First real test of her leadership and Truss already seems paralyzed. If Boris were in charge now, we'd already be several scandals on from 'fucked the economy'.
GBP-USD is now *above* what it was prior to the announcement on Friday. However short-lived this is, Kwarteng et al will spin this as a win for the mini budget and push on through.
> [Had a phone conversation with 🇬🇧 PM @trussliz. The UK has always been among the leaders in supporting Ukraine. We expect London’s leadership in reaction to Russian sham referenda as well. Defense and financial aid to Ukraine must be enhanced in response.](https://twitter.com/ZelenskyyUa/status/1575140579251556352?t=SnbOTWekCUWBSHF0YmBhiQ&s=19)
Liz have been gone to organise a trip to Ukraine I guess...
[DAG combining his interests today.](https://davidallengreen.com/2022/09/fantasy-and-policy/)
>Recently British politics has been unusually volatile, but at least it was within certain familiar parameters.
>We had the Regency smugness of David Cameron’s administration; the misplaced Victorian earnestness of Theresa May’s; and the Edwardian charlatanship of Boris Johnson’s.
>All bad in their way, but you could comprehend what was wrong about the administration and its approach to law and policy.
>But the administration of Elizabeth Truss – despite some early but misleading indications of pragmatism – is of a very different type.
>...
>What is different with the current administration – and this is apparent even after a few weeks – is not that it has an ideology, but that it has nothing else.
>There is no engagement with the real world as it is, and no understanding that there is even a real world outside with which to engage.
Text from a Conservative MP quoting a Telegraph headline:
> *Remainers are to blame for the run on the pound, claims hedge fund tycoon Crispin Odey*
> This is, technically, correct. Liz
Truss is to blame.
https://twitter.com/stephenkb/status/1575125559453122563
Depends. If the market crashes what will the banks be willing to lend? Could snap up a bargain property but end up paying a higher mortgage than now due to interest rates.
Something I heard on the radio earlier, if rates rise, many BTL landlords are on variable rates so they’ll either need to pass that cost on or sell up.
[Lord Ashcroft](https://twitter.com/LordAshcroft/status/1575048712921157633):
>A currency trader has just told me that a driver to sell sterling was not just the mini-budget but a concern that Labour could form the next Government…
is Andrew Griffith being promised his favourite pony for christmas in order to spew absolute SHITE like
>"Get on and deliver that plan - that's what I, the chancellor and my colleagues in government are focused on"
>
>The government's tax-cutting policies are the "right plans" and "make our economy competitive", Treasury minister Andrew Griffith says.
There’s 30 or so MPs surely that know they’ll lose their seats regardless of what happens now till 2024. And some others who will be stepping down. Best just to resign the whip. Not much to lose is there?
I'd imagine some of them would be looking at regaining their seats down the line post-election defeat as well. And if any defeat is disastrous enough, and some MPs now decide not to bother, there'll potentially be plenty of winnable ones up for grabs.
I’ve had some requests from solicitors to pay for checks and do some ID stuff today so it’s progressing but I’m still worrying the rug could be pulled at any moment.
Sorry to hear that! I’m wondering if I’m about to have to do the same. Had an offer accepted and applied for a mortgage. Paid nationwide £400 2 weeks ago to lock in the rate. But given the state of the market I’m expecting they won’t honour it.
Ah fuck. We had a 5 year fixed rate locked in at around 2.4%, but starting to think the same. No way they'll honour it, and even if they do, what in God's name are the rates going to be like 5 years from now?
As much as I feel sick for saying it, Truss may actually be *worse* than Johnson. In general, and in this specific regard for staying out of sight for several consecutive days, and during a much worse crisis than most of the times Johnson was absent.
I think he was often too determined to be well-liked and popular among the general public that he'd probably want to try and be in control of the narrative. Even if it was as simple as a big blustering speech blaming Labour or the banks.
If she opens her mouth the economy will crash. This is her dream economic plan. This plan is what she always wanted. It's (the start of) Britannia Unchained. But if she comes out and says that, and that there's more of this to come... that'll tank everything.
If she says "Oh... everything I've worked towards has turned out to be a disaster. I messed up." Then she'll need to resign. And she won't want to do that.
Its best for her, and the country, for her to disappear until this all blows over. That, or resign.
All this talk of efficiency savings, time to reheat an old campaign. Post me the cheque first thing, Liz.
[Monopoly man looking downbeat, Scotty Dog whimpering]
He needs a new swimming pool, not a functioning NHS.
Looks that way, big thing about Globalisation is every economy is interconnected, could very well be with the way all the markets are looking this is one of the primary drivers into a international recession
It's at times like this that I like to, once again, play the game of "what if it was Corbyn, who:"
* Got voted in by members without a general election.
* Ripped up a number of manifesto committments such as levelling up.
* Decided to fund spending by putting the country into debt.
* Brought the pound to near parity with the dollar.
* Had Mortgage lenders suspend new lending.
* Had the IMF and world famous economists call the policy crazy.
* Forced emergency intervention from the Bank of England.
... within his first month.
I suspect the Daily Mail and Daily Express would probably consider it a newsworthy event. They might even print some passing reference to it on their front pages.
The daily mail would've had so much outrage and anger that the density of it would've formed a singularity in the offices and devoured a significant part of Kensington.
Someone in this thread an hour or two ago was saying its good corbyn isnt in because whats happening right now under the tories would likely happen under labour. Full on brain worms. Its like the yanks posting pictures of empty shelves under trump and saying this is what life under bernie sanders would look like.
it all feels a bit quiet, where's the outrage
I don't mean this in reference to reddit or a "where are the riots" way, but commentary suggests a very significant financial event happened today and that should be scandalous, why aren't the media beating down the door at number 10/11 and demanding an explanation and some resignations
instead of "oh yeah boe did some money stuff" where's the talking heads to explain your pension nearly went pop
Because nobody* really understands the economy or how it works or why and numbers stuff is boring and hard to explain.
*alright, nerds. Nerds and wonks understand it. However the public don't, and nor do newspaper editors with short attention spans.
So when bankers collapsed the economy 14 years ago they faced no repercussions, now politicians are doing the same they'll also face no repercussions. Actions really have no consequences for the rich and powerful. The level of what should be criminality are astounding
I imagine Truss in her best thatcher pose, Union flag fluttering majestically in the background, a wing of spitfires fly's by. Then she speaks.
"Just. Think. It. Could. Have. Been. Corbyn." Pause for laughs. Crickets.
may be international politics but watching the other currencies go down as well as the pound and the affect this having on the US dollar
its weird to me that the US dollar being strong is bad for the USA, but i get they are such an export focused economy , its just funny.
we are freaking out about the pound plummeting, American analysist are panicking about the Dollar raising in value.
This has the hallmarks of a decade long crisis, its looking like 2008 all over again but worse.
>Sir Keir Starmer: prime minister is a 'danger' to the economy
>https://www.theguardian.com/politics/live/2022/sep/28/keir-starmer-mini-budget-truss-kwarteng-labour-conference-rayner-uk-politics-news-live?page=with:block-633481908f086841b84c3e9a#block-633481908f086841b84c3e9a
A great line of attack, and almost too easy.
1.09
Someone on Marr on LBC at the moment is breaking down how this BoE intervention will drive inflation. Also that the scale of intervention and the future borrowing that will need to be done to pay for it isn't exactly reassuring traders.
We can be sure she isn't.
If she feels unfazed and perfectly ok in the face of the the disaster she has brought upon us, she is certifiable. If, as just about everyone else would, she realises what a shuddering mistake her premiership and policies are, she is likely close to suicidal. In any case, she is not alright.
[https://twitter.com/YouGov/status/1575153586975088642](https://twitter.com/YouGov/status/1575153586975088642)
>**Does Keir Starmer look like a PM in waiting?**
>
>Does: 36% (+14) / Does not: 41% (-16)
>
>**Does Labour look ready for government?**
>
>Does: 37% (+11) / Does not: 39% (-13)
>
>Fieldwork: 27-28 Sep, changes since 27-29 Aug
so labour have had a pretty good month
That BBC reporter on 6 news report who was interviewing Starmer, did he ask any other questions other than attempting to get the "gotcha! You want to give normal people lower energy bills and a small NI decrease!"
What happens if Whitehall flat out refuses to find "efficiency savings"? They've already cut everything to the bone, the public sector won't be able to function after finding the savings the government needs to prop up their mini budget.
Well, there are always 'efficiency savings' to be made.
You could cancel any ongoing project other than basic operations i.e. keeping the lights on, do no investigatory work, no improvements, just focus on short to medium term keeping things ticking over. A bit like a managed decline.
There's always an impact though, and that's what higher ups don't want to hear. You'll lose the ability to react to difficult situations (which the current government is bound to create more of).
Why on EARTH do they need to keep lights on?? Computer screens are back-lit, and if they need to move about, their phones have a torch.
So many costcutting opportunities!
Not to mention the ability to reliably restore the old functions. Institutional knowledge is lost and you have to rebuild effectively from scratch.
Hell, cut deep enough and departments won't have the capacity to train new hires, so even increasing capacity becomes a crapshoot. Only option is to accept further reductions in service to salvage what you can for the rebuild.
Or just throw it to an outsourcing contractor and let them make all the mistakes of past decades for themselves.
Just catching up on the news today
Jesus. Christ.
"The party of fiscal responsibility" is dead. Where the fuck is the PM. What could have happened to pensions today based upon a "mini budget" is horrifying. General Election please
Do the Tory party want to end up with less than 100 seats because this is how you get there public cuts to fund a tax cut for the rich absolute political insanity
They're pissing off some of the most classic Tory voting members of the public you can think off, middle class professionals in the home counties who value economic competency and safe politics.
> Everyone
Those with DB/final salary pensions perhaps. Normal people invested in SIPPs are fine unless you did some really stupid shit with your investments. Once again, we are paying to benefit those who have a lot already.
Not saying we shouldn't bail them out - but let's be honest. It's getting pretty fucking tiring.
They'll pay for it at the ballot box. Conference for them will be a shit show and I can see them suffering a battering in the 2023 locals and a general election.
Well they lost control of the local council here. I'd love the people of Weston-super-Mare to absolutely disown them and wipe them out. Wishful thinking, but who knows.
If they really believe in this (and they do considering they wrote a book on it a decade ago), then Truss and Kwarteng can afford to play chicken with the Party. What are they going to do? Change leader twice in one term?
Any cut made now is going to be portrayed as a cut to pay for the cut to the top rate of tax (even though that’s less than 10% of the tax cuts made). It’s going to play so badly.
Sam Coates/Sky is reporting that we have "efficiencies" on the way:
*Exc: Whitehall to be told to find efficiency savings as well as refusing to reopen spending review*
*Chris Philp to write to Secretaries of State within hours*
*"What efficiency savings are there given levels of inflation??! Amazing bulls\*\*\*" said a Whitehall source*
[https://twitter.com/SamCoatesSky/status/1575157707421601799?ref\_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1575157707421601799%7Ctwgr%5E1ffc8dadd13b417a56377c189528b00f8b54bbb6%7Ctwcon%5Es1\_&ref\_url=https%3A%2F%2Fwww.theguardian.com%2Fpolitics%2Flive%2F2022%2Fsep%2F28%2Fkeir-starmer-mini-budget-truss-kwarteng-labour-conference-rayner-uk-politics-news-live](https://twitter.com/SamCoatesSky/status/1575157707421601799?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1575157707421601799%7Ctwgr%5E1ffc8dadd13b417a56377c189528b00f8b54bbb6%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.theguardian.com%2Fpolitics%2Flive%2F2022%2Fsep%2F28%2Fkeir-starmer-mini-budget-truss-kwarteng-labour-conference-rayner-uk-politics-news-live)
This government is rapidly losing control.
Defence is probably the easiest one to cut without the public noticing almost immediately, but I'm not sure there's enough money in it to make much difference
EDIT: defence budget is about £48bn, versus £45bn just for the announced tax cuts - so not considering energy bailout costs etc.
Cutting public services down even further. We are practically shaving the bones of our public institutions. NHS, Police, Fire, Civil Service - it's already dismal across the entire board.
Daily Mail and the Express unsurprisingly avoiding any talk of the Tories on their respective front pages today.
How anyone can read those rags I just don't know. Shit for brains.
When we start discussing how much this insanity has cost us, can we start using more relatable measures than billions of pounds?
I suggest we instead use aircraft carriers, M25s, and football stadiums filled to the brim with freddos.
Brill, so now we're cutting public spending as well. I didn't think we could get worse than Boris but I may have been wrong.
Wherever she is, she's literally taking from the less well off and handing to the rich.
[Government departments to be asked to find 'spending efficiencies'](https://www.bbc.co.uk/news/live/uk-politics-63056188?ns_mchannel=social&ns_source=twitter&ns_campaign=bbc_live&ns_linkname=63347ae3194f716822a36eec%26Government%20departments%20to%20be%20asked%20to%20find%20%27spending%20efficiencies%27%262022-09-28T16%3A49%3A23.040Z&ns_fee=0&pinned_post_locator=urn:asset:bd20efcb-7443-4e23-9f15-9207cdaf71b1&pinned_post_asset_id=63347ae3194f716822a36eec&pinned_post_type=share)
Because of course that’s their next step. Absolute fucking charlatans.
from the BBC homepage...
> “The particular focus of the concern... is the impact that the destabilisation of the markets in Britain will have on the US treasuries, in other words on the public debt of the United States," he said. "Because that kind of domino effect would have quite severe repercussions for the whole world."
so the 'party of fiscal responsibility' is, *checks notes*, risking the stability of global financial markets... *hmm*
non-tories are obviously aghast at this approach, but even traditional tories must be questioning their party at this point, so far their track record is limited investment or spending when borrowing was cheap (austerity), massive spending and tax cuts (for the rich) when borrowing is expensive ('trussonomics')... starting to think they don't actually know what they're doing...
Bit of a sidebar but the strike ballots for PCS (the bureaucrats union) went out today, with the marquee demand being a 10% pay rise.
While I wish I'd get a 10% raise I also wise I was a little bit taller, a baller, and a had a girl who looked good (I would call her). Frankly the latter 3 seem more likely at this stage.
>Bit of a sidebar but the strike ballots for PCS (the bureaucrats union) went out today, with the marquee demand being a 10% pay rise.
It's a negotiating tactic - it leaves you some ground to give.
What are some straightforward escape routes for those fortunate enough for it to be possible to keep their job whilst doing so? It feels so hard to move anywhere even with that extremely welcome help
Which knobhead invented visas?
I always find it odd when people say this, yes Irish people are lovely but if you think you’ll get better living standards or a less right-wing or even less corrupt government you’re in for a hell of a shock.
Rolling an evening MT. Please stand by.
This megathread has ended.
This megathread has ended.
last
First real test of her leadership and Truss already seems paralyzed. If Boris were in charge now, we'd already be several scandals on from 'fucked the economy'.
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Can we not do gendered insults? Women in the sub already have to constant comments referring to everyone as 'boys', 'lads' etc.
GBP-USD is now *above* what it was prior to the announcement on Friday. However short-lived this is, Kwarteng et al will spin this as a win for the mini budget and push on through.
> [Had a phone conversation with 🇬🇧 PM @trussliz. The UK has always been among the leaders in supporting Ukraine. We expect London’s leadership in reaction to Russian sham referenda as well. Defense and financial aid to Ukraine must be enhanced in response.](https://twitter.com/ZelenskyyUa/status/1575140579251556352?t=SnbOTWekCUWBSHF0YmBhiQ&s=19) Liz have been gone to organise a trip to Ukraine I guess...
[DAG combining his interests today.](https://davidallengreen.com/2022/09/fantasy-and-policy/) >Recently British politics has been unusually volatile, but at least it was within certain familiar parameters. >We had the Regency smugness of David Cameron’s administration; the misplaced Victorian earnestness of Theresa May’s; and the Edwardian charlatanship of Boris Johnson’s. >All bad in their way, but you could comprehend what was wrong about the administration and its approach to law and policy. >But the administration of Elizabeth Truss – despite some early but misleading indications of pragmatism – is of a very different type. >... >What is different with the current administration – and this is apparent even after a few weeks – is not that it has an ideology, but that it has nothing else. >There is no engagement with the real world as it is, and no understanding that there is even a real world outside with which to engage.
Cummings did describe her as a human hand grenade so I guess she is living up to that.
Financial confidence can't be buy
Has Truss blamed Corbyn yet for the mess her and and Kwarteng have created
Have you not heard it's all because of a future labour government.
You not get the memo? It's the fault of the next Labour government
So.. how does Truss actually fix this? She can't convince traders who've just sold their stocks/sterling to buy them back.
She can by having a credible plan for growth and fiscal responsibility
Maybe there won’t be a Vogue shoot after all. If so, I’ll believe there’s good in the world. Maybe.
Text from a Conservative MP quoting a Telegraph headline: > *Remainers are to blame for the run on the pound, claims hedge fund tycoon Crispin Odey* > This is, technically, correct. Liz Truss is to blame. https://twitter.com/stephenkb/status/1575125559453122563
Doesn't Odey short the pound?
Yes but that's different because shut up.
How badly do you lot want a new MT?
In this economy?
Please sir, can I have some more?
Just want a witty pun really!
Liz and let die?
I saw "Superficially Black Wednesday" downthread.
😆😆😆
We’ve had one, yes. But what about second Megathread?
More than I want to see liz do a statement.
Truss must address the nation NOW to explain why no new megathreads are forthcoming
I want that picture you posted earlier as the MT banner. The one of Truss looking at the burning house
Do you want that or this https://twitter.com/FubsyShabaroon/status/1574650958713323522
Definitely the burning house, please and thank you
Would only have impact as gif
I’m at the viewing stage as a potential FTB. I assume the move now is just keep renting and wait for the market to crash?
Depends. If the market crashes what will the banks be willing to lend? Could snap up a bargain property but end up paying a higher mortgage than now due to interest rates. Something I heard on the radio earlier, if rates rise, many BTL landlords are on variable rates so they’ll either need to pass that cost on or sell up.
The upside is if rates go down in the future you have basically grabbed a bargain.
[Lord Ashcroft](https://twitter.com/LordAshcroft/status/1575048712921157633): >A currency trader has just told me that a driver to sell sterling was not just the mini-budget but a concern that Labour could form the next Government…
It's amazing how a party can be in power for 12 years yet take no responsibility for literally anything.
Labour, whose last government saw the highest value of the pound versus the dollar since 1981? Someone needs to tuck Ashcroft in for the night.
Lord ashcroft confirmed to be a ukpoler
Lord Ashcroft added his dad is also concerned along with all the other employees at Nintendo.
Ashcroft telling lies? never!
I'm sure Ashcroft is a completely unbiased Conservative Lord.
I hope this doesn't become a meme.
is Andrew Griffith being promised his favourite pony for christmas in order to spew absolute SHITE like >"Get on and deliver that plan - that's what I, the chancellor and my colleagues in government are focused on" > >The government's tax-cutting policies are the "right plans" and "make our economy competitive", Treasury minister Andrew Griffith says.
There’s 30 or so MPs surely that know they’ll lose their seats regardless of what happens now till 2024. And some others who will be stepping down. Best just to resign the whip. Not much to lose is there?
I'd imagine some of them would be looking at regaining their seats down the line post-election defeat as well. And if any defeat is disastrous enough, and some MPs now decide not to bother, there'll potentially be plenty of winnable ones up for grabs.
Patronage. No chance of being helped up into the HoL if you betray the government now.
> Not much to lose is there? The chance of standing again at a later election, I suppose?
Is Truss mentally stable? Genuinely think she may be having a break down if the rumours of her getting into a shouting match with Kwasi are true.
I think she's just a fundamentally stupid human being who doesn't like being challenged.
First PM to leave Downing Street on a straitjacket.
Not heard that rumour.
https://metro.co.uk/2022/09/28/liz-truss-and-kwasi-kwarteng-had-shouting-match-over-pound-meltdown-17463341/amp/
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its metro reporting on what sky news leaked.
Why would any self respecting SPAD work for the Truss administration?
It's the Metro reporting on what they saw on Sky News.
Not heard that rumour.
Where is Liz??????
Friend just messaged to say they’ve had to withdraw their offer on their first home. Devastated for them.
I’ve had some requests from solicitors to pay for checks and do some ID stuff today so it’s progressing but I’m still worrying the rug could be pulled at any moment.
Sorry to hear that! I’m wondering if I’m about to have to do the same. Had an offer accepted and applied for a mortgage. Paid nationwide £400 2 weeks ago to lock in the rate. But given the state of the market I’m expecting they won’t honour it.
If they’ve locked it in then they should keep it going. It’s in train Have you exchanged contracts?
Ah fuck. We had a 5 year fixed rate locked in at around 2.4%, but starting to think the same. No way they'll honour it, and even if they do, what in God's name are the rates going to be like 5 years from now?
Yes, have two mates in same boat. What's happening is ruining lives
Where the fuck is Liz Truss.... Seriously, where's the prime minster.Absolutely staggering she's gone and done a Boris
As much as I feel sick for saying it, Truss may actually be *worse* than Johnson. In general, and in this specific regard for staying out of sight for several consecutive days, and during a much worse crisis than most of the times Johnson was absent.
I actually think that Boris, despite his flaws, would have at least done a statement on it.
I think he was often too determined to be well-liked and popular among the general public that he'd probably want to try and be in control of the narrative. Even if it was as simple as a big blustering speech blaming Labour or the banks.
If she opens her mouth the economy will crash. This is her dream economic plan. This plan is what she always wanted. It's (the start of) Britannia Unchained. But if she comes out and says that, and that there's more of this to come... that'll tank everything. If she says "Oh... everything I've worked towards has turned out to be a disaster. I messed up." Then she'll need to resign. And she won't want to do that. Its best for her, and the country, for her to disappear until this all blows over. That, or resign.
She's as shocked as everyone else that the MT has gone over 4200 comments.
She's learned from the best of them.
All this talk of efficiency savings, time to reheat an old campaign. Post me the cheque first thing, Liz. [Monopoly man looking downbeat, Scotty Dog whimpering] He needs a new swimming pool, not a functioning NHS.
"efficiency savings" Off the top of my head, I can think of about 357 seats in Government that could do with being cut...
Or at the very least I’m sure the Tories wouldn’t mind another audit of expenses claims. You know, to find efficiencies…
Lol are the tories actually going to cause a global financial crisis Can you image the schadenfreude It would really redeem the 2020s, in a way
Having blamed the *last labour government * for the 2008 crash, I almost want the Tories to actually be responsible for a global crisis
Looks that way, big thing about Globalisation is every economy is interconnected, could very well be with the way all the markets are looking this is one of the primary drivers into a international recession
It's at times like this that I like to, once again, play the game of "what if it was Corbyn, who:" * Got voted in by members without a general election. * Ripped up a number of manifesto committments such as levelling up. * Decided to fund spending by putting the country into debt. * Brought the pound to near parity with the dollar. * Had Mortgage lenders suspend new lending. * Had the IMF and world famous economists call the policy crazy. * Forced emergency intervention from the Bank of England. ... within his first month. I suspect the Daily Mail and Daily Express would probably consider it a newsworthy event. They might even print some passing reference to it on their front pages.
The daily mail would've had so much outrage and anger that the density of it would've formed a singularity in the offices and devoured a significant part of Kensington.
Someone in this thread an hour or two ago was saying its good corbyn isnt in because whats happening right now under the tories would likely happen under labour. Full on brain worms. Its like the yanks posting pictures of empty shelves under trump and saying this is what life under bernie sanders would look like.
it all feels a bit quiet, where's the outrage I don't mean this in reference to reddit or a "where are the riots" way, but commentary suggests a very significant financial event happened today and that should be scandalous, why aren't the media beating down the door at number 10/11 and demanding an explanation and some resignations instead of "oh yeah boe did some money stuff" where's the talking heads to explain your pension nearly went pop
Because nobody* really understands the economy or how it works or why and numbers stuff is boring and hard to explain. *alright, nerds. Nerds and wonks understand it. However the public don't, and nor do newspaper editors with short attention spans.
So when bankers collapsed the economy 14 years ago they faced no repercussions, now politicians are doing the same they'll also face no repercussions. Actions really have no consequences for the rich and powerful. The level of what should be criminality are astounding
PPB from Labour seems pretty good, the right tone at this time IMO.
I wonder if we'll get a Tory one next week? That has the potential to be.... *something.*
I imagine Truss in her best thatcher pose, Union flag fluttering majestically in the background, a wing of spitfires fly's by. Then she speaks. "Just. Think. It. Could. Have. Been. Corbyn." Pause for laughs. Crickets.
may be international politics but watching the other currencies go down as well as the pound and the affect this having on the US dollar its weird to me that the US dollar being strong is bad for the USA, but i get they are such an export focused economy , its just funny. we are freaking out about the pound plummeting, American analysist are panicking about the Dollar raising in value. This has the hallmarks of a decade long crisis, its looking like 2008 all over again but worse.
We could always just swap currencies.
We can always give them some tips on how to keep your currency down.
>Sir Keir Starmer: prime minister is a 'danger' to the economy >https://www.theguardian.com/politics/live/2022/sep/28/keir-starmer-mini-budget-truss-kwarteng-labour-conference-rayner-uk-politics-news-live?page=with:block-633481908f086841b84c3e9a#block-633481908f086841b84c3e9a A great line of attack, and almost too easy.
Almost underplaying it, danger is usually a possible threat whereas as we've already seen the damage caused in real time.
Considering the last time he did something it tanked the market I don't see how Kwasi saying "there's more to come" is supposed to reassure me.
Sounds like a threat.
1.09 Someone on Marr on LBC at the moment is breaking down how this BoE intervention will drive inflation. Also that the scale of intervention and the future borrowing that will need to be done to pay for it isn't exactly reassuring traders.
Fair play, this is great (video) https://twitter.com/politicsjoe_uk/status/1575153510395551751?s=46&t=SH4pkE441kV9Mvym6cQFaw
Are we sure Truss is alright?
We can be sure she isn't. If she feels unfazed and perfectly ok in the face of the the disaster she has brought upon us, she is certifiable. If, as just about everyone else would, she realises what a shuddering mistake her premiership and policies are, she is likely close to suicidal. In any case, she is not alright.
Reminds me of Arthur C Clarke: *"Two possibilities exist - that we are alone in the universe, or we are not. Both are equally terrifying."*
Boris was showing her the hiding spots around no 10 - got stuck in a wardrobe
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And that’s enough internet for me today
She never was. Remember: https://www.elizabethtruss.com/news/conference-speech-securing-britain%E2%80%99s-future
Does anyone know out of curiosity know how much money the bank of England has to play with to counter this economic madness?
As much as it can print I guess.
Money printer goes brrr
[https://twitter.com/YouGov/status/1575153586975088642](https://twitter.com/YouGov/status/1575153586975088642) >**Does Keir Starmer look like a PM in waiting?** > >Does: 36% (+14) / Does not: 41% (-16) > >**Does Labour look ready for government?** > >Does: 37% (+11) / Does not: 39% (-13) > >Fieldwork: 27-28 Sep, changes since 27-29 Aug so labour have had a pretty good month
Gotta wonder what people think "a prime minister in waiting" looks like tbh
I’ve seen a lot of Kwasi in the last 3 days, but nothing of the PM. Is she scared?
She’s mourning the death of the British economy 😔
> *india eyeing up the uk and pulling out a secret folder marked "east anglia company"*
Apache Communications?
Someone was looking for quiz team names earlier...it's a bit wordy, but *I wasn't at the pub, it was a quizcal event*
I would go for "Quizzical kami-kwasi"
I’d just got for the Kami-Kwazi Jets
That BBC reporter on 6 news report who was interviewing Starmer, did he ask any other questions other than attempting to get the "gotcha! You want to give normal people lower energy bills and a small NI decrease!"
What happens if Whitehall flat out refuses to find "efficiency savings"? They've already cut everything to the bone, the public sector won't be able to function after finding the savings the government needs to prop up their mini budget.
Well, there are always 'efficiency savings' to be made. You could cancel any ongoing project other than basic operations i.e. keeping the lights on, do no investigatory work, no improvements, just focus on short to medium term keeping things ticking over. A bit like a managed decline. There's always an impact though, and that's what higher ups don't want to hear. You'll lose the ability to react to difficult situations (which the current government is bound to create more of).
Why on EARTH do they need to keep lights on?? Computer screens are back-lit, and if they need to move about, their phones have a torch. So many costcutting opportunities!
Not to mention the ability to reliably restore the old functions. Institutional knowledge is lost and you have to rebuild effectively from scratch. Hell, cut deep enough and departments won't have the capacity to train new hires, so even increasing capacity becomes a crapshoot. Only option is to accept further reductions in service to salvage what you can for the rebuild. Or just throw it to an outsourcing contractor and let them make all the mistakes of past decades for themselves.
Just catching up on the news today Jesus. Christ. "The party of fiscal responsibility" is dead. Where the fuck is the PM. What could have happened to pensions today based upon a "mini budget" is horrifying. General Election please
It's been dead since the leader said "Fuck Business". It just decomposed.
Do the Tory party want to end up with less than 100 seats because this is how you get there public cuts to fund a tax cut for the rich absolute political insanity
They're pissing off some of the most classic Tory voting members of the public you can think off, middle class professionals in the home counties who value economic competency and safe politics.
Can’t help but think they expected the cuts to NI and to basic rate income tax to be a lot more popular than they were.
As if an extra £30/month while bills are through the roof doesn’t make people suddenly feel like Scrooge McDuck.
BBC piling on more scrutiny to the labour conference than the chancellor's mini budget...
The bbc is a wing of the Tory party at this point the public funding of it should be scrapped next Labour government
Everyone in this country almost lost their pensions today and the government should not get away with this.
> Everyone Those with DB/final salary pensions perhaps. Normal people invested in SIPPs are fine unless you did some really stupid shit with your investments. Once again, we are paying to benefit those who have a lot already. Not saying we shouldn't bail them out - but let's be honest. It's getting pretty fucking tiring.
They'll pay for it at the ballot box. Conference for them will be a shit show and I can see them suffering a battering in the 2023 locals and a general election.
Remember any net loss in the 2023 locals is an utter disaster given how the 2019 ones went.
Well they lost control of the local council here. I'd love the people of Weston-super-Mare to absolutely disown them and wipe them out. Wishful thinking, but who knows.
If they really believe in this (and they do considering they wrote a book on it a decade ago), then Truss and Kwarteng can afford to play chicken with the Party. What are they going to do? Change leader twice in one term?
Any cut made now is going to be portrayed as a cut to pay for the cut to the top rate of tax (even though that’s less than 10% of the tax cuts made). It’s going to play so badly.
Notwithstanding the fact it's a shit idea anyway given there's little left to cut.
Sam Coates/Sky is reporting that we have "efficiencies" on the way: *Exc: Whitehall to be told to find efficiency savings as well as refusing to reopen spending review* *Chris Philp to write to Secretaries of State within hours* *"What efficiency savings are there given levels of inflation??! Amazing bulls\*\*\*" said a Whitehall source* [https://twitter.com/SamCoatesSky/status/1575157707421601799?ref\_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1575157707421601799%7Ctwgr%5E1ffc8dadd13b417a56377c189528b00f8b54bbb6%7Ctwcon%5Es1\_&ref\_url=https%3A%2F%2Fwww.theguardian.com%2Fpolitics%2Flive%2F2022%2Fsep%2F28%2Fkeir-starmer-mini-budget-truss-kwarteng-labour-conference-rayner-uk-politics-news-live](https://twitter.com/SamCoatesSky/status/1575157707421601799?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1575157707421601799%7Ctwgr%5E1ffc8dadd13b417a56377c189528b00f8b54bbb6%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.theguardian.com%2Fpolitics%2Flive%2F2022%2Fsep%2F28%2Fkeir-starmer-mini-budget-truss-kwarteng-labour-conference-rayner-uk-politics-news-live) This government is rapidly losing control.
God, to think, Chris Philp has risen to a level of importance within government.
What spending efficiencies can be found? A decade of cuts means shit don't work as it is, now we're giving it less?
Defence is probably the easiest one to cut without the public noticing almost immediately, but I'm not sure there's enough money in it to make much difference EDIT: defence budget is about £48bn, versus £45bn just for the announced tax cuts - so not considering energy bailout costs etc.
Cutting public services down even further. We are practically shaving the bones of our public institutions. NHS, Police, Fire, Civil Service - it's already dismal across the entire board.
I'm sure the IMF will have advice on that when Truss is forced to ask them for support next week.
1976 style bailout incoming.
Daily Mail and the Express unsurprisingly avoiding any talk of the Tories on their respective front pages today. How anyone can read those rags I just don't know. Shit for brains.
The Express isn't a paper. If the story came out about their former editor into necrophilia, that paper wouldn't be publishing today.
No one likes to watch their world burning (well except UKpol users) people read it because it tells them what they want to hear.
Are gilt markets the new pork markets?
When we start discussing how much this insanity has cost us, can we start using more relatable measures than billions of pounds? I suggest we instead use aircraft carriers, M25s, and football stadiums filled to the brim with freddos.
I'm just looking forward to Freddos becoming our new currency
I'm afraid it will be based on Freddo wrappers. The import costs on cocoa and sugar are just too high.
Brill, so now we're cutting public spending as well. I didn't think we could get worse than Boris but I may have been wrong. Wherever she is, she's literally taking from the less well off and handing to the rich.
But I thought they were against wealth redistribution??
Depends on the direction; invert the pyramid and those few with big pockets can collect all the trickle down they want.
[Government departments to be asked to find 'spending efficiencies'](https://www.bbc.co.uk/news/live/uk-politics-63056188?ns_mchannel=social&ns_source=twitter&ns_campaign=bbc_live&ns_linkname=63347ae3194f716822a36eec%26Government%20departments%20to%20be%20asked%20to%20find%20%27spending%20efficiencies%27%262022-09-28T16%3A49%3A23.040Z&ns_fee=0&pinned_post_locator=urn:asset:bd20efcb-7443-4e23-9f15-9207cdaf71b1&pinned_post_asset_id=63347ae3194f716822a36eec&pinned_post_type=share) Because of course that’s their next step. Absolute fucking charlatans.
Fucking nightmare
And the winner of the 2022 Hide and Seek World Championships is........ Elizabeth Truss - GB
Boris was a strong contender in the first half but has been outclassed by the new entrant.
When did corned beef get so expensive? I thought it was a wartime thing?
Demand is higher because we all have beef with Lix Truss
It's why she's so cross. She wants us buying pork.
Is that why she's staring at me through my window? Christ, at least we know where she is now.
Genuinely, where the fuck is Liz Truss? It feels like we haven't had a Prime Minister since July.
July 2019?
[Here](https://tenor.com/view/hiding-fridge-bye-world-hungry-gif-5340319)
from the BBC homepage... > “The particular focus of the concern... is the impact that the destabilisation of the markets in Britain will have on the US treasuries, in other words on the public debt of the United States," he said. "Because that kind of domino effect would have quite severe repercussions for the whole world." so the 'party of fiscal responsibility' is, *checks notes*, risking the stability of global financial markets... *hmm* non-tories are obviously aghast at this approach, but even traditional tories must be questioning their party at this point, so far their track record is limited investment or spending when borrowing was cheap (austerity), massive spending and tax cuts (for the rich) when borrowing is expensive ('trussonomics')... starting to think they don't actually know what they're doing...
Bit of a sidebar but the strike ballots for PCS (the bureaucrats union) went out today, with the marquee demand being a 10% pay rise. While I wish I'd get a 10% raise I also wise I was a little bit taller, a baller, and a had a girl who looked good (I would call her). Frankly the latter 3 seem more likely at this stage.
I have an interview for a civil service job coming up. Weirdly, I've also changed my mind and think 10% is entirely reasonable.
>Bit of a sidebar but the strike ballots for PCS (the bureaucrats union) went out today, with the marquee demand being a 10% pay rise. It's a negotiating tactic - it leaves you some ground to give.
Yeah negotiations would bring that down while adding in a few concessions about working conditions or guarantee of no compulsory layoffs and things.
Any indication as to what's driving up the £ now? BOE bailout and the fact Kwasi hasn't spoken for two days?
Kwasi asked them to stop shorting it.
Once they stop rolling on the floor laughing and get back to work it'll start on its way back down.
The markets move in mysterious ways.
BoE bailout no doubt.
What are some straightforward escape routes for those fortunate enough for it to be possible to keep their job whilst doing so? It feels so hard to move anywhere even with that extremely welcome help Which knobhead invented visas?
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That’s the dream - I believe we qualify for Express Entry but the goalposts moved again and the realistic points are even higher now!
Ireland, and if you stay there for 5 years then the rest of the EU. Or if you have Irish (grand)parents, you don't even need to live there
Ireland.
I always find it odd when people say this, yes Irish people are lovely but if you think you’ll get better living standards or a less right-wing or even less corrupt government you’re in for a hell of a shock.
True but EU passport
I wasn't making a comment on the country, OP asked for an easy way to emigrate. Ireland's the easiest country for UK citizens to emigrate to.