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.

Agree with this.
If you want to discuss economic policy seriously I am up for that. But not this sexist claptrap

It’s fine the Labour government has committed to using private healthcare more.

Hey wait, haven’t they spend their entire political life saying how private healthcare is wrong….

@Whydoeseveryonewanttoargue No argument about Amazon and Facebook - but financial stability is rarely achieved by making charitable donations with money you don't have.

Sure but I don’t think supporting Ukraine is a charitable donation.

I think if Labour had come in and said we have a plan to start with and are going to tax these companies - no one (except maybe Jeff Bezos and Mark Zuckerberg 😂) would have said that was a bad idea. I get raising money for public spending but the way they have done it isn’t smart. Get people on side by taxing the Uber Uber rich corporations and then start with the rest. We aren’t with them because they went after the little guy first.

If they do it's because we're on the brink of a recession caused by RR. Increasing NI on employers is a stupid thing to do and moving the bar down to make employers pay NI for any employees earning £5k pa is even more stupid. The richest people are exiting the UK. She slapped 5 Percent on LL buying houses so now there will be even less rental properties for people who really need them because they have no deposit to buy a house. Not to forget the 4k pensioners who will die of the cold this year by Labour's own figures. What a nasty way to cull the elderly. Her latest is stopping the disabled from having £750 towards a motability car. She's borrowed such money to pay off train drivers and put illegal immigrants up in 4* hotels. The debt the UK owes is spiraling out of control. She is just as bad as LT. Two sides of the same coin.

How's that misogynistic?

I think its worth pointing out that:

• The downwards revisions for Q3 and Q4 of 2024 were slight; and

• analysts are predicting significant growth in 2025

KPMG forecast 1.7% growth in 2025 (this was released today) - https://kpmg.com/uk/en/home/insights/2018/09/uk-economic-outlook.html

UBS are forecasting 1.5% growth.

Nobody should be holding a parade over those figures, but either would represent an improvement on 2024 (and an improvement on the Tories actual Q1 and Q2 taken with the pre-election forecasts for Q3 and Q4).

I do wish MN would give us an eyeroll icon as a reaction. 🙄

A former Australian PM was commonly referred to as Scotty from Marketing. So what. I wish people would lighten up instead of seeing an insult in every little thing.

Since Labour came to power, here are some of Labour’s economic achievements -
Inflation has gone up
taxes have gone up
borrowing and debt has gone up
Economic growth is down and we are likely in a recession currently
employment numbers are down
Per capita GDP also down, which is quite an achievement (not), it’s such a disaster the even Tories couldn’t manage that one
Borrowing costs up
Business closures up
Record numbers of additional rate tax payers leaving the country

But fine as long as we keep parroting the lines that they’ve only been in for 6 months. Whether an arsonist take 6 hours or 6 mins to set fire to your house, they still set fire to your your house.
Or that Tories were bad. Well duh, yeah Sherlock, we know. We had noticed that Tories were bad, that’s why they’re not in power anymore. But it’s no justification for Labour being an unmitigated disaster.

I guess it’s evidence of boiled frog syndrome. You could literally to do anything to these Labour apologists, they’ll still be making excuses for Labour. There is no amount of harm that will ever cause then to jump out of the pot.

The frogs should be ready more taxes, higher debt, higher unemployment, a crashing economy and possibly a debt crisis with a backdrop of out of control public sector spending and low productivity.

Yes listening to analyst who said this is dire

Asked about Truss she responded it’s thought to be worse by the markets as it was corrected quickly

Who could have foreseen that huh. It was obvious we were walking into this pre GE

It’s at a greater level and the media is very quiet

The Musk media storm is covering a lot of it rn

I read The Guardian and it's certainly covered. All too often when people say something isn't covered they mean it wasn't covered the way they wanted it to be.

in any case, claiming the government is the "worst ever" 6 months into their term and saying "I knew they would be terrible and they are" is simply confirmation bias.

Not to the extent of the Truss budget and impact, no where near. Which as talked about on R4 was corrected which this won’t be

The markets are reacting on that basis rn

Also, as I recall, Margaret Thatcher's premiership was an economic disaster early on. She was arguably saved by the combination of the Falklands War and Labour civil war and incompetence. Now admittedly I'm no fan of Thatcher's regardless, but you would certainly have a vastly different assessment of Thatcher in 1980 than 1990.

Nowhere near as bad as Liz Truss. The whole world was laughing at Liz Truss. And no wonder.

Stop talking rot.

Yes

I have a strong suspicion that OP isn't wanting facts to get in the way of their rant.

I live in the SE and frankly it's awash with money. Expensive houses, cars multiple holidays. It's nuts.

I don't doubt age is a particular drain on finances but the average care home cost £6,000 a month. That's £190 a day. And I know it's been said before but there's a currently a 120 cruise taking in South Africa various islands and South America for £18,000 - leaving £4K to spend when you want to get off. Thats with a window, food, drinks, breakfast delivered to your room, tips even the laundry is discounted 24/7 service and entertainment...

They are doing that but have been criticised for raising taxes.

Listen to the analyst on R4 about 15 mins ago on playback

She outlines it well. Why it’s more dire than Truss scenario

She covers increase in prices and decrease in growth, ie stagflation without correction

She wasn’t ’talking rot’ it’s easy to understand and accessible

Of course they’re not doing that. Instead of stimulating the economy so GDP rises and the tax take rises with it, they’ve dived in and raised tax in a way that throttles growth 🤦‍♀️

I’d always thought a return to the dreaded stagflation of the 70s was the ultimate negative scenario any Chancellor would be desperate to avoid. But this one’s charged right at creating it!

Conservative policies for the last 14 years have throttled growth. Like austerity and the biggest disaster for businesses in my lifetime, Brexit. It will take a long time to undo the harm they have done to this country.

That’s the issue for the markets. The ‘long time’ you are wanting is causing a reaction in borrowing costs

They can’t see a change from the dire impact ie lift in prices and decrease in growth

There’s no lever for that as you can’t lower interest rates

Breaking fiscal rules, higher taxes or lower spending being talked about now by another analyst

There is no need to belittle her with misogyny, it completely destroys your argument.

That said, although I voted Labour, I said very early on, even before the budget, that she was the wrong pick for Chancellor. She appears to just make ideological and isolated decisions, which aren’t joined up.

The reason she can’t clearly articulate ‘the why’ is because she doesn’t appear to have an overall strategy or narrative. And to top it off her nonsensical decisions are delivered smugly, same as Jeremy Hunt who genuinely looked excited to punish people.

People are usually ok with decisions when they understand the bigger picture. I think she’ll be out after first big cabinet reshuffle.