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.

Was about to reply to KissingFrog but they seem to be having a mental breakdown, and it suddenly felt unkind.

Foreign investors would do quite here.

Phillip Hammond and Richie Sunak have both said ( and on record ) that these policies are not very good.
That's being kind.
People I trust over Ms Truss and her new chancellor.

170bn refers to the worldwide profits of the energy sector. I can't understand why people keep repeating this as if the UK has divine powers to tax a US or French company who might not be even present in the UK to the benefit of the UK population.

To whom? Who’s going to buy all those houses?

Investors often do well when banks sell repossessed properties, be they commercial or residential.

Tbf, a lot of what Corbyn was saying in 2019 was insanity.

i couldn’t vote for him.

but in anyone’s worst nightmares, nobody voted for this! It’s way past Tories being Tories. This is irresponsibility with peoples lives for their own gains, and they are brazen about it and don’t give a shit that we can all see what they’re doing. They know nothing can be done until the general election, by then some off shore tax havens will be practically sinking due to the weight of cash sent there by this lot and their cronies.

Private equity, and hedge funds filling their boots with cheapies already happening in the US. The UK is a market now attend up and oven ready for speculation.

rethinkrealestateforgood.co/2022/08/08/hedge-funds-and-the-housing-crisis/

Now private hedge funds are exacerbating the crisis by buying up housing in bulk. When the properties are bundled into a single package, it’s unlikely that they will become available again to individual buyers. Investors might hold the properties for 5-10 years and when they do sell, it’s likely to be to other investors. And because this new asset class of bundled properties has tax benefits, this can also push prices up in an already hot market.

We are having great day thanks - I do appreciate your care and consideration.

It’s because Starmer used the figure in PMQ and it got picked up by many and repeated. The extra tax would be £8bn

Those people who want visas from India to work in IT etc will be willing to buy the newly repossessed homes on the market by Christmas
Who can blame them ? I don't , not at all , but some parts of the huge jig saw are falling into place now.
Seems to be a plan emerging and there will always be winners and losers :(

We?

Thats not true, its UK companies only and over the next 2 years.

www.reuters.com/business/energy/uk-gas-electricity-industry-may-make-170-bln-pounds-excess-profits-bbg-2022-08-30/

You only have to read back through statements made by Sunak during the leadership campaign to see that his opinion on Truss's intentions were right
Meanwhile there are whispers of no confidence letters already being submitted to the 1922 committee



Yeah, sounds to me like they just need to Believe in Britain and maybe Stop Talking The Country Down. Bet they're all remoaners, probably badly-dressed mumblers as well.

Or something...

Americans take out 30 year fixed mortgages so the US can raise rates without impacting current mortgage holders

Well they learned from 2008 all about variable rates 🤷‍♀️ housing prices in the US are dropping because of higher interest rates, it doesn’t seem to have found equilibrium yet (feel sorry for anyone in the States looking to buy rn)

I see the same old benefits claimants on here fighting for more for doing nothing day in and day out on here...

Not looking at anyone in particular.

Who the fuck is going to pay for your free transport, your extra benefits and public services, your good healthcare? You are absolutely deluded, and I mean that kindly. Your thinking is so redundant of all reality. It is Father Christmas policies.

You need the wealth creators, the cutting edge industries - they make the difference between having a welfare system and having nothing.

You are still living in the land of fairy tales and nanny provides everything, you have no grasp at all on the actual fiscal reality.

No love, you have no grasp at all of actual fiscal reality. The mini budget will not boost the economy and will probably harm it. Numerous well regarded economists have said this. Even the Financial Times has been critical. It has no grounding in proper data or research. You are getting upset and hurling insults because most of us see through it.

Truss has shaken the magic money tree to pay for her ridiculous tax cuts, and I don’t wish to speak for others but I think what people are saying is that instead, the money should go into productive tangible investments in UK infrastructure that will facilitate economic recovery and in parallel, halt the slide in the quality of life for the majority of people:

So what if its 8bn ? that would provide free social care to every person in the UK who needs it for 2 years.

Or perhaps more wisely, a very good pay rise for adult care workers & therefore free up nhs beds, ease AE and ambulance times but apparently its only 8bn so doesn't matter.

You really have just proven you simply do not understand what the government are actually doing in any shape or form. That is very clear from your last post.

Go away and do some research and reading, and come back when you have an informed opinion.

And yes you need wealth creators but without healthy and motivated workers, no wealth will be created. It’s also dependent on political stability, and physical infrastructure, trade deals (not doing too well with those either!) …It doesn’t happen in a vacuum.

You clearly don't spend a lot of time at work

btw i'm off with CV and live off a private income if its anything to do with you.

No, 80 hours a week give or take an hour is not much at all by anyone's standards

yeh agree that doesn’t fit with the onslaught of mortgage defaults in 2008, many must have had a short fix before moving to variable (there’s some good stuff out there which covers what type of buyer got stung)

Possibly the sector has changed since then as a result but it doesn’t sound like something Americans did

This is not the Brexit the 'people' voted for but it's certainly the Brexit the big backers saw and wanted. Pay day has finally arrived, covid and Johnson were an unwelcome distraction.

www.businessinsider.com/twenty-one-biggest-donors-to-the-leave-brexit-campaign-2017-5?r=US&IR=T

5. Crispin Odey — £873,288.15
Odey is a London-based hedge fund manager who played a major role in funding the Brexit campaign. He voted for Brexit but warned his clients just a few months later to prepare for a recession and higher inflation in wake of the shock Leave vote.

www.bloomberg.com/news/features/2018-06-25/brexit-big-short-how-pollsters-helped-hedge-funds-beat-the-crash

I hope all you turkey tories who voted for Christmas are proud of yourselves.

We have a government of criminals with snouts in their hedge fund troughs making millions from our misery.

It's a smash and grab and I'd suggest getting some cash for emergencies out while you can.