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..?

Squirmy squirm squirm squirm.🤣

I'd also rather a government that could change their minds when something has gone wrong, and not feel forced to stick to bad decisions out of fear of losing authority.

If they'd been able to change their minds about Brexit or whatever else, without all the focus being on the face that they changed their minds/did a U-turn ,then we'd be in a better position now.

I hate the way the media focuses so much on the U-turn bit, and not the rights and wrongs of whatever decision is being made.

I mean the downside of the U-turn is clearly we have such a shower of shit coming our way that they thought it was impossible to navigate that alongside cutting taxes for the "rich". Not reassuring!

Just console yourself with the fact that they have to fuck up big time before people will get off their arses to vote them out.
Fucking stupid idiots who voted this shitshow in.

So does this mean interest rates for borrowing will go back down ?

I do wish that they engaged brain before announcing changes! They had a chance to consult and it appears not much of that went on at all. I am not impressed by politicians of any party at this moment in time and I do wonder what's next!

Nope

to interest rates going down

The fact that this pair of idiots have cost the BoE (and us!) billions for such a ridiculously stupid decision in the first place is utterly shameful BUT not out of the realms of believability. The sad reality is they wholly DO NOT CARE ABOUT YOU OR ME, again, THEY DO NOT CARE ABOUT US!

The country is fucked beyond belief and it’s going to get a lot worse before there’s any remote chance of it getting better.

Couldn’t agree with you more. Increasing the 40% tax threshold would have been an easy and well-liked win for them.

Kwarteng Economics 101:

1. announce disastrous economic policy
2. tell mates to bet against the £
3. Reverse it - your electorate are so gullible they will lap up everything you do
4. mates rake it in
5. (when you are sacked) be given £200k p/a ‘advisory roles’ in 10-15 companies in return for your ‘generosity’

I wonder how much Crispin Odey has made in the last 9-10 days

I wonder if they tipped the hedge fund managers off about the U turn and they made a fortune again?

You know all of this is irrelevant don’t you ? Labour would never have created this shit show in the first place. If the last week hasn’t told you just what the Tories are, and why they shouldn’t be anywhere near government, then I don't know what will. They’ve made Labour look like the party of fiscal responsibility - something we never thought possible. And listing Labour u turns doesn’t even begin to excuse the smash and grab of the last week or the damage done as a result. We should now be calling for a police investigation of insider trading as a result of the chancellors’ ‘unfortunate’ choices.

So if I understand the situation correctly, the most BoE has spent as of this past weekend is £25 billion, not £65 billion, and in return for that spending, it has acquired assets that might, when resold in the near future, be worth more than they spent, due to a partial U-turn on the policies that led the asset price to fall?

I’d rather they didn’t make bad decisions. We all knew it was a total fuck up. That it didn’t make sense. Why didn’t they?

Because it makes sense to them. They only reversed it because the optics became too bad.

Highly unlikely

it was announced just before the markets opened so that it wouldn’t benefit anyone to have the information ahead of time

GBP had stabilised enough before today that I can’t see there being much to be made in buying low with the knowledge there would be a big movement today, above buying low in the hope there would be movement in the coming weeks and months

this honestly feels like utter incompetence rather than conspiracy

Nah, its about GOVERNMENT U TURNS.... and Truss's U Turn is spectacular but again, more importantly, is her whole fiscal approach, which is a disaster.

This is utterly shambolic.

Just goes to show, you can receive the best education in the country and have the brain the size of a planet (debatable in the case of KK and LT) and still have no common sense whatsoever.

There was no consultation at all. None. Truss admitted they hadn’t even consulted their own ministers. Truss tried to throw KK under a bus in an interview last night, saying that the plans were his. He appeared to contradict that this morning on BBC breakfast. I don’t think we’ll have to wait long to find out what’s next. Hopefully both of them gone, and soon.

Interested to hear the points that make Truss an A leader?

Actually, I work bloody hard, today happens to be my day off as I haven't yet had to resort to working 12 hour days, seven days a week

Fuck off with your implication that British people are lazy. The only British people that label applies to are the tory government who couldn't be arsed to take advice before destroying the countries economy. That they apply their poor work ethic to others is disgusting and shows how thick they are.

So many Tory bot apologists on this thread.

We see you.

Arsehole ?

Can they reverse all the other unfounded tax cuts now?