[Politics] Liz Truss **RESIGNS 20/10/2022**

[rippleman]

It baffles me how any politician could be such a terrible public speaker as the Trusster****. With presentation like that she couldn't even get in a sixth form debating society.

Public speaking is something that can be learnt. Perhaps her arrogance has prevented her from seeking tuition. Why has nobody told her to knock that ridiculous gurning on the head. It is awful. The pace, the structure, the punctuation, the pitch, the intonation are all completely wrong.

To think of her representing our country on the world stage makes me shudder.

If you can't do public speaking then I would suggest politics is not really the career for you.

 

[Titanic]

Have they actually spent the £65bn, I thought it was just a commitment to spend it if necessary, but I could be wrong?

Also, if you buy something, and then sell it again later, you end up with the same amount of money in the long term - or maybe a bit of a loss if the price falls, but not the whole £65bn. Again, I could be wrong... can anyone give us the detail on this sort of thing?

Full Fact
"Claims that the Bank of England has already spent £65 billion to ‘prop up the markets’ have been shared thousands of times. In reality, far less than this has been spent.
The Bank of England said on 28 September that it was prepared to spend up to £5 billion a day on temporary purchases of long-dated UK government bonds “to restore orderly market conditions” over a period of 13 days.
If the Bank had spent the maximum, then spending would total £65 billion.
However, the Bank has not spent the maximum. Over the course of the first five days of the Bank of England’s operation, around £3.7 billion worth of long-dated government bonds were purchased—rather than the maximum £25 billion that could have been spent over the same period. On 4 October, the Bank did not buy any bonds at all."

 

[hans kraay fan club]

Full Fact
"Claims that the Bank of England has already spent £65 billion to ‘prop up the markets’ have been shared thousands of times. In reality, far less than this has been spent.
The Bank of England said on 28 September that it was prepared to spend up to £5 billion a day on temporary purchases of long-dated UK government bonds “to restore orderly market conditions” over a period of 13 days.
If the Bank had spent the maximum, then spending would total £65 billion.
However, the Bank has not spent the maximum. Over the course of the first five days of the Bank of England’s operation, around £3.7 billion worth of long-dated government bonds were purchased—rather than the maximum £25 billion that could have been spent over the same period. On 4 October, the Bank did not buy any bonds at all."

Good news.

(you do understand though, that the main reason that they have managed to reduce the scale of their intervention, is that the markets settled, after the government dropped the cornerstone of the 'policy' that precipitated the crisis in the first place?)

 

[Eric the meek]

'Pound falls again as agency downgrades outlook for UK's credit rating to 'negative'

https://news.sky.com/story/pound-fa...ok-for-uks-credit-rating-to-negative-12713274

'Fitch revealed on Wednesday night that it had cut the outlook for its credit rating on UK government debt to "negative" from "stable".
It maintained its overall rating - with AAA being the ideal verdict - at AA-.
The shift reflected, it said, mounting concern over the level of borrowing required to fund the chancellor's tax and spending pledges made in the Commons last month.'

 

[DIFFBROOK]

And £3.7bn of unnecessary expenditure is still a lot of money

Good news.

(you do understand though, that the main reason that they have managed to reduce the scale of their intervention, is that the markets settled, after the government dropped the cornerstone of the 'policy' that precipitated the crisis in the first place?)

 

[Bakero]

That thing she does at the end of words, adding an extra half syllable, with a half Australian upward, faux questioning intonationnn?

It's pure fake.

Here she is in her student days applying for a bit of pin money doing voice overs.

https://www.youtube.com/watch?v=5wB0OkcCps8

That's one of my favourite League of Gentleman scenes.

 

[beorhthelm]

Good news.

(you do understand though, that the main reason that they have managed to reduce the scale of their intervention, is that the markets settled, after the government dropped the cornerstone of the 'policy' that precipitated the crisis in the first place?)

the 45% rate, costing 2bn, was not the problem the markets had. it was the whole package of 45bn being unfunded. cut back of the BoE market operations was because holders werent coming to them saying they need to ditch this position and there's no bid. they only buy as last resort in the market.

 

[Audax]

Full Fact
"Claims that the Bank of England has already spent £65 billion to ‘prop up the markets’ have been shared thousands of times. In reality, far less than this has been spent.
The Bank of England said on 28 September that it was prepared to spend up to £5 billion a day on temporary purchases of long-dated UK government bonds “to restore orderly market conditions” over a period of 13 days.
If the Bank had spent the maximum, then spending would total £65 billion.
However, the Bank has not spent the maximum. Over the course of the first five days of the Bank of England’s operation, around £3.7 billion worth of long-dated government bonds were purchased—rather than the maximum £25 billion that could have been spent over the same period. On 4 October, the Bank did not buy any bonds at all."

Yup. The markets stabilised relatively easily, which is great. BoE will have drawn up their plans on the basis of "what's the worst case scenario", and it's good news that we've not hit that. The decision not to purchase gilts in the last couple of days might be biting them now, though. Both 10yr and 30yr gilt yields are climbing again today, so I expect they might need to spend a bit more.

 

[nicko31]

The Anti Growth Coalition are the ERG Tories who forced a growth-cutting type of Brexit on us.

The ERG are on the board of the Anti Growth Coalition along with Farage, Digby Jones and that bloke from Whetherspoons.

This lot pushed to have trade sanctions imposed on these isles, whatever course we take from here life will be harder and poorer

 

[gripper stebson]

That's one of my favourite League of Gentleman scenes.

Twenty odd years later the wife and I are still saying 'skewed beef'....

 

[nicko31]

Yup. The markets stabilised relatively easily, which is great. BoE will have drawn up their plans on the basis of "what's the worst case scenario", and it's good news that we've not hit that. The decision not to purchase gilts in the last couple of days might be biting them now, though. Both 10yr and 30yr gilt yields are climbing again today, so I expect they might need to spend a bit more.

Desperate times for anyone coming off a fixed mortgage, 2 year rate now over 6%. As for first time buyers getting into the game became a lot more expensive, that said prices will probably fall a bit

 

[beorhthelm]

The ERG are on the board of the Anti Growth Coalition along with Farage, Digby Jones and that bloke from Whetherspoons.

This lot pushed to have trade sanctions imposed on these isles, whatever course we take from here life will be harder and poorer

i know its fun to say there's trade sanctions, data shows both imports and exports going up. was surprised too.

 

[Harry Wilson's tackle]

Desperate times for anyone coming off a fixed mortgage, 2 year rate now over 6%. As for first time buyers getting into the game became a lot more expensive, that said prices will probably fall a bit

I was going to ask about this and came close to starting a thread on it. Bank of dad will be required to help my son onto housing market, and I am unsure when to trigger this (will mean my retiring and going back part time, which has massive implications for me).

 

[sparkie]

Happily my Pension Pot has recovered half the losses that the Tory Corbyn inflicted.

I'm hoping a good week restores the rest to pre-debacle levels

 

[Ooh it’s a corner]

I found the retirement conundrum a tricky one H and the range of advice can be both helpful and baffling. Mrs Corner and I have five kids, all from previous marriages long ago. We have been able to help all kids a bit BUT imo your decision should largely based on what’s best for you and Mrs Tackle.
I too was in education and felt right to call it a day aged 61(four years ago). I found the first year trickier than I expected as my contact with other humans was vastly reduced. However once adjusted I am loving it and we are doing our best to live life to the full. None of us know whether we’ll pop off today or in 30 years+ so imo you should do what you and your wife feel is best for the two of you - it’s YOUR life not your kids, however much you want to help. I guess taking a balanced view is my piece of fairly worthless advice.

Back on thread topic I am loving my relatively recent introduction to James O’Brien and LBC in particular. He rips into Truss nearly as much as he did Johnson - wholly justifiably!

 

[WATFORD zero]

Full Fact
"Claims that the Bank of England has already spent £65 billion to ‘prop up the markets’ have been shared thousands of times. In reality, far less than this has been spent.
The Bank of England said on 28 September that it was prepared to spend up to £5 billion a day on temporary purchases of long-dated UK government bonds “to restore orderly market conditions” over a period of 13 days.
If the Bank had spent the maximum, then spending would total £65 billion.
However, the Bank has not spent the maximum. Over the course of the first five days of the Bank of England’s operation, around £3.7 billion worth of long-dated government bonds were purchased—rather than the maximum £25 billion that could have been spent over the same period. On 4 October, the Bank did not buy any bonds at all."

You never did answer who you actually voted for in the Tory leadership election, it was her wasn't it

Come on, your amongst friends

 

[nicko31]

i know its fun to say there's trade sanctions, data shows both imports and exports going up. was surprised too.

Trade deficit has tripled in the past 12 years, shocking. And it will worsen again as sterling tanks again.

Easy to forget back in 2016 the fall in sterling was celebrated by some, we were told it was overvalued and would lead to an export boom

 

[Hugo Rune]

You never did answer who you actually voted for in the Tory leadership election, it was her wasn't it

Come on, your amongst friends

I suspect that question went down like a sinking ship! [emoji23]

 

[Audax]

Desperate times for anyone coming off a fixed mortgage, 2 year rate now over 6%. As for first time buyers getting into the game became a lot more expensive, that said prices will probably fall a bit

As are the 5yr fixed. Rather glad I went for a 10yr fix a couple of years ago. Did um and ah for a while about staying on variable for a while, and maybe could have done that safely for a year, maybe 18 months, but now looking increasingly like it was a jolly good decision.

 

[nicko31]

Fast fashion in action...

https://www.balconyshirts.co.uk/shop/view_product/Anti-Growth-Coalition-T-Shirt-Regular?n=17831301