead which has Not happened in 30 years - The margin in % .

Times poll showing Labour on 54%.

A lead which has Not happened in 30 years - The margin in % .

Obviously clear that Labour will win the next election. The majority will depend on who leads the Tories in the next election. Sunak would help them get to a respectable position. As would several others.

Truss will cause an unhealthy majority for Labour. I say this as a Labour member as it's better for democracy for there to be narrow majorities.

But I do look forward to the future when this Tory party are finally out of power.