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

[keaton]

i'd apply Hanlon's razor here. normally a new chancellor has many weeks or month until their first budget. Kwarteng had to produce something immediatly for the energy relief, and in his hubris rather than keep to that, launched into a parliaments worth of cuts in one go without costings.

otherwise we're saying he expected the fallout to markets and party, which sounds rather odd for ambitious politicans who want to stay around long enough to change things. no point delivering a generational budget if you're out 2yrs later and cant execute, watch the opposition (or even own party) reverse it all.

It's nice to finally have a politician willing to sacrifice his career for his political beliefs. It's just a shame societal collapse is his belief

 

[beorhthelm]

Labour's plans for the energy subsidy included a windfall tax on energy companies, rather than funding it wholly on government borrowing

raises £8bn according to them. windfall tax is a political football that sounds good but doesnt deliver anywhere near the money needed.

 

[Bold Seagull]

Exactly what this guy has shown here:

[tweet]1570832839318605824[/tweet]

Interesting stuff.

 

[Gwylan]

raises £8bn according to them. windfall tax is a political football that sounds good but doesnt deliver anywhere near the money needed.

Which is precisely why I used the word "included" rather than "to be funded by". It is a clear defining line between the parties though

 

[Jimmy Grimble]

Interesting stuff.

If you use Twitter he’s worth following.

 

[Kinky Gerbil]

Labour's plans for the energy subsidy included a windfall tax on energy companies, rather than funding it wholly on government borrowing

There has already been a windfall tax by Tories to partially fund some of this.

It is still mass borrowing, they only planned for 6 months, which isnt realistic.

 

[Recidivist]

I am not sure (other than the tax cut for the richer/banker bonuses) Labour have said they would do much different, in fact their plan a few months ago was not much different.

I rather doubt if they’d have gone hell for leather for all these tax cuts at the same time as the support package for energy costs.

I also think they’d have done it properly with OBR forecasts supporting their plans with some attempt at funding with extending the windfall tax and increasing corporation tax etc.

They were rather blindsided by the 1p cut in income tax which is difficult for them to oppose but, again, I doubt if they’d have done it right now.

The markets were expecting a support package for energy and would have swallowed it on the basis it was (hopefully) a one-off cost.

What’s spooked them was the ongoing unfunded tax cuts with no apparent plan or independent scrutiny by the OBR.

The whole package and its presentation was breathtakingly politically crass and I hope it leads to the Tories being slaughtered at the next election but it’s a long way off…..


Sent from my iPhone using Tapatalk

 

[Giraffe]

$1.12 now. Almost full recovery in a week. Decent.

 

[CHAPPERS]

true, Labour are committing to the NI and income tax,

But, just to clarify, not cutting the 45p rate.

 

[Thunder Bolt]

Yeh? Oh well, total shit from all sides then.


Yes, I understand that's quite likely!

View attachment 152320

 

[Thunder Bolt]

$1.12 now. Almost full recovery in a week. Decent.

That’s just the dollar. Have the pound improved against the rouble?

 

[WATFORD zero]

$1.12 now. Almost full recovery in a week. Decent.

And it's only taken the Bank of England stepping in to dig out the Government with £65B of our money. Decent

I assume you don't have a mortgage

 

[HH Brighton]

$1.12 now. Almost full recovery in a week. Decent.

Damage already done

 

[Bakero]

$1.12 now. Almost full recovery in a week. Decent.

It's an impressive feat of flexibility for a giraffe to have its head in the sand.

 

[Gwylan]

I see the line being adopted to defend Liz Truss after yesterday's round of local radio interviews is that she wasn't being interviewed by real journalists but by "leftie activists" - all part of a concerted media plot to bring down the government.

I'm not really sure that view is going to be accepted by many people.

 

[Bakero]

I see the line being adopted to defend Liz Truss after yesterday's round of local radio interviews is that she wasn't being interviewed by real journalists but by "leftie activists" - all part of a concerted media plot to bring down the government.

I'm not really sure that view is going to be accepted by many people.

The leftie activists in cahoots with the Economist, the Bank of England, the IMF and the global financial markets.

 

[pb21]

And it's only taken the Bank of England stepping in to dig out the Government with £65B of our money. Decent

I assume you don't have a mortgage

Not only £65B of emergency inflationary QE, at odds with the BoE, but likely also a factor is that the OBR is now stepping in too, potentially the market is anticipating some changes as a result. Also interest rates still above where they were. Not that decent!

 

[Swansman]

That’s just the dollar. Have the pound improved against the rouble?

Improved against all G10 countries yesterday.

Not that it says too much about anything really other than that the shock phase is over (and that BoE acted).

 

[Gwylan]

The leftie activists in cahoots with the Economist, the Bank of England, the IMF and the global financial markets.

I have seen various bods on Twitter decrying the Economist as a leftie magazine and the IMF as a global Marxist organisation.

There are some people with a fragile grip on reality.

 

[hans kraay fan club]

$1.12 now. Almost full recovery in a week. Decent.

I do understand why you are clinging to this - so much was made of the fall of £ v $, as a tangible indicator of the scale of the government's folly, that you are highlighting the subsequent rebound as evidence to the contrary.

Gleefully doing so however, whilst ignoring the hike in interest rates, the additional £65BN it cost to settle the markets, and the increased cost in future government borrowing, is making you look a bit odd.


It is as though 'your' team made a catastrophic, entirely unforced error, at great cost to the country, and somehow you think its less embarrassing to make yourself look daft defending it, than to just admit they got it wrong.