Black Monday anyone? The tories should be in jail

[Upthebracket22]

The pound is now at its lowest point against the dollar since decimalisation in 1971 at 1.03. It’s probably going lower and the Bank of England will likely need to step in with an emergency interest rate rise today. Black Monday possibly?

All because of the mini budget on Friday. The Tories should be in jail. Especially if their rich backers were shorting the pound as it appears to get rich.

Anyone with a large mortgage is going to be weeping very soon. Interest rates will rise substantially after the madness of Friday

Lots of people didn't want lockdown.
I understand why ( plus the furlough and loan money , some of this was claimed fraudulently )
But what would have happened to the NHS without it? Plus many didn't qualify for any money at all and many people were able to carry on working. Even if it was from home.
Blaming lockdowns isn't very helpful. Maybe the government shouldn't have given their friends and the nhs test and trace so much money as well. A lot of already rich people took advantage, not just those who had to apply for loans or furlough money.
What were they meant to do at that time ? Just let more people die and the NHs collapse?

I bet him an JRM have some lovely chats.

@Blocked

I think it won't be long in coming. Re-unification of Ireland & break up of the union is coming sooner or later. Let England stand on its own.

I want out. I want to be able to vote in or out the politicians who make decisions about our lives so callously.

I want more local representation & I firmly believe a union of 4 countries where one possesses the dominant numbers is never democratic.

It's past time.

I hate this bollocks about how high the % of total tax take comes from the highest earners, boo hoo hoo, poor them.

Of course it’s a massive share from them, that’s what happens when you have a high level of income inequality and the wealthiest have a % huge share of the country’s wealth. It’s basic maths.

I used to work in the financial sector, now I work for an LA. The risks some of the people I now work with shoulder in their jobs are huge and they’ll get paid not much more that I used to earn in bonuses. If they didn’t do they jobs they do then the environment everyone has to live in would be far less pleasant.

If he has any decency he will vote against the budget on the hustings he did say that her economic policy was madness which indeed it is. You borrow huge amounts of money to give tax cuts to the rich.

Incidentally, those saying that the pound is "recovering" back to $1.08 (wow.. still majorly down then?) should note that the only reason for this looks to be the markets pricing in an emergency intervention by the Bank of England to raise rates - current betting is either 1% or or .75%.

For anyone with a mortgage? This is NOT good news... and ANY benefit anyone was going to get from tax cuts (assuming that are not £150K + earners) will probably be wiped out...

Well said 👏

Also.... current working assumptions is that Interest Rates will hit 6% by next summer

What on earth are you talking about? Ive voted my whole life for labour

Much as I disagree with the mini budget, I think the point is not for current 45%-ers to hire more cleaners, but to INCREASE the total number of 45%-ers - by encouraging foreign investment by international companies (thus increasing total tax take and a bit of trickle down). I don’t think they planned for the sterling to drop, but a drop in sterling may help this.

but - as PPs have said - the effect on public services and middle/lower earners may actually be a disincentive - so the gamble may not pay off.

Sorry, well said @walkingonsunshinekat

I haven't read the whole thread, but currencies in both Sweden and Japan are also down about 20% - not mini budgets for them, as far as I am aware. Of course, timing is everything, but I think there is a global re-setting going on, and anything can trigger a drop.

thus increasing total tax take and a bit of trickle down

There is no such thing as trickle down.

Unless you're pissing on my leg and trying to persuade me it's raining?

It sounded yesterday on lbc as if the government want Indian investment in return for visas and more immigration
A government official ( I think it was Richie sunak ? ) was in India with Boris Johnson back in the early summer time and someone on the radio suggested that enticing the IT workers etc over to the UK might be on the cards.
It's just a hunch that all these tax cuts for businesses is but a carrot to get people over to work.

Sweden are doing ok. Health service functioning like normal, children are being fed, and no strikes planned. The UK is in a terrible state right now.

Or its a zig-zag downward movement where short profits are being taken by different players. A lot of the market velocity now is algo-driven. There must be a worry in the markets now that the UK is ground zero for a global stock market collapse circa 1929 as so many of that dials are screaming red, there has been war and plague and the death of the globalised world and western economies laden with debt and money printing.

I completely agree with this pp.

Markets go up and markets go down.

Hysteria from the BBC and pp on here won't change that. We need growth, and we need to fire up every engine and literally move heaven and earth to do so.
There is no other way.

Starmer has agreed with many of the policies with the exception of the 45% tax rate removal, which he will reinstate. Everyone knows now we have to throw the kitchen sink at this now.

You can squeal we want Boris back, but we would have been flat lining in terminal decline if we had continued with his left leaning policies.

Don't worry, Kier will be in charge soon and he's gonna save us all.

I am pretty sure this place is full of Momentum members pushing the agenda all the time. I would rather die than vote Labour with the lot they currently have. Politics of hate and envy. See for example London with major Sadid Khan. London is open. Open to crime it seems.

Posters calling for death should be banned and investigated by the police. They are exactly the Labour”s vile and repugnant voters that make the Tories stay in power.

Which would mean a massive fluctuation of remarkable talent onto the market resulting in a downward pressure on wages in the only sector where one can currently earn enough money to keep one’s head above water in the UK.

Are you joking? Do you know anything at all about Sweden and their issues? They are facing the same issues as us!

Well we all need to find a way to speed that up don't we? Is a no confidence vote possible? Will anyone in parliament have the balls to try anyway?

The level of stupidity and instability we have in this country is embarrassing.

Most of the population don't want this and they don't want our current leaders, so why is it this is what we have. All we have had from this lot in the last 12 years is instability and political pillaging.

😂😂

So now Johnson was a lefty!