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.

Sadly many people still will. The only promise the tories have actually kept to is to 'let the bodies pile up' during covid unfortunately. They have decimated public services to the brink of collapse (and it'll topple very soon), screwed the economy, pushed through some very questionable laws around our liberties, made the quality of life worse for most people- towns have rubbish piling up, no one cutting the grass and cleaning etc. Yes some people will still vote for them over labour. I genuinely have no idea what these people think labour could have done worse?!

It is the war in Ukraine and immense energy costs priced in dollars, plus post Covid, post banking crisis and post bloody Brexit combining into one big sh..storm.

The Tories have brushed Brexit under the carpet for long enough. I predict close talks with EU in the coming weeks and realignment. In both parties interests now with the war in Ukraine. Some good can come of it. EU/UK egos will have to be set aside on this one.

Yes. They're breaking the country. IDK at this point whether it even matters if its intentional or not.

Trickle down economics doesn't work:

www.washingtonpost.com/business/2020/12/23/tax-cuts-rich-trickle-down/

www.businessinsider.com/how-bad-is-inequality-trickle-down-economics-thomas-piketty-economists-2021-12

She won’t last long, the coalition will break down, EU control the money.
Watching her on the news, looked very shocked, realizing the enormity of what she’s done.

They don't even believe in trickle down economics. That's the only way they can pretend to justify what they're doing for those stupid enough to believe it. Why would they want any wealth trickling down?! They want to take the wealth and siphon it up and out.

I thought Labour's plans were 'fully costed'? Should have been an easy sell if that was the case. Why the dithering??

I heard this. I think Labour would still win atm and depending on situation in a couple of years too.

Whether the tax the rich approach will help we’ll see.

About half the population may be comfortable today

But the tax changes only really benefit the top 10%

The currently comfortable are being savaged by inflation which the latest pound drop won't help at all

It's a fallacy to think that LT cares about anyone but her buddies

In her mind we are all just useless layabouts who should just work harder

We are sub human in her eyes so she won't give a damn

She hopes either for a row of 6s or to leave such a shit show that a single labour government won't be able to make any headway

I think she's placed her money on the latter

I wouldn’t bet on UK - EU relationship changing much, if anything they will keep us at arms length.

Hang on you complain that they labour don't give full figures

Yet the Tory government has refused the OBR to publish its opinions, and the magic money tree they have is more debt please - which they won't want to do for things like the NHS as the "interest rates are rising higher then they expected "

How can those of us without expert knowledge tell a Chancellor or Prime Minister how to run a country?

You know how sometimes Doctors get it wrong, and maybe should have listened to the patient/family/ junior hcps, who knew there was something more serious going on….?

People acting like LT and co actually want to make things better for us!

They won't
They don't want to
It's not in their personal interest

Politicians, (however incompetent it seems), and senior executives have emigration options not open to the masses. They can and will siphon off the wealth, finish the wrecking job on the UK (including an assault on farming and wildlife - as reported by that lefty group of extremists the RSPB) and get out to somewhere with a better quality of life, clean water and good food sufficiency.

We have to get them out fast before they do any more damage.

@JuliaDorneys Labour will have no choice but to get money from somewhere after all this borrowing the Tories are doing. Of course they'll have to raise taxes. They need to invest in public services again.

But all this current unlimited borrowing and simultaneous tax cuts is not sustainable!! Neither will it lead to growth!

There are loads of decent Tories who are now politically homeless due to Brexit and the shitshow of the Johnson government. And now this arguably even bigger shitshow of Liz Truss and co. There is no place for decent Tories in that kind of government. Among the general public, decent Tories aren't voting at all because there's nobody to vote for.

I was listening to one of the shadow benchers on the way home talking about how they plan to sort the economy. He said we had to get rid of our reliance of fossil fuels so there was going to be a decade of pain to do that and we needed to rely on renewables which would need investment. Then they were going to reinstate the 45p tax band which would raise around 2 billion and tax windfalls.

So basically they have no idea either.

We have to get them out fast before they do any more damage. This!

So you don't address the fact that countries with much higher taxes, have far more investment?
If the general population do not have the money to buy widgets, then companies that attempt to make them will go bust.

On start ups, the German Govt invest 10x what we do on scientific/Tech ventures.

Companies choose where to invest based not just on tax rates, which are very transient but on the culture, stability, educated workforce, healthcare - its not Rocket Science.

The bottom line is Trickle Down is a Hollywood actor's economic theory & if you don't believe me, listen to Thatcher s chancellor, Ken Clarke and what he thought of KK's budget... "Something a S/American country would do and with the same results - failure"

Your maths are utterly ridiculous quite frankly.
It’s quite telling when looking at the hyperbole and drama on here, who can’t have a decent conversation.

Cap in Hand to the IMF ? Really?!

I mean I don’t agree with cutting taxes at the moment (although the breakdown of tax cuts I don’t think is ridiculous) - but seriously, from an Income tax PAYE perspective (not the ones who’s aren’t PAYE, that requires different measures) how much of other people’s money is continually expected to ‘trickle down’

The top 1% pay a shit load of tax as almost 30% of the total. How much more do you want.

Two different arguments though - it was a bad time to announce cuts regardless.

And our base rate should be higher, much much higher.

I actually agree with some parts of what @Batdad12 said - I don’t think LT and KK are doing this to make a quick buck. They actually think it will benefit the country and get tories re-elected - which is possibly a worse thing. I think a weak pound is not all downsides - U.K. will become more attractive for big companies open offices here or expand existing ones - high concentration of financial services and skills (which are cheaper on a global scale), lower tax on high earners.

BUT - it’s a massive gamble and with the energy crisis and after covid and public services deteriorating, I think it’s way too risky. If it goes wrong so many at the poorer and middle of society will suffer. I think tories should rebel against this (I have never voted tory).

Cunts. Plain and simple looting the country for themselves and the rich backers before they get bored out. When the new chancellor comes in there will be a note sorry there's no money left we face it all to our donors. Absolute fucking CUNTS.

The policy of borrowing fuck tons of public money to spunk on tax cuts for the rich in the middle of the worst inflation in 40 years is getting royally fucked by the markets. Seems they aren't buying into the magical thinking but are still stuck in the old-fashioned orthodoxy called "reality". I've never seen anything like it in the UK in response to a budget. Either they reverse it or we could be going full Greece 2009 oh and interest rates pushing 10%.

Not content with fucking each other Truss/Kwarteng seem to want to fuck the whole country.

All these posts talking about KK taking a gamble - can you hear yourselves? You think that's ok? You don't gamble with the country's economy and stability, especially not in the post-Brexit, post-Covid, rising inflation, rampant borrowing era.

I thought the Tories were meant to be the party of fiscal responsibility? I thought we were supposed to be able to trust them to make sensible, considered decsions? I thought they were supposed to CONSERVE?

I simply don't understand how anyone can seriously defend this stuff. They're wreckers, fucking pirates, literally gambling with our futures, and you're sitting there nodding along with it. I despair.

But but...Labour are worse.

I despair.

Not surprising. I need to look into this more and see exactly what they're saying.