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

[Mental Lental]

Lol these Tory apologists arguing over the minutiae of HOW DEEP the pound is in the gutter as if it matters a jot of difference to the total cluster**** the government has made of Britain's finances.

What a total bunch of deluded keyboard bashing chimps.

 

[Nobby Cybergoat]

Lol these Tory apologists arguing over the minutiae of HOW DEEP the pound is in the gutter as if it matters a jot of difference to the total cluster**** the government has made of Britain's finances.

What a total bunch of deluded keyboard bashing chimps.

Well yes, and judging by some of the recent statements on this thread very keen to regurgitate fake news they've read, then undoubtedly will go to ground after it has been quickly exposed.

 

[Machiavelli]

Okay I'll stick my head above the parapet! Something had to be done differently. We are going down a very slippery path where it is clear that the standard ways of dealing with things is not working, for anyone - most countries are suffering in exactly the same way we are. The perceived wisdom of the tried and tested solutions are not working, because funnily enough we haven't had a situation like this before. Global Pandemic, followed by war in Europe, together with fuel crisis. Three massive events all coming at the same time. Who is to say that the old economic thinking still works? I admire the fact they are trying something different and believe she needs time for this to play out. It may be a fail, but given the hand she was dealt, at least she is trying to find a new path, rather than just the same old tired economic plans. The institutions don't like it because it's different. That doesn't mean to say it's wrong. We won't know that for some time.

And it is no surprise to me she is floundering in these interviews. She has an awful lot to deal with at the moment. Would be very difficult for any one person to have all the answers right now. Look at Biden for goodness sakes, all over the place.

Thanks for being bold enough to put your head above the parapet.
You might be surprised to find that I agree with your diagnosis, and the necessity for something different. You probably won't be surprised to find that I disagree with your prognosis.
Beyond it being uncosted and unscrutinised, the 'fiscal event':
-- claimed that the elimination of the 45% tax rate would lead to growh -- hint: Osborne reduced it from 50% to 45%, and it didn't knock the UK out of a low growth regime (something that Truss and Kwarteng accept)
-- claimed that the reduction of corporation tax from Sunak's proposed (note proposed, not implemented) increase would lead to growth -- hint: Osborne reduced it to 19%, and it didn't knock the UK out of a low growth regime, etc
-- there is no evidence that tax cuts, and particularly tax cuts for the rich, boost growth
The Great British Energy proposed by Labour will have the benefit of:
1, turning the economy towards a necessary mission
2, get the UK ahead of most of other countries on this mission
3, create a number of jobs, including in depressed (eg Red Wall) regions
I'm not in Labour, but I'm struggling to see how anyone can make an intellectual case between the two proposals.

 

[A1X]

Probably worth saying that the dollar rate is back up to $1.09, it was $1.08 pre the mini budget.

I doubt many will bother saying it though... doesn't play into the PANIC narrative.

And this, right here, is a perfect example of the old adage that a lie has spread half way round the world before the truth has had a chance to put it's shoes on.

 

[Machiavelli]

I doubt many will bother saying it though... doesn't play into the PANIC narrative.

Most commentators are saying what really matters is the huge hike in gilts. This means that the government debt is getting much, much bigger. This rise will wipe out any gains from the tax cuts -- if they materialise.
I've used this one before, but looking forward to you posting public opinion polls once the PANIC is over.

 

[Nobby Cybergoat]

Thanks for being bold enough to put your head above the parapet.
You might be surprised to find that I agree with your diagnosis, and the necessity for something different. You probably won't be surprised to find that I disagree with your prognosis.
Beyond it being uncosted and unscrutinised, the 'fiscal event':
-- claimed that the elimination of the 45% tax rate would lead to growh -- hint: Osborne reduced it from 50% to 45%, and it didn't knock the UK out of a low growth regime (something that Truss and Kwarteng accept)
-- claimed that the reduction of corporation tax from Sunak's proposed (note proposed, not implemented) increase would lead to growth -- hint: Osborne reduced it to 19%, and it didn't knock the UK out of a low growth regime, etc
-- there is no evidence that tax cuts, and particularly tax cuts for the rich, boost growth
The Great British Energy proposed by Labour will have the benefit of:
1, turning the economy towards a necessary mission
2, get the UK ahead of most of other countries on this mission
3, create a number of jobs, including in depressed (eg Red Wall) regions
I'm not in Labour, but I'm struggling to see how anyone can make an intellectual case between the two proposals.

Well, plus it is necessary environmentally, plus it eliminates our reliance on other unstable nations, plus it gives us technology to export, plus it stops foreign companies making profits out of our energy, plus it will almost certainly reduce bills in the medium to long term

 

[A1X]

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[pb21]

Probably worth saying that the dollar rate is back up to $1.09, it was $1.08 pre the mini budget.

It was ~$1.13 pre the mini budget, still down ~5%, pumped a bit yesterday after the BoE announced emergency QE.

 

[Giraffe]

What I will say is she hasn't a clue on fracking. Will only go ahead if it has local support? What?! I can't imagine a single person in Britain is going to support fracking on their doorstep. That is clueless.

 

[Giraffe]

It was ~$1.13 pre the mini budget, still down ~5%, pumped a bit yesterday after the BoE announced emergency QE.

Agreed. Some way to go.

 

[Swansman]

Lol these Tory apologists arguing over the minutiae of HOW DEEP the pound is in the gutter as if it matters a jot of difference to the total cluster**** the government has made of Britain's finances.

What a total bunch of deluded keyboard bashing chimps.

Meh. Easy to get rude and think it is silly but it is all psychology. When you're emotionally attached to something, lets say you've voted for a party all your life, or you've cheered for the same club all your life... you're not going to see things clearly. All you can do is to provide information on reality and the defense mechanisms will in most cases slowly wither away. It may take time and he'll have to through all stages of grief, including denial, but at some point the horse breeder will realise that his favorite horse, that died a week ago, won't be winning the upcoming race.

 

[Titanic]

What I will say is she hasn't a clue on fracking. Will only go ahead if it has local support? What?! I can't imagine a single person in Britain is going to support fracking on their doorstep. That is clueless.

unless they are offered significant financial incentives... oh... wait...

 

[Wozza]

What I will say is she hasn't a clue on fracking. Will only go ahead if it has local support? What?! I can't imagine a single person in Britain is going to support fracking on their doorstep. That is clueless.

Ha ha. Nice attempt at rerouting the discussion...

 

[Nobby Cybergoat]

[tweet]1575378302948282368[/tweet]

They don't need to be. We obviously won't default. It's just that the British tax payer will have to continue to pay an eye watering rate to service the national debt which has risen massively on the tories watch. (National debt currently standing at 2365bn)

 

[Swansman]

What I will say is she hasn't a clue on fracking. Will only go ahead if it has local support? What?! I can't imagine a single person in Britain is going to support fracking on their doorstep. That is clueless.

unless they are offered significant financial incentives... oh... wait...

"Lets just forget this whole thing about what we just said about the GPD to dollar rates, eh?"

 

[Mental Lental]

Meh. Easy to get rude and think it is silly but it is all psychology. When you're emotionally attached to something, lets say you've voted for a party all your life, or you've cheered for the same club all your life... you're not going to see things clearly. All you can do is to provide information on reality and the defense mechanisms will in most cases slowly wither away. It may take time and he'll have to through all stages of grief, including denial, but at some point the horse breeder will realise that his favorite horse, that died a week ago, won't be winning the upcoming race.

I've got no patience for these people anymore if I'm honest. If you're still team Tory at this stage there's nothing left but mockery as far as I'm concerned.

 

[Nobby Cybergoat]

Probably worth saying that the dollar rate is back up to $1.09, it was $1.08 pre the mini budget.

A genuine question Giraffe. What were you reading which told you that was the case?

 

[Giraffe]

No-one (else) will say it, because it's simply untrue.

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You're right I mis-read the closing dollar rate as the opening. $1.13 pre mini budget. But it has recovered from $1.03 to $1.09. Still some distance to go, but the pound has been sliding against the dollar for a very long time. It was at $1.35 a year ago. There are many many reasons for this that do not relate to very recent economic change.

 

[Thunder Bolt]

Dan Snow the history man

[tweet]1575410358113771520[/tweet]


In the meantime, the bots are out in force with a hashtag of #ScumMedia

 

[DIFFBROOK]

You're right I mis-read the closing dollar rate as the opening. $1.13 pre mini budget. But it has recovered from $1.03 to $1.09. Still some distance to go, but the pound has been sliding against the dollar for a very long time. It was at $1.35 a year ago. There are many many reasons for this that do not relate to very recent economic change.

Here is pound to Euro. See a pattern here?