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.

Well said

Maybe - and here's a thought - there is several things going on, and the 'fiscal event' just added fuel to the fire.

The pound is falling against the dollar AND the Euro.

Borrowing rates have increased.

It's going to be a bumpy few years, God knows what inflation will do when you have the bank raising interest rates and the Government borrowing money to pay for tax cuts for the top earners in the UK

It's fallen against the Russian ruble too FFS!

@StJeanDeVence it’s because the Tory apologists literally have nothing else. What the tories are doing is so indefensible, they have to use ridiculous nonsense to detract from their scorched earth approach to current governance

Brexit was a choice which goes back to the folly of the referendum and the failure to campaign properly. So far as Covid is concerned, we only have to look at the superior performance of other economies to say that yes, another government could certainly have handled it better. Remember those billions thrown away on crap PPE and other covid-related contracts, and the failure to pursue furlough frauds?

Well that's bad.

And they are the ones who are threatening nuclear war and whose people are up in arms over mobilisation.

The mind boggle. Labour and especially Corbyn are STILL being blamed for this shitshow by some posters. What would the Tories actually have to do before you see them for what they are?

Boris must be beside himself with glee. The new cabinet are making the imposssible possible - Boris is no longer the worse option. Unbelieveable.

Can't have a rational debate with you, you'd back the Tories whatever they did, what you really mean is everyone who disagrees with you is "hysterical"

You refuse to accept the correlation between the fall of the £ and also against the Euro (with EZ far lower interest rates) and Kwartengs budget, the biggest tax cutting budget in decades.

Growth? of course but please explain how a cut in the higher rate gives us growth, the 1p cut is a next to nothing for those on low pay, doesn't help the poor at all or pensioners.

Isn't the UK made up of 4 countries?

Yes, one country did vote for Brexit. 3 didn't.

No, it didn't - only 37% of the electorate did. Obviously I know that's how referenda work, but let's get the facts right. More materially, that only happened after the sheer folly of an unnecessary referendum and the failure of the Conservative government to put the relevant facts forward properly.

My question is how are they getting away with this?

If it happened under labours watch they'd be screaming for a general election now.... so why are the tories allowed to send our country bank rupt?

.... the UK is heading for bankruptcy.

Our political parties have been destroyed next is the economy. Not sure who or what is pulling the strings, time to wake up.

The Euro has also plummeted against the ruble.

Even the US dollar is a long way down on last weeks value against the ruble.

Yep, same here. Some of them still try and bring Jeremy Corbyn into it!

To be fair, even the dollar has dropped against the ruble after the initial plummet. Commodity prices are strengthening, which helps the Ruble immensely.

A lot of them employ others too - from nannies (on £5-600 a week), gardeners etc and pay taxes of those they employ. People are so short sighted. There's nothing wrong with giving people more of their own money with they worked for.

Who is paying income tax?
56% of the population are paying income tax. Of those 31million people, 300,000 actually pay in 27% of the income tax total. The top 1% of earners pay almost a third of the UK’s entire income tax.
Why are 43% of people not paying income tax?

Yes, one country did vote for Brexit. 3 didn't

It was 2. England and Wales voted leave iirc.

Well said!

You do recall correctly.

England and Wales voted brexit.

Corbyn for all his many issues, would have been far better for the UK and its peoples than the Tories.

JC was unelectable because the Murdoch media told you he was and you like a good little trooper you agreed.

Why are 43% of people not paying income tax?

Because they don’t earn enough. You can’t get blood out of a stone.

Wah, Jeremy Corbyn made the government fuck up Brexit, Covid, the economy, the NHS, the police, the court system, education ... That's some power he has.

Oh good. The rich may employ more nannies and gardeners, maybe even the odd cleaner and chauffeur. We're saved!

The country were lied to

Apologies, I hadn't realised that.

I wonder if the person who claimed the country voted for Brexit could clarify which country they meant and why that country speaks for all four.

I hate defending Tories BUT the dollar has been strengthening against most world currencies. You should see the charts for the Euro, Yen, Yuan. No one has a good explanation for this, yet you actually thought the GBP could escape this effect too?

Weird British exceptionalism to think you could have avoided this.