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..?

They are not complaining though!
They are calling this administration out as the clusterfuck they are

I have a bad work week ahead but at least I am not (re)writing Truss' speech for the fifteenth time!

.

Public service cuts planned again are horrific. Just dealing with another £5.6 million to our LA Children’s Services - schools, children social care, school transport, on top of a £2 million overspend on school transport due to inflation, transport companies folding and fuel costs. This is on the back of year's of cuts made in the name of efficiency and austerity.

So much for supporting the system to look after children and their education post the pandemic, so much for levelling up. There won't be any services left.

@Lunar270 Do you not understand what 'former' means?

Has there actually been a £65 billion cost? Or have we actually made a profit?

If leveraged pensions schemes were in trouble, because the prices of gilts they were using as collateral for their leveraged positions were falling, and the Bank of England intervened to shore up the price by buying gilts, and now there is a U-turn which means the gilts price doesn't need to fall after all, or at least by not as much as it had when BoE were buying, doesn't that mean we are likely to be in profit, ultimately?

Originally this post was going to be to say that the fact that BoE spent £65 billion doesn't mean we're out £65 billion, because they got something for their money, but I think the situations's even better. With hindsight, the BoE has surely bought £65 billion of debt at a manufacturerd low, and is quids in?

The good news for highest earners is the hot tubs, swimming pools and what not will be even more heavily subsidised than the tax cut would have saved. Yes, public money will be paying for the higher energy bills of the rich.

I thought your username was “Liz Truss is a crayon”. Thought it was a peculiar insult but was happy to go with it. Stupid fucking crayon. She’s like one of the shit ones you get to colour in the menu at a cheap chain pub. Why is it so hard for us to get a crayola PM?

If they are going to do a u turn they need to u turn the whole mini budget!

I've signed the petition for a snap general election. We need this bunch of crooks out now.

This. Mogg & co are looting while they still can.

TBH I'd rather have leaders who don't make bad decisions in the first first place because they consult, take advice and think through their policies BEFORE they try them out. It wasn't going to take any great intellect to work out that this policy was going to bomb without doing anything to address the concerns of the majority of voters.

Will we ever have a felt tip PM?

So Labour never do a U-turn ?

greenworld.org.uk/article/labour-social-care-u-turn-no-way-do-politics

www.thegrocer.co.uk/politics/labour-backs-tory-plans-for-hfss-u-turn-amid-cost-of-living-concerns/671824.article

www.huffingtonpost.co.uk/entry/keir-starmer-accused-of-u-turn-after-lisa-nandy-allowed-to-join-picket-line_uk_62e7ca73e4b00fd8d84156b1

www.telegraph.co.uk/politics/2022/07/25/keir-starmers-u-turn-renationalisation-sparks-fury-among-labours/

Here comes the Tory bot whataboutery. Impressed it took a whole 6 pages.

@BoxcarMilly

You are clutching at straws there.

None of the examples you've given come anywhere close to the present shitshow.

Why would you want to defend Liz Truss? Did you also approve of Boris Johnson?

It was never going to happen so the BOE intervention was a complete waste of money.

Now that’s the question isn’t it. Ah to dream.

As long as they don't repeal the IR35 repeal

I can see that changing more than other things tbh.

@SleeplessInEngland"Here comes the Tory bot whataboutery. Impressed it took a whole 6 pages."

Not 'whataboutery' just simple truth 😏

The Bank of England has not spent £65bn because the gilt reverse auctions run daily between 28 Sept and 14 OCR at max £5bn per day.

Additionally, if you look at the BoE announcement they will resell the gilts when the market has calmed down.

So if the gilt buy back stops and/or the gilts are resold the cost will never be £65bn

www.bankofengland.co.uk/news/2022/september/bank-of-england-announces-gilt-market-operation

They’re still pressing ahead with everything else - only the 45p tax rate cut has been reversed. So UC claimants will still have to find more hours or face benefit cuts, and the promised benefits updating by inflation ain’t gonna happen. Plus whatever other treats they have in store for us in November when they disclose how they’ll pay for it all. A treasury spokesman said yesterday that house holds needed to follow the governments’ example and ‘live within their means’ - if they need more money, get a bigger salary or cut spending. Totally out of touch with reality. KK was interviewed on BBC breakfast earlier and lost count of the number of times he kept referring to the energy measures to try to dodge the uncomfortable stuff.

No use arguing with bots.

This serves as another reminder that you can only get away with doing stupid things (eg brexit) with a mandate. Pretty much any controversial policy Truss wanted would have been without one, which is why a new leader who doesn’t call an election soon afterwards is going to be on thin ice. Backbenchers know it and voters know it.

@MrsDoyle351 Just putting another viewpoint.

You can throw red herrings about all you want but the truth is that Labour has done some spectacular u-turns.

U-turns is what this thread is about. 🙂

Ok bot, let us know when any of those ‘gigantic’ u-turns crash the pound and raise interest rates.