Any Labour supporters just so…

[CurlewKate]

…..disappointed and angry right now? I’m still, and always will be, a Labour supporter-it’s the party that most closely aligns with my political, philosophical and moral beliefs. But bloody hell, surely the least we can expect is basic competence?

It’s my personal opinion premised on what I see, not a Farage comment.

Did you foresee Rayner getting the boot? Nothing is off the table at the moment.

Apparently we are paying a "moron premium" on our debt which is the penalty imposed on the UK due to Rachel Reeves and Keir Starmer's terrible economic policies. So it costs us more to borrow.

Great.

Britain paid the moron premium when Liz Truss briefly ran the country. The combination of £45 b n in unfunded tax cuts and unproven plans for growth drew a swift response from the bond markets: the UK’s long-term borrowing costs jumped to a level not seen in nearly 30 years, higher than the cost of borrowing in Italy. For the government, the Truss mini-budget added £10 b n in add itional debt service costs, according to the Resolution Foundation; for millions of homeowners, it led to higher costs of every sort of borrowing, including mortgages and credit cards.

With an arrogance spiced with victimhood and delusion, Truss has recently gone on to blame everyone but herself. The Bank of England, the Office for Budget Responsibility, the Financial Times, the Davos elite, Joe Biden – they all get a kicking. The markets may see her as a moron, she suggests she’s a lone voice of truth, an economic Messiah: “Just as they’ve tried to do with Trump,” she wrote in the Washington Post last month, “the naysayers pointed to short-term market reactions to bully policymakers out of securing long-term economic prosperity.”

But the biggest moron premium, relative to the size of the economy, would be paid in Britain under a Nigel Farage government if he stuck to current plans. These are: to nearly double the tax-free allowance to £20,000 at a cost of at least £56b n; to abolish inheritance tax on estates worth less than £2m ; and to ape Labour’s rethink on welfare by ending the two-child benefit cap and bringing back the winter fuel allowance. Farage says he would pay for this by scrapping net zero goals, diversity requirements and support for asylum seekers, and cutting government waste.

response from the bond markets: the UK’s long-term borrowing costs jumped to a level not seen in nearly 30 years

Can you remind me of the borrowing costs right now?

I just don't know why they aren't smarter in their comms to get ahead of Farage and get some positive messaging out! We all know August is a slow news month but where was the comms strategy? They completely handed the headlines to Reform and look what happened.
I'm a Labour supporter but they're testing me....

You are simply cutting and pasting, without comprehension, or context.

People will never learn socialism doesn’t work, because in a democracy everyone has an equal vote and unfortunately the majority of people think they are owed something and deserve more - but they don’t want to do the hard work to get it. Most people take more than they give. So it cannot be fair/ equal because there simply isn’t enough to go around.

It’s about the moron premium l. I’d have thought that was self evident from the post above it. It doesn’t really need any comment but if you’re in need of an explanation it shows that the UK is paying that thanks to Truss and Farage would only make it worse.

It really amuses me how rude some people feel entitled to be.

Very slightly higher than when they spiked after Truss and never went down.

UK is paying that thanks to Truss

Can you remind be what the 30 year gilt yield is currently and what it was after Truss please.

I just did. 🤷‍♀️

Really? It was 4.47% in September 2024, it’s now 5.52%. It hit 5.22% after Truss.

Nope, I’m sure it was an honest mistake though,

This is from BBC on 02/09/2025:

This rate reached a 27-year high on Tuesday, which some argue is a verdict on economic mismanagement and fiscal credibility. The bond vigilantes are striking, and this is the ultimate harbinger of doom.

This is the current state of the Governmwnt. We are the laughing stock of the world.

It was 5.59% on 2nd Sept

The Truss gilt spike was extremely short-term and premised simply on unfunded tax cuts.

Whilst, globally yields have been blowing out, the UK is dependent of foreigners for a third of its issuance. So they ultimately set the price. And they see a country engaging in “Project France” - higher taxes, higher public spending (45%, Scotland is already 55%), higher inflation, higher deficits, more debt, more regulation on business and employment, inability to cut welfare, more political volatility & extremes. Not a great cocktail.

It’s not a massively appealing prospect to buy a 10y at 4.6% with inflation at 4% with the added currency costs and risks. The sums don’t add up as an investment. The market realises that a complete reset is needed for developed market long end yields and there is a step change move to a new level - countries like the UK which isn’t a reserve currency and who rely on foreigners to fund them are most exposed.

Yields of 8%+ are the norm for many EM countries - who often have a lot less debt, young growing populations and natural resources, granted inflation can run very hot, but again look at the UK and our inflation prints over the last few years.

Otherwise, your perception of rudeness is related to your lack of self-confidence in the subject matter in question, I suggest.

This explains why 2022 was worse. Also from the BBC.

There are two critical differences to what happened, for example, at the infamous mini-Budget of three years ago.

^Firstly the rise in yields at that point was more rapid. Secondly, back in 2022 UK government debt across a series of time frames (known as maturities) was affected.
Two-year and five-year government loans have a direct influence on fixed-rate mortgages of the same time frame. The mortgage market reacted in real time to the UK-specific sudden crisis. So far, this year, the cost of mortgages has continued to fall.^

No I didn’t mean you! I mean the obvious Tories on the thread, which is directed at disappointed Labour voters.

I don’t think you fully comprehend what you keep pasting,

I comprehend it perfectly. The lack of understanding is purely on your side because it doesn’t fit your narrative.

No one expected the new Government to solve all our problems quickly. We were though entitled to a detailed plan of how they would go about their work. They have not provided that.
Immigration: Stop The Boats! Smash the Gangs!
The Economy and business: Growth, Growth Growth.
These are massive failures whoever analyses them. We are already having to pay for those failures in higher tax and higher Cost of Living. The Tory Government had reduced inflation but in the last 12 months it has nearly doubled. The Cost of that trickles down to affect us. All of us, at least those of us who are not in one of the Unions that have had selectively generous settlements. They are ahead.

Next Year there will be elections in Wales and Scotland. A detailed plan of how Labour will make life better for us would have helped their chances in those elections. There isn't one. The predictions are that their will not be decisive results in either election. A narrow victory like Brexit leaving a substantial and determined part of the population severely disappointed and attacking every decision.
If that result is a loss for Labour in both It will be very hard for Labour to last the full term. Nigel Farage's prediction of a Gen Election in '27 might come true.

Rearranging the seats round the Cabinet Table nor another election will promote confidence, encourage growth or strengthen our military. We need decisive action. Just at the moment I don't care who or which Party provides that for four years. Just that somebody is willing to lead us.

@Blossomtoes Two-year and five-year government loans have a direct influence on fixed-rate mortgages of the same time frame. The mortgage market reacted in real time to the UK-specific sudden crisis. So far, this year, the cost of mortgages has continued to fall.^
You and I can borrow money long term at a lower rate than can the Government.
How common is it that this happens and is the current difference common do you know?

You really don’t - it’s abundantly clear, sorry.

As to Rayner, she has now been banished to the back benches, of course. I believe that there is more to come from her rather messy private life, too.

Incidentally, what’s your view on Labour’s plan to move asylum seekers into military barracks? (An estimated 1,000 people arrived on Saturday by small boat - let those numbers sink in for a moment…)

Going by your comments, you seem to be confusing mortgage rates, government borrowing costs, swap rates and BOE interest rates. Is your point that mortgage rates went up after Truss’s budget and haven’t with Rachel in charge?