Should we trust Sunak or the next PM to fix the Country's problems? (title revised 24/10/22)

[tobyjugg2]

Their doners are talking

 

Tory donor makes huge profits from falling pound

WWW.INDEPENDENT.CO.UK

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‘It’s been helpful’, says Crispin Odey on his bets against Sterling amid market turmoil

 

[honeybee13]

And KK used to work for him...

[honeybee13]

Here's Danny Blanchflower who was on the BoE's Monetary Policy Committee and an economist for 50 years.

 

 

[honeybee13]

More from Danny Blanchflower.

 

 

[honeybee13]

And here's the Washington Post.

 

"Britain has replaced Italy as Europe’s problem economy. Having left the EU, the new Conservative government led by Prime Minister Liz Truss faces almost no constraints. She was expected to be bold. She is turning out to be bonkers."

 

https://www.washingtonpost.com/opinions/2022/09/26/britain-europe-weak-economy/

[honeybee13]

And Robert Peston.

 

 

[honeybee13]

Better late than never. Even the Beeb has caught up with where Truss and Kwarteng are getting their economic and other advice.

 

55 Tufton Street: The other black door shaping British politics

WWW.BBC.COM

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55 Tufton Street has hosted organisations that have had a big political impact over the last decade.

 

[honeybee13]

And now Moody's comment.

 

Moody’s warns against the UK’s “credit negative” fiscal policies

WWW.CREDITSTRATEGY.CO.UK

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Moody’s has warned that the UK’s recent mini-budget risked “permanently weakening the UK’s debt affordability”, describing the country’s new fiscal...

 

[theoldrouge]

I have to say @honeybee13that on this subject I can actually agree with your last six posts 

[honeybee13]

Probably a first, TOR. Lol

 

[Kyosanto]

Not even her own MPs trust her anymore 

[honeybee13]

Quite so, KS. From Jon Craig on Twitter.

 

'Tory “big beasts” appear to be boycotting next week’s party conference. Rishi Sunak, David Davis, Sajid Javid & Mel Stride all confirm they’re not going.'

 

Another pundit wondered if anyone other than the cabinet would be there.

[tobyjugg2]

So after Johnson then truss, whos the next PM? Ken Dodds evil brother? or worse?

 

On the practical side, UKs massively increased borrowing (bonds) now warrants a significantly higher return/interest rate (costs more) than Italy or Greece, and twice that of Germany or France.

 

Edited September 28, 2022 by tobyjugg2

[tobyjugg2]

She wanted to wait until November before saying owt didn't she?

 

Piers Morgan

[honeybee13]

I can't see the markets waiting two months to find out what their strategy is.

 

Apparently Mad Mary and Kamikaze thought traders, rich people and the markets would love their budget. I wonder if they asked anyone before they went ahead with Britannia Unchained economics.

 

Still nobody has seen Truss and Kwarteng was only spotted because he used the front door coming out of the Treasury. He soon vanished back into the building.

[tobyjugg2]

This ones already been passed as OK by OFcom, So we can all hope a

“vent opens up in the ground and clawed hands drag [Johnson] screaming into hell”

 

Seems reasonable that Ofcom would declare adding Truss and Kwasi in those brackets is fine too given the Johnson adjudication?

Edited September 28, 2022 by tobyjugg2

[tobyjugg2]

11 hours ago, honeybee13 said:

And here's the Washington Post.

 

"Britain has replaced Italy as Europe’s problem economy. Having left the EU, the new Conservative government led by Prime Minister Liz Truss faces almost no constraints. She was expected to be bold. She is turning out to be bonkers."

 

https://www.washingtonpost.com/opinions/2022/09/26/britain-europe-weak-economy/

 

 

I dont think anyone could have reasonably thought Truss was a good choice for Britain, even those who thought johnson would be despite his record.

So something else is at play.

Trashing a nation to make some money is bragging rights, not shameful in some eyes.

Edited September 28, 2022 by tobyjugg2

[tobyjugg2]

Lets just put this in a simplified perspective.

 

Mad Mary and KamiKwazi have just FURTHER trashed the UK economy to put an extra £200B on the taxpayers credit card to give most of it to

* Guarantee obscene profits of Energy companies and their mostly foreign shareholders and investors (Over 100 billion pounds)

* Give £1B (one billion GB pounds) in tax breaks to the richest 2,500 people alone

* Give a big wodge (tens of thousands of pounds each) of tax break money to each of the rest of the richest 1% in Britain.

 

 

The excuse was to boost the economy. What it has actually done has pretty much doubled the cost of the debt we have and are increasing, and utterly trashed the tattered remnants of our nations fiscal credibility along with ANOTHER huge boot in the nuts of our nations economy

 

- Rather than have a windfall tax on foreign profiting energy companies - who happen to be (allegedly) Tory doners.

While other tory donors and members/MPs allegedly have made millions shorting the pound expecting this crash after (allegedly) being briefed.

 

 

 

 

[tobyjugg2]

What to expect now

 

Doubling down on trying to force more austerity, service reduction and benefits cuts made essential by giving the rich and  energy companies wodges of UK taxpayer money they have just announced

 

then they may 'withdraw the couple billion quid to the rich (probably along with the top 1% couple of billion as a scapegoat while leaving the 100 billion plus for the energy companies

- while effectively threatening to withdraw it all - including the support for the poorer

 

Then Truss will sack kwasi

 

Then a no-confidence vote and/or a general election - although the ERG will NOT want that until they have squeezed every penny they can, re-established fracking and created law-immune tax haven ports

 

Edited September 28, 2022 by tobyjugg2

[honeybee13]

Finally, a major paper mentions the 'B' word. Robert Shrimsley in the FT.

 

archive.ph

ARCHIVE.PH

 

[honeybee13]

PM tries to reassure global markets by appearing on local radio. Here are the times for this morning.

 

0800 LEEDS

0808 NORFOLK

0815 KENT

0822 LANCASHIRE

0830 NOTTINGHAM

0838 TEES

0845 BRISTOL

0852 STOKE

[honeybee13]

Did anyone listen to any of the interviews? One journo said you might as well have recorded the first answer to Radio Leeds in the first interview and replayed that. I did manage to hear the Radio Kent one and the the lady tried hard to get answers, even cutting across the PM to try and stop her waffling. Truss was robotic IMO.

 

I doubt if it's made any difference at all, especially with the markets.

[honeybee13]

Someone on Twitter had a good suggestion, although co-ordinating the questions and sequence might not be easy.

 

They could have run it like one long interview, with presenters asking a series of questions so that Truss couldn't keep repeating the bits about help with fuel bills, etc.

[honeybee13]

Liz Truss wrong to claim ‘no household’ will pay more than £2,500 on energy bills - Full Fact

FULLFACT.ORG

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During an interview on CNN the Prime Minister claimed ‘nobody’ would have to pay more than £2,500 in energy bills. Per the government’s own figures...

 

[honeybee13]

Having heard clips of the interviews with local radio presenters, I think asking the same question more than once worked and the guys did a great job. You can hear the cogs whirring after some of their questions while the PM tries to find something to say which isn't normally an answer to the question asked.

 

There's a compilation of all the interviews.

 

Newscast - The Liz Truss BBC Local Radio Interviews - BBC Sounds

WWW.BBC.CO.UK

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The full set of interviews with the Prime Minister on BBC Local Radio