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The Official Liz Truss no longer PM but still a Clusterfuck thread


Clown Job

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The Tory MPs in the hundred or so most marginal seats must be getting very worried by what is unfolding.  Many/most of them would have been Truss supports too.

The impact of what Truss and Kwarteng are doing will not be unwound quickly and I see suggestions today that house prices could fall by 10% to 15%; to many Tory voters that’s like slaughtering a sacred cow.

Now the IMF have weighed with unusually harsh criticism and Sunak’s predictions during the election are being quoted as a warning that was ignored, in yet Kwarteng is suggesting more of the same.  Could there be a Tory revolt?  It may be unlikely but we live in unusual times and it would be hilarious.

 

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18 hours ago, ICTChris said:

We just renewed our mortgage in the last few weeks, got a fixed rate of 4.09%.  It will be a bit of a jump in payment but affordable for us - we are very lucky though.  I'm sure there are plenty of people who are going to be in precarious positions due to this.  So many people live in debt up their necks to pay for their basic necessities.  When I worked for RBS one of my colleagues told me that when the bank crashed and people stopped getting bonuses they had people taking their kids out of private schools, selling houses and cars etc because they'd relied on their bonus to pay for this stuff.  Just seems crazy to me.

My current rate is 1.89%, expires July 2023. Needless to say, I am extremely pissed off presently. 

Weighing up the early repayment fee and I am quite convinced it's worth it to cut my losses here and remortgaging now. I may have gritted my teeth and tried to ride it out until January, but Kamikaze Kwarteng's provocations to the BoE seem like they will prompt an emergency rate rise and it seems best to act now as paying the fee looks cheaper than the potential rate in January would be. 

Edited by Michael W
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Well, that's the IMF and credit rating company Moody's weighing in with shock and alarm after the amateur-hour trashing of the UK economy by Truss and Kwarteng. A former US treasury secretary is saying that an IMF warning shot would be more usual for an emerging market economy. I'd guess having a monarchy is the only reason for not being called a banana republic.

Certainly puts all the Unionist talk about an overspend on ferries as somehow proving indy couldn't work in perspective. My big worry just now is even in the light of international concern about Truss leadership, Kwarteng's major failure, and the UK's current unfolding meltdown there are some who'd still choose to stay shackled to a country that's shown itself to be unfit for purpose. It really doesn't have to be this way.

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Not sure where to begin this morning. The IMF is a lefty organisation and the UK should withdraw their contributions, says Andrew Lilco. Not elected but basically behind most of the “think tanks” that advise Truss/made Kwarteng. More powerful than most MPs.

“Lord” Frost criticises the IMF and blames them for years of slow growth, and somehow makes it Gordon Brown’s fault.

“Lord” Daniel Hannan says the markets are reacting to Keir Starmer and Labour’s poll leads, and not the government’s actions. Presumably they read the last six months worth of polls at the time Kwarteng was standing up in parliament.

And to top it off somebody has dusted down John Redwood to do the media rounds, with predictable embarrassment as he claims the Bank of England should stop working against Britain.

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Just looking at a situation of somebody having an outstanding mortgage balance of 'just' 100k.  At 1.8% interest, that's £500pm, but a mere jump to 5% becomes £660pm, which is suddenly an extra £1,920 per year.

Compare that to the energy price hike (based on the average bill going from £1,971 up to £3,549) which has had the country wetting itself for months now.  Truss and Kwarteng have somehow managed to take a rise that was (by their own admission) going to cripple households, and within a week of some real work manage to kick off an additional, even larger rise somewhere else through nothing other than incompetence.

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Just looking at a situation of somebody having an outstanding mortgage balance of 'just' 100k.  At 1.8% interest, that's £500pm, but a mere jump to 5% becomes £660pm, which is suddenly an extra £1,920 per year.
Compare that to the energy price hike (based on the average bill going from £1,971 up to £3,549) which has had the country wetting itself for months now.  Truss and Kwarteng have somehow managed to take a rise that was (by their own admission) going to cripple households, and within a week of some real work manage to kick off an additional, even larger rise somewhere else through nothing other than incompetence.
cf864411-ccd9-4b92-b448-c2c0e47ed8d1_text.gif.8af00ece51b31c22110626c3a0528e82.gif

It’s doubled the money flowing to corporations though, hasn’t it? Banks get their windfall, energy companies get theirs.

Working exactly as planned.
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20 hours ago, ICTChris said:

We just renewed our mortgage in the last few weeks, got a fixed rate of 4.09%.  It will be a bit of a jump in payment but affordable for us - we are very lucky though.  I'm sure there are plenty of people who are going to be in precarious positions due to this.  So many people live in debt up their necks to pay for their basic necessities.  When I worked for RBS one of my colleagues told me that when the bank crashed and people stopped getting bonuses they had people taking their kids out of private schools, selling houses and cars etc because they'd relied on their bonus to pay for this stuff.  Just seems crazy to me.

Having such poor budgeting skills like that really should make them think if working with money is the right job for them.

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1 hour ago, The Skelpit Lug said:

Well, that's the IMF and credit rating company Moody's weighing in with shock and alarm after the amateur-hour trashing of the UK economy by Truss and Kwarteng. A former US treasury secretary is saying that an IMF warning shot would be more usual for an emerging market economy. I'd guess having a monarchy is the only reason for not being called a banana republic.

Certainly puts all the Unionist talk about an overspend on ferries as somehow proving indy couldn't work in perspective. My big worry just now is even in the light of international concern about Truss leadership, Kwarteng's major failure, and the UK's current unfolding meltdown there are some who'd still choose to stay shackled to a country that's shown itself to be unfit for purpose. It really doesn't have to be this way.

I think you should calm down and let things settle down.

Firstly, these international bodies like the IMF are more often wrong than right.

Secondly, interest rates were always going to rise as long as the US Fed keeps increasing theirs.

UK and Europe need to keep following suit.

The removal of the top rate is not the big deal that some make out as the income bands have been frozen which means that fiscal drag pulls in oodles of tax.

Germany is forecast to go into recession next year unlike the UK.

You need to take a more balanced approach and this ‘go for growth policy’ might just pay off.

 

 

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14 minutes ago, Dawson Park Boy said:

I think you should calm down and let things settle down.

Firstly, these international bodies like the IMF are more often wrong than right.

Secondly, interest rates were always going to rise as long as the US Fed keeps increasing theirs.

UK and Europe need to keep following suit.

The removal of the top rate is not the big deal that some make out as the income bands have been frozen which means that fiscal drag pulls in oodles of tax.

Germany is forecast to go into recession next year unlike the UK.

You need to take a more balanced approach and this ‘go for growth policy’ might just pay off.

 

 

😂

You don't even understand how NI Conts are related to State Pension entitlement yet here you are telling us about the IMF's failings. 

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His contrarian act is incredibly stale.

If the government said that you had to cut off one of your arms to heat your house, everyone here would rightly be fuming, but the shite troll would be saying what a great idea it is. 

It's such a dull routine, totally lacking in originality and anything of substance. It's all pretty sad, pathetic stuff.

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1 minute ago, DA Baracus said:

His contrarian act is incredibly stale.

If the government said that you had to cut off one of your arms to heat your house, everyone here would rightly be fuming, but the shite troll would be saying what a great idea it is. 

It's such a dull routine, totally lacking in originality and anything of substance. It's all pretty sad, pathetic stuff.

Oh well- time will tell.

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13 minutes ago, DA Baracus said:

His contrarian act is incredibly stale.

If the government said that you had to cut off one of your arms to heat your house, everyone here would rightly be fuming, but the shite troll would be saying what a great idea it is. 

It's such a dull routine, totally lacking in originality and anything of substance. It's all pretty sad, pathetic stuff.

Personally I'm OK with one arm, and I think a lot of people are too. 

You all need to calm down and see how in the real world having one less than the standard number of limbs is actually an advantage. Look at Douglas Bader he had no legs didn't stop him did it?

Etc etc. 

Edited by williemillersmoustache
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37 minutes ago, 101 said:

Having such poor budgeting skills like that really should make them think if working with money is the right job for them.

These guys weren't in charge of investing decisions or stuff like that.

I do think that you sometimes find people whose jobs ware incongruous with their lives.  I know quite a few social workers and others in the caring professions who have lives so chaotic that they would be last on the list of people I'd want to help me.  

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5 minutes ago, Fullerene said:

Easy way to lose weight I guess.

Your legs weigh more, best lose one of them if that's your goal.

 

Anyway, the Bank of England has taken action to stabilise markets - significant intervention in the gilt market.

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I think the idea (or claim) in an earlier post that you can draw a link between the current situation and the furlough scheme is a stretch. The Bank of England showed that domestic factors only accounted for a third of the current inflation - and that's not exclusively due to demand - and most reputable analysts / commentators were pointing out that the debt financing wasn't a huge issue even with rising rates. 

The current situation (i.e., what is happening right now with the currency and the BOE potentially ramping up interest rates even faster and further than anticipated) is almost entirely down to the government cutting taxes on high earners. You can't have tax cuts of that magnitude whilst also forking out enormous energy costs support. It's not hypocritical to point out that this is bad policy whilst also supporting other forms of government deficits. All deficits are not equal. 

 

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Political journos seem to think there’s a genuine chance Kwarteng won’t last the week as chancellor.

Pension funds seemed close to collapse before the BoE’s intervention (underwritten by the Treasury, at yet more huge cost to the taxpayer). Some might yet fall.

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3 minutes ago, Paco said:

Political journos seem to think there’s a genuine chance Kwarteng won’t last the week as chancellor.

How on Earth would they spin that. Sudden, urgent family emergency?

Surely not a polonium-tipped umbrella from a "Russian" agent?

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4 minutes ago, BFTD said:

How on Earth would they spin that. Sudden, urgent family emergency?

Surely not a polonium-tipped umbrella from a "Russian" agent?

As soon as "Kwasikaze economics" was coined the writing was on the wall.

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