Rachel from accounts has crashed the economy

[Almn0etd]

So borrowing costs are now even higher than when Liz Truss was around.

The economy is well and truly cooked and in a far worse shape now that Rachel accounts is in charge.

Why isn’t this dominating the news cycle? Because it’s Labour.

The Tories were atrocious. Labour are an indescribable disaster for this country, surpassing the lowest of the low bars. Cue Labour apologists who don’t mind being made poorer and having the country destroyed, as long it’s Labour doing it to them.

That’s the kind of poisonous drivel that stops good people going into politics and gets Jess Phillips hounded by headcases.

And many, many do. Like I said, you can’t have it both ways. We can’t be the “luckiest generation in history” and freezing and poverty stricken at the same time.

As I type this I note the 10 year gilt yield has just gone over 4.75%.

These are the stark figures that will cause issues for Reeves / Starmer and impact everyone at some point

Oh please, get a grip. Facts in the public domain can’t be denied. Good people don’t make stuff up on their CV in order to get jobs they aren’t qualified to do.

Respect is earned and she’s giving every indication of being clueless, slippery and dogmatic. No self-respecting feminist wants mediocre women who are promoted beyond their competence to be fawned over because they happen to be female. And “Rachel from accounts” is amusing precisely because it has a ring of truth following the CV embellishments, just like countless other politicians’ nicknames, male and female (Crimi Badenough, Two Tier Keir, Two Jags, Bliar, Lettuce Liz, Maybot, etc)

They made such fuss when Truss triggered a similar reaction and now? Radio silence.

Indeed, though I suspect that they are relying on the fact that most of the general public have no idea that this is an issue. Perhaps they have no idea either... ;)

It’s odd as that silence will cost us more. Truss didn’t last, there was correction. The markets are considering there’s no political lever to remove the problem

Maybe when people move on from Musk media cycle it’ll move up but still people want to give them time. That time is costly but I can’t see any mechanism to change course

True ;

You’d hope that RR has a clue, or we are truly stuffed. I do worry that she isn’t equipped for the role. I mean our economy has had two consecutive months of negative growth following on from her budget, so we are teetering on the brink of going into recession. Well said re: feminists don’t applaud other women getting a job simply because they are female.

I have never said that. Life was truly grim for my parents during and after WW2. I think most young people would really struggle to cope.

Very true.

Your parents weren’t boomers, were they?

Perhaps you think that Age UK is lying about the consequences of the cruelly low bar for wfa @Blossomtoes?

Word.

I think it may well be exaggerating. After all it is a campaigning organisation.

I think it's more of a concern that most of the general public have so little understanding of how an economy actually works. Becasue it means that there is less accountability

I had a slightly baffling conversation over christmas with a couple of retired teachers, who were delighted that "...they are making businesses pay more NI..." while at they same time complaining that the cost of managing the 6 flats that they rent to students was going up so much in 2025. They refused to see a link. They were also very unhappy that at current interest rates they were losing money on a couple of them, and that this new tenants rights bill was going to make things much worse for them. Again, a refusal to see a link between who they'd voted for and impact!

It's always really disappointing the lack of understanding of the economy. Well good news,
BofE likely to have to cut rates so we can all borrow more and continue to inflate house prices.

I do think it's becoming clear labour have made a bad situation worse at this point - but also that we need to have more grown up economically literate debates about the options and not just the blame game.

Her MSc in Economics from LSE qualifies her ad an Economist. I would add more, but this suffices and is the one thing no one can quarrel with.

It’s interesting that you all with your sarcasm were nowhere to be found when the Conservatives were doing so badly with the economy.

An MSc in economics doesn’t make you an economist any more than an MA in history makes you a historian or in broadcast journalism makes you a journalist.

What do you think it takes then?

I venture to say LSE would disagree with you on this. Not all MSc programmes are created equal.

As I understand Liz Truss's problem was she wanted to take away 40bn profit from the banks. And the banks don't like having money taken away from them.

You & others cannot be so ignorant of what happened during Truss and her mini budget can you?

Or have you another motive? as you were silent over Truss.

10 year gilt yields tripled, going from 1.8% to over 4.5%.

The UKs rates have gone from 4.5 to 4.8% hardly the same.

If you look at almost all major economies, yields are rising, the US is currently 4.75% and increasing.

Is Reeves running these economies too?

Here's a question.

Truss was ousted pretty quickly. And none of her policy was implemented.

So if that were the case, why did the gilt yields not go back down to where they were prior to Truss when Sunak was put in charge ?

Because that correction was going to happen over time - Truss's actions precipitated the speed of the the crisis and she rightly paid the price for misjudging.

Reeves may well pay a political price for mis judging here too.