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 agree they are going to be voted out and want to leave such a huge mess for Labour that the problems will only continue and at the Election afterwards to be Tories will sweep back in again. I hope I'm wrong.

3 weeks ago Philip Hammond (former Chancellor) on Liz Truss spending plans :

mobile.twitter.com/LBC/status/1567208083855753220

this is all feeling like a horrible bad dream to me. How can the gvt be taking such risks with the economy and how can they sleep at night when the poorest and most vulnerable people in our country are going to be plunged into Victorian era style poverty, choosing between eating or heating this winter!
i am being constantly reminded of A Christmas Carol, has Truss never read the story?!!!!

Playing a slow version of the lunatics have taken over the asylum. Leonardos last words before he goes under are fuck the tories.

How are we doing on the cheese front anyone know ?

Sorry @vera99?

No cow culling yet. We have 101 grades of cheddar plus all the regionals. Imports will get a bit more expensive again. Arla may close the Westbury dairy because of the mass burn incinerator being built next door, all should be fine.

Crackers, however are made of wheat so may be subject to price increases.

“WagathaChristieMystery · Today 23:16

vera99 · Today 23:06
How are we doing on the cheese front anyone know ?

Sorry @vera99?”

Truss gave a ridiculous speech a few years ago (reminiscent of a lobotomised woodentop) about how importing cheese into the country was a disgrace. She had completely lost the plot even then.

A lobotomised woodentop! 😂

I have been thinking a lot lately about why the tories started on landlords. I mean, it’s a very Tory thing, isn’t it, owning property. Why penalise what a lot of them of are doing themselves? That not like a Tory. I though it first it was a because BTL allowed access to making money through property for too many plebs, and they wanted to keep the rich pickings for real rich people, and not the middle classes. And it was popular with voters, while not actually benefitting them in any way which is always good. I thought it was scapegoating.

I was partly right, but didn’t take it far enough. It’s because property was making too many middle class people money, and not making enough money for a few already-rich people. Who let through companies, not as individuals. It was too diversified; benefitting too many small landlords. They want it in incorporated. The rules and taxes are canted towards that. It’s much easier to reap money from a lot of people and funnel it upwards through big corporations, and we’ve seen it in every other industry. Small independents are vanishing rare in many industries now. Can’t have something as lucrative as property in too many hands.

if I wasn’t going through such tough times, I would stop spending every penny through large companies. It’s the only thing I can do to keep my money out of their grabby hands. Only I’m too broke to have the choice. I’ve always been a bit of a knit-your-own-yoghurt lefty. Pre-covid I decided to
stop, and buy things like a normal person. Everybody single thing that has happened since has made this look like a very stupid decision indeed. If I want to have basic needs, it looks like I’m going to have meet them myself. I’m going back to my solar panels, my chickens, my vegetable plot and my bees. At least we won’t starve.

It’s largely what the minority voted against, though.

I'm feeling breathless with anxiety about the new government, hence posting at this hour (awake with anxiety). I actually can't believe that this is happening. An unelected government that have announced policy change that could plunge ever more people into homelessness and despair, or even worse (due to lack of decent housing, heating and food) and also ultimately hasten the destruction of the planet. At a time of climate crisis, with so little time left to make the changes needed, we couldn't really have a less suitable bunch of people at the helm. I fear that without a general election soon, our society is doomed. God help us 😰

They wont be voted out.

That’s a good point. I’m not a Tory voter, but my biggest concerns NOW are my house price and tax burden. And if people feel the Tory’s will look after property prices (because it’s a pie they’re perceived to be up to their elbows in) and that they won’t raises taxes more than a few pennies (which makes them millions, but hey, it’s only pennies) it does look safe if you don’t invest personally and have only a hazy idea about financey stuff (I think your average joe doesn’t have a clue about any of this. It’s meaningless to discuss government borrowing, the value of the pound etc etc. most people think it doesn’t affect them because they have no direct exposure to it). Pity about the wiped out pension, but if your house-value is still up there, it’ll be ok.

Labour’s alternative is often, in practical terms for many people, a few hundred quid a year in tax cuts that doesn’t cover the increase in the grocery bill. People haven’t seen any trickle down, so they don’t believe the money moves, or that it will make any difference. Labour will never be presented as a credible alternative, because they want to increase taxes and the people giving you the information to you need to vote for them will lose out to those tax increases. The invested nature of the media in the tax-dodging Tory policy means labour will always be presented as unelectable.

Anything your average person who doesn’t have investments or much cash, and is basically dependent on a system in which they weild no power can actually do to stop their own life going down Truss’s pan?

I’m struggling to grasp a lot if it, and I do have a bit of background. But other than fix the mortgage, and go back to my bees, wtaf can I do to insulate myself? I can’t emigrate. Most people can’t. I’m worried most people won’t be doing anything, because it all seems very removed from normal money as experienced by people who go to work, get paid, pay the mortgage and go to Tesco. So they’ll just ignore it as ‘not for them’

At a time of climate crisis, with so little time left to make the changes needed, we couldn't really have a less suitable bunch of people at the helm

To get people through this you need a steady supply of fossil fuels or you are just going to condemn them to a harsh winter. I think the EU is going to be digging for coal again to survive; probably the UK isn’t far off that since fracking won’t have an immediate effect.

PM chief of staff Mark Fullbrook no longer paid via firm, says No 10

Just confirming that@Blossomtoes is correct: the pound hit an all time low since the creation of the dollar in 1792 yesterday. The rate was about 1.03. It has recovered some.

It just seems to be incredibly myopic and navel-gazing to blame Brexit for something that is affecting many developed economies.

The UK and Germany will both be having trouble keeping the lights on this winter, although for somewhat different reasons. If you want to know what Germany might be in for, read this sobering piece published last month by Der Spiegel: www.spiegel.de/international/business/energy-crisis-fallout-how-bad-will-the-german-recession-be-a-9e1f479e-5fef-4e62-b5ca-2f9e87b9bbca

Brexit or no, there’s very little scope for the UK to avoid what’s coming to Europe. These are global trends that just cannot be avoided, and you can’t depend on Tories or Eurocrats to save you from it (sorry to be so pessimistic). So to be STILL quarreling about Brexit seems so counterproductive.

@BerriesOnTop I think most people realise that there are other factors at play, its just Brexit is a self inflicted factor that other countries don't have to contend with.

Does everyone think the BoE will wait until November to act ?

There's an interesting chart given the general trend here...

www.exchangerates.org.uk/articles/1325/the-200-year-pound-to-dollar-exchange-rate-history-from-5-in-1800s-to-todays.html

You could mandate solar and ground source energy. We've gone solar and it's covering our needs without even buying the biggest system. Next years project is looking likely to be digging down for a ground source heat system, this is your average 5 bedroom detached garden not some mansion in the country. Using a vertical system you only need around a 10m2 garden for the average system. Access needs can also be mitigated by using the front garden

NEW: Latest @YouGov poll following Friday’s ‘mini budget’ gives Labour the largest lead in the polling company’s history.

Labour 45 (+5)
Conservative 28 (-4)

Not the honeymoon Liz Truss might have hoped for.

Tory conference next week will be interesting

The conference will certainly be interesting, I wonder how many of the MP's are going to be interviewed and how many will stay on message ?