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.

I think this is a big part of it. I'm willing to believe that lots of Tory voters are still what we once would have called One Nation - still not my politics but not wreckers.

But Johnson evicted most of them from the party and now all that is left are the headbangers and the bootlickers. Many ex-Tory MPs - people like Barwell, Gauke, Hammond, etc are on record as saying they don't recognise the party they've supported and worked for all their lives.

The idea is to fire up growth, and get the country into better shape and then tackle those on benefits and in poverty. I am afraid we haven't got time to wait for those at the bottom of the ladder to fire up their ambitions and go and take one of the million or so jobs that are currently available, and help with the recovery effort. We need action right now.

By the time of the next election, most of the middle classes will feel the benefits, the rest will have to wait or work harder. Don't forget for the huge grants and extra money coming their way for energy etc etc for those really struggling.

Will there be another leadership contest?😂😏😡

A a swede living in Sweden and an elected member of my local community, I'd say yes I know quite a lot about Sweden and our issues. How about you?

No chance, there is a very careful and deliberate plan unfolding.

Yes we know it's deliberate - we just don't think trickle down economics works.

The average brit has little in bank savings and any small increase in interest rates on savings is removed because their pension pot has fallen.

I agree, we have UKIP in charge, all the decent Tories were booted out by Johnson.

My parents are Swedish, and they are forever lamenting about the immigration issues, the no go zones, the gun crime, the energy crisis, the fear of Russia and a wider war, food inflation, unisex loos I could go on and on and on....

Not unlike here in fact.

Not the land of milk and honey exactly as you would know if you live there.

Oooof. Awkward

Another BBC soundbite being abused. It is not trickle down econ, it is wholesale change sweeping through.

Well, this is what Truss did to prepare for the announcement: sacked the top official at the Treasury, Tom Scholar.

The new PM, a former Treasury minister, has accused her old department of promoting an "abacus economics" of "making sure that tax and spend add up," saying greater focus was required on promoting economic growth.

www.bbc.co.uk/news/uk-politics-62869880

Tells you all you need to know, really.

I’m very concerned about rising interest rates and the impact on our mortgage.
BBC currently reporting that the Bank of England rate could be as high as 6% by next May …

Surely this is a disaster for millions of home owners

If the Government was that confident why wasn't there an OBR forecast?

So you have racist parents with an invented Daily Mail view of Sweden. Thankfully that's not the reality.

If the Government was that confident why wasn't there an OBR forecast?

Because people have had enough of experts ?

Because it was a 'mini budget', they sacked the head honcho at the Treasury and chucked away the rule book developed over decades by wise heads to head off into Alice in Wonderland.

I’m still blaming Brexit, happy to be called a remoaner. We lost a large swathe of the vaguely decent Tories as a direct result of that quasi war. We have since been left with the utterly self promoting and indulgent tossers (Boris, Gove, JR-M etc) who were never going to be able to deliver their false promises. You voted for Brexit = you put this shit show in motion. The sad thing is those at the top are reaping the rewards and those at the bottom are learning the hard way they’ve been duped.

I don't think any strategy with the word "trickle" in it is appropriate for the monumental crisis we are in right now. The old adage of "heat or eat" is so last year, we are now looking at the reality of countless thousands of families who can't afford to do either. We need a deluge down, not a trickle.

new budget doesnt look very good as pp's said, wrong in many ways.
also globally it doesnt look good with Putin declaring war again which will affect UK and economy+pound also. things look very bleak.
20 years ago pound was 1.5 dollars, now nearly equal.

@sst1234 has made a massive unwarranted assumption, reflecting a major gap in her argument. She says (I paraphrase) that growth is the only way out, and that the problem we who disagree have is that we don’t like this.

Well, @sst1234 I happen to agree that ultimately growth is the way out. But the idea that tax cuts primarily benefitting the rich, aka trickle down economics, leads to growth, lost whatever traction it had over 35 years ago when it led the USA into economic gloom.

The only economist @Quincythequince and I can find happy with this plan is Patrick Minford, an Applied Economist at Cardiff Business School. The list of distinguished economists condemning it is not short. One of the best articles for the public is from the Nobel laureate (Economics) Paul Krugman in the New York Times. Unfortunately it is behind a pay wall. I would welcome advice on extracting it for MN. Then there is the striking feedback from the markets, which have neither ethics nor feelings.

@sst1234 skipped over these points entirely, preferring to bandy about cheap accusations of hysteria.

we have a very difficult winter ahead of us.

Over on the far right, Breibart's so-called News, Sweden is the touchstone of a country gone rotten by Muslim immigration. Trump often used to tweet nonsense about it when he was president.

@Kissingfrogs25
"I am afraid we haven't got time to wait for those at the bottom of the ladder to fire up their ambitions and go and take one of the million or so jobs that are currently available"

How many of those job bs give enough money to live on ? I'm helping someone job search at the moment and there are very few jobs over 26 hours a week. Supermarkets are offering 7-16 hours. There's very little in the way of top-up benefits for people who don't have children. The gig economy and the jobs available have been completely ignored by the Conservatives and is just getting worse.

I will ignore your untrue and petty comment about my parents. My family are among the kindest and most liberal people you are ever likely to meet. I don't think you even know where Sweden is on the map, much less live there, otherwise you would be fully aware of the issues, and yet you seem oblivious to the real issues - why do you think the far right are doing so well? Because it is going so well?? Are you kidding me?

Italy is just about to have their first ever far right government since Mussolini but you are so narrow in your thinking you can't see beyond these shores - wake up for fucks sake and smell the coffee. Your Corbynista views are not working or appealing to anyone! You have been out of office for 12 solid years - what does that tell you?

The opposition are a bunch of badly dressed, mumbling misfits with no plan and no policies. You still have no chance of winning. That is the sad part of this, the Cons can do virtually whatever they like and still win as there is no opposition to worry about!!!!