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.

Where's the growth coming from? Putting money in the pockets of the rich who are going to squirrel it away in offshore bank accounts is not going to produce growth. Trickle down is a complete myth. The only growth will be in the bank accounts of the disaster capitalists, who have already swooped in with joy to reap the rewards of this mini-budget.

The pound collapse isnt all bad news, it makes british goods much cheaper for other countries to buy. it is possible that may well boost our exports and that may then indeed generate growth.

Problem is the other side of that equation:

Increased costs of any imported raw materials and any imported components needed to build goods for export, and increased energy costs.

Fuckity fuck don't really understand all this but am going to the USA next week so gonna be more expensive than l thought

I am also wondering where we are going to be sending all of our attractively priced goods since we are no longer in the EU and no other country wants to enter into a trade agreement with us.

Me too. For the first time ever, I've stopped watching the news.

Exactly. She had the balls to try out something radical and bold. As people seem to moan everywhere, it's definitely not the tax cuts for the rich that is causing the pound to crash. It's mainly the interest rates which the BoE have to do something about. US interest rates are higher than ours which makes funds buy more dollars making the dollar more premium. We can see BoE are in a tough spot as that would invariably lead to more mortgage troubles.

People who hate the rich (and I am not rich by any standard) and want them to suffer don't realise that the rich fleeing the UK is not good for the UK either. They create more jobs (more gardeners, cleaners, more money to the shops and restaurants) and help the economy in general. We also need a change in our work ethic and develop our skills so we get into more value added jobs. I am sure Liz is on the right track in these dimensions. Maybe the timing is working against her but the policies are in the right place. No one wants to willingly do this to the British economy so stop your hatred. Was everything all hunkydory before the tax cuts?

Btw large hedge funds have been shorting the pound since brexit times and it got worse recently.

You are naive. It is the job of economists to predict the effect of events like these and a majority are saying Truss’s plan won’t work. But we know the tories don’t rate experts or evidence, and inconvenient facts are ignored if they don’t fit with their ideology.

Well I know nothing about economics. Or politics. Do most people on here have an economics degree? If not how can they be so sure this won't work and we might all benefit in the long run?

From what I understand economics is very, very complicated. How can those of us without expert knowledge tell a Chancellor or Prime Minister how to run a country?

Why is anyone surprised ? This is what you get when you vote Tory. Spare me your faux upset. It's not like there weren't warnings aplenty back in 2019.

According to this, only eight countries have a bigger manufacturing section than the UK.

worldpopulationreview.com/country-rankings/manufacturing-by-country

"about 1.8% of global manufacturing, contributing a total manufacturing output value of $244 billion".

The powers that they would like you to believe that it’s incredibly complex, it’s actually really not it’s simple maths money in versus money out.

*Exactly. She had the balls to try out something radical and bold. As people seem to moan everywhere, it's definitely not the tax cuts for the rich that is causing the pound to crash. It's mainly the interest rates which the BoE have to do something about. US interest rates are higher than ours which makes funds buy more dollars making the dollar more premium. We can see BoE are in a tough spot as that would invariably lead to more mortgage troubles

People who hate the rich (and I am not rich by any standard) and want them to suffer don't realise that the rich fleeing the UK is not good for the UK either. They create more jobs (more gardeners, cleaners, more money to the shops and restaurants) and help the economy in general. We also need a change in our work ethic and develop our skills so we get into more value added jobs. I am sure Liz is on the right track in these dimensions. Maybe the timing is working against her but the policies are in the right place. No one wants to willingly do this to the British economy so stop your hatred. Was everything all hunkydory before the tax cuts?

Btw large hedge funds have been shorting the pound since brexit times and it got worse recently*

😂😂yeah, just that.

It is the tax cuts that have caused the Pune to plunge.

And as for the shit about cleaners, gardeners etc. There’s not many rich people pumping money into this where l live. It’s service sector jobs. The amount of jobs for cleaners etc will be minute.

We need investment to ‘change’ our work skills.

Sheesh, I’ve read some shite in my time but this…..

If they are paying them anyway through salaries, and the tax take is the same what is all the fuss about? I doubt it is because bonuses are marginally more tax efficient for some individuals in a specific set of circumstances.

As people seem to moan everywhere, it's definitely not the tax cuts for the rich that is causing the pound to crash. It's mainly the interest rates which the BoE have to do something about.

So it's pure coincidence that it started to plummet the moment the Chancellor sat down after the mini-budget? And that it also tanked against the Euro? www.xe.com/currencycharts/?from=GBP&to=EUR

Well I know nothing about economics. Or politics. Do most people on here have an economics degree? If not how can they be so sure this won't work and we might all benefit in the long run? From what I understand economics is very, very complicated. How can those of us without expert knowledge tell a Chancellor or Prime Minister how to run a country?*

You don't need to be an economist to know that borrowing a tonne of money, then cutting taxes for corporations and the wealthy doesn't make sense.

If you're too dim to work that out, then there's plenty of economists to listen to.

A pound is a Pune according to auto correct?!

Well I know nothing about economics. Or politics.

Get back to the fucking cabinet then and stop posting here.

Honestly, if I were in any of the opposition parties I wouldn't want to take over after the next election. Doing so would be like being appointed captain of the Titanic after it's hit the iceberg.

The tories know the ship is sunk now but are pretending everything's fine so the passengers don't panic too much and they can load up the life boats with the silverware and get off the ship before it goes down.

Good luck to those of you who are stuck in the UK, except for those who voted tory you lot deserve every bit of misery and hurt you will get.

Seriously??? Blame Jeremy Corbyn? You've lost the plot.

No. Johnson filled parliament with rogue extremists in the 2019 election to get Brexit through. Any decent politicians would’ve tried to stop that.

That's kind of the point of what the Tories are doing. They know this situation can't be saved, so rather than try, fuck it up worse, make more money for themselves at the same time and then the public might have enough 'sense' to vote them out next time and bring in labour. Then leave labour to fix it, which they can't, so then the Tories will blame labour for all the problems.

Well I know nothing about economics. Or politics.

I never knew Kwasi Kwarteng was on Mumsnet!

🤣🤣🤣

I do think Labour were fucking stupid here. As it goes I liked Corbyn, didn't agree with everything he said and invariably the smear campaign by the press played a huge part in public perception, most of which was unfounded and unfair; BUT they knew what many thought of him. They knew that social media was alight with I'd vote for Labour if it wasn't for him, I'd never vote for him, I'd vote for anyone else etc. A reasonable response would have been imo to listen to that and respond to it appropriately and deal with the fallout later. They should be in a really strong position now the tories have fucked us all over, but theyre still coming across as weak ffs.

^^ this