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.

Blame Labour for not listening to the electorate. I wish corbyn would have got in and voted for Labour, but the writing was on the wall and they were arrogant and didn't listen.

Absolutely correct. I’ve been listening to economic programs discussing the economy since Covid and we need growth. It’s an unpopular budget but it’s a strategic one.

This. I’m in Europe and used to buy a lot from the U.K., we buy nothing now, all sourced in Ireland or Europe.

😂😂😂😂😂

The Labour Luvvies are out again on MN!

Just listened to Labour's Rachel R spouting the biggest load of bull ever about how Labour would tackle all of this.

She was slaughtered by Martha K on Today- never answered the questions, dithered, repeated herself, came up with the old stuff of 'tax the rich' without any figures, tax stocks and shares payouts ( fuck investment, in other words) blah blah blah.

KK is taking a gamble it may work or may not, but god help us if Labour are voted in.

I’ve been listening to economic programs discussing the economy since Covid and we need growth.

How will the pound tanking, inflation rising, interest rates rising and the government exponentially increasing borrowing help to grow the economy ?

Why aren't Labour making more of a fuss, why are they not demanding a GE every time they get air time (the Conservatives did when Brown was PM)
I actually think that the Conservatives will win the next GE because the media wants them too.

It's the fact she done a tax cut to try and drive growth (good) but hasn't done anything to slash the bills to make up for it. The social protection bill would be a good place for the Tories to start. Sadly it looks like interest rates need to rise again :( may be time for the BoE to have two rates one for general borrowing which is higher than that which they lend for mortgage. Splitting it might help growth whilst cutting down on problem borrowing

It’s all very basic when it comes down to it.

They invest in businesses = growth for the entire country
Look up SEIS/ EIS - Only the people who earn more can be encouraged to do this. More jobs and growth for the economy.

The investments are open to all of us, but people on low income will not invest and the economy will never grow. The money has to come from those with the capacity to earn it. It's not rocket science.

"How will the pound tanking, inflation rising, interest rates rising and the government exponentially increasing borrowing help to grow the economy ?"

Because bankers will employ more cleaners/gardeners/nannies (except they won't because they already have them and are busy sticking their money off shore).

How could anyone possibly vote Tory’s after this shit show?

Biden spoke about how trickle down economics is bollocks last week too - so the US are heading in a different direction!

And you are missing the fact that it is no longer convenient for Europeans to buy from us.

This low productivity economy has been on QE life support for too long. The re structuring of the economy though lower taxation and big investment (private and public) is needed.

Your solution has been tried and doesn't work because British capitalists pay their profits out in massive bonuses rather than invest them in increasing productivity. That is why British industry has low productivity. This has been known for decades.

I've been listening to economic programs discussing the economy since Covid and we need growth

Couldn't agree more. We need INVESTMENT in public services. We need decent wages, good and secure working conditions, a happy and healthy population, free childcare so both parents can work, cheap and reliable public transport so that people can get to work....and yes all of this means we need taxes, including on corporations and high earners.

What we don't need is irresponsible borrowing and no means of paying it back. What we don't need is inflation so that we have a population who can't afford to buy basic goods despite working full time. What we don't need is decimated public services which means an unhealthy and stressed population.

Plus the 10 yr gilt yields are through the roof so cost of borrowing all this extra £bns is going to be eyewatering...

KK is taking a gamble it may work or may not, but god help us if Labour are voted in.

I think I'd rather gamble on a party who doesn't think it's okay to vote against giving children extra free school meals during a pandemic, who doesn't think the record number of food banks is actually something to celebrate during election rallying, who will raise taxes against the wealthiest and corporations so millionaires don't get get 55k back in their pockets while families have to choose between heating and eating. But hey, that's just me.

Sorry @Notonthestairs I dont know why I posted as a reply to your comment!

Agree that trickle down is pretty well discredited...

Somewhere in here is a post saying “at least Tories know what a woman is” and that’s why I’m voting for them next time.

Talking about Europe it seems that Italy has voted in their version of Liz Truss. I’m intrigued as to how this is going to play out. Citizens are voting for borders it seems.

About half the population those that are comfortable, they would have re-elected Boris if he was on the final ballot. The tax cuts benefit them and more promised will keep them onside, they really don’t care about the poor or the sick because they can afford private treatment if needed.

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.

No, the markets are reacting directly to the mini budget by the government. Fiscally irresponsible borrowing. People in the finance industry don’t believe Liz Truss’s approach will stimulate the economy. This approach hasn’t worked before so why should it now? It isn’t evidence based and will make the Bank of England’s job of keeping inflation under control more challenging:

And the UK won’t lead the world if wedded to a dying oil and gas industry rather than leading the innovation charge around green tech. It won’t attract top executive talent despite favorable taxes if the UK countryside is spoiled by over development, groundwater contamination, pollution, and streets of sick and homeless people. The writing is already on the wall for this mini budget. It’s playing to a specific ideology.

i highly doubt Liz Truss is deliberately wrecking the economy to make the bankers a short term buck, it just doesnt make any sense

Of course it makes sense, it makes her personal friends and family rich and she doesn't give a wet slap about anyone else. What is the point of government but to funnel money to your own cronies?

KK is taking a gamble it may work or may not, but god help us if Labour are voted in.

So you'd rather vote for a party that borrows from the working to give backhanders to their mates. To crash the pound increasing inflation so that they, their mates and their investors are quids in at the expense of the working people? While future generations are saddled with debt paying it back soi they can retire happy in the Caymans?

All those awful things Labour want to do like improve public services which would benefit the majority. Well that would just be awful wouldn't it.