Kwasi Kwarteng |
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GPR - Rochester
Veteran Joined: 01 December 2014 Location: Rhydcymerau Status: Offline Points: 18784 |
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Indeed Dyniol but wait a minute I thought the BOE were totally independent - shock horror don't tell me that the BOE is influenced the the government who actually appoint the governor - but thats another story.
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Oracle
Veteran Joined: 19 September 2022 Location: North pole Status: Offline Points: 3959 |
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Its incredible that the markets and pound strength increased when labour were shown to have a 33 point lead.....That must have been a first
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Oracle
Veteran Joined: 19 September 2022 Location: North pole Status: Offline Points: 3959 |
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https://twitter.com/RichardJMurphy/status/1575766938411831297?t=KYE7nrzs3VA4FmcXl3YCbw&s=19
This is very interesting
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Legendinmybathroom
Veteran Joined: 29 May 2017 Location: Burry Port Status: Offline Points: 3151 |
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It’s only where it is because the BOE intervened to the tune of £65 billion to try and stabilise the markets and rescue peoples hard earned pensions. If the BOE didn’t intervene in the way that they did, the pound would have dived even further than it did following last Fridays announcement. I’m seriously concerned that the pound doesn’t dive again as any further announcements from kamikaze Kwarten could spook the markets even more. All the financial institutions and experts predicted this would happen and that it would lead to higher interest rates, that trickle down economics wouldn’t work (and it failed the last time) but Kamikaze Kwarten and Truss only took on the advice of they advisors and went ahead anyway. I watched Question Time last night and there was a young woman in the audience who stated that she recieved a new mortgage offer this week (as a result of the mini budget and resulting BOE intervention) which had almost doubled in days, whilst over 70 different mortgage products had been removed as well. As an analyst stated this week you have the Tory government heading in one direct whilst the BOE are drastically trying to pull in the opposite direction in order to save the pound and the whole of the UK economy.
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dr_martinov
Veteran Joined: 06 August 2005 Location: Tycoch Status: Offline Points: 13286 |
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Well, well, well. Kwertz and Truss have now U-turned on the 45p tax abolishment. They realised too many Tory MPs were unhappy and may not even vote it through.
Kwertz: "Most importantly, I've listened to voters". Do give over you spiv. Links to Truss stating all decisions were Kwerteng's recently as well, despite all the tough talk "I believe it's the right thing to do", "prepared to be unpopular", "this was the only choice" etc. This is all due to the two of them leading essentially a minority faction within the Conservative Party so are in a weak political position with very strong unorthodox ideology: not exactly the best combination.
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GPR - Rochester
Veteran Joined: 01 December 2014 Location: Rhydcymerau Status: Offline Points: 18784 |
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It will end in tears but unfortunately no bankers will be crying.
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dr_martinov
Veteran Joined: 06 August 2005 Location: Tycoch Status: Offline Points: 13286 |
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Followed by announcing 18 billion cuts to public services:
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roy munster
Veteran Joined: 30 August 2010 Status: Offline Points: 15683 |
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buried under the headlines
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ROYMOND MUNTER MBE (FOR SERVICES TO THE COMBOVER)
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Oracle
Veteran Joined: 19 September 2022 Location: North pole Status: Offline Points: 3959 |
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Its not funny I know but Boris killed your grandmother during covid , then partied when he didn't allow you to attend it ...now kwazi is going to cut back on social services , so bye bye grandad
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Legendinmybathroom
Veteran Joined: 29 May 2017 Location: Burry Port Status: Offline Points: 3151 |
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And to think that he had the cheek to joke about it, saying that it caused a little bit of a stir/panic in the markets, followed by some laughter from the listeners. This could be seen as the Tory party laughing at the millions of people who were really dreading the next few years of austerity and high interest rates and mortgage repayments. It now appears that the average monthly mortgage repayments could rise by upwards of £750 if interest rates go up by the predicted 1.25% in the coming weeks. That increase will dwarf the increases in fuel bills and any savings from government support for fuel costs/bills.
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dr_martinov
Veteran Joined: 06 August 2005 Location: Tycoch Status: Offline Points: 13286 |
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Asked about the forthcoming benefits cuts, this was a response:
"Ms Truss told the BBC the government had to be "fiscally responsible" and bring debt down." So a Government which borrows 200 billion to fund tax cuts that favour the rich and business then uses the argument they are cutting benefits to "bring debt down". Why don't journalists hold them to this flawed logic? I am glad to see anger is building and even the soft Tory BBC political journalists are starting to now probe, sensing mass public opinion is changing. There are too many uncaring ministers like Berry telling people to get better paid jobs, it's massively out of touch. Also spare a thought for the treasury underlings sent out to defend that 45p abolishing plan.... They must feel like tools. The country needs long term investment and development of skills, facilities, people, not these tax breaks for the richest and assault on all other income brackets, which is such a flawed strategy let alone how it comes across.
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dr_martinov
Veteran Joined: 06 August 2005 Location: Tycoch Status: Offline Points: 13286 |
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"Downing Street states there will be no U-turn on mini-budget" - am today.
Several news sources reporting "active discussions" on scrapping parts of mini-budget are underway. - pm today. This Government is an utter mess and no one in it seems to know what's going on, or is deliberately misleading the press. In either case, they are a disaster. KK may well be for the chop but Truss however is the one appointed him with the full pledge of high borrowing to support tax breaks for the rich. She did exactly what she said she would and the 80,000 Tory members voted for.
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GPR - Rochester
Veteran Joined: 01 December 2014 Location: Rhydcymerau Status: Offline Points: 18784 |
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She is trying to be careful in saying that she will not cut services to pay for the tax cuts. Why Starmer didn't press her on whether she meant no real cuts as everyone is aware that inflation is running at record recent levels and keeping spending the same does theoretically mean no cuts but he didn't.
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greypower1
Veteran Joined: 04 December 2010 Location: Pwll Status: Offline Points: 4205 |
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Agree with you GPR re Starmer. Considering he's a Barrister he's awfully slow to think on his feet.
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Keep the faith
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dr_martinov
Veteran Joined: 06 August 2005 Location: Tycoch Status: Offline Points: 13286 |
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Agree about he doesn't have a quick retort style, but you can see his effectiveness at pushing Johnson and now Truss into corners, or letting them trip themselves up. This current ho-ha is in part post-PMQs and her complete lack of answering questions on cuts. So I wouldn't under-estimate his cautious style.
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roy munster
Veteran Joined: 30 August 2010 Status: Offline Points: 15683 |
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He doesnt need to be as quick as lee mack or as savage as frankie boyle, just keeping asking the questions and exposing these frauds . 20% Vat is another massive area he needs to drill them on
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ROYMOND MUNTER MBE (FOR SERVICES TO THE COMBOVER)
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