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









Eric the meek

Fiveways Wilf
NSC Patron
Aug 24, 2020
7,038
A BBC article says this:

'Sources in the room at the meeting of the 1922 committee told the BBC that Tory MP Robert Halfon had accused Ms Truss of "trashing blue collar conservatism".
He told her the party's record over the past 10 years had included things like boosting apprenticeships and the living wage, whereas she had cut tax for millionaires and wanted to slash affordable housing and benefits.
MPs who were present said he got a cheer, while Ms Truss looked "shocked" and said he could come to speak to her.
But as she left the room, the prime minister said it had been a "very good" meeting.'

 








Dick Swiveller

Well-known member
Sep 9, 2011
9,520




Audax

Boing boing boing...
Aug 3, 2015
3,259
Uckfield
Anyone know what's happened this morning? GBP has spiked sharply upwards (up roughly $0.7 in a very short time frame), and 10yr gilt yields have fallen back below 4.3% around the same time in a sharp dip.

Not seeing any headlines, so I'm assuming BoE might have triggered it with a big intervention this morning?

Edit: ahh, now seeing something else - from the Guardian: "ConservativeHome editor and former Tory MP, Paul Goodman, has said some Conservative backbenchers are considering pushing for Rishi Sunak and Penny Mordaunt to replace Liz Truss as prime minister."

I can see how growing rumours of a revolt in Tory ranks to remove Truss might cause the markets to react favourably.

Update on this. Looking like the markets got a sniff of something that's only just hitting the news:

1. Treasury is working on plans/options for a major u-turn on the mini-budget:





2. Some talk that Kwarteng might need to be sacked to rescue the situation in the polls.

GBP value has spiked again since the stories hit the press (up nearly 2 full US cents from where it was early this morning). And 10 yr Gilt yields now down to under 4.2% and did briefly dip to below 4.1%.

One has to wonder: deliberate leaks to test how the markets would react ahead of making an actual decision?
 




pb21

Well-known member
Apr 23, 2010
6,681
Update on this. Looking like the markets got a sniff of something that's only just hitting the news:

1. Treasury is working on plans/options for a major u-turn on the mini-budget:





2. Some talk that Kwarteng might need to be sacked to rescue the situation in the polls.

GBP value has spiked again since the stories hit the press (up nearly 2 full US cents from where it was). And 10 yr Gilt yields now down to under 4.2% and did briefly dip to below 4.1%.

One has to wonder: deliberate leaks to test how the markets would react ahead of making an actual decision?

 










Dick Swiveller

Well-known member
Sep 9, 2011
9,520
I Kwarteng really is going to be sacked it had better not be that Ress-Mogg tool who takes over.
Tax to rise to a farthing in the groat with an extra bushel for every furlong you ride your Penny Farthing. Extra income made by sending preteens up chimneys and prison for anyone who doesn't tug their forelock when they are within 50 miles of him. "I know my place" badges to be distributed to non millionaires.
 


sparkie

Well-known member
Jul 17, 2003
13,255
Hove
Tax to rise to a farthing in the groat with an extra bushel for every furlong you ride your Penny Farthing. Extra income made by sending preteens up chimneys and prison for anyone who doesn't tug their forelock when they are within 50 miles of him. "I know my place" badges to be distributed to non millionaires.
Debtors' prisons to come back.

I bet he'd love them.
 




Audax

Boing boing boing...
Aug 3, 2015
3,259
Uckfield
Edit 2: actually, let's use the space...

More details of the possible u-turn(s) coming up. Looks like cancelling the cancellation of the corporation tax changes. And cancelling the cuts to dividend tax.
 






jakarta

Well-known member
May 25, 2007
15,738
Sullington
Latest from Kwarteng:

Asked whether Liz Truss will be prime minister next week and whether he will remain chancellor, he says: "Absolutely 100%, I'm not going anywhere."

So that's Bishops Move heading for No.11 next week... :lolol:

Presume they will leave a quote at No.10 as well.
 




Jim in the West

Well-known member
NSC Patron
Sep 13, 2003
4,948
Way out West
Latest from Kwarteng:

Asked whether Liz Truss will be prime minister next week and whether he will remain chancellor, he says: "Absolutely 100%, I'm not going anywhere."

So that's Bishops Move heading for No.11 next week... :lolol:

Presume they will leave a quote at No.10 as well.
Plenty of time for KK to consider his position on that long flight back home. Let's hope he comes to the right conclusion!
 


The Clamp

Well-known member
NSC Patron
Jan 11, 2016
26,113
West is BEST
Liz has already thrown KK under the bus last week, she’ll make sure this one hits him in the head. He’ll be fired. She’ll limp on until a GE is called in the Spring.
 


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