Is the Chancellor about to crash the economy?

@mumofoneAlonebutokay , they have only been in power a few months and the fiscal decisions Ms Reeves made in her budget have taken our economy from one which was reasonably stable to one which is in an increasingly poor state. They banged on about ‘growth’ but that was such an anti growth budget. Your mortgage repayments will rise, your utility bills will rise, your groceries will rise, unemployment will rise, your standard of living will drop. A pretty spectacular turn of events for a government who’ve only been in power a few months.

The same man who made the wonderful quote earlier " they have taxed employability not profitability : corporation tax is the way to tax *

He also said RR should have done nothing.
He said its hard but inflation was lower, things were good.
She should have left it.

This !!!!!!!!

Of course you want me to be quiet. The pounds was much lower than 123 yesterday. Fact.

You should be quiet as you clearly have no idea what Historic lows means.

£/$ was 1.23 in May 2024

Yep. There will be a delay but those groups will see it after as the private sector is contracting

Labour voters were warned what would happen if they got in, they took no notice and voted for them anyway

yes it’s a shit show, one that’s expected, buti have no idea how they are going to get out of the mess the chancellor has made

Yeah right. 7 dollars less for every 100 pounds since October. Historical lows against the dollar.

I bet a thicko would come next to say who cares no one needs a holiday to the US 🤣

Judging by her appearance in the House of Commons at yesterday's debate she looks like she has aged 10 years over the past few weeks.
Starmer desperately needs to find a Minister who is also au fait with economics.

Certainly don’t seem to have done anything to make it better

Economists and City experts are saying the Bond issue is a global one, with higher yields across all major economies, UK - 4.8% vs USA 4.7%

Germany has seen yields almost double, France and Italy all up by 50%

People are worried about Trump, when was the last time a President election said he would invade another NATO member or allow the Russians to take a democratic European state? and thats before we get to Trumps tax cutting, funded by borrowing promises....

However, she did borrow and introduced tighter fiscal rules, so that has put us in a worse position.

£/$ still reasonable high and £ has held its own against the Euro.

However, non Labour supporters will do all they can to blame Labour for ALL of it, just as they are trying to blame Labour for the NHS crisis.

But please put this in perspective, UK gilt yields have averaged 4.3% over the last 12months, they are now 4.8%

Under Truss, they went from 1.8% to 4.5%... and ruined many DC pensions.

Rachel from accounts has three options: borrowing more, taxing more or spending less. She needs to swallow her fiscal rules and borrow more, as raising NI for employers has destroyed industry trust in this government, and spending less is hard to explain to the public.

So, she must to borrow more in order to invest in our economy. The key is 'invest', not throw money away on unjustifiable pay rises for well-paid rail workers, etc. Investment means initiatives that encourage inward investment to the UK, and helps UK employers.

Exactly! It is revolting people are blaming the Tories for what it is the Labours own doing since they got in. The ones who voted Labour will pay for it as well as the ones who were warning not to do this mass slaughter. The economy was doing much better when the Tories lost the elections. This is on the Labour Party and their ideologies. Tories are gone. Face the music.

The banks crashed it not Liz truss - to get Goldman Sachs dick head in power, if Liz's tax cuts and policy's had come in we'd all be booming now.

She already has. The only people who don’t know this yet are those who are employed by the public sector, the unemployed/welfare claimants and some pensioners.

They will realise all of the above when there is reduced tax take from the private sector. Mainly because of redundancy, pay freezes, recruitment freezes, reduced investment and relocation. It’s amazing what they’ve done.

Yes, I see. But I don't care 👀

I mean, they've only been in power a few months - they need more time

Businesses were always going to do what they were going to do, see shoe zone, but now they have a convenient person to blame for their actions

I don't claim to be an expert on economics but many people who are were concerned that the budget was not designed to promote growth and borrowing at a 16 year high cannot be a good thing when the money is just being used to keep our heads above water.

I was never a fan of Truss, she always seemed to carry a whiff of incompetence and inadequacy but I'm just watching an interview with her which is very interesting. Slightly unrelated to the thread but other people may find it interesting too.

Another pro labour bot.

See how that works?

@Privetproblemshedges I've noticed this as well.
On the musk threads there is much repetition and I did think is it something from Facebook, to counter musk.
But then I told myself off for being a paranoid fool.

So we're not allowed to discuss the economy now? Ok!

Such a lazy unintelligent reply. How can we be sure you aren’t a pro labour bot?

I mean, it does seem like there are tonnes of posters these days posting the same accusations….

If you seriously think the poster is a bot then report the post to MN. Or continue breaching community posting guidelines yourself.

Funny how it is currently the female Chancellor's fault but not the male PM's.
Previously, it was the fault of the female PM and not her male Chancellor.