The UK has too much debt. Markets are questioning whether the UK can meet all its obligations.
The person who gave Britain too much debt is Rishi Sunak via his furlough scheme.
And we never got around to paying back the debts from the GFC. And now we are borrowing a lot more to pay the gas meter. The idea that our government somehow has the power or capability to protect us from the buffering of an extremely choppy sea simply has to stop before it is too late. It is ultimately delusional.
Then why are you so insistent on propping up the pound? Why not allow it to find its 'true' valuation, let manufacturers and the tourism industry benefit, and let imports and foreign holidays get more expensive? It will also reduce the options for Government regarding new debt, and reduce the value of old debt. And when the economy really recovers (as it did after the ERM), the recovery will be genuine.
For once I agree totally with you.
A freely floating exchange rate should be left to reach whatever new equilibrium it reaches. Propping it up is just throwing good money after bad.
The UK has overspent for decades. A reckoning is inevitable.
It is a gentle form of impoverishment. It achieves all the things DavidL says he wants to acheive. And the pound will be back, hopefully on a genuinely strong footing as opposed to going around like the Emperor's new clothes.
Looks like we are doomed to a public sector orientated nannying Labour government in perpetuity. Thanks Brexiteers! Cracking job you did to throw away the Tories main USPs of governmental competence and economic sanity
Looks like it but Labour will have no money either
I went out this afternoon to have a break and quite enjoyed being at the dentist after this mornings disaster
This is the weekend the conservative party lost GE 24 and handed it to Labour
Lab conference will be overshadowed by all this which will be annoying to lab strategists who have been planning it as one of the key events to introduce a 'government in waiting' to public in next two years.
But then again, to be overshadowed by a tory economic Black Monday shitshow that is going to feck middle england mortgages is a win they will probably take with good grace.
The chancellor of the Exchequer and the governor of the Bank of England should now be pretty anxious. Sterling has dropped by more than 2%, to $1.066 since they put out emergency statements that were supposed to reassure markets. So what's going wrong? Well... https://twitter.com/Peston/status/1574439739221954564
Looks like we are doomed to a public sector orientated nannying Labour government in perpetuity. Thanks Brexiteers! Cracking job you did to throw away the Tories main USPs of governmental competence and economic sanity
Looks like it but Labour will have no money either
I went out this afternoon to have a break and quite enjoyed being at the dentist after this mornings disaster
This is the weekend the conservative party lost GE 24 and handed it to Labour
Could well be. And let's remind ourselves that the Party did this to themselves. The membership voted Truss over the adult in the room and they will pay the price in losing power.
Tory-only fans on PB would be WAY more persuasive IF they did NOT dodge ALL responsibility on behalf of their (newest) heartthrob of a PM, for the banker's ramp mini-me budget AND resultant pound plunge.
The UK has too much debt. Markets are questioning whether the UK can meet all its obligations.
The person who gave Britain too much debt is Rishi Sunak via his furlough scheme.
And we never got around to paying back the debts from the GFC. And now we are borrowing a lot more to pay the gas meter. The idea that our government somehow has the power or capability to protect us from the buffering of an extremely choppy sea simply has to stop before it is too late. It is ultimately delusional.
Then why are you so insistent on propping up the pound? Why not allow it to find its 'true' valuation, let manufacturers and the tourism industry benefit, and let imports and foreign holidays get more expensive? It will also reduce the options for Government regarding new debt, and reduce the value of old debt. And when the economy really recovers (as it did after the ERM), the recovery will be genuine.
Because we need to keep control of inflation. It's as simple as that really.
No, we don't.
Inflation is the price we have to pay, for our failure to handle problems in the past.
The UK has too much debt. Markets are questioning whether the UK can meet all its obligations.
The person who gave Britain too much debt is Rishi Sunak via his furlough scheme.
And we never got around to paying back the debts from the GFC. And now we are borrowing a lot more to pay the gas meter. The idea that our government somehow has the power or capability to protect us from the buffering of an extremely choppy sea simply has to stop before it is too late. It is ultimately delusional.
Then why are you so insistent on propping up the pound? Why not allow it to find its 'true' valuation, let manufacturers and the tourism industry benefit, and let imports and foreign holidays get more expensive? It will also reduce the options for Government regarding new debt, and reduce the value of old debt. And when the economy really recovers (as it did after the ERM), the recovery will be genuine.
For once I agree totally with you.
A freely floating exchange rate should be left to reach whatever new equilibrium it reaches. Propping it up is just throwing good money after bad.
The UK has overspent for decades. A reckoning is inevitable.
Well, if you two think it is a good idea, then it is obviously the wrong thing to do! Although Bart is correct about the overspending.
And let's remind ourselves that the Party did this to themselves. The membership voted Truss over the adult in the room and they will pay the price in losing power.
This piece from August, which accused Sunak of “desperate” warnings about what Truss policies could do to the £, is doing the rounds among Conservative MPs, I’m told. Tory source: "Those who only backed Liz for their career are quickly realising the consequences of their actions” https://twitter.com/adampayne26/status/1574338331059650560/photo/1
John Rentoul @JohnRentoul · 11m Replying to @RedfieldWilton First poll after the emergency Budget; if that were a general election it would mean a Labour majority of 70 on new boundaries
Typing lab maj in my search bar to find somewhere to top up my bet, I get a lot of offers of labia majora and an article by someone called Smithson saying LAB IS GROSSLY OVER-PRICED IN THE GE MAJORITY BETTING. Respectfully disagree.
Looks like we are doomed to a public sector orientated nannying Labour government in perpetuity. Thanks Brexiteers! Cracking job you did to throw away the Tories main USPs of governmental competence and economic sanity
The Tory party died in 2017. This is Bluekip, they just have no idea how to change the name and logo
The kind of honeymoon normally seen on Married At First Sight.
I am sure that most of us (and Alastair) are far too intellectual to watch Married at First Sight.
But yes.
What is it?
It is, I understand, a popular entertainment where people who have not managed to form a relationship themselves are "married" to a total stranger, who is often strange, and we all get to express amazement that it doesn't work out. I can kinda of see where @AlastairMeeks is going with this to be fair.
Gilt rates and spreads at decades highs TODAY Bank of England issuing warnings TODAY Mortgage lenders withdrawing products TODAY Sterling hitting lowest ever USD rate TODAY
Kwarteng says he will publish a plan... IN EIGHT WEEKS' TIME
The people who've suddenly discovered inflation in the past twelve months who are suddenly concerned would be more credible if they'd had a proper handle on inflation in house prices etc for the past couple of decades.
In house costs the average inflation rate is over 6% compound annual price growth, over decades.
But there is no time to waste - waiting until November is not an option.
The government must also look again at the plans they put forward in their fiscal statement last week. 2/3
It is unprecedented and a damming indictment that the Bank of England has had to step in to reassure markets because of the irresponsible actions of the government. 3/3
On 23rd November - if he has not been forced to do it before (and assuming he’s still there) - Kwarteng will have no choice but to announce huge cuts in public spending. It’s hard to see how those further tax cuts trailed at the weekend can now happen either.
Double digit inflation with the triple lock for the client vote, war in Ukraine, ambulances can't unload patients into the hospitals, every man, woman and dog on a strike rotation, good luck in finding enough diversity officers and wasteful admin staff to make the slightest dent in the numbers needed.
Especially as it is often very much cheaper to have a competent admin person. Vide what was being said about expensive professionals doing their own admin in universities by @Selebian I think.
And, in the longer term, what our PB Tories love to decry as diversity officers and other HR persons are often vital in reducing the risk of serious disputes and lawsuits througch training or other interventions.
On 23rd November - if he has not been forced to do it before (and assuming he’s still there) - Kwarteng will have no choice but to announce huge cuts in public spending. It’s hard to see how those further tax cuts trailed at the weekend can now happen either.
Double digit inflation with the triple lock for the client vote, war in Ukraine, ambulances can't unload patients into the hospitals, every man, woman and dog on a strike rotation, good luck in finding enough diversity officers and wasteful admin staff to make the slightest dent in the numbers needed.
Especially as it is often very much cheaper to have a competent admin person. Vide what was being said about expensive professionals doing their own admin in universities by @Selebian I think.
And, in the longer term, what our PB Tories love to decry as diversity officers and other HR persons are often vital in reducing the risk of serious disputes and lawsuits througch training or other interventions.
Just get rid of Liz and Kwasi now. Before the whole country is ruined permanently
💙
And don't let the Tory membership anywhere near the decision as to who the replacement PM is... .
MPs are elected by the public to make these decisions, not Tory party members.
Has to be a Sunak coronation. Not more fecking about.
I think Sunak was pretty awful as Chancellor, and the party is too split to anoint him unopposed. They'd have to convince Wallace to take the job. Damned awful mess.
It's Blair and Brown's fault for creating the structural problems, and it's Cameron and Osborne's fault for not not fixing them when they had the chance. If we are now facing a reckoning, it goes back to the period before the financial crisis.
Even were that true, and it is frankly debatable, no one cares, because they are so utterly utterly sick of the Tories.
Trading over the past couple of sessions is not actually as bad as it could be. In fact Sterling could test parity and then if that breaks it could even start to trade well below for quite a while unless sentiment changes. The markets are deeply unhappy that the OBR is being totally ignored and they increasingly regard the cabal in power as a bunch of arrogant and incompetent tossers. This is now as much about psychology as fundamentals, but since both are bad, the markets could simply pack up and leave. There is an awful lot of ruin in a nation, but the productive capacity of the UK is pretty screwed: dismal infrastructure, patchy basic education and an increasingly squalid public realm.
Cool Britannia it certainly ain´t.
One particular bug bear for me is the state of NHS dentistry. What kind of contempt do you have to have for your fellow citizens in order to condemn them to a lifetime of pain and health problems because you think that having healthy teeth is a cosmetic issue and so everyone should pay thousands of Pounds for basic treatment, even for their kids? What kind of pessimism must you hold to believe that unless education trains you to be an accountant then it is irrelevant and unjustified for those who can not afford it. The whole world of imagination and creativity, which creates massively more jobs than accountancy, not to mention significantly enriching all our lives is dismissed with a philistine ignorance that is simply contemptible.
It is not just that they are morons, they are shits as well.
On 23rd November - if he has not been forced to do it before (and assuming he’s still there) - Kwarteng will have no choice but to announce huge cuts in public spending. It’s hard to see how those further tax cuts trailed at the weekend can now happen either.
Double digit inflation with the triple lock for the client vote, war in Ukraine, ambulances can't unload patients into the hospitals, every man, woman and dog on a strike rotation, good luck in finding enough diversity officers and wasteful admin staff to make the slightest dent in the numbers needed.
Especially as it is often very much cheaper to have a competent admin person. Vide what was being said about expensive professionals doing their own admin in universities by @Selebian I think.
And, in the longer term, what our PB Tories love to decry as diversity officers and other HR persons are often vital in reducing the risk of serious disputes and lawsuits througch training or other interventions.
You might risk plague due to dirty telephone booths otherwise!
The UK has too much debt. Markets are questioning whether the UK can meet all its obligations.
The person who gave Britain too much debt is Rishi Sunak via his furlough scheme.
And we never got around to paying back the debts from the GFC. And now we are borrowing a lot more to pay the gas meter. The idea that our government somehow has the power or capability to protect us from the buffering of an extremely choppy sea simply has to stop before it is too late. It is ultimately delusional.
Then why are you so insistent on propping up the pound? Why not allow it to find its 'true' valuation, let manufacturers and the tourism industry benefit, and let imports and foreign holidays get more expensive? It will also reduce the options for Government regarding new debt, and reduce the value of old debt. And when the economy really recovers (as it did after the ERM), the recovery will be genuine.
Because we need to keep control of inflation. It's as simple as that really.
No, we don't.
Inflation is the price we have to pay, for our failure to handle problems in the past.
Inflation is part of the problem, not a part of the solution.
On 23rd November - if he has not been forced to do it before (and assuming he’s still there) - Kwarteng will have no choice but to announce huge cuts in public spending. It’s hard to see how those further tax cuts trailed at the weekend can now happen either.
Double digit inflation with the triple lock for the client vote, war in Ukraine, ambulances can't unload patients into the hospitals, every man, woman and dog on a strike rotation, good luck in finding enough diversity officers and wasteful admin staff to make the slightest dent in the numbers needed.
Especially as it is often very much cheaper to have a competent admin person. Vide what was being said about expensive professionals doing their own admin in universities by @Selebian I think.
And, in the longer term, what our PB Tories love to decry as diversity officers and other HR persons are often vital in reducing the risk of serious disputes and lawsuits througch training or other interventions.
This is a crisis made in threadneedle rather than Whitehall. Utterly perplexing that they didn’t match the Fed and ECB last week. And going beyond criminally negligent that today they announced no further action until next meeting.
The mini budget wasn’t a surprise to the MPC. Or any of us really, other than the 45% we all knew the content for months.
Just get rid of Liz and Kwasi now. Before the whole country is ruined permanently
💙
And don't let the Tory membership anywhere near the decision as to who the replacement PM is... .
MPs are elected by the public to make these decisions, not Tory party members.
Has to be a Sunak coronation. Not more fecking about.
I think Sunak was pretty awful as Chancellor, and the party is too split to anoint him unopposed. They'd have to convince Wallace to take the job. Damned awful mess.
The people who've suddenly discovered inflation in the past twelve months who are suddenly concerned would be more credible if they'd had a proper handle on inflation in house prices etc for the past couple of decades.
In house costs the average inflation rate is over 6% compound annual price growth, over decades.
That's no better than CPI 6%.
The people who are concerned at inflation on here are the same people who have been banging on about the madness of the housing market on here for years too.
I don't know why you think there's some sort of point there.
It's Blair and Brown's fault for creating the structural problems, and it's Cameron and Osborne's fault for not not fixing them when they had the chance. If we are now facing a reckoning, it goes back to the period before the financial crisis.
Even were that true, and it is frankly debatable, no one cares, because they are so utterly utterly sick of the Tories.
Trading over the past couple of sessions is not actually as bad as it could be. In fact Sterling could test parity and then if that breaks it could even start to trade well below for quite a while unless sentiment changes. The markets are deeply unhappy that the OBR is being totally ignored and they increasingly regard the cabal in power as a bunch of arrogant and incompetent tossers. This is now as much about psychology as fundamentals, but since both are bad, the markets could simply pack up and leave. There is an awful lot of ruin in a nation, but the productive capacity of the UK is pretty screwed: dismal infrastructure, patchy basic education and an increasingly squalid public realm.
Cool Britannia it certainly ain´t.
One particular bug bear for me is the state of NHS dentistry. What kind of contempt do you have to have for your fellow citizens in order to condemn them to a lifetime of pain and health problems because you think that having healthy teeth is a cosmetic issue and so everyone should pay thousands of Pounds for basic treatment, even for their kids? What kind of pessimism must you hold to believe that unless education trains you to be an accountant then it is irrelevant and unjustified for those who can not afford it. The whole world of imagination and creativity, which creates massively more jobs than accountancy, not to mention significantly enriching all our lives is dismissed with a philistine ignorance that is simply contemptible.
It is not just that they are morons, they are shits as well.
The UK has too much debt. Markets are questioning whether the UK can meet all its obligations.
The person who gave Britain too much debt is Rishi Sunak via his furlough scheme.
And we never got around to paying back the debts from the GFC. And now we are borrowing a lot more to pay the gas meter. The idea that our government somehow has the power or capability to protect us from the buffering of an extremely choppy sea simply has to stop before it is too late. It is ultimately delusional.
Then why are you so insistent on propping up the pound? Why not allow it to find its 'true' valuation, let manufacturers and the tourism industry benefit, and let imports and foreign holidays get more expensive? It will also reduce the options for Government regarding new debt, and reduce the value of old debt. And when the economy really recovers (as it did after the ERM), the recovery will be genuine.
Because we need to keep control of inflation. It's as simple as that really.
No, we don't.
Inflation is the price we have to pay, for our failure to handle problems in the past.
Inflation is part of the problem, not a part of the solution.
We've had inflation for decades. 6% compound inflation annually on house costs to start with.
If you keep printing money, and keep running structural deficits, the money has to go somewhere. Now it's chasing something other than houses, suddenly you realise too late that it's real.
It's Blair and Brown's fault for creating the structural problems, and it's Cameron and Osborne's fault for not not fixing them when they had the chance. If we are now facing a reckoning, it goes back to the period before the financial crisis.
One particular bug bear for me is the state of NHS dentistry. What kind of contempt do you have to have for your fellow citizens in order to condemn them to a lifetime of pain and health problems because you think that having healthy teeth is a cosmetic issue and so everyone should pay thousands of Pounds for basic treatment, even for their kids?
If you can’t be arsed to brush your teeth after drinking Fanta then pay for your own bloody fillings.
I bet you Truss is calling Minford, Lyons, Jessop et al, screaming YOU TOLD US IT WOULD BE OKAY, GO ON THE MEDIA AND DEFEND IT, but they will all be busy.
It's Blair and Brown's fault for creating the structural problems, and it's Cameron and Osborne's fault for not not fixing them when they had the chance. If we are now facing a reckoning, it goes back to the period before the financial crisis.
One particular bug bear for me is the state of NHS dentistry. What kind of contempt do you have to have for your fellow citizens in order to condemn them to a lifetime of pain and health problems because you think that having healthy teeth is a cosmetic issue and so everyone should pay thousands of Pounds for basic treatment, even for their kids?
If you can’t be arsed to brush your teeth after drinking Fanta then pay for your own bloody fillings.
Personally I don´t have any. But then I had free access to an NHS dentist throughout my childhood.
Quite amazing sequence of events - Indyref, Brexit, Trump, COVID, Ukraine, Housing crash Mk 2, Aliens (Q1 2024). Going to be some good books on how it's all connected.
The people who've suddenly discovered inflation in the past twelve months who are suddenly concerned would be more credible if they'd had a proper handle on inflation in house prices etc for the past couple of decades.
In house costs the average inflation rate is over 6% compound annual price growth, over decades.
That's no better than CPI 6%.
This is quite the strawman, no? I think you’ll find that most people currently worried about inflation would also want something done about crazy house price growth, and yet, given that’s been a huge problem for many years now, it’s not the news story at the top of the agenda. It’s been many years where we’ve come to accept that as a problem that for various reasons (NIMBYism, successive parties not wanting to jeopardise house prices, etc etc)
If we were experiencing high inflation on everything except housing, but rents were becoming more affordable and huge swathes of affordable homes were being built, that would be one thing (whether or not that’s simultaneously realistic, I’m not so sure).
People’s anxiety about the current situation comes because we are having historic levels of inflation after years of many people (particularly the young) being unavailable to get onto the housing ladder easily. So this compounds their existing issues.
I believe I’ve seen you post before that we need to embark on a mass house-building programme - if so, on that we can agree, as can a lot of others who are concerned about inflation. I also recognise it isn’t just as simple as ‘Build more houses’ but I doubt there are many critics of the current government’s inflation policy that absolutely love what housing is like in this country (save for say, remainer Tories who are also massive BTL Landlords… you’d imagine they’d continue to vote Tory regardless, though)
I bet you Truss is calling Minford, Lyons, Jessop et al, screaming YOU TOLD US IT WOULD BE OKAY, GO ON THE MEDIA AND DEFEND IT, but they will all be busy.
BREAKING: Labour members have backed a motion calling for proportional representation. First time a major party represented in the UK parliament has suggested ditching first past the post. https://twitter.com/PaulBrandITV/status/1574443496064401410
On 23rd November - if he has not been forced to do it before (and assuming he’s still there) - Kwarteng will have no choice but to announce huge cuts in public spending. It’s hard to see how those further tax cuts trailed at the weekend can now happen either.
Double digit inflation with the triple lock for the client vote, war in Ukraine, ambulances can't unload patients into the hospitals, every man, woman and dog on a strike rotation, good luck in finding enough diversity officers and wasteful admin staff to make the slightest dent in the numbers needed.
Especially as it is often very much cheaper to have a competent admin person. Vide what was being said about expensive professionals doing their own admin in universities by @Selebian I think.
And, in the longer term, what our PB Tories love to decry as diversity officers and other HR persons are often vital in reducing the risk of serious disputes and lawsuits througch training or other interventions.
You might risk plague due to dirty telephone booths otherwise!
Have you seen the stats for telephone booths? Waaay down.
You feel like arguing we shouldn't bother with binmen? Have red kites and pigs back in the streets of London to do the scavenging instead?
Well I think I'm fucked. Had an offer on my first ever house accepted on Friday, just trying to get everything sorted/the ball rolling and I have an appointment with my Mortgage advisor on Wednesday. Was looking for a fixed rate for 5 years and it sounds like all the major lenders Halifax etc are pulling their products.
Going into the meeting on Wednesday with a completely different mindset now and expectation that they will tell me news which means I cannot proceed any further.
The BoE's scheduled meeting is in November. But one Whitehall figure tells me, they "not sure the Bank can hold the week without a move if £ falls further": Eyes now on how US markets respond & then what Asia does again tonight https://twitter.com/BethRigby/status/1574422727326584832
I bet you Truss is calling Minford, Lyons, Jessop et al, screaming YOU TOLD US IT WOULD BE OKAY, GO ON THE MEDIA AND DEFEND IT, but they will all be busy.
When I saw Minford being interviewed last month he was fairly relaxed about the idea of interest rate rises as that was what the economy needed. It might even lead to a fall in house prices.
BREAKING: Labour members have backed a motion calling for proportional representation. First time a major party represented in the UK parliament has suggested ditching first past the post. https://twitter.com/PaulBrandITV/status/1574443496064401410
Is Starmer on board as it would be rather surprising just as he stands on the edge of a majority on his own
Well I think I'm fucked. Had an offer on my first house on Friday, just trying to get everything sorted/the ball rolling and I have an appointment with my Mortgage advisor on Wednesday. Was looking for a fixed rate for 5 years and it sounds like all the major lenders Halifax etc are pulling their products.
Going into the meeting on Wednesday with a completely different mindset now and expectation that they will tell me news which means I cannot proceed any further.
I feel completely beaten.
Might get lucky because the offer was already made?
The people who've suddenly discovered inflation in the past twelve months who are suddenly concerned would be more credible if they'd had a proper handle on inflation in house prices etc for the past couple of decades.
In house costs the average inflation rate is over 6% compound annual price growth, over decades.
That's no better than CPI 6%.
This is quite the strawman, no? I think you’ll find that most people currently worried about inflation would also want something done about crazy house price growth, and yet, given that’s been a huge problem for many years now, it’s not the news story at the top of the agenda. It’s been many years where we’ve come to accept that as a problem that for various reasons (NIMBYism, successive parties not wanting to jeopardise house prices, etc etc)
If we were experiencing high inflation on everything except housing, but rents were becoming more affordable and huge swathes of affordable homes were being built, that would be one thing (whether or not that’s simultaneously realistic, I’m not so sure).
People’s anxiety about the current situation comes because we are having historic levels of inflation after years of many people (particularly the young) being unavailable to get onto the housing ladder easily. So this compounds their existing issues.
I believe I’ve seen you post before that we need to embark on a mass house-building programme - if so, on that we can agree, as can a lot of others who are concerned about inflation. I also recognise it isn’t just as simple as ‘Build more houses’ but I doubt there are many critics of the current government’s inflation policy that absolutely love what housing is like in this country (save for say, remainer Tories who are also massive BTL Landlords… you’d imagine they’d continue to vote Tory regardless, though)
No, its not a strawman. The point is that some privileged individuals are pretending that inflation is new. By that they mean inflation on goods they want to pay for is new. Inflation on essentials like property that others have to pay for, has outstripped wages by decades.
The only way to reverse this inflation that has been baked into the system, is either an almighty 50%+ crash in prices, which would lead to levels of negative equity the likes of which we've never seen before . . . or a period of wage-led inflation reversing the house-led inflation of the past.
The people who've suddenly discovered inflation in the past twelve months who are suddenly concerned would be more credible if they'd had a proper handle on inflation in house prices etc for the past couple of decades.
In house costs the average inflation rate is over 6% compound annual price growth, over decades.
BREAKING: Labour members have backed a motion calling for proportional representation. First time a major party represented in the UK parliament has suggested ditching first past the post. https://twitter.com/PaulBrandITV/status/1574443496064401410
Hardly, Labour promised it once before, and got as far as holding a commission to come up with the alternative. Then Palmer and his mates ditched the promise altogether. How history might have gone differently….
The people who've suddenly discovered inflation in the past twelve months who are suddenly concerned would be more credible if they'd had a proper handle on inflation in house prices etc for the past couple of decades.
In house costs the average inflation rate is over 6% compound annual price growth, over decades.
That's no better than CPI 6%.
Asset inflation good Price inflation bad
Housing is a price though.
Both are equally bad. Expensive houses is no better than expensive gas, or potatoes, or cars.
Equity in businesses etc is good, since they're not commodities people need to pay for, unlike housing etc
Well I think I'm fucked. Had an offer on my first ever house accepted on Friday, just trying to get everything sorted/the ball rolling and I have an appointment with my Mortgage advisor on Wednesday. Was looking for a fixed rate for 5 years and it sounds like all the major lenders Halifax etc are pulling their products.
Going into the meeting on Wednesday with a completely different mindset now and expectation that they will tell me news which means I cannot proceed any further.
Just get rid of Liz and Kwasi now. Before the whole country is ruined permanently
💙
And don't let the Tory membership anywhere near the decision as to who the replacement PM is... .
MPs are elected by the public to make these decisions, not Tory party members.
Then the same should be true for Labour and the Lib Dems. The membership should have no part in leader selections.
Good luck with that! They are all doing it.
It's different for the Lib Dems (and Greens, PC etc) because there aren't enough MPs to form much of an electorate in their own right, and there are senior members of the party who are not MPs - sometimes more senior than the people with seats in Westminster who may for example have recently got lucky in a byelection.
I agree that the two big parties have shot themselves in the foot with membership votes, though the MPs haven't always played a blinder either. See T May coronation or the fact they put forward Corbyn in the first place "to widen the debate".
Well I think I'm fucked. Had an offer on my first ever house accepted on Friday, just trying to get everything sorted/the ball rolling and I have an appointment with my Mortgage advisor on Wednesday. Was looking for a fixed rate for 5 years and it sounds like all the major lenders Halifax etc are pulling their products.
Going into the meeting on Wednesday with a completely different mindset now and expectation that they will tell me news which means I cannot proceed any further.
I feel completely beaten.
You can always reduce your offer - after all unless the other buyer has 100% cash all other potential buyers will have the same exact issue.
Lab maj in to basically 2/1, not the bargain it was 2 weeks ago but still pretty good
Ish,
What we really need on here is someone with a very good grip on political sentiment in Scotland.
If there is any sign of Labour winning even a handful of seats there, the OM is definitely on. Sadly and strangely, PB has always lacked voices from the Scottish Labour Left so it remains hard to tell what, if any, pick up there is in Labour's fortunes there.
I think PB has more Mebyon Kernow posters than ScotLabs.
Well I think I'm fucked. Had an offer on my first ever house accepted on Friday, just trying to get everything sorted/the ball rolling and I have an appointment with my Mortgage advisor on Wednesday. Was looking for a fixed rate for 5 years and it sounds like all the major lenders Halifax etc are pulling their products.
Going into the meeting on Wednesday with a completely different mindset now and expectation that they will tell me news which means I cannot proceed any further.
I feel completely beaten.
Fingers crossed it works out. Just remember to vote against the bastards next time. They shouldn’t play political games with peoples lives like this.
The Bloomberg article says that, just before the non-budget, hedge funds made big bets on sterling rising, and a bunch of anti-Tories have rolled in accusing the government of corruptly conspiring with the hedge funds to, err, make big profits losses.
It's Blair and Brown's fault for creating the structural problems, and it's Cameron and Osborne's fault for not not fixing them when they had the chance. If we are now facing a reckoning, it goes back to the period before the financial crisis.
Nice try, William, but my favourite right-wing googly stretchball remains the rather fabulous "Financial crash was Bill Clinton's fault for forcing banks to lend to poor people in his crazy lefty social engineering zeal of the 1990s" one.
We are in a whole world of trouble in this country. How is it even possible to fuck things up so badly whereby we have a Prime Minister that no-one actually wants, doing things that nobody either asked or voted for?
Of course, when I say nobody, I obviously mean anyone who isn't a total humungous arse.
Lab maj in to basically 2/1, not the bargain it was 2 weeks ago but still pretty good
Ish,
What we really need on here is someone with a very good grip on political sentiment in Scotland.
If there is any sign of Labour winning even a handful of seats there, the OM is definitely on. Sadly and strangely, PB has always lacked voices from the Scottish Labour Left so it remains hard to tell what, if any, pick up there is in Labour's fortunes there.
I think PB has more Mebyon Kernow posters than ScotLabs.
I still don't see Labour winning seats in Scotland for 2 different reasons.
1 - Independence - which is 45% of the vote.. 2 - SNP policies often match Labours to the extent you can replace 1 with the other and you wouldn't notice.
The UK has too much debt. Markets are questioning whether the UK can meet all its obligations.
The person who gave Britain too much debt is Rishi Sunak via his furlough scheme.
And we never got around to paying back the debts from the GFC. And now we are borrowing a lot more to pay the gas meter. The idea that our government somehow has the power or capability to protect us from the buffering of an extremely choppy sea simply has to stop before it is too late. It is ultimately delusional.
Then why are you so insistent on propping up the pound? Why not allow it to find its 'true' valuation, let manufacturers and the tourism industry benefit, and let imports and foreign holidays get more expensive? It will also reduce the options for Government regarding new debt, and reduce the value of old debt. And when the economy really recovers (as it did after the ERM), the recovery will be genuine.
There aren't any manufacturers to speak of
Imports is pretty much everything: Cars, white goods, electronics, fuel, clothes, building materials and about half our food. So your question is, why not let life get more expensive?
Why is reducing the options for new government borrowing a good thing? Governments don't run on nothing, and what they don't get in tax they have to borrow. reduced options = costs more.
The Bloomberg article says that, just before the non-budget, hedge funds made big bets on sterling rising, and a bunch of anti-Tories have rolled in accusing the government of corruptly conspiring with the hedge funds to, err, make big profits losses.
LOL that's one of the clowns that Sky always had on in the pandemic, part of the "independent SAGE" brigade isn't he?
Bullish bets on the pound has a specific meaning, and this certainly isn't it (!)
Just get rid of Liz and Kwasi now. Before the whole country is ruined permanently
💙
And don't let the Tory membership anywhere near the decision as to who the replacement PM is... .
MPs are elected by the public to make these decisions, not Tory party members.
Then the same should be true for Labour and the Lib Dems. The membership should have no part in leader selections.
Good luck with that! They are all doing it.
It's different for the Lib Dems (and Greens, PC etc) because there aren't enough MPs to form much of an electorate in their own right, and there are senior members of the party who are not MPs - sometimes more senior than the people with seats in Westminster who may for example have recently got lucky in a byelection.
I agree that the two big parties have shot themselves in the foot with membership votes, though the MPs haven't always played a blinder either. See T May coronation or the fact they put forward Corbyn in the first place "to widen the debate".
T May was only a coronation because the other candidate blew herself up with some very ill-judged words
BREAKING: Labour members have backed a motion calling for proportional representation. First time a major party represented in the UK parliament has suggested ditching first past the post. https://twitter.com/PaulBrandITV/status/1574443496064401410
I note John McDonnell, twitted by @Richard_Nabavi in the last thread, is a strong and fairly recent convert to the idea. Which is very decent of him, since it wold ensure a Corbyn or Truss type government would be unlikely to be in power.
Interviewed on the Today program this morning, he said he thought it undemocratic that FPTP effectively enabled an extreme faction of one of the two major parties to hijack power, when they represented only a fraction of the population.
It's Blair and Brown's fault for creating the structural problems, and it's Cameron and Osborne's fault for not not fixing them when they had the chance. If we are now facing a reckoning, it goes back to the period before the financial crisis.
One particular bug bear for me is the state of NHS dentistry. What kind of contempt do you have to have for your fellow citizens in order to condemn them to a lifetime of pain and health problems because you think that having healthy teeth is a cosmetic issue and so everyone should pay thousands of Pounds for basic treatment, even for their kids?
If you can’t be arsed to brush your teeth after drinking Fanta then pay for your own bloody fillings.
Personally I don´t have any. But then I had free access to an NHS dentist throughout my childhood.
So did I (and no fanta) and I have bloody terrible teeth. Lots of people just have. This looks like victim blaming in its purest form.
Well I think I'm fucked. Had an offer on my first ever house accepted on Friday, just trying to get everything sorted/the ball rolling and I have an appointment with my Mortgage advisor on Wednesday. Was looking for a fixed rate for 5 years and it sounds like all the major lenders Halifax etc are pulling their products.
Going into the meeting on Wednesday with a completely different mindset now and expectation that they will tell me news which means I cannot proceed any further.
I feel completely beaten.
I sympathise and can imagine that this must be very stressful. If its any consolation lots of things can go wrong when buying a house, not just this (getting gazumped, seller inexplicably pulls out, bank not loaning because of something to do with the property and not the mortgage market). I went through 2 failed purchases and 2 years before we got ours.
Well I think I'm fucked. Had an offer on my first ever house accepted on Friday, just trying to get everything sorted/the ball rolling and I have an appointment with my Mortgage advisor on Wednesday. Was looking for a fixed rate for 5 years and it sounds like all the major lenders Halifax etc are pulling their products.
Going into the meeting on Wednesday with a completely different mindset now and expectation that they will tell me news which means I cannot proceed any further.
I feel completely beaten.
How old are you ?
If you're 39 (As your username suggests) then Nationwide will let you mortgage till your 75th birthday which will help keep repayments lower.
It's Blair and Brown's fault for creating the structural problems, and it's Cameron and Osborne's fault for not not fixing them when they had the chance. If we are now facing a reckoning, it goes back to the period before the financial crisis.
Even were that true, and it is frankly debatable, no one cares, because they are so utterly utterly sick of the Tories.
Trading over the past couple of sessions is not actually as bad as it could be. In fact Sterling could test parity and then if that breaks it could even start to trade well below for quite a while unless sentiment changes. The markets are deeply unhappy that the OBR is being totally ignored and they increasingly regard the cabal in power as a bunch of arrogant and incompetent tossers. This is now as much about psychology as fundamentals, but since both are bad, the markets could simply pack up and leave. There is an awful lot of ruin in a nation, but the productive capacity of the UK is pretty screwed: dismal infrastructure, patchy basic education and an increasingly squalid public realm.
Cool Britannia it certainly ain´t.
One particular bug bear for me is the state of NHS dentistry. What kind of contempt do you have to have for your fellow citizens in order to condemn them to a lifetime of pain and health problems because you think that having healthy teeth is a cosmetic issue and so everyone should pay thousands of Pounds for basic treatment, even for their kids? What kind of pessimism must you hold to believe that unless education trains you to be an accountant then it is irrelevant and unjustified for those who can not afford it. The whole world of imagination and creativity, which creates massively more jobs than accountancy, not to mention significantly enriching all our lives is dismissed with a philistine ignorance that is simply contemptible.
It is not just that they are morons, they are shits as well.
Having the correct analysis of the problems instead of a partisan rant does matter, otherwise a change of government won't result in the step change we need.
We are in a whole world of trouble in this country. How is it even possible to fuck things up so badly whereby we have a Prime Minister that no-one actually wants, doing things that nobody either asked or voted for?
Of course, when I say nobody, I obviously mean anyone who isn't a total humungous arse.
It is a bizarre situation, as you say. These clowns make Boris look sensible and Keir look charismatic.
Is there anyone left in the UK who wants these incompetent helmets in Downing Street?
Lab maj in to basically 2/1, not the bargain it was 2 weeks ago but still pretty good
Ish,
What we really need on here is someone with a very good grip on political sentiment in Scotland.
If there is any sign of Labour winning even a handful of seats there, the OM is definitely on. Sadly and strangely, PB has always lacked voices from the Scottish Labour Left so it remains hard to tell what, if any, pick up there is in Labour's fortunes there.
I think PB has more Mebyon Kernow posters than ScotLabs.
I still don't see Labour winning seats in Scotland for 2 different reasons.
1 - Independence 2 - SNP policies often match Labours to the extent you can replace 1 with the other and you wouldn't notice.
3 - Mr Starmer is looking more and more like a Tory leader in his visual iconography (as well as his statements about indyrefs, of course). But that simply reflects the fact he's trying to appeal to two very different populations north and south of the border.
We are in a whole world of trouble in this country. How is it even possible to fuck things up so badly whereby we have a Prime Minister that no-one actually wants, doing things that nobody either asked or voted for?
Of course, when I say nobody, I obviously mean anyone who isn't a total humungous arse.
As i said before the uk is turning into quite a poor country outside london and the se
It's Blair and Brown's fault for creating the structural problems, and it's Cameron and Osborne's fault for not not fixing them when they had the chance. If we are now facing a reckoning, it goes back to the period before the financial crisis.
One particular bug bear for me is the state of NHS dentistry. What kind of contempt do you have to have for your fellow citizens in order to condemn them to a lifetime of pain and health problems because you think that having healthy teeth is a cosmetic issue and so everyone should pay thousands of Pounds for basic treatment, even for their kids?
If you can’t be arsed to brush your teeth after drinking Fanta then pay for your own bloody fillings.
Personally I don´t have any. But then I had free access to an NHS dentist throughout my childhood.
So did I (and no fanta) and I have bloody terrible teeth. Lots of people just have. This looks like victim blaming in its purest form.
It is, and given the misery of untreated dental problems, and the utter inaffordability of private treatment for a significant part of the population, it's pretty unpleasant.
Lab maj in to basically 2/1, not the bargain it was 2 weeks ago but still pretty good
Ish,
What we really need on here is someone with a very good grip on political sentiment in Scotland.
If there is any sign of Labour winning even a handful of seats there, the OM is definitely on. Sadly and strangely, PB has always lacked voices from the Scottish Labour Left so it remains hard to tell what, if any, pick up there is in Labour's fortunes there.
I think PB has more Mebyon Kernow posters than ScotLabs.
true dat. A Scon would be good too, which I think @Easterross was when he was around. Always had a soft spot for Scons since a bet on I think 10+ seats in GE 2017 at 10/1 pulled me out of my con maj bet and left me pretty much even.
Pretty bad Redfield numbers for Truss there. Labour's lead now at 1997 levels and Starmer clearly ahead as preferred PM.
She is now also doing worse than Boris. The last Redfield poll under Boris had Labour just 6% ahead with the Tories on 35%, now Labour is 13% ahead with the Tories on just 31%.
This could be the first time ever in UK politics a party has ousted a leader midterm and gone backwards in the polls
We are in a whole world of trouble in this country. How is it even possible to fuck things up so badly whereby we have a Prime Minister that no-one actually wants, doing things that nobody either asked or voted for?
Of course, when I say nobody, I obviously mean anyone who isn't a total humungous arse.
As i said before the uk is turning into quite a poor country outside london and the se
It will be a poor country inside London and the SE if these knobends are allowed the reins of power for much longer
BREAKING: Labour members have backed a motion calling for proportional representation. First time a major party represented in the UK parliament has suggested ditching first past the post. https://twitter.com/PaulBrandITV/status/1574443496064401410
I note John McDonnell, twitted by @Richard_Nabavi in the last thread, is a strong and fairly recent convert to the idea. Which is very decent of him, since it wold ensure a Corbyn or Truss type government would be unlikely to be in power.
Interviewed on the Today program this morning, he said he thought it undemocratic that FPTP effectively enabled an extreme faction of one of the two major parties to hijack power, when they represented only a fraction of the population.
Lab maj in to basically 2/1, not the bargain it was 2 weeks ago but still pretty good
Ish,
What we really need on here is someone with a very good grip on political sentiment in Scotland.
If there is any sign of Labour winning even a handful of seats there, the OM is definitely on. Sadly and strangely, PB has always lacked voices from the Scottish Labour Left so it remains hard to tell what, if any, pick up there is in Labour's fortunes there.
I think PB has more Mebyon Kernow posters than ScotLabs.
true dat. A Scon would be good too, which I think @Easterross was when he was around. Always had a soft spot for Scons since a bet on I think 10+ seats in GE 2017 at 10/1 pulled me out of my con maj bet and left me pretty much even.
That was such a good bet. Thanks PB!
(I'm generally SLAB but wouldn't call myself a SLAB poster. I voted Green at the locals because they are good at cycle infrastructure)
It's Blair and Brown's fault for creating the structural problems, and it's Cameron and Osborne's fault for not not fixing them when they had the chance. If we are now facing a reckoning, it goes back to the period before the financial crisis.
Even were that true, and it is frankly debatable, no one cares, because they are so utterly utterly sick of the Tories.
Trading over the past couple of sessions is not actually as bad as it could be. In fact Sterling could test parity and then if that breaks it could even start to trade well below for quite a while unless sentiment changes. The markets are deeply unhappy that the OBR is being totally ignored and they increasingly regard the cabal in power as a bunch of arrogant and incompetent tossers. This is now as much about psychology as fundamentals, but since both are bad, the markets could simply pack up and leave. There is an awful lot of ruin in a nation, but the productive capacity of the UK is pretty screwed: dismal infrastructure, patchy basic education and an increasingly squalid public realm.
Cool Britannia it certainly ain´t.
One particular bug bear for me is the state of NHS dentistry. What kind of contempt do you have to have for your fellow citizens in order to condemn them to a lifetime of pain and health problems because you think that having healthy teeth is a cosmetic issue and so everyone should pay thousands of Pounds for basic treatment, even for their kids? What kind of pessimism must you hold to believe that unless education trains you to be an accountant then it is irrelevant and unjustified for those who can not afford it. The whole world of imagination and creativity, which creates massively more jobs than accountancy, not to mention significantly enriching all our lives is dismissed with a philistine ignorance that is simply contemptible.
It is not just that they are morons, they are shits as well.
Having the correct analysis of the problems instead of a partisan rant does matter, otherwise a change of government won't result in the step change we need.
Personally find partisan ranting much superior to partisan smuggery.
Lab maj in to basically 2/1, not the bargain it was 2 weeks ago but still pretty good
Ish,
What we really need on here is someone with a very good grip on political sentiment in Scotland.
If there is any sign of Labour winning even a handful of seats there, the OM is definitely on. Sadly and strangely, PB has always lacked voices from the Scottish Labour Left so it remains hard to tell what, if any, pick up there is in Labour's fortunes there.
I think PB has more Mebyon Kernow posters than ScotLabs.
I still don't see Labour winning seats in Scotland for 2 different reasons.
1 - Independence 2 - SNP policies often match Labours to the extent you can replace 1 with the other and you wouldn't notice.
3 - Mr Starmer is looking more and more like a Tory leader in his visual iconography (as well as his statements about indyrefs, of course). But that simply reflects the fact he's trying to appeal to two very different populations north and south of the border.
Things that will sell well in Red Wall seats go down like a bag of sick in Scotland.
Labour may return to some sort of power in Scotland at some point but not in the near future.
Lab maj in to basically 2/1, not the bargain it was 2 weeks ago but still pretty good
Ish,
What we really need on here is someone with a very good grip on political sentiment in Scotland.
If there is any sign of Labour winning even a handful of seats there, the OM is definitely on. Sadly and strangely, PB has always lacked voices from the Scottish Labour Left so it remains hard to tell what, if any, pick up there is in Labour's fortunes there.
I think PB has more Mebyon Kernow posters than ScotLabs.
true dat. A Scon would be good too, which I think @Easterross was when he was around. Always had a soft spot for Scons since a bet on I think 10+ seats in GE 2017 at 10/1 pulled me out of my con maj bet and left me pretty much even.
That was such a good bet. Thanks PB!
(I'm generally SLAB but wouldn't call myself a SLAB poster. I voted Green at the locals because they are good at cycle infrastructure)
Well I think I'm fucked. Had an offer on my first ever house accepted on Friday, just trying to get everything sorted/the ball rolling and I have an appointment with my Mortgage advisor on Wednesday. Was looking for a fixed rate for 5 years and it sounds like all the major lenders Halifax etc are pulling their products.
Going into the meeting on Wednesday with a completely different mindset now and expectation that they will tell me news which means I cannot proceed any further.
I feel completely beaten.
How old are you ?
If you're 39 (As your username suggests) then Nationwide will let ou mortgage till your 75th birthday which will help keep repayments lower.
Grandson one, is a bit younger but, if memory serves me right, is about to renegotiate his mortgage. Both he and his wife have got jobs, but great grandson one is due in January!
Truss and Kwarteng seem to be on an ideological crusade to re-write the rules and have gambled big time on this .
I think the Labour framing as them gambling with your money is very good and if the BOE have to step in with an emergency interest rate hike the Tories fiscal credibility or what’s left of it will be shot to pieces.
It’s also pretty clear to most Tory MPs that if Sunak had got the job there wouldn’t be this current drama .
It's Blair and Brown's fault for creating the structural problems, and it's Cameron and Osborne's fault for not not fixing them when they had the chance. If we are now facing a reckoning, it goes back to the period before the financial crisis.
Even were that true, and it is frankly debatable, no one cares, because they are so utterly utterly sick of the Tories.
Trading over the past couple of sessions is not actually as bad as it could be. In fact Sterling could test parity and then if that breaks it could even start to trade well below for quite a while unless sentiment changes. The markets are deeply unhappy that the OBR is being totally ignored and they increasingly regard the cabal in power as a bunch of arrogant and incompetent tossers. This is now as much about psychology as fundamentals, but since both are bad, the markets could simply pack up and leave. There is an awful lot of ruin in a nation, but the productive capacity of the UK is pretty screwed: dismal infrastructure, patchy basic education and an increasingly squalid public realm.
Cool Britannia it certainly ain´t.
One particular bug bear for me is the state of NHS dentistry. What kind of contempt do you have to have for your fellow citizens in order to condemn them to a lifetime of pain and health problems because you think that having healthy teeth is a cosmetic issue and so everyone should pay thousands of Pounds for basic treatment, even for their kids? What kind of pessimism must you hold to believe that unless education trains you to be an accountant then it is irrelevant and unjustified for those who can not afford it. The whole world of imagination and creativity, which creates massively more jobs than accountancy, not to mention significantly enriching all our lives is dismissed with a philistine ignorance that is simply contemptible.
It is not just that they are morons, they are shits as well.
Having the correct analysis of the problems instead of a partisan rant does matter, otherwise a change of government won't result in the step change we need.
What if looking for a step change solution is the problem?
Sure, it would be great if there was some flick-of-a-switch the UK could do to run better. But it seems to me that the answer is more likely to be about a couple of decades of investing in infrastructure, spending a bit less, saving a bit more, gradually nudging industries and services to be more productive. And then a couple of decades more of this, and so on.
Not sexy or glamourous. Not fun. But compared with the convulsions of recent years, as shaman after shaman has dragged us to the end of a rainbow that never arrives, better.
Does look like Truss has given the Tories a bounce in London, where they are on 40% and Scotland, where they are on 28% in the Redfield subsample.
However in the East Midlands and South West the Tories have collapsed to just 28%, in the North East the Tories are now on just 23% and in the North West on just 16%.
Comments
I went out this afternoon to have a break and quite enjoyed being at the dentist after this mornings disaster
This is the weekend the conservative party lost GE 24 and handed it to Labour
But then again, to be overshadowed by a tory economic Black Monday shitshow that is going to feck middle england mortgages is a win they will probably take with good grace.
https://twitter.com/Peston/status/1574439739221954564
Just sayin'.
Inflation is the price we have to pay, for our failure to handle problems in the past.
https://twitter.com/adampayne26/status/1574338331059650560/photo/1
Typing lab maj in my search bar to find somewhere to top up my bet, I get a lot of offers of labia majora and an article by someone called Smithson saying LAB IS GROSSLY OVER-PRICED IN THE GE MAJORITY BETTING. Respectfully disagree.
Bank of England issuing warnings TODAY
Mortgage lenders withdrawing products TODAY
Sterling hitting lowest ever USD rate TODAY
Kwarteng says he will publish a plan... IN EIGHT WEEKS' TIME
https://twitter.com/sturdyAlex/status/1574440855129178112
Just Gordon Brown (obviously).
In house costs the average inflation rate is over 6% compound annual price growth, over decades.
That's no better than CPI 6%.
And they want to know what the government will do to fix the problems it created through its reckless borrowing. 1/3
https://www.independent.co.uk/news/uk/politics/kwarteng-november-tax-cuts-pound-b2175566.html
But there is no time to waste - waiting until November is not an option.
The government must also look again at the plans they put forward in their fiscal statement last week. 2/3
It is unprecedented and a damming indictment that the Bank of England has had to step in to reassure markets because of the irresponsible actions of the government. 3/3
https://twitter.com/RachelReevesMP/status/1574440513314295808
And, in the longer term, what our PB Tories love to decry as diversity officers and other HR persons are often vital in reducing the risk of serious disputes and lawsuits througch training or other interventions.
Trading over the past couple of sessions is not actually as bad as it could be. In fact Sterling could test parity and then if that breaks it could even start to trade well below for quite a while unless sentiment changes. The markets are deeply unhappy that the OBR is being totally ignored and they increasingly regard the cabal in power as a bunch of arrogant and incompetent tossers. This is now as much about psychology as fundamentals, but since both are bad, the markets could simply pack up and leave. There is an awful lot of ruin in a nation, but the productive capacity of the UK is pretty screwed: dismal infrastructure, patchy basic education and an increasingly squalid public realm.
Cool Britannia it certainly ain´t.
One particular bug bear for me is the state of NHS dentistry. What kind of contempt do you have to have for your fellow citizens in order to condemn them to a lifetime of pain and health problems because you think that having healthy teeth is a cosmetic issue and so everyone should pay thousands of Pounds for basic treatment, even for their kids? What kind of pessimism must you hold to believe that unless education trains you to be an accountant then it is irrelevant and unjustified for those who can not afford it. The whole world of imagination and creativity, which creates massively more jobs than accountancy, not to mention significantly enriching all our lives is dismissed with a philistine ignorance that is simply contemptible.
It is not just that they are morons, they are shits as well.
The mini budget wasn’t a surprise to the MPC. Or any of us really, other than the 45% we all knew the content for months.
But thems the breaks Truss.
I don't know why you think there's some sort of point there.
If you keep printing money, and keep running structural deficits, the money has to go somewhere. Now it's chasing something other than houses, suddenly you realise too late that it's real.
Inflation never went away.
The Public spending freeze hasn't even barked yet. What fun we'll have with that!
If we were experiencing high inflation on everything except housing, but rents were becoming more affordable and huge swathes of affordable homes were being built, that would be one thing (whether or not that’s simultaneously realistic, I’m not so sure).
People’s anxiety about the current situation comes because we are having historic levels of inflation after years of many people (particularly the young) being unavailable to get onto the housing ladder easily. So this compounds their existing issues.
I believe I’ve seen you post before that we need to embark on a mass house-building programme - if so, on that we can agree, as can a lot of others who are concerned about inflation. I also recognise it isn’t just as simple as ‘Build more houses’ but I doubt there are many critics of the current government’s inflation policy that absolutely love what housing is like in this country (save for say, remainer Tories who are also massive BTL Landlords… you’d imagine they’d continue to vote Tory regardless, though)
https://twitter.com/ChairmanMoet/status/1574439722931331073
https://twitter.com/PaulBrandITV/status/1574443496064401410
You feel like arguing we shouldn't bother with binmen? Have red kites and pigs back in the streets of London to do the scavenging instead?
Good luck with that! They are all doing it.
Going into the meeting on Wednesday with a completely different mindset now and expectation that they will tell me news which means I cannot proceed any further.
I feel completely beaten.
The only way to reverse this inflation that has been baked into the system, is either an almighty 50%+ crash in prices, which would lead to levels of negative equity the likes of which we've never seen before . . . or a period of wage-led inflation reversing the house-led inflation of the past.
Price inflation bad
Both are equally bad. Expensive houses is no better than expensive gas, or potatoes, or cars.
Equity in businesses etc is good, since they're not commodities people need to pay for, unlike housing etc
I agree that the two big parties have shot themselves in the foot with membership votes, though the MPs haven't always played a blinder either. See T May coronation or the fact they put forward Corbyn in the first place "to widen the debate".
What we really need on here is someone with a very good grip on political sentiment in Scotland.
If there is any sign of Labour winning even a handful of seats there, the OM is definitely on. Sadly and strangely, PB has always lacked voices from the Scottish Labour Left so it remains hard to tell what, if any, pick up there is in Labour's fortunes there.
I think PB has more Mebyon Kernow posters than ScotLabs.
https://twitter.com/ReicherStephen/status/1574352421643493385
The Bloomberg article says that, just before the non-budget, hedge funds made big bets on sterling rising, and a bunch of anti-Tories have rolled in accusing the government of corruptly conspiring with the hedge funds to, err, make big profits losses.
I do like this one too though.
Of course, when I say nobody, I obviously mean anyone who isn't a total humungous arse.
1 - Independence - which is 45% of the vote..
2 - SNP policies often match Labours to the extent you can replace 1 with the other and you wouldn't notice.
Imports is pretty much everything: Cars, white goods, electronics, fuel, clothes, building materials and about half our food. So your question is, why not let life get more expensive?
Why is reducing the options for new government borrowing a good thing? Governments don't run on nothing, and what they don't get in tax they have to borrow. reduced options = costs more.
Bullish bets on the pound has a specific meaning, and this certainly isn't it (!)
Which is very decent of him, since it wold ensure a Corbyn or Truss type government would be unlikely to be in power.
Interviewed on the Today program this morning, he said he thought it undemocratic that FPTP effectively enabled an extreme faction of one of the two major parties to hijack power, when they represented only a fraction of the population.
If its any consolation lots of things can go wrong when buying a house, not just this (getting gazumped, seller inexplicably pulls out, bank not loaning because of something to do with the property and not the mortgage market). I went through 2 failed purchases and 2 years before we got ours.
Not as much as gilts I grant, but a pretty chunky increase nevertheless.
If you're 39 (As your username suggests) then Nationwide will let you mortgage till your 75th birthday which will help keep repayments lower.
Is there anyone left in the UK who wants these incompetent helmets in Downing Street?
Must be away now though. I have to go down the shops to do some bartering.
Toodle pip.
Also why is Labour endorsing the 19% basic rate? A national insurance cut would be far more sensible.
She is now also doing worse than Boris. The last Redfield poll under Boris had Labour just 6% ahead with the Tories on 35%, now Labour is 13% ahead with the Tories on just 31%.
This could be the first time ever in UK politics a party has ousted a leader midterm and gone backwards in the polls
https://redfieldandwiltonstrategies.com/latest-gb-voting-intention-3-july-2022/
Can we expect savings rates to rise with interest rates or will the banks need a big gap to protect all their losses.
(I'm generally SLAB but wouldn't call myself a SLAB poster. I voted Green at the locals because they are good at cycle infrastructure)
Labour may return to some sort of power in Scotland at some point but not in the near future.
Revert to the 70s.
The sick man of Europe.
Reckon your chances in 2024?
I think the Labour framing as them gambling with your money is very good and if the BOE have to step in with an emergency interest rate hike the Tories fiscal credibility or what’s left of it will be shot to pieces.
It’s also pretty clear to most Tory MPs that if Sunak had got the job there wouldn’t be this current drama .
Sure, it would be great if there was some flick-of-a-switch the UK could do to run better. But it seems to me that the answer is more likely to be about a couple of decades of investing in infrastructure, spending a bit less, saving a bit more, gradually nudging industries and services to be more productive. And then a couple of decades more of this, and so on.
Not sexy or glamourous. Not fun. But compared with the convulsions of recent years, as shaman after shaman has dragged us to the end of a rainbow that never arrives, better.
However in the East Midlands and South West the Tories have collapsed to just 28%, in the North East the Tories are now on just 23% and in the North West on just 16%.
https://redfieldandwiltonstrategies.com/wp-content/uploads/2022/09/GB-Voting-Intention-25.09.2022.xlsx