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 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. You are very naive.

People have very short memories.

When Gordon B left office and A Darling left a note on the desk saying 'No money left' the UK was in one of the worst positions for years thanks to Blair but more Brown (who sold our gold and raided pensions.)

The Tories inherited massive debts. You can't turn that around in months or even a few years.

People also forget that - for good or bad- interest rates have been almost zero for years. Good for home buyers, crap for savers and investors.

The past 3 years have been dominated by Covid, global oil prices and gas/oil issues (and yes, the UK ought to have foreseen that one and planned.)

It's been proved time after time that hiking taxes for the very rich doesn't work.
1 There aren't enough of them to make enough impact- it doesn't really help 'the poor'.
2 It creates a brain-drain or tax -location ( just think how many companies now operate out of Dublin!)
3 Companies find a way around it.

The bankers' bonus is one example. When their bonuses were capped by an EU law, all that happened was their base salaries increased. And they pay tax on that and bonuses.

Labour left us in a right old mess. I have not heard anything to convince me they are any better now.

**JuliaDorneys

It's funny how Labour is hold to such high standards but whatever the Tories do is fine. And the tories have been in power for the last 12 years and somehow it is still Labour's fault LOL

Why are you expecting Labour to fix the disastrous KK self inflicted economic crisis? or even expecting answers for something they had no idea would happen just 2 days later?

If they were in, none of this would have happened.

OECD say UK will flatline in 2023... so much for growth !!!

But the tax changes only really benefit the top 10%

You can’t cut taxes from people who don’t pay tax.

If you want to redistribute more, done, then just say it. But these aren’t tax cuts.

Someone on 20k per year increase their home by 1% after these tax cuts. The proportion late increased in higher tax brackets (>highest earners) is less.

Fair enough, they earn more. But are you saying they shouldn’t benefit from tax cuts at all, given that taxes were cut for everyone (who pays tax that is)?

The UK is fucked.

fine not done

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.

Meanwhile school children are eating rubbers because they're so hungry.

www.theguardian.com/business/2022/sep/25/schools-in-england-warn-of-crisis-of-heartbreaking-rise-in-hungry-children

There's no electoral mandate for any of this. Kwateng is the 3rd chancellor this year (4th by Christmas?) and they've each spouted diametrically opposed economic policies despite being from the same party (with their 4th PM since referendum). The technical analysis of money policy might be appropriate for governments of competence with a plan but surely the markets are crashing because the UK has gone rogue.

Sorry, appalling typos - am on phone

The Tories inherited massive debts. You can't turn that around in months or even a few years.

1. They've had over a decade!!
2. It was a GLOBAL recession in 2008.
3. The manifesto promises e.g. levelling up are now being quite frankly pissed on.
4. Labour also had to spend a lot when they came into power due to what they were left by Thatcher/Major etc - lack of public services.
5. When Labour spend, they invest it into the country.- into public services aka JOBS. This lot take their wealth UPWARDS to their mates. They are stealing from us!

LOL at this being labour's fault.

This current crop of Tories are disaster capitalists out to enrich themselves and their friends. They are not even bothering to pretend now. There is NO WAY I am stilling down and accepting this. It is time for direct action of all kinds - from letter writing to organising and protesting.

It drives me mad that 'patriotism' is seen as singing God Save the King or whatever, and not organising to stop this self-inflicted economic crash.

The Tories have spent the last twelve years shitting the bed and some of you are still trying to pretend you don’t smell anything. Embarrassing.

And before anyone comes back with “oh you think Labour could have done better”- frankly I think a fucking broom with a false moustache taped to it could have done better.

It's all part of the plan to trash the existing currencies and bring in digital currency.

Digital currency where the money can be programmed. They can make your money only last 30 days or decide what you can buy with it. Work is already under way.

www.bankofengland.co.uk/research/digital-currencies

Investors seem inclined to regard the UK Conservative Party as a doomsday cult, according to Paul Donovan, chief economist of UBS Global Wealth Management.

There won’t be riots. This country is passive. All they do is sit and moan. We have the government we deserve and that inexplicably millions voted for. Hell mend us.

In pictures

Yep.
I've heard people saying "but Jeremy Corbyn wouldn't wear a poppy" or "labour don't know what a woman is" meanwhile our country collapses.

@JuliaDorneys

Many of the problems you state are down to Austerity and Brexit, both Tory policies.
I note you don't mention either.

12 years is plenty of time to turn around any problems they inherited, plus the Global Financial Crash effected all european countries, yet it is the UK that has suffered the most... why would that be?

Liam Burn's note was actually a long standing tradition from a departing Govt to a new one... been done for over 75 years.

Are people seriously still blaming Labour?

I mean other than providing an ineffective opposition (of you want a good govt, you need a good opposition), how can it directly be their fault?

The mind boggles.

OK - so 12 years of Tories, and you are still blaming Blair/Brown? Of course, you will then mention things like the Tories having to deal with a "Global Recession" (this one caused by Covid)... while forgetting that Brown had the exact same issue and THAT was the reason there was "no money left"

Personally, the difference this time seems to be that the major issues are self-inflicted (Brexit, tax cuts etc.). Interestingly, the issue is not so much the tax cuts themselves that the markets are against (they don't care about who gets them - rich or poor) - it is the unfunded nature of them that makes the markets nervous. along with the inflationary impact.

I believe the best quote so far (from the chief economist at UBS Global - someone who you might think DOES understand money and politics...)

"Investors are inclined to regard Conservative Party as a doomsday cult"

I saw David Gauke tweet this morning that the BoE are in a very tricky situation, wait for the next scheduled meeting in early November and look complacent, call an unscheduled meeting and look panicked. Truss et al are economically-illiterate jihadis.They called it a fiscal event or something not a budget to avoid scrutiny from the OBR. Now we know why.

Unfortunately for you I heard that too and your description bears as much relation to the truth as Johnson’s account of Partygate. Reeves is doing spectacularly well, as you’d expect of a former economist for the BoE. Remind me of the Chancellor’s qualifications for the job.

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

oh boy, looks like you’re fucked both ways