If USS uni pension scheme collapses thanks to Trussonomics, then I think I am right in thinking it takes down the entire university sector with it under the last man standing system.
I don't see any mechanism for an orderly retreat from the Trussterfuck. A new leadership campaign is unthinkable, just a few working days (allowing for the mourning period) after the previous one, and at a time of multiple crises, not all of which are Liz Truss's fault. Even if it were thinkable, what guarantee is there that the outcome would be any better, even in the unlikely event that Tory MPs could agree even in broad terms on what 'better' would be? It's not as though there's a wonderful candidate who somehow got missed out last time.
And even if they somehow managed to get round all that, there's still the problem of what any replacement Tory government would actually do. There are going to have to be huge spending increases, and therefore tax increases, just to stand still. Is the party actually ready to face this reality - let alone the other realities of the Northern Ireland Protocol and the economic disaster which is Brexit?
Demoralised, exhausted, divided, out of ideas, chained to an insane ideology, the party is not going to unite behind a new leader setting a new direction anytime. It will be many years, if ever, before they are in a state where some future David Cameron can come along and drag them into the real, modern, world again.
An interesting corollary of the current crop of MPs knowing that the jig is up. How many decide not to defend their seats at the next election and line up alternative employment now, from a position of comparative strength?
Or are there financial advantages to losing?
I think if you stand and lose you get a redundancy payment?
Talking about talking about financial markets talk about volatility! Dow at 100bps intraday swings it's pretty brutal. Although nice if you are long vol.
I don't see any mechanism for an orderly retreat from the Trussterfuck. A new leadership campaign is unthinkable, just a few working days (allowing for the mourning period) after the previous one, and at a time of multiple crises, not all of which are Liz Truss's fault. Even if it were thinkable, what guarantee is there that the outcome would be any better, even in the unlikely event that Tory MPs could agree even in broad terms on what 'better' would be? It's not as though there's a wonderful candidate who somehow got missed out last time.
And even if they somehow managed to get round all that, there's still the problem of what any replacement Tory government would actually do. There are going to have to be huge spending increases, and therefore tax increases, just to stand still. Is the party actually ready to face this reality - let alone the other realities of the Northern Ireland Protocol and the economic disaster which is Brexit?
Demoralised, exhausted, divided, out of ideas, chained to an insane ideology, the party is not going to unite behind a new leader setting a new direction anytime. It will be many years, if ever, before they are in a state where some future David Cameron can come along and drag them into the real, modern, world again.
If the Tories had any sense, they would use whatever procedural games are necessary to bin Truss, and install Wallace as an honest figurehead PM, and Sunak as Chancellor. He at least knows the ropes and has half a chance of commanding market confidence.
Forget uniting; they need to sort out the mess and worry about the future of party some other time. Otherwise it doesn't have one.
You have to be up the creek if everyone is writing to the BoE...
Only 3-4 months ago our actuaries tried hard to persuade us that we should proceed with LDIs as a way of reducing risk and volatility for the pension fund I am a trustee of. I am so glad that we declined. It is perhaps a little simplistic but I personally could not understand why anyone who had watched The Big Short could accept that using derivatives in that way reduced risk. Whenever someone tries to tell you that this reduces risk and potentially also improves performance it is time to be deeply cautious.
The old wisdom of course is that if you don't understand it there is probably a catch. I still think that.
Despite efforts I still don't understand how QE, or the BoE buying its own government's bonds, is in fact anything other than either transferring funds from the left pocket to to the right, or, much worse, printing money in excessive quantities.
And, BTW, if printing money is what QE is, why not just stick £X000 into everyone's account (as with gas bills) rather than do something lacking direct impact.
It is just printing money and the Bank has gone back into the printing business big time this afternoon. All those long dated gilts that they bought to stabilise that market came from newly created money (thankfully they don't have to print it because they couldn't keep up). The liquidity they are providing to pension funds likewise.
The problem is that the first couple of times we did this we seemed to get away with it. We kept everything going with QE in 2008 and following. We "borrowed" or more accurately created roughly £400bn to pay for Covid. So much less painful than raising taxes or cutting spending. We were promising to do the same again to pay the gas meter. And, not just here, right around the world the markets have said: enough. If fiat currencies other than the almighty dollar are to be debauched in this way then they will be priced accordingly. Hence inflation.
If you're right, then the magic money tree is being pruned (at best) or cut down (at worst). What does that mean for a prospective Labour government? Taxes are already at historic high levels. How do they raise money to pay for even more stuff?
I don't see any mechanism for an orderly retreat from the Trussterfuck. A new leadership campaign is unthinkable, just a few working days (allowing for the mourning period) after the previous one, and at a time of multiple crises, not all of which are Liz Truss's fault. Even if it were thinkable, what guarantee is there that the outcome would be any better, even in the unlikely event that Tory MPs could agree even in broad terms on what 'better' would be? It's not as though there's a wonderful candidate who somehow got missed out last time.
And even if they somehow managed to get round all that, there's still the problem of what any replacement Tory government would actually do. There are going to have to be huge spending increases, and therefore tax increases, just to stand still. Is the party actually ready to face this reality - let alone the other realities of the Northern Ireland Protocol and the economic disaster which is Brexit?
Demoralised, exhausted, divided, out of ideas, chained to an insane ideology, the party is not going to unite behind a new leader setting a new direction anytime. It will be many years, if ever, before they are in a state where some future David Cameron can come along and drag them into the real, modern, world again.
An interesting corollary of the current crop of MPs knowing that the jig is up. How many decide not to defend their seats at the next election and line up alternative employment now, from a position of comparative strength?
Or are there financial advantages to losing?
I think if you stand and lose you get a redundancy payment?
I’ve detached myself from the hullabaloo to take a look at the Next PM market and who I’m wondering about is Kwasi Kwarteng at 60s. Ok, he’s only just become Chancellor but the same went for John Major when Mrs Thatcher was toppled. Also, and maybe with more resonance since it’s so recent, think back a couple of months ago to the saga of Nadim Zahawi and Boris Johnson. Zahawi was made Chancellor by Johnson then THE VERY NEXT DAY he announced his benefactor had to go and threw his own hat into the ring as a replacement. Incredible behaviour, yes, but Tory politicians – indeed Tories generally - are often like this. They are amoral and ruthless. So, with Truss in all sorts of trouble, looking overmatched by this crisis and lightweight, will Kwarteng put loyalty in a jar and strike? I don’t know but 60s is too big imho.
He's certainly ticking that all so necessary incompetent buffoon box. But maybe just a little too enthusiastically, even for the Tories.
I don't see any mechanism for an orderly retreat from the Trussterfuck. A new leadership campaign is unthinkable, just a few working days (allowing for the mourning period) after the previous one, and at a time of multiple crises, not all of which are Liz Truss's fault. Even if it were thinkable, what guarantee is there that the outcome would be any better, even in the unlikely event that Tory MPs could agree even in broad terms on what 'better' would be? It's not as though there's a wonderful candidate who somehow got missed out last time.
And even if they somehow managed to get round all that, there's still the problem of what any replacement Tory government would actually do. There are going to have to be huge spending increases, and therefore tax increases, just to stand still. Is the party actually ready to face this reality - let alone the other realities of the Northern Ireland Protocol and the economic disaster which is Brexit?
Demoralised, exhausted, divided, out of ideas, chained to an insane ideology, the party is not going to unite behind a new leader setting a new direction anytime. It will be many years, if ever, before they are in a state where some future David Cameron can come along and drag them into the real, modern, world again.
Truss could call a General Election, it would be a service to the Nation.
Interestingly, one of the Laschelle's principles is definitely ticked: the economy is utterly fucked.
I don't see any mechanism for an orderly retreat from the Trussterfuck. A new leadership campaign is unthinkable, just a few working days (allowing for the mourning period) after the previous one, and at a time of multiple crises, not all of which are Liz Truss's fault. Even if it were thinkable, what guarantee is there that the outcome would be any better, even in the unlikely event that Tory MPs could agree even in broad terms on what 'better' would be? It's not as though there's a wonderful candidate who somehow got missed out last time.
And even if they somehow managed to get round all that, there's still the problem of what any replacement Tory government would actually do. There are going to have to be huge spending increases, and therefore tax increases, just to stand still. Is the party actually ready to face this reality - let alone the other realities of the Northern Ireland Protocol and the economic disaster which is Brexit?
Demoralised, exhausted, divided, out of ideas, chained to an insane ideology, the party is not going to unite behind a new leader setting a new direction anytime. It will be many years, if ever, before they are in a state where some future David Cameron can come along and drag them into the real, modern, world again.
An interesting corollary of the current crop of MPs knowing that the jig is up. How many decide not to defend their seats at the next election and line up alternative employment now, from a position of comparative strength?
Or are there financial advantages to losing?
I'm sure there will be lots of Tory MPs polishing their CVs and ringing round their contacts as we speak.
If USS uni pension scheme collapses thanks to Trussonomics, then I think I am right in thinking it takes down the entire university sector with it under the last man standing system.
Any defined benefit schemes still in existence collapsed decades ago. All that is left is those pretending they can fulfill whatever obligations they have left.
Hurricane Ian continues to undergo rapid intensification even as it hits land in SW Florida. Looks like it is category 5 now.
We're looking at one of the most violent hurricane landfalls in recent history I think. The doomsday scenario of huge storm surge in Tampa Bay has been avoided but it's not gong to be pretty.
Apparently 165mph winds recently recorded in SE eyewall. Look at the thing:
I don't see any mechanism for an orderly retreat from the Trussterfuck. A new leadership campaign is unthinkable, just a few working days (allowing for the mourning period) after the previous one, and at a time of multiple crises, not all of which are Liz Truss's fault. Even if it were thinkable, what guarantee is there that the outcome would be any better, even in the unlikely event that Tory MPs could agree even in broad terms on what 'better' would be? It's not as though there's a wonderful candidate who somehow got missed out last time.
And even if they somehow managed to get round all that, there's still the problem of what any replacement Tory government would actually do. There are going to have to be huge spending increases, and therefore tax increases, just to stand still. Is the party actually ready to face this reality - let alone the other realities of the Northern Ireland Protocol and the economic disaster which is Brexit?
Demoralised, exhausted, divided, out of ideas, chained to an insane ideology, the party is not going to unite behind a new leader setting a new direction anytime. It will be many years, if ever, before they are in a state where some future David Cameron can come along and drag them into the real, modern, world again.
I don't see any mechanism for an orderly retreat from the Trussterfuck. A new leadership campaign is unthinkable, just a few working days (allowing for the mourning period) after the previous one, and at a time of multiple crises, not all of which are Liz Truss's fault. Even if it were thinkable, what guarantee is there that the outcome would be any better, even in the unlikely event that Tory MPs could agree even in broad terms on what 'better' would be? It's not as though there's a wonderful candidate who somehow got missed out last time.
And even if they somehow managed to get round all that, there's still the problem of what any replacement Tory government would actually do. There are going to have to be huge spending increases, and therefore tax increases, just to stand still. Is the party actually ready to face this reality - let alone the other realities of the Northern Ireland Protocol and the economic disaster which is Brexit?
Demoralised, exhausted, divided, out of ideas, chained to an insane ideology, the party is not going to unite behind a new leader setting a new direction anytime. It will be many years, if ever, before they are in a state where some future David Cameron can come along and drag them into the real, modern, world again.
Truss could call a General Election, it would be a service to the Nation.
She will be in the unique position of seeing off and burying two of the country’s longest serving powers that be, HMQ and the Tory Party. Her place in history is assured.
Chancellor going nowhere, his team says. No10 say flat no to recalling Parliament and both Kwarteng and Truss are focused on delivering their economic plan with supply side reforms "coming fast" in next couple of weeks. Doubling down in wake of BoE today. https://twitter.com/KateEMcCann/status/1575147986505666564
I don't see any mechanism for an orderly retreat from the Trussterfuck. A new leadership campaign is unthinkable, just a few working days (allowing for the mourning period) after the previous one, and at a time of multiple crises, not all of which are Liz Truss's fault. Even if it were thinkable, what guarantee is there that the outcome would be any better, even in the unlikely event that Tory MPs could agree even in broad terms on what 'better' would be? It's not as though there's a wonderful candidate who somehow got missed out last time.
And even if they somehow managed to get round all that, there's still the problem of what any replacement Tory government would actually do. There are going to have to be huge spending increases, and therefore tax increases, just to stand still. Is the party actually ready to face this reality - let alone the other realities of the Northern Ireland Protocol and the economic disaster which is Brexit?
Demoralised, exhausted, divided, out of ideas, chained to an insane ideology, the party is not going to unite behind a new leader setting a new direction anytime. It will be many years, if ever, before they are in a state where some future David Cameron can come along and drag them into the real, modern, world again.
An interesting corollary of the current crop of MPs knowing that the jig is up. How many decide not to defend their seats at the next election and line up alternative employment now, from a position of comparative strength?
Or are there financial advantages to losing?
I think if you stand and lose you get a redundancy payment?
Other way round, I believe.
An unusual examplke of real life obtruding into MP's lives. When my dept was downsized some of us found ourselves in levels/units with 1 or more persons surplus.
Volunteer for redundo = get full package. Everyone else settles down. Try to get job and compete for it = less package if you failed the application. (Logical, as it hassled everyone and wasted time.) And zero if you changed your mind and resigned.
Chancellor going nowhere, his team says. No10 say flat no to recalling Parliament and both Kwarteng and Truss are focused on delivering their economic plan with supply side reforms "coming fast" in next couple of weeks. Doubling down in wake of BoE today. https://twitter.com/KateEMcCann/status/1575147986505666564
Is there no way the Speaker can force Parliament to be recalled?
You have to be up the creek if everyone is writing to the BoE...
Only 3-4 months ago our actuaries tried hard to persuade us that we should proceed with LDIs as a way of reducing risk and volatility for the pension fund I am a trustee of. I am so glad that we declined. It is perhaps a little simplistic but I personally could not understand why anyone who had watched The Big Short could accept that using derivatives in that way reduced risk. Whenever someone tries to tell you that this reduces risk and potentially also improves performance it is time to be deeply cautious.
The old wisdom of course is that if you don't understand it there is probably a catch. I still think that.
Despite efforts I still don't understand how QE, or the BoE buying its own government's bonds, is in fact anything other than either transferring funds from the left pocket to to the right, or, much worse, printing money in excessive quantities.
And, BTW, if printing money is what QE is, why not just stick £X000 into everyone's account (as with gas bills) rather than do something lacking direct impact.
It is just printing money and the Bank has gone back into the printing business big time this afternoon. All those long dated gilts that they bought to stabilise that market came from newly created money (thankfully they don't have to print it because they couldn't keep up). The liquidity they are providing to pension funds likewise.
The problem is that the first couple of times we did this we seemed to get away with it. We kept everything going with QE in 2008 and following. We "borrowed" or more accurately created roughly £400bn to pay for Covid. So much less painful than raising taxes or cutting spending. We were promising to do the same again to pay the gas meter. And, not just here, right around the world the markets have said: enough. If fiat currencies other than the almighty dollar are to be debauched in this way then they will be priced accordingly. Hence inflation.
If you're right, then the magic money tree is being pruned (at best) or cut down (at worst). What does that mean for a prospective Labour government? Taxes are already at historic high levels. How do they raise money to pay for even more stuff?
The next 10 years may well make the so called "austerity" of the decade after 2008 look like paradise.
I don't see any mechanism for an orderly retreat from the Trussterfuck. A new leadership campaign is unthinkable, just a few working days (allowing for the mourning period) after the previous one, and at a time of multiple crises, not all of which are Liz Truss's fault. Even if it were thinkable, what guarantee is there that the outcome would be any better, even in the unlikely event that Tory MPs could agree even in broad terms on what 'better' would be? It's not as though there's a wonderful candidate who somehow got missed out last time.
And even if they somehow managed to get round all that, there's still the problem of what any replacement Tory government would actually do. There are going to have to be huge spending increases, and therefore tax increases, just to stand still. Is the party actually ready to face this reality - let alone the other realities of the Northern Ireland Protocol and the economic disaster which is Brexit?
Demoralised, exhausted, divided, out of ideas, chained to an insane ideology, the party is not going to unite behind a new leader setting a new direction anytime. It will be many years, if ever, before they are in a state where some future David Cameron can come along and drag them into the real, modern, world again.
Truss could call a General Election, it would be a service to the Nation.
She will be in the unique position of seeing off and burying two of the country’s longest serving powers that be, HMQ and the Tory Party. Her place in history is assured.
The monarchy and Tory party will survive even if Truss doesn't
You have to be up the creek if everyone is writing to the BoE...
Only 3-4 months ago our actuaries tried hard to persuade us that we should proceed with LDIs as a way of reducing risk and volatility for the pension fund I am a trustee of. I am so glad that we declined. It is perhaps a little simplistic but I personally could not understand why anyone who had watched The Big Short could accept that using derivatives in that way reduced risk. Whenever someone tries to tell you that this reduces risk and potentially also improves performance it is time to be deeply cautious.
The old wisdom of course is that if you don't understand it there is probably a catch. I still think that.
Despite efforts I still don't understand how QE, or the BoE buying its own government's bonds, is in fact anything other than either transferring funds from the left pocket to to the right, or, much worse, printing money in excessive quantities.
And, BTW, if printing money is what QE is, why not just stick £X000 into everyone's account (as with gas bills) rather than do something lacking direct impact.
It is just printing money and the Bank has gone back into the printing business big time this afternoon. All those long dated gilts that they bought to stabilise that market came from newly created money (thankfully they don't have to print it because they couldn't keep up). The liquidity they are providing to pension funds likewise.
The problem is that the first couple of times we did this we seemed to get away with it. We kept everything going with QE in 2008 and following. We "borrowed" or more accurately created roughly £400bn to pay for Covid. So much less painful than raising taxes or cutting spending. We were promising to do the same again to pay the gas meter. And, not just here, right around the world the markets have said: enough. If fiat currencies other than the almighty dollar are to be debauched in this way then they will be priced accordingly. Hence inflation.
If you're right, then the magic money tree is being pruned (at best) or cut down (at worst). What does that mean for a prospective Labour government? Taxes are already at historic high levels. How do they raise money to pay for even more stuff?
Sam Coates made this point the other night. Dermot Murnaghan asked him something like "presumably Labour are pretty happy with the state of things?" (maybe not quite those words, but you get the idea) and Coates said "Labour want to come into power to spend money" (or words to that effect).
It was refreshing to hear a political commentator make such a point.
Chancellor going nowhere, his team says. No10 say flat no to recalling Parliament and both Kwarteng and Truss are focused on delivering their economic plan with supply side reforms "coming fast" in next couple of weeks. Doubling down in wake of BoE today. https://twitter.com/KateEMcCann/status/1575147986505666564
Is there no way the Speaker can force Parliament to be recalled?
Chancellor going nowhere, his team says. No10 say flat no to recalling Parliament and both Kwarteng and Truss are focused on delivering their economic plan with supply side reforms "coming fast" in next couple of weeks. Doubling down in wake of BoE today. https://twitter.com/KateEMcCann/status/1575147986505666564
Is there no way the Speaker can force Parliament to be recalled?
I’ve detached myself from the hullabaloo to take a look at the Next PM market and who I’m wondering about is Kwasi Kwarteng at 60s. Ok, he’s only just become Chancellor but the same went for John Major when Mrs Thatcher was toppled. Also, and maybe with more resonance since it’s so recent, think back a couple of months ago to the saga of Nadim Zahawi and Boris Johnson. Zahawi was made Chancellor by Johnson then THE VERY NEXT DAY he announced his benefactor had to go and threw his own hat into the ring as a replacement. Incredible behaviour, yes, but Tory politicians – indeed Tories generally - are often like this. They are amoral and ruthless. So, with Truss in all sorts of trouble, looking overmatched by this crisis and lightweight, will Kwarteng put loyalty in a jar and strike? I don’t know but 60s is too big imho.
He's certainly ticking that all so necessary incompetent buffoon box. But maybe just a little too enthusiastically, even for the Tories.
Maybe we do need to be more fearful of the Russian army - if one “AK47” can do this much damage to the country…
You have to be up the creek if everyone is writing to the BoE...
Only 3-4 months ago our actuaries tried hard to persuade us that we should proceed with LDIs as a way of reducing risk and volatility for the pension fund I am a trustee of. I am so glad that we declined. It is perhaps a little simplistic but I personally could not understand why anyone who had watched The Big Short could accept that using derivatives in that way reduced risk. Whenever someone tries to tell you that this reduces risk and potentially also improves performance it is time to be deeply cautious.
The old wisdom of course is that if you don't understand it there is probably a catch. I still think that.
Despite efforts I still don't understand how QE, or the BoE buying its own government's bonds, is in fact anything other than either transferring funds from the left pocket to to the right, or, much worse, printing money in excessive quantities.
And, BTW, if printing money is what QE is, why not just stick £X000 into everyone's account (as with gas bills) rather than do something lacking direct impact.
It is just printing money and the Bank has gone back into the printing business big time this afternoon. All those long dated gilts that they bought to stabilise that market came from newly created money (thankfully they don't have to print it because they couldn't keep up). The liquidity they are providing to pension funds likewise.
The problem is that the first couple of times we did this we seemed to get away with it. We kept everything going with QE in 2008 and following. We "borrowed" or more accurately created roughly £400bn to pay for Covid. So much less painful than raising taxes or cutting spending. We were promising to do the same again to pay the gas meter. And, not just here, right around the world the markets have said: enough. If fiat currencies other than the almighty dollar are to be debauched in this way then they will be priced accordingly. Hence inflation.
If you're right, then the magic money tree is being pruned (at best) or cut down (at worst). What does that mean for a prospective Labour government? Taxes are already at historic high levels. How do they raise money to pay for even more stuff?
The next 10 years may well make the so called "austerity" of the decade after 2008 look like paradise.
They need to put a costed plan out asap. That is what people need. The 45% is a red herring and was probably put in there to troll the Guardian.
People need to see how it's going to be paid for.
Betting bit: if they come out with something half decent (and why wouldn't they) then Cable goes to 1.15. If nothing else just with relief that they aren't going to fire up the helicopters.
Treasury Financial Sec Andrew Griffith rejects the idea the slide in £ and rise in gilt yield is the govt's fault, telling @SkyNews: 'We are seeing the same impact of Putin's war... every major economy is dealing with exactly the same issues' https://twitter.com/JasonGroves1/status/1575146887455334400
I don't see any mechanism for an orderly retreat from the Trussterfuck. A new leadership campaign is unthinkable, just a few working days (allowing for the mourning period) after the previous one, and at a time of multiple crises, not all of which are Liz Truss's fault. Even if it were thinkable, what guarantee is there that the outcome would be any better, even in the unlikely event that Tory MPs could agree even in broad terms on what 'better' would be? It's not as though there's a wonderful candidate who somehow got missed out last time.
And even if they somehow managed to get round all that, there's still the problem of what any replacement Tory government would actually do. There are going to have to be huge spending increases, and therefore tax increases, just to stand still. Is the party actually ready to face this reality - let alone the other realities of the Northern Ireland Protocol and the economic disaster which is Brexit?
Demoralised, exhausted, divided, out of ideas, chained to an insane ideology, the party is not going to unite behind a new leader setting a new direction anytime. It will be many years, if ever, before they are in a state where some future David Cameron can come along and drag them into the real, modern, world again.
Depends, if the next Labour government leads to strikes, high inflation and high interest rates and high taxes there would swiftly be a swing to the new Tory Leader of the Opposition however bad a defeat Truss has led the party to.
On the premise that all politics are local we are back to a full local by-election show tomorrow, There are Con defences in Newark and Sherwood and Rossendale (x2), Lib Dem defences in Harborough and Warrington (x2), a Lab defence in Oxford, a PC defence in Rhondda Cynan Taf, and an Ind defence in Argyll and Bute. I was expecting changes even before the last few days - now expect a Tory wipe-out.
I don't see any mechanism for an orderly retreat from the Trussterfuck. A new leadership campaign is unthinkable, just a few working days (allowing for the mourning period) after the previous one, and at a time of multiple crises, not all of which are Liz Truss's fault. Even if it were thinkable, what guarantee is there that the outcome would be any better, even in the unlikely event that Tory MPs could agree even in broad terms on what 'better' would be? It's not as though there's a wonderful candidate who somehow got missed out last time.
And even if they somehow managed to get round all that, there's still the problem of what any replacement Tory government would actually do. There are going to have to be huge spending increases, and therefore tax increases, just to stand still. Is the party actually ready to face this reality - let alone the other realities of the Northern Ireland Protocol and the economic disaster which is Brexit?
Demoralised, exhausted, divided, out of ideas, chained to an insane ideology, the party is not going to unite behind a new leader setting a new direction anytime. It will be many years, if ever, before they are in a state where some future David Cameron can come along and drag them into the real, modern, world again.
Truss could call a General Election, it would be a service to the Nation.
She will be in the unique position of seeing off and burying two of the country’s longest serving powers that be, HMQ and the Tory Party. Her place in history is assured.
That's too slow. We need a change by next week. 1. Red Wall Tories defect en masse to Labour. 2. Blue Wall Tories defect en masse to Lib Dems (or form their own party). 3. Government of National Unity formed with Sir Keir at head. 4. New election planned for next year.
I don't see any mechanism for an orderly retreat from the Trussterfuck. A new leadership campaign is unthinkable, just a few working days (allowing for the mourning period) after the previous one, and at a time of multiple crises, not all of which are Liz Truss's fault. Even if it were thinkable, what guarantee is there that the outcome would be any better, even in the unlikely event that Tory MPs could agree even in broad terms on what 'better' would be? It's not as though there's a wonderful candidate who somehow got missed out last time.
And even if they somehow managed to get round all that, there's still the problem of what any replacement Tory government would actually do. There are going to have to be huge spending increases, and therefore tax increases, just to stand still. Is the party actually ready to face this reality - let alone the other realities of the Northern Ireland Protocol and the economic disaster which is Brexit?
Demoralised, exhausted, divided, out of ideas, chained to an insane ideology, the party is not going to unite behind a new leader setting a new direction anytime. It will be many years, if ever, before they are in a state where some future David Cameron can come along and drag them into the real, modern, world again.
Will you be voting Lab or Lib next time Richard? (genuinely interested)
People may be pleased to hear that I am no longer sponging off the State, having finally returned to the workforce this week. I started my new job on Monday with Royal Mail as a postie. Not quite the job, or income, I was looking for, but I've got a really nice route (in Aldbourne, of Doctor Who fame), a five minute walk commute and I'm working with some lovely people
I don't have to decide whether to strike or scab this week, as I've been given Friday and Saturday off. But Monday, when there'll be a huge backlog of mail after the strike, is my first day doing the route on my own. I may be doing overtime
I don't see any mechanism for an orderly retreat from the Trussterfuck. A new leadership campaign is unthinkable, just a few working days (allowing for the mourning period) after the previous one, and at a time of multiple crises, not all of which are Liz Truss's fault. Even if it were thinkable, what guarantee is there that the outcome would be any better, even in the unlikely event that Tory MPs could agree even in broad terms on what 'better' would be? It's not as though there's a wonderful candidate who somehow got missed out last time.
And even if they somehow managed to get round all that, there's still the problem of what any replacement Tory government would actually do. There are going to have to be huge spending increases, and therefore tax increases, just to stand still. Is the party actually ready to face this reality - let alone the other realities of the Northern Ireland Protocol and the economic disaster which is Brexit?
Demoralised, exhausted, divided, out of ideas, chained to an insane ideology, the party is not going to unite behind a new leader setting a new direction anytime. It will be many years, if ever, before they are in a state where some future David Cameron can come along and drag them into the real, modern, world again.
I'm washing my hands of the party for good now.
Perhaps now's the time for a new party, with a maroon logo in honour of its spiritual father David Cameron.
I don't see any mechanism for an orderly retreat from the Trussterfuck. A new leadership campaign is unthinkable, just a few working days (allowing for the mourning period) after the previous one, and at a time of multiple crises, not all of which are Liz Truss's fault. Even if it were thinkable, what guarantee is there that the outcome would be any better, even in the unlikely event that Tory MPs could agree even in broad terms on what 'better' would be? It's not as though there's a wonderful candidate who somehow got missed out last time.
And even if they somehow managed to get round all that, there's still the problem of what any replacement Tory government would actually do. There are going to have to be huge spending increases, and therefore tax increases, just to stand still. Is the party actually ready to face this reality - let alone the other realities of the Northern Ireland Protocol and the economic disaster which is Brexit?
Demoralised, exhausted, divided, out of ideas, chained to an insane ideology, the party is not going to unite behind a new leader setting a new direction anytime. It will be many years, if ever, before they are in a state where some future David Cameron can come along and drag them into the real, modern, world again.
I'm washing my hands of the party for good now.
Again? If Truss is so bad why aren't you hanging around to help choose the next leader. Or will it be a coronation.
I don't see it myself. Truss & team is going nowhere.
Chancellor going nowhere, his team says. No10 say flat no to recalling Parliament and both Kwarteng and Truss are focused on delivering their economic plan with supply side reforms "coming fast" in next couple of weeks. Doubling down in wake of BoE today. https://twitter.com/KateEMcCann/status/1575147986505666564
Same mistake that Boris made time after time. Double down, dismiss pressure, thereby allowing the pressure to build yet more until pop. No idea why they do it. I think because they feel they are right and this is part of the fight against economic orthodoxy, just like Boris convinced himself things like Paterson or partygate were just Westminster bubble stories that would blow over.
I think both he and now they are spurred on by seeing what they got away with before the last election, with the proroguing of parliament and all the malarkey around that followed by a stonking election win. It's given the whole leadership a sense of invincibility.
Keir showed how it's done yesterday by suspending Rupa Haq within minutes of her comments getting out, and making her issue a grovelling apology. That's the only way.
Re: Asian Hornets, known in Pacific Northwest as Murder Hornets, personally blame the late QEII for her abject failure to curb this menace in her North American realm, aka Canada, thus creating a standing menace to WA State and the rest of USA.
For shame, Britannia!
Wrong type of Asian Hornet. You have the Giant Asian Hornet invading the USA. We have the common Asian Hornet invading the UK. It is harmless to humans and smaller than our native hornet. However it is harmful to honey bees which is why it needs reporting. Their appearance in the UK is very rare (not so Jersey as I found out from a previous discussion).
They need to put a costed plan out asap. That is what people need. The 45% is a red herring and was probably put in there to troll the Guardian.
People need to see how it's going to be paid for.
Betting bit: if they come out with something half decent (and why wouldn't they) then Cable goes to 1.15. If nothing else just with relief that they aren't going to fire up the helicopters.
There is no way they can bring out a costed plan that isn't a joke without either binning last Friday's changes and / or massive spending cuts....
I don't see any mechanism for an orderly retreat from the Trussterfuck. A new leadership campaign is unthinkable, just a few working days (allowing for the mourning period) after the previous one, and at a time of multiple crises, not all of which are Liz Truss's fault. Even if it were thinkable, what guarantee is there that the outcome would be any better, even in the unlikely event that Tory MPs could agree even in broad terms on what 'better' would be? It's not as though there's a wonderful candidate who somehow got missed out last time.
And even if they somehow managed to get round all that, there's still the problem of what any replacement Tory government would actually do. There are going to have to be huge spending increases, and therefore tax increases, just to stand still. Is the party actually ready to face this reality - let alone the other realities of the Northern Ireland Protocol and the economic disaster which is Brexit?
Demoralised, exhausted, divided, out of ideas, chained to an insane ideology, the party is not going to unite behind a new leader setting a new direction anytime. It will be many years, if ever, before they are in a state where some future David Cameron can come along and drag them into the real, modern, world again.
Truss could call a General Election, it would be a service to the Nation.
She will be in the unique position of seeing off and burying two of the country’s longest serving powers that be, HMQ and the Tory Party. Her place in history is assured.
The monarchy and Tory party will survive even if Truss doesn't
I'm sure you will be perfectly happy with that. Though I'll be very suprised if both do. My money is on the C of E.
You have to be up the creek if everyone is writing to the BoE...
Only 3-4 months ago our actuaries tried hard to persuade us that we should proceed with LDIs as a way of reducing risk and volatility for the pension fund I am a trustee of. I am so glad that we declined. It is perhaps a little simplistic but I personally could not understand why anyone who had watched The Big Short could accept that using derivatives in that way reduced risk. Whenever someone tries to tell you that this reduces risk and potentially also improves performance it is time to be deeply cautious.
The old wisdom of course is that if you don't understand it there is probably a catch. I still think that.
Despite efforts I still don't understand how QE, or the BoE buying its own government's bonds, is in fact anything other than either transferring funds from the left pocket to to the right, or, much worse, printing money in excessive quantities.
And, BTW, if printing money is what QE is, why not just stick £X000 into everyone's account (as with gas bills) rather than do something lacking direct impact.
It is just printing money and the Bank has gone back into the printing business big time this afternoon. All those long dated gilts that they bought to stabilise that market came from newly created money (thankfully they don't have to print it because they couldn't keep up). The liquidity they are providing to pension funds likewise.
The problem is that the first couple of times we did this we seemed to get away with it. We kept everything going with QE in 2008 and following. We "borrowed" or more accurately created roughly £400bn to pay for Covid. So much less painful than raising taxes or cutting spending. We were promising to do the same again to pay the gas meter. And, not just here, right around the world the markets have said: enough. If fiat currencies other than the almighty dollar are to be debauched in this way then they will be priced accordingly. Hence inflation.
If you're right, then the magic money tree is being pruned (at best) or cut down (at worst). What does that mean for a prospective Labour government? Taxes are already at historic high levels. How do they raise money to pay for even more stuff?
What we have seen is the emergence of Modern Monetary Theory as the leading driver of central bank thinking throughout the world, in practice even if no one dares to say it.
The thing is that there's a big question whether the Fed is doing what it is doing with regards to interest rates to fight inflation or because of the political concerns for voters around inflation. Pre-the crisis in Ukraine, inflation was rising but it wasn't at dramatic levels. It was the crisis that pushed things over the edge, which is not the sort of thing you can sort with interest rate rises.
Which raises the question. Is the Fed really changed its tune or has it got its eye on the Midterms? If the latter, then it may ease off its rises sooner than expected.
I don't see any mechanism for an orderly retreat from the Trussterfuck. A new leadership campaign is unthinkable, just a few working days (allowing for the mourning period) after the previous one, and at a time of multiple crises, not all of which are Liz Truss's fault. Even if it were thinkable, what guarantee is there that the outcome would be any better, even in the unlikely event that Tory MPs could agree even in broad terms on what 'better' would be? It's not as though there's a wonderful candidate who somehow got missed out last time.
And even if they somehow managed to get round all that, there's still the problem of what any replacement Tory government would actually do. There are going to have to be huge spending increases, and therefore tax increases, just to stand still. Is the party actually ready to face this reality - let alone the other realities of the Northern Ireland Protocol and the economic disaster which is Brexit?
Demoralised, exhausted, divided, out of ideas, chained to an insane ideology, the party is not going to unite behind a new leader setting a new direction anytime. It will be many years, if ever, before they are in a state where some future David Cameron can come along and drag them into the real, modern, world again.
I'm washing my hands of the party for good now.
Again? If Truss is so bad why aren't you hanging around to help choose the next leader. Or will it be a coronation.
I don't see it myself. Truss & team is going nowhere.
Marquee Mark made a compelling case on why it will be a coronation.
I presume Kwarteng's plans need to be voted on? Is there any chance that MPs will back it?
He wants a giveaway and can't cost it. He might as well just say 'trust me.' Couldn't all this nonsense be stopped immediately by a reversal of policy?
I don't see any mechanism for an orderly retreat from the Trussterfuck. A new leadership campaign is unthinkable, just a few working days (allowing for the mourning period) after the previous one, and at a time of multiple crises, not all of which are Liz Truss's fault. Even if it were thinkable, what guarantee is there that the outcome would be any better, even in the unlikely event that Tory MPs could agree even in broad terms on what 'better' would be? It's not as though there's a wonderful candidate who somehow got missed out last time.
And even if they somehow managed to get round all that, there's still the problem of what any replacement Tory government would actually do. There are going to have to be huge spending increases, and therefore tax increases, just to stand still. Is the party actually ready to face this reality - let alone the other realities of the Northern Ireland Protocol and the economic disaster which is Brexit?
Demoralised, exhausted, divided, out of ideas, chained to an insane ideology, the party is not going to unite behind a new leader setting a new direction anytime. It will be many years, if ever, before they are in a state where some future David Cameron can come along and drag them into the real, modern, world again.
I'm washing my hands of the party for good now.
Perhaps now's the time for a new party, with a maroon logo in honour of its spiritual father David Cameron.
He's a Jambo? Huge if true. I always had him as a rugger bugger.
Hardly a shocker for Leon's favorite Putinist POTUS hopeful.
BTW (and also FYI) note that Hurricane Ian is gonna be THE test for RDS and his leadership in the Sunshine State. Will be interesting to see what kind of grade he'll get from Floridians.
Seeing as how bullying politicos are NOT of much concern to a Class 4-5 hurricane.
BTW, big problem likely to be storm surge in Tampa Bay and other nearby Gulf Coast communities, esp. Sarasota and Ft Myers.
Hurricane Ian continues to undergo rapid intensification even as it hits land in SW Florida. Looks like it is category 5 now.
We're looking at one of the most violent hurricane landfalls in recent history I think. The doomsday scenario of huge storm surge in Tampa Bay has been avoided but it's not gong to be pretty.
Apparently 165mph winds recently recorded in SE eyewall. Look at the thing:
Chancellor going nowhere, his team says. No10 say flat no to recalling Parliament and both Kwarteng and Truss are focused on delivering their economic plan with supply side reforms "coming fast" in next couple of weeks. Doubling down in wake of BoE today. https://twitter.com/KateEMcCann/status/1575147986505666564
Same mistake that Boris made time after time. Double down, dismiss pressure, thereby allowing the pressure to build yet more until pop. No idea why they do it. I think because they feel they are right and this is part of the fight against economic orthodoxy, just like Boris convinced himself things like Paterson or partygate were just Westminster bubble stories that would blow over.
I think both he and now they are spurred on by seeing what they got away with before the last election, with the proroguing of parliament and all the malarkey around that followed by a stonking election win. It's given the whole leadership a sense of invincibility.
Keir showed how it's done yesterday by suspending Rupa Haq within minutes of her comments getting out, and making her issue a grovelling apology. That's the only way.
I don't think it's comparable to the Boris/Keir situations. There's a difference between sticking to a policy because you think it's basically right, and sticking to a person because you think it basically doesn't matter.
US 10yr bonds hit 4% today, first time since 2010. There is a global bond crisis. We are not alone. But we are fucked
I would argue that - while the adjustment will be painful - higher interest rates are probably a long-term positive for the world. Too many zombie businesses in Europe and the US have been kept alive, despite poor returns, due to too low interest rates. It's a repeat of the Japanese disaster from 1992 to... well... now.
You have to be up the creek if everyone is writing to the BoE...
Only 3-4 months ago our actuaries tried hard to persuade us that we should proceed with LDIs as a way of reducing risk and volatility for the pension fund I am a trustee of. I am so glad that we declined. It is perhaps a little simplistic but I personally could not understand why anyone who had watched The Big Short could accept that using derivatives in that way reduced risk. Whenever someone tries to tell you that this reduces risk and potentially also improves performance it is time to be deeply cautious.
The old wisdom of course is that if you don't understand it there is probably a catch. I still think that.
Despite efforts I still don't understand how QE, or the BoE buying its own government's bonds, is in fact anything other than either transferring funds from the left pocket to to the right, or, much worse, printing money in excessive quantities.
And, BTW, if printing money is what QE is, why not just stick £X000 into everyone's account (as with gas bills) rather than do something lacking direct impact.
It is just printing money and the Bank has gone back into the printing business big time this afternoon. All those long dated gilts that they bought to stabilise that market came from newly created money (thankfully they don't have to print it because they couldn't keep up). The liquidity they are providing to pension funds likewise.
The problem is that the first couple of times we did this we seemed to get away with it. We kept everything going with QE in 2008 and following. We "borrowed" or more accurately created roughly £400bn to pay for Covid. So much less painful than raising taxes or cutting spending. We were promising to do the same again to pay the gas meter. And, not just here, right around the world the markets have said: enough. If fiat currencies other than the almighty dollar are to be debauched in this way then they will be priced accordingly. Hence inflation.
If you're right, then the magic money tree is being pruned (at best) or cut down (at worst). What does that mean for a prospective Labour government? Taxes are already at historic high levels. How do they raise money to pay for even more stuff?
The next 10 years may well make the so called "austerity" of the decade after 2008 look like paradise.
I don't see any mechanism for an orderly retreat from the Trussterfuck. A new leadership campaign is unthinkable, just a few working days (allowing for the mourning period) after the previous one, and at a time of multiple crises, not all of which are Liz Truss's fault. Even if it were thinkable, what guarantee is there that the outcome would be any better, even in the unlikely event that Tory MPs could agree even in broad terms on what 'better' would be? It's not as though there's a wonderful candidate who somehow got missed out last time.
And even if they somehow managed to get round all that, there's still the problem of what any replacement Tory government would actually do. There are going to have to be huge spending increases, and therefore tax increases, just to stand still. Is the party actually ready to face this reality - let alone the other realities of the Northern Ireland Protocol and the economic disaster which is Brexit?
Demoralised, exhausted, divided, out of ideas, chained to an insane ideology, the party is not going to unite behind a new leader setting a new direction anytime. It will be many years, if ever, before they are in a state where some future David Cameron can come along and drag them into the real, modern, world again.
Will you be voting Lab or Lib next time Richard? (genuinely interested)
LibDem. They are barmy as well, of course, but in a more harmless way.
Actually voting Labour would be a step too far, but I've no doubt now that a Labour (or Labour-led) government is now in the interests of the country.
If Moscow was minded to blow up some gas pipelines, why not attack Norwegian pipes to western Europe? Thus increasing European energy hunger but keeping open the tantalising hope of energy from Russia?
I fear we are close to a terrible, terrible war
Putin doesn't have any choice but to escalate.
But his forces are not in a good way right now, and if NATO comes into the war then they will look even worse.
To win Putin has to force the West to back down and cease providing Ukraine with ammunition. He has to scare us enough that we'd sacrifice Ukraine to save ourselves (in the short term).
If we call his bluff then a defeat at the hands of NATO is more survivable, as less humiliating, than being defeated by Ukraine alone.
So I think he has to force the conflict to a point of crisis where the West has to choose between direct conflict with Russia, or sacrificing Ukraine.
yes i think putin wants direct conflict with the west now
Yes, that is my sense. He will take it to the absolute brink, because the alternative is defeat and probably death for him
And he won't especially care if it goes over the edge into a minor nuke strike
Chances of a nuclear weapon blowing up in the next ten weeks are now about 50%?
I'd put it at within 10 or so days
Would you now.
Yes. Got a problem with that?
Well yes, I'd rather there wasn't a nuclear attack in the next fortnight, as you ask
I don't see any mechanism for an orderly retreat from the Trussterfuck. A new leadership campaign is unthinkable, just a few working days (allowing for the mourning period) after the previous one, and at a time of multiple crises, not all of which are Liz Truss's fault. Even if it were thinkable, what guarantee is there that the outcome would be any better, even in the unlikely event that Tory MPs could agree even in broad terms on what 'better' would be? It's not as though there's a wonderful candidate who somehow got missed out last time.
And even if they somehow managed to get round all that, there's still the problem of what any replacement Tory government would actually do. There are going to have to be huge spending increases, and therefore tax increases, just to stand still. Is the party actually ready to face this reality - let alone the other realities of the Northern Ireland Protocol and the economic disaster which is Brexit?
Demoralised, exhausted, divided, out of ideas, chained to an insane ideology, the party is not going to unite behind a new leader setting a new direction anytime. It will be many years, if ever, before they are in a state where some future David Cameron can come along and drag them into the real, modern, world again.
Truss could call a General Election, it would be a service to the Nation.
She will be in the unique position of seeing off and burying two of the country’s longest serving powers that be, HMQ and the Tory Party. Her place in history is assured.
The monarchy and Tory party will survive even if Truss doesn't
I'm sure you will be perfectly happy with that. Though I'll be very suprised if both do. My money is on the C of E.
The Tory party has survived for 300 years and will survive for centuries more even if in a new form and realignment on the right.
The monarchy is still more popular than both the Tory and Labour parties
People may be pleased to hear that I am no longer sponging off the State, having finally returned to the workforce this week. I started my new job on Monday with Royal Mail as a postie. Not quite the job, or income, I was looking for, but I've got a really nice route (in Aldbourne, of Doctor Who fame), a five minute walk commute and I'm working with some lovely people
I don't have to decide whether to strike or scab this week, as I've been given Friday and Saturday off. But Monday, when there'll be a huge backlog of mail after the strike, is my first day doing the route on my own. I may be doing overtime
I don't see any mechanism for an orderly retreat from the Trussterfuck. A new leadership campaign is unthinkable, just a few working days (allowing for the mourning period) after the previous one, and at a time of multiple crises, not all of which are Liz Truss's fault. Even if it were thinkable, what guarantee is there that the outcome would be any better, even in the unlikely event that Tory MPs could agree even in broad terms on what 'better' would be? It's not as though there's a wonderful candidate who somehow got missed out last time.
And even if they somehow managed to get round all that, there's still the problem of what any replacement Tory government would actually do. There are going to have to be huge spending increases, and therefore tax increases, just to stand still. Is the party actually ready to face this reality - let alone the other realities of the Northern Ireland Protocol and the economic disaster which is Brexit?
Demoralised, exhausted, divided, out of ideas, chained to an insane ideology, the party is not going to unite behind a new leader setting a new direction anytime. It will be many years, if ever, before they are in a state where some future David Cameron can come along and drag them into the real, modern, world again.
Truss could call a General Election, it would be a service to the Nation.
She will be in the unique position of seeing off and burying two of the country’s longest serving powers that be, HMQ and the Tory Party. Her place in history is assured.
The monarchy and Tory party will survive even if Truss doesn't
I'm sure you will be perfectly happy with that. Though I'll be very suprised if both do. My money is on the C of E.
The Tory party has survived for 300 years and will survive for centuries more even if in a new form and realignment on the right.
US 10yr bonds hit 4% today, first time since 2010. There is a global bond crisis. We are not alone. But we are fucked
I would argue that - while the adjustment will be painful - higher interest rates are probably a long-term positive for the world. Too many zombie businesses in Europe and the US have been kept alive, despite poor returns, due to too low interest rates. It's a repeat of the Japanese disaster from 1992 to... well... now.
+1
As Joe Biden said yesterday, capitalism without competition is just exploitation. The financial repression policies of recent decades have prevented proper competition from operating and led to stagnation and increasing inequality.
I don't see any mechanism for an orderly retreat from the Trussterfuck. A new leadership campaign is unthinkable, just a few working days (allowing for the mourning period) after the previous one, and at a time of multiple crises, not all of which are Liz Truss's fault. Even if it were thinkable, what guarantee is there that the outcome would be any better, even in the unlikely event that Tory MPs could agree even in broad terms on what 'better' would be? It's not as though there's a wonderful candidate who somehow got missed out last time.
And even if they somehow managed to get round all that, there's still the problem of what any replacement Tory government would actually do. There are going to have to be huge spending increases, and therefore tax increases, just to stand still. Is the party actually ready to face this reality - let alone the other realities of the Northern Ireland Protocol and the economic disaster which is Brexit?
Demoralised, exhausted, divided, out of ideas, chained to an insane ideology, the party is not going to unite behind a new leader setting a new direction anytime. It will be many years, if ever, before they are in a state where some future David Cameron can come along and drag them into the real, modern, world again.
I'm washing my hands of the party for good now.
Again? If Truss is so bad why aren't you hanging around to help choose the next leader. Or will it be a coronation.
I don't see it myself. Truss & team is going nowhere.
Marquee Mark made a compelling case on why it will be a coronation.
The members will be incandescent. I just don't see it.
They need to put a costed plan out asap. That is what people need. The 45% is a red herring and was probably put in there to troll the Guardian.
People need to see how it's going to be paid for.
Betting bit: if they come out with something half decent (and why wouldn't they) then Cable goes to 1.15. If nothing else just with relief that they aren't going to fire up the helicopters.
There is no way they can bring out a costed plan that isn't a joke without either binning last Friday's changes and / or massive spending cuts....
I think a plan puts down a marker. It can then be discussed/destroyed but it is something. At the moment there is nothing.
I don't see any mechanism for an orderly retreat from the Trussterfuck. A new leadership campaign is unthinkable, just a few working days (allowing for the mourning period) after the previous one, and at a time of multiple crises, not all of which are Liz Truss's fault. Even if it were thinkable, what guarantee is there that the outcome would be any better, even in the unlikely event that Tory MPs could agree even in broad terms on what 'better' would be? It's not as though there's a wonderful candidate who somehow got missed out last time.
And even if they somehow managed to get round all that, there's still the problem of what any replacement Tory government would actually do. There are going to have to be huge spending increases, and therefore tax increases, just to stand still. Is the party actually ready to face this reality - let alone the other realities of the Northern Ireland Protocol and the economic disaster which is Brexit?
Demoralised, exhausted, divided, out of ideas, chained to an insane ideology, the party is not going to unite behind a new leader setting a new direction anytime. It will be many years, if ever, before they are in a state where some future David Cameron can come along and drag them into the real, modern, world again.
I'm washing my hands of the party for good now.
Again? If Truss is so bad why aren't you hanging around to help choose the next leader. Or will it be a coronation.
I don't see it myself. Truss & team is going nowhere.
Marquee Mark made a compelling case on why it will be a coronation.
The members will be incandescent. I just don't see it.
Truss can't remain in Number 10. That means you need to fix the problem quickly and another leadership election doesn't fix things quickly...
Also a quick fix requires someone with substance arriving in No 10 - and there aren't many of those remaining in the Tory Party...
I don't see any mechanism for an orderly retreat from the Trussterfuck. A new leadership campaign is unthinkable, just a few working days (allowing for the mourning period) after the previous one, and at a time of multiple crises, not all of which are Liz Truss's fault. Even if it were thinkable, what guarantee is there that the outcome would be any better, even in the unlikely event that Tory MPs could agree even in broad terms on what 'better' would be? It's not as though there's a wonderful candidate who somehow got missed out last time.
And even if they somehow managed to get round all that, there's still the problem of what any replacement Tory government would actually do. There are going to have to be huge spending increases, and therefore tax increases, just to stand still. Is the party actually ready to face this reality - let alone the other realities of the Northern Ireland Protocol and the economic disaster which is Brexit?
Demoralised, exhausted, divided, out of ideas, chained to an insane ideology, the party is not going to unite behind a new leader setting a new direction anytime. It will be many years, if ever, before they are in a state where some future David Cameron can come along and drag them into the real, modern, world again.
I'm washing my hands of the party for good now.
Again? If Truss is so bad why aren't you hanging around to help choose the next leader. Or will it be a coronation.
I don't see it myself. Truss & team is going nowhere.
Marquee Mark made a compelling case on why it will be a coronation.
The members will be incandescent. I just don't see it.
Treasury Financial Sec Andrew Griffith rejects the idea the slide in £ and rise in gilt yield is the govt's fault, telling @SkyNews: 'We are seeing the same impact of Putin's war... every major economy is dealing with exactly the same issues' https://twitter.com/JasonGroves1/status/1575146887455334400
What is the point of lying when absolutely no one is fooled?
One side says "this is the reality of the situation, what is your response" and UK gov says "that's *your reality* but we propose this reality instead for your consideration."
I don't see any mechanism for an orderly retreat from the Trussterfuck. A new leadership campaign is unthinkable, just a few working days (allowing for the mourning period) after the previous one, and at a time of multiple crises, not all of which are Liz Truss's fault. Even if it were thinkable, what guarantee is there that the outcome would be any better, even in the unlikely event that Tory MPs could agree even in broad terms on what 'better' would be? It's not as though there's a wonderful candidate who somehow got missed out last time.
And even if they somehow managed to get round all that, there's still the problem of what any replacement Tory government would actually do. There are going to have to be huge spending increases, and therefore tax increases, just to stand still. Is the party actually ready to face this reality - let alone the other realities of the Northern Ireland Protocol and the economic disaster which is Brexit?
Demoralised, exhausted, divided, out of ideas, chained to an insane ideology, the party is not going to unite behind a new leader setting a new direction anytime. It will be many years, if ever, before they are in a state where some future David Cameron can come along and drag them into the real, modern, world again.
Truss could call a General Election, it would be a service to the Nation.
She will be in the unique position of seeing off and burying two of the country’s longest serving powers that be, HMQ and the Tory Party. Her place in history is assured.
The monarchy and Tory party will survive even if Truss doesn't
I'm sure you will be perfectly happy with that. Though I'll be very suprised if both do. My money is on the C of E.
The Tory party has survived for 300 years and will survive for centuries more even if in a new form and realignment on the right.
Just as the Whigs have survived in a "new form".
They have, mainly through the Liberal Party and into today's Liberal Democrats.
Some of the old Whig aristocracy also formed the Liberal Unionists which merged into today's Conservative and Unionist party
Another Tory MP, a member of the government, said: "Liz has a pretty quick choice to make: either she bullets her chancellor and changes course or she could lose her premiership within a month." https://www.ft.com/content/a46e53bb-e23d-4450-a70e-05f71d2e57ef
Any names mentioned...? no...?
Faking quotes is career ending for journalists.
Do you think it credible that there are no tory MPs saying these things?
Its only career ending if there's a name attached and you misquote. No name? could be anybody, cannot be checked (won't name my source....).
I think there are plenty of tory MPs who are worried, but to talk about their own government to a left wing journalist in the snarky Femi Sorry way we see on the internet?
Nope.
I tend to agree with you.
There are almost certainly journalists who make up those kind of anonymous quotes.
I don't see any mechanism for an orderly retreat from the Trussterfuck. A new leadership campaign is unthinkable, just a few working days (allowing for the mourning period) after the previous one, and at a time of multiple crises, not all of which are Liz Truss's fault. Even if it were thinkable, what guarantee is there that the outcome would be any better, even in the unlikely event that Tory MPs could agree even in broad terms on what 'better' would be? It's not as though there's a wonderful candidate who somehow got missed out last time.
And even if they somehow managed to get round all that, there's still the problem of what any replacement Tory government would actually do. There are going to have to be huge spending increases, and therefore tax increases, just to stand still. Is the party actually ready to face this reality - let alone the other realities of the Northern Ireland Protocol and the economic disaster which is Brexit?
Demoralised, exhausted, divided, out of ideas, chained to an insane ideology, the party is not going to unite behind a new leader setting a new direction anytime. It will be many years, if ever, before they are in a state where some future David Cameron can come along and drag them into the real, modern, world again.
Truss could call a General Election, it would be a service to the Nation.
She will be in the unique position of seeing off and burying two of the country’s longest serving powers that be, HMQ and the Tory Party. Her place in history is assured.
The monarchy and Tory party will survive even if Truss doesn't
I'm sure you will be perfectly happy with that. Though I'll be very suprised if both do. My money is on the C of E.
The Tory party has survived for 300 years and will survive for centuries more even if in a new form and realignment on the right.
Just as the Whigs have survived in a "new form".
They have, through the Liberal Party and into today's Liberal Democrats
Have spent all my hours since Fri talking to market participants & UKG politicos & policymakers. The gap between what capital markets need to see (policy reversal, tax rises or spending cuts) & what UKG is planning to do (more detail on supply side reforms) is MASSIVE 1/
Prob is not only that @trussliz & @KwasiKwarteng think they can ride this out. They also have no political space to deliver the kinds of things - a major fiscal & policy course correction - markets now want to see 2/
A reversal on her flagship policy - tax cuts - puts Truss in play with Tory MPs. She'd effectively be a lame duck PM. But no reversal/credible course correction - & the negative market reaction - puts her CX in play 3/
How to square circle? Spending cuts? One option being discussed in Whitehall would be 5y freeze on already tight budgets of Govt departments. But markets would rightly doubt whether there was enough political will to withstand spending pressures in the run-up to an election 4/4
I don't see any mechanism for an orderly retreat from the Trussterfuck. A new leadership campaign is unthinkable, just a few working days (allowing for the mourning period) after the previous one, and at a time of multiple crises, not all of which are Liz Truss's fault. Even if it were thinkable, what guarantee is there that the outcome would be any better, even in the unlikely event that Tory MPs could agree even in broad terms on what 'better' would be? It's not as though there's a wonderful candidate who somehow got missed out last time.
And even if they somehow managed to get round all that, there's still the problem of what any replacement Tory government would actually do. There are going to have to be huge spending increases, and therefore tax increases, just to stand still. Is the party actually ready to face this reality - let alone the other realities of the Northern Ireland Protocol and the economic disaster which is Brexit?
Demoralised, exhausted, divided, out of ideas, chained to an insane ideology, the party is not going to unite behind a new leader setting a new direction anytime. It will be many years, if ever, before they are in a state where some future David Cameron can come along and drag them into the real, modern, world again.
Truss could call a General Election, it would be a service to the Nation.
She will be in the unique position of seeing off and burying two of the country’s longest serving powers that be, HMQ and the Tory Party. Her place in history is assured.
The monarchy and Tory party will survive even if Truss doesn't
I'm sure you will be perfectly happy with that. Though I'll be very suprised if both do. My money is on the C of E.
The Tory party has survived for 300 years and will survive for centuries more even if in a new form and realignment on the right.
Just as the Whigs have survived in a "new form".
Oh, I'm sure one could claim that (for instance) the Dumnonian faction in the Witan has survived as the modern LDs. But it doesn't mean much, and it doesn't mean any more to claim that the Conservative Party was led by Walpole or whoever.
A big declaration by Putin is scheduled for Friday 30 September.
Russia is signalling that all they want is the five territories (by far the largest part of what they still need to take is in the DPR) and nukes kept out of rump Ukraine. Of course if NATO countries supply weapons that are used to attack Russian territory that changes the game.
If Moscow was minded to blow up some gas pipelines, why not attack Norwegian pipes to western Europe? Thus increasing European energy hunger but keeping open the tantalising hope of energy from Russia?
I fear we are close to a terrible, terrible war
I'm going to assume that sabotaging Nord Stream 2 has plausible deniability - Russia can always be like "why would we wreck our own infrastructure / money making pipeline when we could always just turn it off it we want to"
Actually attacking someone else's pipeline to Europe would be an open act of war.
Someone posted a map showing the points of explosion just inside international waters, showing someone was being careful: either Russia about Article 5, or someone else trying to give that implication.
Those locations say nothing about who did it.
"always just turn it off it we want to"
The pipelines were already switched off. Or to be more exact, Nordstream 1 was off and Nordstream 2 hadn't come onstream yet.
The Portovaya compressor plant near Vyborg was also sabotaged last month.
"All they want" is 20% of the territory of their neighbour, whom they attacked in an act of wanton aggression. How about I steal 20% of your property and then say "hey, I only want this 20%, you get to keep 80%, seems like a fair deal?"
Of course this is also after Crimea was stolen, then Luhansk and Donetsk was stolen, now Zaporizhzhia and Kherson are being stolen. The idea that we could agree this and Russia would stop there is ridiculous. The Russians are untrustworthy war criminals. And Ukraine is winning. A much better option is to turf the orcs out and break Russia's military capacity for 50 years.
You don't give a f***ing shit about what country people who actually live in those territories want to live in, do you?
All you know is you hate the Russians, Soviets, war criminals, disrespecters of private property rights, whatever those filthy foreigners who don't know how to hold a knife and fork properly call themselves, and kill kill kill.
Nobody would want you anywhere near decision making in a conflict.
If the Ukrainians in those areas were so keen on becoming Russian, then they might have willingly joined their army.
Instead of Russia needing general mobilisation, the invasion would have found willing troops. And the Ukrainians, attempting to invade a country that did not want them, would have been crushed.
Remind me again, what's actually happening?
are you prepared to risk a nuclear attack for the sake of ukraine...
Of course.
Because otherwise the next question will be "are you prepared to risk a nuclear attack for the sake of Estonia"?
I don't see any mechanism for an orderly retreat from the Trussterfuck. A new leadership campaign is unthinkable, just a few working days (allowing for the mourning period) after the previous one, and at a time of multiple crises, not all of which are Liz Truss's fault. Even if it were thinkable, what guarantee is there that the outcome would be any better, even in the unlikely event that Tory MPs could agree even in broad terms on what 'better' would be? It's not as though there's a wonderful candidate who somehow got missed out last time.
And even if they somehow managed to get round all that, there's still the problem of what any replacement Tory government would actually do. There are going to have to be huge spending increases, and therefore tax increases, just to stand still. Is the party actually ready to face this reality - let alone the other realities of the Northern Ireland Protocol and the economic disaster which is Brexit?
Demoralised, exhausted, divided, out of ideas, chained to an insane ideology, the party is not going to unite behind a new leader setting a new direction anytime. It will be many years, if ever, before they are in a state where some future David Cameron can come along and drag them into the real, modern, world again.
Depends, if the next Labour government leads to strikes, high inflation and high interest rates and high taxes there would swiftly be a swing to the new Tory Leader of the Opposition however bad a defeat Truss has led the party to.
I dont think we need to wait for a Labour government to see strikes, high inflation and high interest rates!
@twlldun Say what you like about Boris Johnson, but he wouldn’t have hidden from a run on the pound and turmoil in the markets, he would have been right out there with an incoherent speech comparing it to an episode of Tellytubbies with a completely superfluous quote from Ovid.
Liz could do worse than get Boris to issue some kind of statement, to the effect that it's not all her fault and the doomsters are merely out in force. Many Tory supporters would see him as a reassuring father figure and it might buy her some time.
They need to put a costed plan out asap. That is what people need. The 45% is a red herring and was probably put in there to troll the Guardian.
People need to see how it's going to be paid for.
Betting bit: if they come out with something half decent (and why wouldn't they) then Cable goes to 1.15. If nothing else just with relief that they aren't going to fire up the helicopters.
For what it's worth - probably best post of this thread. At the moment many seem to be running around shouting "panic" at what are, and the end of the day, tax cuts. As if they're inherently bad and will lead to the total collapse of the UK economy.
If they are on the back of a fag packet un-costed calculations then the Govt deserve all that will be coming to them electorally. However, If Truss is genuinely trying to re-shape the economy with a "bold plan" then a few weeks turbulence from markets is to be expected. And ridden-out. Otherwise nothing would ever get done.
I do wonder whether some posters on here are not actually concerned with the economy "crashing" due to the budget; they're more concerned that it might actually work. It's amusing to read comments from those who trumpeted Corbyn's economic plan - and are now worried about the GBP rate, mortgage rates, pension funds and the Gilt market.
But yes - a costed plan and one soon is what is needed.
@twlldun Say what you like about Boris Johnson, but he wouldn’t have hidden from a run on the pound and turmoil in the markets, he would have been right out there with an incoherent speech comparing it to an episode of Tellytubbies with a completely superfluous quote from Ovid.
Liz could do worse than get Boris to issue some kind of statement, to the effect that it's not all her fault and the doomsters are merely out in force. Many Tory supporters would see him as a reassuring father figure and it might buy her some time.
A big declaration by Putin is scheduled for Friday 30 September.
Russia is signalling that all they want is the five territories (by far the largest part of what they still need to take is in the DPR) and nukes kept out of rump Ukraine. Of course if NATO countries supply weapons that are used to attack Russian territory that changes the game.
If Moscow was minded to blow up some gas pipelines, why not attack Norwegian pipes to western Europe? Thus increasing European energy hunger but keeping open the tantalising hope of energy from Russia?
I fear we are close to a terrible, terrible war
I'm going to assume that sabotaging Nord Stream 2 has plausible deniability - Russia can always be like "why would we wreck our own infrastructure / money making pipeline when we could always just turn it off it we want to"
Actually attacking someone else's pipeline to Europe would be an open act of war.
Someone posted a map showing the points of explosion just inside international waters, showing someone was being careful: either Russia about Article 5, or someone else trying to give that implication.
Those locations say nothing about who did it.
"always just turn it off it we want to"
The pipelines were already switched off. Or to be more exact, Nordstream 1 was off and Nordstream 2 hadn't come onstream yet.
The Portovaya compressor plant near Vyborg was also sabotaged last month.
"All they want" is 20% of the territory of their neighbour, whom they attacked in an act of wanton aggression. How about I steal 20% of your property and then say "hey, I only want this 20%, you get to keep 80%, seems like a fair deal?"
Of course this is also after Crimea was stolen, then Luhansk and Donetsk was stolen, now Zaporizhzhia and Kherson are being stolen. The idea that we could agree this and Russia would stop there is ridiculous. The Russians are untrustworthy war criminals. And Ukraine is winning. A much better option is to turf the orcs out and break Russia's military capacity for 50 years.
You don't give a f***ing shit about what country people who actually live in those territories want to live in, do you?
All you know is you hate the Russians, Soviets, war criminals, disrespecters of private property rights, whatever those filthy foreigners who don't know how to hold a knife and fork properly call themselves, and kill kill kill.
Nobody would want you anywhere near decision making in a conflict.
If the Ukrainians in those areas were so keen on becoming Russian, then they might have willingly joined their army.
Instead of Russia needing general mobilisation, the invasion would have found willing troops. And the Ukrainians, attempting to invade a country that did not want them, would have been crushed.
Remind me again, what's actually happening?
are you prepared to risk a nuclear attack for the sake of ukraine...
Of course.
Because otherwise the next question will be "are you prepared to risk a nuclear attack for the sake of Estonia"?
you keep saying how weak and rubbish Putins forces are...so he is clearly not a threat to the west....so even if he took off a bit of ukraine for us in the west it would make no difference...
Bank of England stages dramatic intervention to stave off imminent crash in gilt market following tax-cutting budget - City Minister Andrew Griffith insists government not to blame: 'Every major economy is dealing with exactly the same issues'
Have spent all my hours since Fri talking to market participants & UKG politicos & policymakers. The gap between what capital markets need to see (policy reversal, tax rises or spending cuts) & what UKG is planning to do (more detail on supply side reforms) is MASSIVE 1/
Prob is not only that @trussliz & @KwasiKwarteng think they can ride this out. They also have no political space to deliver the kinds of things - a major fiscal & policy course correction - markets now want to see 2/
A reversal on her flagship policy - tax cuts - puts Truss in play with Tory MPs. She'd effectively be a lame duck PM. But no reversal/credible course correction - & the negative market reaction - puts her CX in play 3/
How to square circle? Spending cuts? One option being discussed in Whitehall would be 5y freeze on already tight budgets of Govt departments. But markets would rightly doubt whether there was enough political will to withstand spending pressures in the run-up to an election 4/4
5yr freeze on spending is 25% cuts cross the border...
How does the NHS cut 24% when it needs to find money for social care just to resolve it's own internal issues where lack of social care > bed blocking > inability to admit patients > A&E full > Ambulances caring for patients > call times of 8 hours for anything none life threatening and often 1 hr + for things that are...
Have spent all my hours since Fri talking to market participants & UKG politicos & policymakers. The gap between what capital markets need to see (policy reversal, tax rises or spending cuts) & what UKG is planning to do (more detail on supply side reforms) is MASSIVE 1/
Prob is not only that @trussliz & @KwasiKwarteng think they can ride this out. They also have no political space to deliver the kinds of things - a major fiscal & policy course correction - markets now want to see 2/
A reversal on her flagship policy - tax cuts - puts Truss in play with Tory MPs. She'd effectively be a lame duck PM. But no reversal/credible course correction - & the negative market reaction - puts her CX in play 3/
How to square circle? Spending cuts? One option being discussed in Whitehall would be 5y freeze on already tight budgets of Govt departments. But markets would rightly doubt whether there was enough political will to withstand spending pressures in the run-up to an election 4/4
5yr freeze on spending is 25% cuts cross the border...
How does the NHS cut 24% when it needs to find money for social care just to resolve it's own internal issues where lack of social care > bed blocking > inability to admit patients > A&E full > Ambulances caring for patients > call times of 8 hours for anything none life threatening and often 1 hr + for things that are...
Ukrainian Ministry of Justice announced a new program that will allow every russian soldier captured by Ukrainian forces to contact their family and relatives for up to 15 minutes every couple of days using Voice over IP, improving their mental health and overall state.
NHS: +33 Cost of living: +32 Getting people on housing ladder: +27 Energy provision: +26 Climate change: +26 Ensuring hard workers get on in life: +22 Economic growth: +17 Ukraine: ±0 Brexit: -4 (40% say "neither")
Liz could do worse than get Boris to issue some kind of statement, to the effect that it's not all her fault and the doomsters are merely out in force. Many Tory supporters would see him as a reassuring father figure and it might buy her some time.
First time in his puff that he’d have managed reassuring as a father figure.
Comments
They've lost the next election, entirely unforced.
FAMINE
AND THEY NEED TO DO IT TODAY
Dead cat::table
@TheSun
Mysterious signal from deep space flashes Earth 2,000 times within 2 months
He went and told the bees the Queen was dead, and then they went and told the hornets, and they thought: perfect time to attack, Britain is in turmoil
AND HERE THEY ARE
Arrest the Royal Bee Whisperer
Forget uniting; they need to sort out the mess and worry about the future of party some other time. Otherwise it doesn't have one.
Any defined benefit schemes still in existence collapsed decades ago. All that is left is those pretending they can fulfill whatever obligations they have left.
We're looking at one of the most violent hurricane landfalls in recent history I think. The doomsday scenario of huge storm surge in Tampa Bay has been avoided but it's not gong to be pretty.
Apparently 165mph winds recently recorded in SE eyewall. Look at the thing:
https://uploads.disquscdn.com/images/9030d3c9f3d180e4e8afd5dbade04eaff8b90b43ce9b073fec0625279135806b.jpg
https://twitter.com/KateEMcCann/status/1575147986505666564
An unusual examplke of real life obtruding into MP's lives. When my dept was downsized some of us found ourselves in levels/units with 1 or more persons surplus.
Volunteer for redundo = get full package. Everyone else settles down.
Try to get job and compete for it = less package if you failed the application. (Logical, as it hassled everyone and wasted time.) And zero if you changed your mind and resigned.
It was refreshing to hear a political commentator make such a point.
https://www.parliament.uk/about/how/occasions/recallparliament/
(Edit: if the government requests it, the Speaker can say no - but if the government doesn't request it, he can't initiate it.)
Or there shouldn't be.
Thoughts and prayers to her father who utterly hates her politics and must be torn whether to laugh or cry.
2000s = party decade
2010s = throwing up decade
2020s = cleaning up the mess decade
People need to see how it's going to be paid for.
Betting bit: if they come out with something half decent (and why wouldn't they) then Cable goes to 1.15. If nothing else just with relief that they aren't going to fire up the helicopters.
https://twitter.com/JasonGroves1/status/1575146887455334400
We need a change by next week.
1. Red Wall Tories defect en masse to Labour.
2. Blue Wall Tories defect en masse to Lib Dems (or form their own party).
3. Government of National Unity formed with Sir Keir at head.
4. New election planned for next year.
@ExStrategist
There's no crisis if you don't need a mortgage, haven't got a pension and aren't paid in pounds.
I don't have to decide whether to strike or scab this week, as I've been given Friday and Saturday off. But Monday, when there'll be a huge backlog of mail after the strike, is my first day doing the route on my own. I may be doing overtime
I don't see it myself. Truss & team is going nowhere.
I think both he and now they are spurred on by seeing what they got away with before the last election, with the proroguing of parliament and all the malarkey around that followed by a stonking election win. It's given the whole leadership a sense of invincibility.
Keir showed how it's done yesterday by suspending Rupa Haq within minutes of her comments getting out, and making her issue a grovelling apology. That's the only way.
The thing is that there's a big question whether the Fed is doing what it is doing with regards to interest rates to fight inflation or because of the political concerns for voters around inflation. Pre-the crisis in Ukraine, inflation was rising but it wasn't at dramatic levels. It was the crisis that pushed things over the edge, which is not the sort of thing you can sort with interest rate rises.
Which raises the question. Is the Fed really changed its tune or has it got its eye on the Midterms? If the latter, then it may ease off its rises sooner than expected.
He wants a giveaway and can't cost it. He might as well just say 'trust me.' Couldn't all this nonsense be stopped immediately by a reversal of policy?
BTW (and also FYI) note that Hurricane Ian is gonna be THE test for RDS and his leadership in the Sunshine State. Will be interesting to see what kind of grade he'll get from Floridians.
Seeing as how bullying politicos are NOT of much concern to a Class 4-5 hurricane.
BTW, big problem likely to be storm surge in Tampa Bay and other nearby Gulf Coast communities, esp. Sarasota and Ft Myers.
The official forecast never seems to go for rapid intensification even when it looks likely.
I guess we'll not see another Ian.
This is a government of snowflakes.
Right now I'll be happy if the world makes it to 2030 without turning into an irradiated husk buzzed by rubber-necking aliens
Actually voting Labour would be a step too far, but I've no doubt now that a Labour (or Labour-led) government is now in the interests of the country.
The monarchy is still more popular than both the Tory and Labour parties
As Joe Biden said yesterday, capitalism without competition is just exploitation. The financial repression policies of recent decades have prevented proper competition from operating and led to stagnation and increasing inequality.
$1.083
Anyone have access to the live gilt prices? 1/2/5/10/25/30yr would be great. Anyone?
I can’t find a direct ticker on my broker platform, just crappy gilt funds that are a mixture of maturities.
Also a quick fix requires someone with substance arriving in No 10 - and there aren't many of those remaining in the Tory Party...
One side says "this is the reality of the situation, what is your response" and UK gov says "that's *your reality* but we propose this reality instead for your consideration."
https://twitter.com/Mij_Europe/status/1575142453560197120
Some of the old Whig aristocracy also formed the Liberal Unionists which merged into today's Conservative and Unionist party
There are almost certainly journalists who make up those kind of anonymous quotes.
I don't think you did.
Prob is not only that @trussliz & @KwasiKwarteng think they can ride this out. They also have no political space to deliver the kinds of things - a major fiscal & policy course correction - markets now want to see 2/
A reversal on her flagship policy - tax cuts - puts Truss in play with Tory MPs. She'd effectively be a lame duck PM. But no reversal/credible course correction - & the negative market reaction - puts her CX in play 3/
How to square circle? Spending cuts? One option being discussed in Whitehall would be 5y freeze on already tight budgets of Govt departments. But markets would rightly doubt whether there was enough political will to withstand spending pressures in the run-up to an election 4/4
https://twitter.com/Mij_Europe/status/1575142464293314562
Because otherwise the next question will be "are you prepared to risk a nuclear attack for the sake of Estonia"?
Say what you like about Boris Johnson, but he wouldn’t have hidden from a run on the pound and turmoil in the markets, he would have been right out there with an incoherent speech comparing it to an episode of Tellytubbies with a completely superfluous quote from Ovid.
https://twitter.com/twlldun/status/1575134722770051073
https://twitter.com/EFisherWX/status/1575083552357879809?s=20&t=tTUJZ8F8vf-hdO8a0sNWQw
If they are on the back of a fag packet un-costed calculations then the Govt deserve all that will be coming to them electorally. However, If Truss is genuinely trying to re-shape the economy with a "bold plan" then a few weeks turbulence from markets is to be expected. And ridden-out. Otherwise nothing would ever get done.
I do wonder whether some posters on here are not actually concerned with the economy "crashing" due to the budget; they're more concerned that it might actually work. It's amusing to read comments from those who trumpeted Corbyn's economic plan - and are now worried about the GBP rate, mortgage rates, pension funds and the Gilt market.
But yes - a costed plan and one soon is what is needed.
https://www.bloomberg.com/news/articles/2022-09-28/boe-to-carry-out-purchases-of-long-dated-uk-bonds-to-calm-market
How does the NHS cut 24% when it needs to find money for social care just to resolve it's own internal issues where lack of social care > bed blocking > inability to admit patients > A&E full > Ambulances caring for patients > call times of 8 hours for anything none life threatening and often 1 hr + for things that are...
4.1% interest, 1 year fixed savings with an FSCS protected, reputable building society.
ZMiST @ZMiST_Ua
Ukrainian Ministry of Justice announced a new program that will allow every russian soldier captured by Ukrainian forces to contact their family and relatives for up to 15 minutes every couple of days using Voice over IP, improving their mental health and overall state.
https://twitter.com/ZMiST_Ua/status/1575085567997407232
NHS: +33
Cost of living: +32
Getting people on housing ladder: +27
Energy provision: +26
Climate change: +26
Ensuring hard workers get on in life: +22
Economic growth: +17
Ukraine: ±0
Brexit: -4 (40% say "neither")
https://yougov.co.uk/topics/politics/articles-reports/2022/09/28/labour-twice-trusted-tories-deliver-economic-growt https://twitter.com/YouGov/status/1575153576007315456/photo/1
Norway reports that Russians have stopped arriving to the border crossing between Norway & Russia.
Normally, 400-500 Russians arrive per day.
The Norwegians believe it could be a sign that Russia is about to close its borders to stop men from fleeing mobilization.
https://twitter.com/visegrad24/status/1575132336273997830?s=20&t=EIRY5PtcKhIbi_gqmrnWxw