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 Kamikwasi too.

Happy days I remember when Kinnock lost walking from home in East Dulwich with a group of friends to Walworth Road tears streaming down my face to see him give his resignation speech from the steps of the then Labour Party HQ. Rock Against Racism was great fun though went to many gigs and concerts all over the country especially so in London where 'Red' Ken was in charge. I did mix with some unsavoury but pretty wild characters though one was picked up by Special Branch for an in-depth interview (he was CPGB) and they wanted to turn him into an informant!

A good starter for PR is you have to get over a 5% threshold to have representation that helps to keep the nut jobs from getting into the chamber.

I pay my taxes. It buys me civilisation.

That's a quote from the days of the Pharaohs.

Are you honestly saying Truss's lot are preferable??! 🤔

@Kissingfrogs25 is just back to being goady. There is no intellectual content or analytical thought to her posts today. It is really best to ignore her, unless she can up her game.

What hate policies do labour have ?

It's the tories who are sending people to Rwanda for starts

Agree. She reminds me of when a small kid runs into a room and swears just to get a reaction from the grown-ups. 🙄

They’ve gone awfully quiet on that front. I think it’s slipped down the back of the sofa - along with the £120 million they gave the Rwandan government.

This.

If you trash the justice system and sack tens of thousands of police, maybe you become more 'open to crime'? What are non-Tories (ie the majority) exactly 'envious' of?

I would rather die than vote Labour don't worry when my mob get in we have a little list just like Peter Lilley back in 1986 - amazing how they still have all the same old tunes...

Mortgages being pulled, now things are directly affecting the public, people might start to wake up to what a shit show this is.

of course the good news is people are making money betting against the pound

www.ft.com/content/d54b4915-60a2-4f73-b1b9-6ea4b7523dd9

I wonder how may sales will fall through ? How many chains broken ?

Not many. They’re just closed to new applications, that won’t apply to sales already going through. It will affect people wanting to remortgage and house hunters.

Sorry that link is behind a pay wall. google Crispen Oday whose Hedge fund have just gone up 145% betting against the pound. Oddly our Chancellor used to work for Mr.Odey or
www.joe.co.uk/politics/brexiteers-are-making-millions-out-of-the-demise-of-the-british-economy-360421

Those on mortgage fixed rates won't find any good deals once that rate ends :(

I wonder how many people in the process of buying to upsize will now pull out. It would be moronic to buy at the top of the market with rising interest rates. They call it “catching a falling knife”, don’t they?

A few callers on lbc today were saying they are thinking twice now about moving.
It'll stagnate the market

Poll result similar to YouGov result today.

Where on earth is Truss?

Aww, that's a relief. Finally some positive news.

And those on fixed deals might find the small print kicks in and their rate goes up anyway.

Odd way of seeing life that, as Lilley is as nutty now as he was then.

Truss and Kwarteng seem to be under the illusion they are not answerable to the public. It's our money you're gambling with you f*ckers! 😡

I can bust all paywalls...

“Buy Hendry, founder of Eclectica Asset Management, which wound down its hedge fund in 2017. “It would be remiss of the foreign exchange community not to allow for [sterling] to trade back at parity with the dollar and possibly trade below that level in the short term.”Pilar Gomez-Bravo, director of fixed income for Europe at MFS Investment Management, has been shorting the pound for some time and increased this bet to the maximum allowed in her portfolio following Kwarteng’s announcement last week.She believes the pound could fall to parity with the dollar “and keep going unless there is a policy response” from the Bank of England or the government, although she added that she expected such a response to come.Odey said he expected the pound to “bounce around now” and that both sterling and gilts were getting closer to the point at which being short was no longer attractive. He said his bet against the pound was not magnified by using debt and had been bigger in the past.Odey said he did not have a trading advantage because Kwarteng previously worked as a consultant to Odey Asset Management.
“There’s a mad idea that one’s behind every twist and turn,” said Odey. “All I can do is catch the wind now and again.” ing sterling here is like licking honey from the razor’s edge,” said Hugh Hendry, founder of Eclectica Asset Management, which wound down its hedge fund in 2017. “It would be remiss of the foreign exchange community not to allow for [sterling] to trade back at parity with the dollar and possibly trade below that level in the short term.”

Pilar Gomez-Bravo, director of fixed income for Europe at MFS Investment Management, has been shorting the pound for some time and increased this bet to the maximum allowed in her portfolio following Kwarteng’s announcement last week.

She believes the pound could fall to parity with the dollar “and keep going unless there is a policy response” from the Bank of England or the government, although she added that she expected such a response to come.

Odey said he expected the pound to “bounce around now” and that both sterling and gilts were getting closer to the point at which being short was no longer attractive. He said his bet against the pound was not magnified by using debt and had been bigger in the past.

Odey said he did not have a trading advantage because Kwarteng previously worked as a consultant to Odey Asset Management.

“There’s a mad idea that one’s behind every twist and turn,” said Odey. “All I can do is catch the wind now and again.”