Thread 16 Trussterfuck, big dog the aftermath

[DuncinToffee]

Welcome to the growing Anti Growth Coalition

Previous thread
www.mumsnet.com/talk/_chat/4642127-thread-15-big-dog-has-been-rehomed-but-we-still-need-a-poop-scooper

"Surely the BoE can't carry on pumping money into buying back Govt bond debt to stave off government induced economic meltdown every few weeks for another two years??"

I think they can. But what that does to inflation/mortgage rates/market confidence I have no idea!

Guess the Johnson’s are after new wallpaper and the after dinner speeches are easy money.

"Surely the BoE can't carry on pumping money into buying back Govt bond debt to stave off government induced economic meltdown every few weeks for another two years??"

BREAKING:

Andrew Bailey, the governor of the Bank of England, says that the emergency intervention in the bond markets WILL come to an end on Friday

He tells pension funds, which are heavily invested in UK debt: 'You've only got three days left now. You've got to get this done'

twitter.com/Steven_Swinford/status/1579908537974595584?t=fjyMkgl5pR-tFsUBtdvnRw&s=19

I think I read that it's quite common for ex PMs to have an office set up for them after the go. Not sure what the exact reason is though.

There was someone on the radio earlier explaining that what developers (and probably any business) wants is stability. So this constant messing around with the rules, is actually really problematic for them as the goal posts keep moving, which makes it very hard to plan a business on that basis.

Pound falling again

Gosh
Just look at what happened to the pound when @bankofengland Governor Andrew Bailey told investors its emergency support will definitely end on Friday.
"You've got three days left now," he said. "You've got to get this done."

twitter.com/EdConwaySky/status/1579914091749314561?t=fjyMkgl5pR-tFsUBtdvnRw&s=19

Ffs!

I wonder if they'll stick to that.

Looks like Truss is making a u-turn on windfall tax but only for renewable energy, not oil and gas

Fuck me. How truly stupid and up her own arse is she? Just tax the oil companies ffs, it's really not hard. No-ones going to object, even the bloody companies have told her to tax them.

At this rate the windfall will have passed before she gets it and the opportunity will be lost.

I reckon there will be a few more u-turns a-coming, along with a few more letters to Graham Brady.

Listening to podcasts (either The News Agents or The Rest is Politics) Tory commentators said Truss seemed to still be feeling like things were going fine in Birmingham.

Extraordinary. What is wrong with this woman?

Good thread on AIBU right now about gilts markets. I cant seem to link it but its called "Can someone explain in laymans terms what is happening with the BOE/pension funds on Friday?"

www.mumsnet.com/talk/am_i_being_unreasonable/4653326-can-someone-explain-in-laymans-terms-what-is-happening-with-the-boepension-funds-on-friday?page=5&reply=120676303

I've just had an email saying they are going to debate the petition "call an immediate general election to end the chaos of the government" on the 17th October.
Will our financial system survive until then?

That gilt thread is very informative.

The gilts thread is interesting
I sort of understand it, they basically play with the pensions contributions they receive from people to try and make more money I think ?
It seems it's not going well atm :( because of the inflation and interest rate rises and the tax cuts they wanted to bring in.
It is scary it could all fall apart so quickly
This is people's livelihoods that are being affected.

I signed the ejection petition online and had the same email back too.
I doubt anything will happen

Election, although ejection is ok too !!

It's not even 10 o'clock yet

NEW: UK economy shrank unexpectedly in August, falling by 0.3% after growing 0.1% in July, and raising risk of recession, according to ONS figures.

EXCL: The India trade deal is on the "verge of collapse" after Indian ministers reacted furiously to Suella Braverman criticising migrants from their country:

Jacob Rees-Mogg accuses the BBC of breaching impartiality guidelines by suggesting the current crisis on UK financial markets has anything to do with the Government.

twitter.com/elenicourea/status/1580106006390263808?t=IZwKW4VrNisISs1EiDz2Qg&s=19

Growing speculation that Truss could ditch yet more aspects of the mini-budget

Tory MP texts: “I think we’re heading for the most humiliating u-turn in modern political history: the entire mini-budget

Think we’re looking at “deferring” tax cuts and maybe a further windfall tax”

Back in August they were ramping up the news over the energy bills : scare stories of 7k a year bills , no wonder people stopped spending any money!
Jacob Rees mogg has it in for the bbc ,
His little world of high finance is fine I'm sure.

Jacob Rees-Mogg accuses the BBC of breaching impartiality guidelines by suggesting the current crisis on UK financial markets has anything to do with the Government

Big fat LOL. He’s utterly deluded. Who gives a shite if the BBC have breached guidelines - check out global media saying the exact same thing.

how anyone can take that man seriously is an utter mystery.

Seen it reported in the Guardian that the windfall tax will be taking place, but it is being called something else

The conservatives always blame everyone else
I know the LP do it too, but it doesn't help.