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.

And there is the rub, we (the Great British Public) in full possession of our mental faculties (mostly) CHOSE TO VOTE FOR A TORY GOVERNMENT.

We didn't. Governments never get a majority of the vote here, much less of the public. In this instance, 43% of those casting a vote went Tory, which is about 30% of the electorate as a whole. What actually happened was that our electoral system, as it is wont to do, created a majority in the Commons that went way beyond what existed amongst the public.

Nothing like the 'person at work'. I'm of the opinion you can't just complain/throw out comments about a situation without at least thinking about a possible solution. Putting an entire political party in jail isn't the answer (and, yes, I realise that particular comment was emotionally charged rhetoric).

This is what happens when you let 140,000 rich morons appoint the PM. It's starting to look like they may have actually managed to pick someone even worse for the country than Boris Johnson, which is a level of incompetence so staggering that it previously seemed impossible.

Reeves was good, she’s always good. She’s a former BoE economist and knows exactly what she’s talking about. She said the chancellor has his foot flat n the floor on the accelerator while the BoE is stamping on the brake. Absolutely spot on.

Say it louder for the people in the back!

Yep. They’re never getting back in are they.

When even the Daily Mail are calling it a "full blown crisis" yet you have people on here defending it... laughable.

Rishi is somewhere saying I told you!

I agree. We need a benign dictatorship.

I think it was Winston Churchill who said the biggest argument against democracy was spending 5 minutes with the average man/woman on the street.

Because most of the UK media functions either as a direct propaganda outlet for the Tory party, or at the very least as a compliant support for the status quo. And that now, sadly, includes so-called "moderate" sources like the BBC.

And this is the other rub isn't it. Everyone agrees we need more housing, everyone agrees we need on-shore wind and solar and nuclear, everyone agrees we need investment in public and private infrastructure, but that needs land, and that needs relaxing on planning restrictions.

"Reeves was good, she’s always good. She’s a former BoE economist and knows exactly what she’s talking about. She said the chancellor has his foot flat n the floor on the accelerator while the BoE is stamping on the brake. Absolutely spot on."

She was repeating what Mohammed El Arian said moments earlier

Which is what I said. They will review. In the meantime work stops and if you know anything about large scale investments, it can take only a little movement at XY to bring everything to a shuddering halt.

Money is no longer cheap and printed with abandon. Those days are over. There are more projects and more competition. Sure this portfolio will be resurrected at some point, but when and in what format who knows. We had a plan, we likely do not now.

In any given timeframe it is better to have profits earlier than later.

There's little point in sending in letters to trigger another leadership election. What is needed is a vote of no confidence and a general election.

The Conservative Conference will be interesting!

I know. It’s still right, isn’t it?

I agree , I thought she came across very poorly

What a shitshow it all is

No it doesn't.

They're basically trying to recreate the US, but seem to have missed the fact it's the biggest economy in the world, and has thousands of sectors and industries to diversify across. We sell...confidence, basically, because that's all the services sector is.
My assumption is that the timing of the "mini budget" has been done deliberately, nothing to do with shorting the pound (that's a bit of a conspiracy theory tbh), they're merely amping up a sense of panic so that the planned huge cuts to public sector spending can look inevitable and sensible to shore up GBP.

According to the BBC news tory MPs have already started putting in letters of no confidence again.
How long must this farce go on.

I never understood ' shorting'. But there's a YouTube channel called A Different Bias. He explains it simply.

The re structuring of the economy though lower taxation and big investment (private and public) is needed. That latter is yet to happen and takes a lot longer.

As another poster pointed out, investment becomes tricky when those who you want to invest are unsure of the economic climate.

My assumption is that the timing of the "mini budget" has been done deliberately, nothing to do with shorting the pound (that's a bit of a conspiracy theory tbh), they're merely amping up a sense of panic so that the planned huge cuts to public sector spending can look inevitable and sensible to shore up GBP.

Unfortunately I think you are probably right.

Well, she never had massive support in the parliamentary party and a lot of them can't stand her. 113 votes out of 357 isn't much of a base. So this isn't a great surprise.

Nope. Bookies' odds on the Tories winning most seats at the next election are barely better than even money.

www.oddschecker.com/politics/british-politics/next-uk-general-election/most-seats

Oh, I think it does - unless you live in a parallel universe.