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

[nicko31]

Think the governments big error of judgement was trying to pretend Friday wasn't a budget and then suppressing the OBR to try to hide from accountability.

You can do this with the electorate, but f**k with the markets and there will be trouble. This wrong move will cost our country billions, and no doubt some spives in the city will be making a killing on the back of insider info (you know who you are)

 

[A1X]

The Germans are usually good for these, but is there a word knocking about for finding things both absolutely terrifying but also a little bit amusing?

Pound just hit the lowest point EVER against the dollar, BTW...

 

[Guinness Boy]

BREAKING - 50 Cent changes name to "Pound"

 

[Dick Swiveller]

3 weeks to trash the economy. That has to be a record, surely? Even Corbyn doing his Brewster's Millions impression would have struggled to match this.

 

[Dick Swiveller]

The Germans are usually good for these, but is there a word knocking about for finding things both absolutely terrifying but also a little bit amusing?

Pound just hit the lowest point EVER against the dollar, BTW...

Think the English translation is Sniggeringbutf**cked. (There might be an extra t in the middle there)

 

[WATFORD zero]

Think the governments big error of judgement was trying to pretend Friday wasn't a budget and then suppressing the OBR to try to hide from accountability.

You can do this with the electorate, but f**k with the markets and there will be trouble. This wrong move will cost our country billions, and no doubt some spives in the city will be making a killing on the back of insider info (you know who you are)

Just bloody lucky they took the cap off the bonuses

 

[Dick Swiveller]

Completely forgot to join in with the cool kids. I paid off my mortgage 2 weeks ago so ner, ner, neh, ner ner. I'm off to buy ladders I can pull up. Enjoy the stale bread, peasants.

(In an act of kindness, I might bequeath my ladders to my nephews who can fashion them into some kind of shelter)

 

[nicko31]

Completely forgot to join in with the cool kids. I paid off my mortgage 2 weeks ago so ner, ner, neh, ner ner. I'm off to buy ladders I can pull up. Enjoy the stale bread, peasants.

(In an act of kindness, I might bequeath my ladders to my nephews who can fashion them into some kind of shelter)

For those less cool, anyone coming to the end of a mortgage fix would be wise to lock in ASAP, with soaring gilt yields fixed rates will be getting hiked as we speak

 

[Dick Swiveller]

For those less cool, anyone coming to the end of a mortgage fix would be wise to lock in ASAP, with soaring gilt yields fixed rates will be getting hiked as we speak

Really hoping my sister's house goes through in time as she has a fix arranged from a few months ago. They extended it for a while but doubt they will be so willing to do so again. Still, at least she will sleep at night knowing bankers are moving from Paris to London as we speak.

 

[deletebeepbeepbeep]

Really hoping my sister's house goes through in time as she has a fix arranged from a few months ago. They extended it for a while but doubt they will be so willing to do so again. Still, at least she will sleep at night knowing bankers are moving from Paris to London as we speak.

I'm worried out mortgage lender will pull our fix in the face of another hike to interest rates, but now feel forced into finding somewhere NOW which seems likely to immediately lose value as we move in.

 

[rogersix]

Can’t honestly say what their ultimate aims were, fiscal incompetence leading to monetary disaster is my view, it’s what you get when you allow the Tory party members to select the PM, especially when their MP’s give them such a dynamic choice of who to opt for! Total shit show which we all will have to suffer until they are unceremoniously booted out of office hopefully to allow competent adults a chance to rectify the damage they are causing. What else could we expect from a party who thought BJ was a worthy leader! then to trump that selection with an imbecile?

we shall have to follow the money trail, to work out the motivations of truss, kwarteng, mogg et al

 

[rogersix]

Truss has seriously messed up.


[Tweet]1574176498273210368[/Tweet]


Emergency budget then General Election on the cards if the fall continues ?

forgive my ignorance, but why would truss call an election?

 

[nicko31]

we shall have to follow the money trail, to work out the motivations of truss, kwarteng, mogg et al

Some take their lead from other disaster capitalists

 

[sparkie]

Completely forgot to join in with the cool kids. I paid off my mortgage 2 weeks ago so ner, ner, neh, ner ner. I'm off to buy ladders I can pull up. Enjoy the stale bread, peasants.

(In an act of kindness, I might bequeath my ladders to my nephews who can fashion them into some kind of shelter)

Lol. Brilliantly true.

When my lump sum comes through at the end of next summer, I'll do the same.

 

[sparkie]

forgive my ignorance, but why would truss call an election?

The longer she leaves it the more burnt the toast she becomes is.

 

[rogersix]

Just bloody lucky they took the cap off the bonuses

it's all in the timing!

 

[rogersix]

Some take their lead from other disaster capitalists

tell me you've mocked that up!

 

[rogersix]

The longer she leaves it the more burnt the toast she becomes is.

assuming "they" have shorted the pound, truss will have to have her hand on the tiller on that date, it may be another two years for their spread bet to come in!

 

[Audax]

The crash in the value of the pound over night was entirely expected - I have no doubt the "fiscal event" was scheduled for Friday morning deliberately, as it meant the Asian markets were already closed for the weekend. Ride out the hits in EU / US, and then hope come Monday the markets have digested and "correct".

Looks like there's a post-Asian-opening recovery happening now, where EU markets opening have propped the pound back up - as they'd already had their reaction. Question will be does it recover far enough fast enough to prevent the BoE going for an emergency rate rise this week.

Still think we're headed for trouble. There might be a slight growth improvement next year off the back of this not-budget, but I think it'll crash and burn faster than the 1972 budget did. Expecting the housing market to lead that crash.

 

[Audax]

The crash in the value of the pound over night was entirely expected - I have no doubt the "fiscal event" was scheduled for Friday morning deliberately, as it meant the Asian markets were already closed for the weekend. Ride out the hits in EU / US, and then hope come Monday the markets have digested and "correct".

Looks like there's a post-Asian-opening recovery happening now, where EU markets opening have propped the pound back up - as they'd already had their reaction. Question will be does it recover far enough fast enough to prevent the BoE going for an emergency rate rise this week.

Still think we're headed for trouble. There might be a slight growth improvement next year off the back of this not-budget, but I think it'll crash and burn faster than the 1972 budget did. Expecting the housing market to lead that crash.

Just doing a bit of reading / catching up. Appears the value of the pound is recovering because the market is now assuming the BoE will put through an emergency rate rise this week (talk is 0.5%) and then a big hike (more than 1%) in November. If that emergency rate rise doesn't happen, expect the pound to crash again next week.

Also - further sharp rises in Gilt yields this morning, which means the overall cost of all that government borrowing is still climbing. It's also bad news for those with variable mortgages / thinking about getting a mortgage.