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

[tobyjugg2]

fear not, at least the uncapped bankers bonuses is paying off .... with the repossession bonuses paying up next (Maseratis and bolli at the new EU villas all round for Christmas)

 

"While British households head into a winter of soaring energy costs, a tumbling currency and nearly double-digit inflation, the country's banks are in line for a handsome payday as mortgage prices spike after a decade of stagnation."

 

 

Analysis: British banks' mortgage payday comes with sting in the tail

WWW.REUTERS.COM

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While British households head into a winter of soaring energy costs, a tumbling currency and nearly double-digit inflation, the country's banks are...

 

 

and no signs of it shifting

 

UK gilts slump as government fails to woo investors

WWW.REUTERS.COM

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British government bond prices tumbled on Monday in a sign that investors are yet to be convinced by Finance Minister Kwasi Kwarteng's drive to...

 

 

 

[tobyjugg2]

but as KamiKharzi heads off to explain his Improbable Money Farce in washington

 

EU watchdog trying to understand UK bond market moves

WWW.REUTERS.COM

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The European Union's securities watchdog has asked Britain about recent extreme moves in UK government bond yields and is monitoring for...

 

Edited October 10, 2022 by tobyjugg2

[tobyjugg2]

There may be trouble ahead
But while there's music and moonlight (moonlight and music) and love and romance
Let's face the music and dance
Before the fiddlers have fled,
Before they ask us to pay the bill, and while we still have that chance
Let's face the music and dance
Soon, we'll be without the moon, humming a different tune - and then...
There may be teardrops to shed
So (But) while there's music and moonlight (moonlight and music) and love and romance
(Let's face the music and dance, dance)
(Let's face the music - let's here that music)
Let's face the music and dance

 

 

 

 

 

Edited October 10, 2022 by tobyjugg2

[tobyjugg2]

They seem to be forgetting to document a lot of things? Perhaps they intend to use dementia as an excuse as the incompetence/didn't know line is getting a bit worn ..

otherwise heads should be rolling (sic) for these ongoing failures of process

 

 

and

 

"“The beginning of this week has seen a further significant repricing of UK government debt, particularly index-linked gilts,” it said. “Dysfunction in this market, and the prospect of self-reinforcing ‘fire sale’ dynamics pose a material risk to UK financial stability.”

 

It comes as the Institute of Fiscal Studies (IFS) warned that the government would have to make £60bn of spending cuts to balance the books by 2026-27.

 

If Liz Truss and her chancellor Kwasi Kwarteng do not abandon their tax cut giveaways, they will have to make “painful” public sector cuts of 15 per cent to get debt under control, the IFS found."

 

so expect any 'poor people' tax benefits to be withdrawn next as they were only a smoke screen anyway, alongside cuts to care, NHS and school support ... in line with populist 'starve poor schoolkids as a piece of chalk and a slate is enough for them' policy

 

 

Bank of England forced to boost bond-buying scheme amid market turmoil

WWW.INDEPENDENT.CO.UK

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‘Material risk to UK financial stability’, warns central bank

 

[tobyjugg2]

Base interest rate up to 3% at next sitting - at best

[tobyjugg2]

"the Office for National Statistics has within the past hour published growth figures. Britain’s economy fell by 0.3 per cent between July and August, down from downwardly revised growth of 0.1 per cent the previous month, the ONS said.

Experts had been expecting economic growth to flatline in August.

The latest data means the economy is on track to contract overall in the third quarter, with the ONS confirming there would need to be growth of more than 1 per cent in September to prevent a quarterly decline."

 

I see the anti-growth coalition of Truss and Kwasi is full steam ahead

 

Seems likely pension funds will be under further pressure come Monday with the risk of collapse still high.

 

 

It also seems that Truss and kwasi intend to 'windfall tax' the renewables industry far higher than they have the fossil fuel industry, and without any associated tax breaks for investment that they have given their fossil fuel doners.

- thereby actually applying their anti-growth policies to the one industry that has the potential to drive exponential local UK growth

Edited October 12, 2022 by tobyjugg2

[tobyjugg2]

I'm sure the already mentioned Brexiters will make another million or 2 shorting the pound and betting against UK gilts and driving the accelerating downwards spiral ... and cost the BoE more 10's of billions for the Brexiters couple million profits each

... yet again.

 

Truss and Kwasis policies have cost the UK tens of billions already - just to prevent the collapse of of what were stable pension funds.

add to that the spiral of increased interest payments(inc mortgages) and falling prices (inc house prices) = negative equity to add to the mix

 

All the stats are 'indicating a largely complete collapse of the scale of the financial crisis + ERM debacle combined.

 

 

Edited October 12, 2022 by tobyjugg2

[tobyjugg2]

52 minutes ago, honeybee13 said:

It's mad, TJ, completely back to front about energy producers.

 

It may change with support for pension funds after the IMF meeting, or you hope it will because it isn't the fault of pension funds. If millions of people find that their income in retirement will be lower because of the current clowns, I think there could be civil unrest at best, riots at worst.

 

Andrew Bailey could be part of the problem because he seems to be in denial over the effect of Brexit on the country's prosperity.

 

Are they 'in denial' and 'simply didn't realise/incompetent?

 

Their doners and lunch buddies seem to be well on top of making wodges of money from the UKs collapse at taxpayer expense

 

 

I have no doubts whatsover they will claim 'how could anyone have known' it was a party for a few and not a simple business meeting with drinks and cake and singing - again and again

'What headlines declaring it? There were none in the Express

 

'I dont recognise that claim about what the IMF and OBR and all those others said

Edited October 12, 2022 by tobyjugg2

[tobyjugg2]

All the credit agencies and major monetary bodies is what the BBC and most others are referring

 

The hole in his bottom is what smugg the dickensian tosspot is referring

.. and even the more sensible half of that is at odds with the inferior rest of the right horrible member from tosspottington

Edited October 12, 2022 by tobyjugg2

[tobyjugg2]

8 hours ago, honeybee13 said:

It's mad, TJ, completely back to front about energy producers.

 

It may change with support for pension funds after the IMF meeting, or you hope it will because it isn't the fault of pension funds. If millions of people find that their income in retirement will be lower because of the current clowns, I think there could be civil unrest at best, riots at worst.

 

Andrew Bailey could be part of the problem because he seems to be in denial over the effect of Brexit on the country's prosperity.

 

Consider that the BoE is not there to prop up bad political policy, and its approaching the point where they will be doing that (and shafting their actual responsibilities) rather than an emergency intervention to prevent pension fund collapse - all at taxpayer expense.

 

kwasikharzi and his pals have already been trying to lie/say its teh BoE who are causedthe problem, not the not budget budget, so the BoE is being shouldered into a no win situation.

 

we need these populist **** out.

Edited October 12, 2022 by tobyjugg2

[tobyjugg2]

2 hours ago, honeybee13 said:

One theory is that LT and KK are lining up the BoE governor to be thrown under the bus.

 

If Bailey somehow manages to escape, I guess it'll be KK. Truss isn't going to accept anything's her fault, obviously.

 

They might keep spouting that, but its unlikely anyone will believe it

.. unless the BBC just roll over and let thenm spout it unchallenged that is ....

 

1 hour ago, theoldrouge said:

Oh dear, we are not alone 

Along with German GDP forecast to fall by -3 to -4%, we also have

 

LOL

 

It like the difference between you losing a thousand quid and the Bundesbank losing a thousand quid.

Its the same amount - but boy is it a lot more for you

 

.. As our economy was already heavily trashed by Johnson and his Brexit (which wasn't the Brexit voted for) before Truss and KamiKharzi even started

 

Barely making a small ding in the German finances and even less in their trade isnt it? - and they have signed more good deals ... unlike our tosspots

- and a lot of the issues caused by reliance on Russian gas - which they are addressing - see the new cable supplying green energy from Egypt to the eu?

 

Financial reports not expecting UK to even start recovering until 2025/26 - and a new government under a different party

... whom they hope will be a party less prone to partying with their VIPals at taxpayer expense.

 

truss just guaranteed a massive further increase in UK borrowing at the higher rates and all on the UK taxpayer credit card hasn't she?

Mind you, she gonna be gone soon so she can say anything especially when all the actual deliver 

.. payment of debt, infrastructure of water companies - is all post 2025, and someone elses problem.

 

Shes loading up the debt and trashing our economy to leave the next government and the nation in as bad a situation as she can isnt she?

Edited October 12, 2022 by tobyjugg2

[tobyjugg2]

@theoldrouge

 

Care to explain to us why Germany, with its heavy reliance on Russian gas (as gloated over by Brexiteers) is doing so much better than the UK with its 'only 4% reliance on Russian gas (as gloated over by Brexiteers)?

 

.. let alone why there is any issue at all for the UK with all that 'UK resources' North sea oil and gas thats being drilled and sold?

Surely they aren't selling it to foreigners?

 

Especially if Truss wont windfall tax (other than a small amount that they will get back just doing what they were going to do anyway) these foreigner profits from UK resources?

 

 

Effectively that windfall tax is just 9% of even the small amount claimed for the fossil fuel energy companies

Edited October 12, 2022 by tobyjugg2

[tobyjugg2]

Read @ the 16 minute read link  if you recognise anything ..

 

 

Economics Nobel: why banks fail

Economists Ben Bernanke, Douglas Diamond and Philip Dybvig have been awarded the 2022 economics Nobel prize, formally known as The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. The three laureates’ research explains why banks exist in the form they do and why the banking system is inherently unstable. “The simplicity of their mathematical argument is a thing of beauty, and the work has important policy implications,” says economist Atif Mian.

Nature | 6 min read

[tobyjugg2]

Germanys economy is 50% bigger than the UKs

 

Dont forget that pwc report that smogg and brexiters love to reference is ancient history dumped alongside the beliefs that space aliens built the pyramids (although some still believe that too) since the economic numptyness of Johnson, let alone the economic suicide of Truss and Kwasi trashed our economy

 

- and their (pwc) statementS on the mini-budget were rather wide of the mark (if not intended as a sick joke) now weren't they@theoldrouge?

 

examples:

 

"The Chancellor’s main gamble is that his announcement will boost short-term growth and raise the trend growth rate to 2.5% per year. It will also address some of the short-term pains caused by rising inflation."

- like heck

 

"focused on accelerating future productivity growth in NI. This can be achieved through investment in a broad range of skills, and in particular, skills in the sectors we know are growing and can shape a stronger future for NI, such as green jobs"

- quite the opposite with the restrictions on farmers installing solar and hits to green investment

 

"Those looking for stability will be comforted by the fact that many of the tax changes will be permanent"

-err |NO

 

 

Actually THE Crappest assessments I've seen since Johnson and Redwoods brexit claims

 

 

 

Mini budget - PwC Northern Ireland comment

WWW.PWC.CO.UK

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Cara Haffey and David Armstrong comment on today’s mini budget and what it mean for individuals and businesses in NI, and the wider NI...

 

 

Edited October 13, 2022 by tobyjugg2

[tobyjugg2]

as truss doubles down on borrowing

"cost of government borrowing soared again yesterday to a 20-year high."

[tobyjugg2]

well, when Tossus Pottus seems to be the 'voice of reason' you KNOW you're really in trouble

 

Liz Truss on collision course with Jacob Rees-Mogg over solar power ban | Solar power | The Guardian

WWW.THEGUARDIAN.COM

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PM wants to prevent panels on 58% of farmland but business secretary says renewables need to be boosted

 

 

Reality check: 'voice of reason' in only one aspect of even that

- but it shows just how utterly and totally wrong Truss is in  pretty much everything.

Edited October 13, 2022 by tobyjugg2

[tobyjugg2]

I think he wants both ..

and more north sea drilling

 

and peasants cycling driving dynamos ..

Hence my adding the reality check at the bottom

Edited October 13, 2022 by tobyjugg2

[tobyjugg2]

According to Moneyfacts, a financial data provider, the average new two-year fixed rate rose from 4.75 per cent to 6 per cent last week for the first time since the 2008 financial crisis.

 

- that was days ago - 

its closer to 7% now

 

 

2 hours ago, theoldrouge said:

It’s all Baileys fault I’m afraid 

 

Nowt to do with Liz

 

Thats the mails 'opinion' supported by selected pics and very carefully selected stats - which paint an entirely wrong picture

- although a handful of Truss' supporters and even the express might agree for a day or two until the Express starts whinging about 'financial and housing collapse'

- no one else does

 

In fact ALL the financial giants VERY strongly agree that its Truss and Kharzis fault.

Just read the IMF's statements - says it all - Trusss' unfunded borrowing to further enrich the rich, and (more telling for them) further impoverish the poor who will need to pay the interest on the borrowing for the next 2 decades

 

 

On the point of the BoE not raising interest rates sooner - if they had they would have unnecessarily (at the time) created a mortgage crisis problem but wouldn't have significantly changed the run on gilts and the pounds created by the anti-growth coalition of truss and kwasi with their mini-budget -  compounded by Brexiteer traders shorting the UK's finances. It might well have made it worse in advance rather than demonstrably as a stabilizing action with little choice left.

 

Truss/Kwasis mini budget left them no choices really to prevent an IMMEDIATE pension funds collapse.

A higher interest rate rise earlier WOULD have trashed the mortgages of thousands upon thousands of people - and would (in that case) have been the BoE's fault as it was not the necessary, although it might have been desirable for some (anti-growth) scenarios that want peoples houses repossessed and less expendable money in the rest of the UK markets

 

 

I'm sure you haven't read this let alone understood it @theoldrouge but it is quite basic stuff, quite simply explained by the IMF, IFS and major financial institutions.

Edited October 13, 2022 by tobyjugg2

[tobyjugg2]

anyway @theoldrouge, I thought the mail reported the mini-budget financial crisis was the fault of the queen dying?

 

"It's not MY fault the mini-budget was such a shambles, it's because of the Queen's FUNERAL, Chancellor Kwasi Kwarteng claims"

 

It's not MY fault the mini-budget was a shambles, it's because of the Queen's FUNERAL, Kwarteng says | Daily Mail Online

WWW.DAILYMAIL.CO.UK

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The Government was plunged into crisis in the wake of his plan being announced in the Commons, as the pound plunged to historic lows and...

 

 

[tobyjugg2]

and forget pension fund collapse - they warned of really DIRE consequences

Fish and chips could soar ABOVE £20 after mini-budget

Fish and chips could soar ABOVE £20 after Chancellor's lack of support in mini-budget | Daily Mail Online

WWW.DAILYMAIL.CO.UK

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Steven Dhillon, whose family owns the award-winning Fisherman's Bay chippie in Whitley Bay, said today's measures would do nothing to help his...

 

 

[tobyjugg2]

As the IFS report hits the street, and isnt looking good, Truss does another twirl ...

.. and it will still be nowhere near enough

If she reversed it all .. it wouldn't be enough (ifs)

 

She's clearly just trying to boot the issues into the long grass

 

 

Edited October 13, 2022 by tobyjugg2

[tobyjugg2]

Amusing even if many consider kwasi is considered by some to be the less radical one - and that Truss was driving the s***y end of this stick?

.. He's clearly the brains having perhaps two working cells

 

 

 

and in response to the latest (potential) U turn - a good point:

 

"Bbbbut….between that and the windfall tax (sorry, cost-plus revenue limit) what will happen to investment? I mean she’s been saying for months that without her tax cuts there’d be no inward investment. Was she fibbing then?"

 

 

[tobyjugg2]

Quote of the day

 

Dr John@HonestDrJohn

 

Once Truss makes up her mind about something (the monarchy, Brexit, etc.) there’s no power on Earth that can make her stick to it.

 

Wonder what utter dross they are going to drop on us when shes gone?

- and how many more utter ******* ********* can they foist on us before a general election?

 

 

Roll on:

Blue Wall Falls: New poll shows Boris, Raab and IDS on track to lose seats

METRO.CO.UK

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The polling suggests Labour has stormed ahead to claim 41% of the nation's intended vote share, up 20% since 2019.

 

 

Edited October 13, 2022 by tobyjugg2

[tobyjugg2]

I think anyone with an ounce of decency should sign this petition to simply feed hungry school kids supported by MP's from all parties - even if actively opposed by the 'government'

 

Top politicians from all parties have backed The Independent’s Feed the Future campaign to extend free school meals to all children in poverty and end the hunger crisis they face.

 

Lets actually feed our future and try and to undo (IMO) the most obnoxious, poisonous and frankly evil legacy of the populist regime who care more about uncapping bankers bonuses

(bankers who will use that money to profit from trashing our future by betting against our economy)

 

To make change happen, please sign the petition by clicking here

 

 

‘Liz Truss must act’: Politicians back our call to expand free school meals

WWW.INDEPENDENT.CO.UK

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Feed the Future: Figures from across Westminster say the case for widening support is clear and urgent

 

“There is simply no justification for lifting the cap on bankers’ bonuses – especially when nurses and teaching assistants are having to use food banks to get by.”

 

Bankers bonuses have more than doubled (risen by almost 3 times the average wage) since they caused the financial collapse with their criminality. I say leave the cap and ADD a tax on all financial market bonuses to fund feeding children.

Edited October 14, 2022 by tobyjugg2

[tobyjugg2]

1 hour ago, honeybee13 said:

According to the Times, senior Tories are talking about replacing Truss and KK with Sunak and Mordaunt, again without a public vote. Is it time for a general election?

 

 

Or are they just trying to give the entire party the benefits given an ex PM - plus a all seat in the lords at all the pink ennobheadnoblements as each 'PM' gets sacked each month? plus the #benefits' for 300 new populist Lords ...

 

The benefits given an ex UK PM should be dependent on serving at least 4 years IMO as should their leaving ennoblement scam