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.

"what could Labour have done to make this better?"

Not done a fiscally irresponsible budget and deliberately silenced the OBR rather than allow proper costing of it to be made public. Not even bloody costed it properly. Not deliberately done it the day after the mpc announcement so that the BoE couldn't react to it for another month without an emergency meeting.

Honestly at this point I can't decide whether their motivation was to help their rich mates or because they are supremely arrogant twats who think they somehow know better than economists, markets, independent fiscal and monetary institutions..... Either way Kwarteng and Truss are beneath contempt.

If there was a GE now labour wouldn’t be able to turn things around overnight.

No. It will take a long time. And the longer these criminals are in power the longer it will take. But at least they will start to move in a different direction.

I can’t understand why they are being allowed to get away with this. Truss never had the support of the party. Back benchers must be horrified if they have half a brain cell. How can they support such a wild fantasy that will completely wreck the country?

There's further tax cuts to come from the Tories. Despite highest levels of borrowing aka debt since WW2 due to Covid and then borrowing for energy cap rather than impose a windfall tax on energy companies. Cutting taxes right now to the levels they are does not make sense economically. We need to pay the debts back! Our public services need funding. We're in a period of high inflation. This is terrifying. Labour would not have a magic wand, but they wouldn't continue to destroy the country by purposely crashing the pound.

@sst1234 is that you Kwasi? Or maybe it’s Liz come over to defend such fiscal irresponsibility

The pound didn’t drop just because of mini budget

I watched the £ plummet live on Friday the moment KK gave his budget. It’s also heavily down vs the euro. Are you claiming that’s just a coincidence?

Maybe it won’t be supported by backbenchers. A lot of them are there because their constituents “lent” Johnson their votes, those voters will now be taking their votes back and putting them elsewhere.

Yup. They are wreckers, pure and simple. Disaster capitalism - Ress Mogg's father literally wrote the book on it.

It's pretty simple really - trash the economy, short the £, make millions, leave the little people in the shit... AND ensure that they get to do it all again in a few years because Labour will really struggle to sort it out and people have short memories so they will therefore probably only last one term.

It's fucking awful, and it's just going to get worse. The UK as we knew it is done.

To be fair to sst I think there is some truth in what they say. The BoE have not raised interest rates as quickly as the fed so that will impact the value of the £.

However budget tipped it over the edge.

Notice they didn't actually defend the mini budget though as that would be a logical impossibility. Just good old deflection and ad hominem attacks. So yeah, probably Liz.

Why is this happening?
Brexit?
COVID-19?
Could it have happened under any other government with Brexit and COVID19?

We knew things would be bad with those 6 months+ furlough payments and the longest and best summer holidays in our gardens . . . why are we surprised now? [saying we but worked through the pandemic]

Of course the budget tipped it over the edge. The £ started falling as KK started speaking and it’s been heading south ever since. Watch interest rates soar now.

If I were KS I’d be calling for the Tories to cancel their conference and get back to bloody work.

hysterical shrieking

I'm so sick and tired of bootlicking Tory apologists.

Please no! At least they’re out of mischief while they’re at their conference.

I agree.

Not go through the nonsense of Brexit?

At the last election, labour put out Jeremy Corbyn. He was unelectable and these are the consequences.

Well said.

@Novum
You understand the country voted for Brexit?

Not to mention actually calling it what is, a budget as opposed to 'fiscal event', so it requires voting on.

i think it’s a bit silly to hate rich banker types anyway. They are just people. I expect many of them give a lot to charity.

The city of London is a mega money generator and without it we’d be fucked. They’ve tried to make it attractive for foreign workers and investors so it can make more money.

Lol another one. Go on, defend the mini budget then. Because user didn't they just rambled on about the US (in case you doubted that trump is truss's hero) and dished out the magical insult 'hysterical' to give the impression that they are a bastion of rationality.

But...but ...Jerumbly Cromblims! BINGO!

Ah, yes, Corbyn who was going to turn the UK economy into a basket case and take us back to the 70s. Thank FUCK we didn't go there, eh?

Give over. Blaming Labour voters is fucking ludicrous.