Is the Chancellor about to crash the economy?

[Startingagainandagain]

I will start by saying I voted Labour, but I am increasingly concerned about what the government has done so far.

Today there are warning that food prices could shoot up, the pound is going down, there were big jitters on the bonds market and government borrowing is higher than planned.

More generally Reeves seems to have spooked businesses and they have no will to expand or employ more people.

I agreed that the Tories left a total mess.

But Labour seems to just go from bad to worse and I am really starting to wish she could be replaced by someone more competent to restore some confidence.

Like who? Do you want Jezza back?

Liz Truss and her clown show crashed the economy. We're still paying for it.

Using the same metric as Labour used against Truss, Labour have already crashed it!

Be careful, she will send you a cease and desist letter as well

It's not looking good is it.
A man said" :they taxed employability, not profitability, corporations tax is how to tax ".

'Liz Truss and her clown show crashed the economy. We're still paying for it.'

Of course they did.

But Reeves can't just carry on blaming them forever and just making things even worse with her own actions.

We really need competence right now and I really don't think she is the person for the job from what I have seen so far. She is losing everyone's confidence.

She’s not about to.
She already did.

@Startingagainandagain I agree. To not have business on your side is dangerous. I work for a large organisation that has already cut huge numbers of jobs and this will be extended in 2025. SMEs which are critical to growth will find it much more difficult even with the improved thresholds.

I worry a lot about the delivery of Labours intentions. I don't mind paying more tax (although I think there are other places they should go first vs. working people) but I have very little faith that the money will be spent to truly deliver change. I don't think they have the right people in roles to deliver such change.

I also have no answer on an alternative solution. I think Kemi B missed an opportunity to position herself as something different by simply going straight into attack and defend without truly acknowledging the mess left or showing any accountable. Politics just feels like a words game, who can shout the loudest and the everyday person suffers in the end.

This is a very clever quote.

This was discussed extensively on the other thread that was posted yesterday.

Yes things are starting to look ugly. the 10 year gilt almost went past 5% today and the £ has taken a hit.

It's a shot across the bows to Labour to keep their house in order from the markets. They really do not have a great deal of scope to borrow money.

It's either increased taxes or decreased spending. If they try to borrow then the markets are going to have something to say.

'@RitaFromThePitCanteen · Today 18:06

Yes I very much believe you voted Labour and are not at all a Tory propaganda bot.'

Feel free to check my posting history. You will see my long standing support for Labour on this site and many threads I have posted on other topics in the past few years.

It is really infantile to try to shut down a conversation by saying some must be a 'Tory bot' if they express worries about the economy.

I do t pretend to understand all of this, but this report says that’s whilst things aren’t great, it’s nothing like the Truss effect. The pound is pretty stable still.

news.sky.com/story/money-blog-personal-finance-consumer-mortgage-pound-blog-live-cheap-eats-sky-news-13040934

Trying to cancel discussion by calling people a Tory bot is how you turn voters to Reform etc

Funny how it is currently the female Chancellor's fault but not the male PM's.
Previously, it was the fault of the female PM and not her male Chancellor.

Such a lazy unintelligent reply. How can we be sure you aren’t a pro labour bot?

I mean, it does seem like there are tonnes of posters these days posting the same accusations….

If you seriously think the poster is a bot then report the post to MN. Or continue breaching community posting guidelines yourself.

So we're not allowed to discuss the economy now? Ok!

@Privetproblemshedges I've noticed this as well.
On the musk threads there is much repetition and I did think is it something from Facebook, to counter musk.
But then I told myself off for being a paranoid fool.

Another pro labour bot.

See how that works?

I don't claim to be an expert on economics but many people who are were concerned that the budget was not designed to promote growth and borrowing at a 16 year high cannot be a good thing when the money is just being used to keep our heads above water.

I was never a fan of Truss, she always seemed to carry a whiff of incompetence and inadequacy but I'm just watching an interview with her which is very interesting. Slightly unrelated to the thread but other people may find it interesting too.

I mean, they've only been in power a few months - they need more time

Businesses were always going to do what they were going to do, see shoe zone, but now they have a convenient person to blame for their actions

Yes, I see. But I don't care 👀

She already has. The only people who don’t know this yet are those who are employed by the public sector, the unemployed/welfare claimants and some pensioners.

They will realise all of the above when there is reduced tax take from the private sector. Mainly because of redundancy, pay freezes, recruitment freezes, reduced investment and relocation. It’s amazing what they’ve done.

The banks crashed it not Liz truss - to get Goldman Sachs dick head in power, if Liz's tax cuts and policy's had come in we'd all be booming now.