Breaking news: Liz Truss is the next PM

[ErmagerdtheQuern]

God help us all.

We've already had plague; so I'm betting on total apocalypse.

“Brexit hard man” Steve Baker has been made Northern Ireland secretary, in case you were wondering how seriously this new administration is taking all that.

Indeed. The difference being that the Tories are going to borrow and get us into even more debt to fund it, while Labour would tax the energy companies’ £170 billion profits. Which makes the most sense to you?

Yes. This ^ @midgetastic

Why would you support all of us working people having to pay back this colossal borrowing which is going into directly into the pockets of the energy companies and their shareholders??? You do realise it's not just us that will have to pay it off, but our children too? Why should they? Why should that money not come from the £170bn of profit they are pocketing??

Not sure why you tagged me there ?

I would much rather a tax on windfalls myself ?

Truth bending here! Truss explicitly ruled it out during the campaign - no handouts she said.

Now it turns out she will let us rack up a massive debt as taxpayers - protecting the oil companies is her big priority.

Apparently she used to work for Shell?

They are handouts to the rich!

It's very transparent
Tax cuts for businesses and the rich.
Borrow loads which everyone has to pay back

The Tories rubbished it when Labour announced the same policy.

However, its not the only solution at all, both Labour and Tories freezing prices for all is crazy, the amounts to be borrowed are huge and it's also very short term... Putin wont be going anywhere and even if he does, Russian gas wont be heading into Europe, it will go to China and India.

Help should be targeted, max unit price for what the average household uses and anyone lucky enough to have a heated pool etc they pay the market rate.

£ at its lowest level since 1984 against the $ so all imports will rise, adding to inflation.

Her policies will crash the economy, add billions to debt and see borrowing costs soar... which to be fair, is exactly what Sunak said she would do !

It was in response to your earlier comment where you suggested that the Tories had not used Labours policy of freezing bills and then said that they were different.

If you think Labour's idea on where the money comes from is better than the Tories then why are you against Labour?!

The "borrow" bit may be difficult, if the lenders lose confidence in the UK and it looks like they will, then interest rates will rise.

I guess there is always the IMF, though rescuing the UK might be beyond Ethan.

Just started to watch Ian Hislop dismantling Liz Truss this will be good...

At the end of the day the UK is in a financial mess. We’re now alone and don’t have the EU to fall back on. I accept that the UK isn’t likely to go bankrupt, we still have strong financial services in the city of London.Ultimately, it’s the bankers in the square mile that run UK PLC. They advise government.

The trouble we have in this country, is it’s very difficult for a government to get things done. We’re in no man’s land.

For example , millions will be spent on the Rwanda idea. The fact is, that millions will be spent on legal bills for the migrants who appeal the government decisions.
Its easy to say ‘ let’s deport illegal immigrants to Rwanda’. But it’s actually extremely difficult, especially when we still abide by the ECHR act.

As for wind farms, tidal and solar energy , people agree to the idea, until it’s in their back yard. Then they object to it and months and years go by, without anything being done about it.

I don’t see very much being done about energy in this country anytime soon.

Instead we’ll just borrow our way out of the problem.

Sporty , your spot on there
Good summery

A windfall tax was Labours idea to fund the hikes in energy bills.
Liz Truss has been clear, she won’t tax the energy companies. She doesn’t want to put them off investing.Instead , the government will fund the energy companies and we’ll pay it back over a long period of time. How much and for how long is anyones guess.

That was what I suspected would happen.

If we don’t give the energy companies windfall taxes, how can they prove that they’ll actually invest the money into the UK? And not line their own pockets?

The energy companies will have to be prepared to provide audits and figures to make sure they won't hoodwink us all.
I'm not holding my breath though.
The ex employee , Ms Truss, will want her cut of the money as a share holder i bet.
I suppose a lot of the money will go towards net zero too , investments etc but whatever way you look at it , its win win for them isn't it? Everyone will be in debt for years over this.

After paying for furlough, we will be paying for this cost of living crisis. It really is dire.

I can’t help but wonder if it would be cheaper to tax the energy companies ( a windfall tax) . If they say they’ll leave the UK, tell them to close the door on their way out.

Then set up a brand new nationalised energy company who can build the infrastructure for net zero.

Rather than giving Shell and BP 100 billion quid out of tax payers money so they can carry on making massive profits.

Maybe I’m being totally naive.

I agree. This giant borrowing on top of Covid giant borrowing will trash the whole economy.

The markets have responded very negatively and continue to do so, no surprise. The Tories have indulged in a 2 month leadership campaign at absolutely the wrong time and then the membership have voted in the worse of the two candidates. I can't stand Rishi and he will favour the very wealthy for sure but at least his isn't utterly clueless about the economy.

No it isn't because the flaw is the UK is going to find it increasing harder to borrow, we are already at 96% of GDP.

Its completely unsustainable, no other (european) country is going down the Truss route of cutting taxes and increasing borrowing... she is banking on firms moving to the UK but why would they? other than for tax purposes ie a name plate.

Out of EU, difficulty in exporting, poorly trained (and aging) workforce, shit education and health services plus no longer part of the EU 's Horizon Science project, so bang goes life sciences.. a UK success.

Targeted help, windfall taxes, less borrowing, why is she being so f ing stupid?

I don’t understand how you can invest in public services and cut taxes. Now is not the time to cut taxes.. We need every penny back.

As for Truss talking about companies not investing here if they get taxed, they can already go to other countries and be in tax havens.

So why would they set up a business here anyway?

If you are under 50 - she basically said fuck you to you and your children. Read somewhere she's worth £8.4 million - they just got the nation's credit card to pay for the next election votes of mortgage-free, house-owning, shareholders pension loving silverbacks so they can carve up and sell off the nation to international capital whilst wrapping themselves in the Union Jack, Cunts.

Interest rates will soar, the pound will tank and inflation will rip welcome to the Brexit world so evil Blofeld would be envious.

She’s said fuck you whatever age you are if you’re not extremely wealthy. Age is no protection if the country goes bust.

In 1933 33% of Germany voted for the Nazis the largest party in the Bundestag they're not there yet but ballot boxes are surely not a measure of probity. There's a door marked fascism and it's surrounded by flags and just waiting for an economic disaster to open. In Hungary, Italy and France it's looking like it already has. My dad was 16 and my mum was 10. A sobering thought.

en.wikipedia.org/wiki/March_1933_German_federal_election

“If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State can shield the people from the political, economic and/or military consequences of the lie. It thus becomes vitally important for the State to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth is the greatest enemy of the State.” Joseph Goebbels

Didn’t Rishi Sunak tell everyone that Liz Truss’ financial plans wouldn’t work and would lead to higher interest rates..

I’m just wondering now how long it’ll be until we get a new Tory leader? Do you think Liz Truss will last till the next (expected) election in 2024? Or will someone come in to replace her before then?

He did and so has Phillip Hammond too
People I trust more than her to get it right