Oh will you look at that! A government u-turn!

[tenbob]

AIBU to think this government is now totally dead in the water..?

Wonder what all the Truss handmaidens tying themselves in knots to defend the tax cut will say now..?

Agree with this. They announced £45 billion unfunded tax cuts, they've now scrapped £2 billion so still £43 billion unfunded tax cuts, + inflation, + additional borrowing costs, + however much of £65 billion BoE measures needed to prevent pension collapse... = a fuckload of cuts to come.

It's a mess.

Increase it to 50p

I'm waiting to see their plans for health and education. It won't be pretty.

Surely the whips will be on defection watch?

Kettricken
How has it cost £65bn? The BoE has only held 3 gilt repurchase auctions so far each with a max daily limit of £5bn. It's reviewing the need for reverse auctions on a daily basis so may not hold all of them (last possible date is 14 Oct).

It's buying long dated gilts for resale in the market. So, it will sell what it has bought to recoup money once the markets.

I'm not saying this fiasco won't cost money but the way people as speaking you'd think the BoE had burnt a £65bn pile of notes in Threadneedle St.

It’s a variation on “But Corbyn”.

A pledge made by a previous Labour leadership that didn’t even make it into the Labour manifesto.

once the markets stabilise

What's the betting she'll be gone by Christmas?

Rishi must be just howling...he's got one of the biggest 'I told you so' moments in modern history.

Hi Clav, is waspi women the best you've got? Really?
The fact remains this government are a bunch of lazy arrogant idiots who don't give a shit for the country and worship at the alter of money with their mates.
You can't defend the indefensible and just bring yourself low by trying to do so.

The whataboutery keeps my anger alive as its a constant reminder so keep on with the spamming of links and but labour.

Truss literally - literally - hasn’t got a clue what she’s doing. If she’s a patriot she would resign today.
yes, a year 6 would do a better job.

To cause so much damage in so little time. I hope there is a formal investigation and they are both held to account for their recklessness.

agree.

Bring back Boris

But what can they do about it if someone is determined to go? They didn't manage to stop all those resignations under Boris.

Just because we've jumped out of the frying pan into the fire, it doesn't mean we have to jump back in the pan.
We could leave the fire altogether

A suggestion three years ago that didn't make it into the manifesto? As against a budget announcement by a serving government? That's desperate even for you, @Clavinova

Just watched Kay Burley interviewing Chris Philp. I think he may end up being the one resigning over this. Looked a bit like he'd maybe been thrown under the bus with some leaks, based on her questions about him writing a proposal for the 45p tax rate cut?

They promise peerages, local funding or threaten to expose issues.

They can't stop it all but a nice defection is a good sign the party has accepted it will lose.

I’m so reassured to be told on here that the £65bn aren’t lost and may in fact have been a brilliant move. Shall we do it again soon then?

£65 billion is the amount of cash the BoE had earmarked to correct the issues in pensions.

This fiasco has cost far more as the cost of all government borrowing is much higher, and that has not changed really.

What an utter shambles of unprecedented proportions!!!

And to try and pass it off as a "distraction" - DISGUSTING!

It's obvious that when they came to draw up the budget plan they should have presented in the first the Office for Budget Responsibility have refused to sign it off.

What a joke they are! And I say this as someone who is hardly a Labour voter.

As for Liz Truss insisting they would stick to the abolition of the 45p rate just 24 hours ago - WTF!

Whst a humiliation for them. They won't last the week.

He’s got enough sense to keep his mouth shut and only do it in private I think. He’s the leader that will rebuild the Tory party once they are out of power. I think he’s known that for months. His leadership campaign was pitched much more towards the electorate than the those that run the party.

Johnson's approval ratings were strongly negative, his shine had worn off considerably.

They are politicians. They’ll never publicly admit it’s a mistake, even if they privately realise it is.

Novum
A suggestion three years ago that didn't make it into the manifesto?

It was quite clearly a pledge not a suggestion:

General election 2019: Labour's £58bn pledge to right WASPI 'injustice'

Mr McDonnell said Labour had been working on a settlement for 18 months, although it did not feature in the party's manifesto or the accompanying costings.

news.sky.com/story/general-election-2019-labours-58bn-pledge-to-right-waspi-injustice-11869005