Rip pound sterling

[sonyc 5,492]

13 minutes ago, Indy said:

It’s appalling isn’t, not to mention added stress on people not only rising bills but their life’s pensions out of control losing thousands every day! Millions from us will not be able to retire because of this inane government nobody voted for! It’s borderline criminal what the chancellor is doing! Aided by No Trusst!

Yep, our life investnents have been hit badly. This last months especially due to the world situation but the biggest decline has been in the last two weeks. Directly to do with Truss and Kwarteng.

It's everyone affected this time not just the poorest. Incredible to think that uncapping bankers' bonuses is a good thing at this time.

I wonder whether the British public will actually revolt this time? There are certainly lots of signs of unrest about.

[Indy 3,284]

3 minutes ago, sonyc said:

Yep, our life investnents have been hit badly. This last months especially due to the world situation but the biggest decline has been in the last two weeks. Directly to do with Truss and Kwarteng.

It's everyone affected this time not just the poorest. Incredible to think that uncapping bankers' bonuses is a good thing at this time.

I wonder whether the British public will actually revolt this time? There are certainly lots of signs of unrest about.

I’m not one for protesting but I’d turn out to protest for a general election, this lot are killing the country and taking no responsibility or advice from the Bank of England, just plough along ala Bumbling Boris style!

[horsefly 4,287]

12 f'ing years of austerity for what? Many of the poorest in the country suffered dreadfully through those years and all we have to show for their suffering is an abysmal state of decline that is now swallowing the hopes and futures of those who were once considered comfortably off. This bunch of Tory fraudsters would find themselves in the dock if they ran a private company with such reckless disregard.

[horsefly 4,287]

2 hours ago, sonyc said:

Sturgeon used the word "detest". That's about right.

Indeed! Very justified when a Tory councillor in an impoverished area with cabinet responsibility for "healthy lives" can say this: https://www.msn.com/en-gb/news/uknews/calls-for-tory-councillor-who-claimed-people-aren-t-starving-in-the-streets-to-resign/ar-AA12P7Y9?ocid=msedgntp&cvid=4c33da4a95b042f99e3efc3a14de4306

Brexit was the nail in the coffin of traditional one-nation Toryism. It did not have to be that way, but Johnson decided to shore up his control of the party by expelling anyone who dared utter a word of dissent against his hard-line "oven-ready deal".  Ukippers saw this as an opportunity to flood into local Tory Party constituencies and take control. The result is plain to see in the selection of far-right MPs newly elected in 2019 and, of course, in the election of Truss herself as leader. The current lot are UKIP in everything but name, simply masquerading as the traditional Conservative Party. A toxic and contradictory combination of rampant free-market dogma and cultural insularity and bigotry. I'm beginning to wonder whether we might see a realignment of right-wing politics reminiscent of the sort of thing that happened on the left in the early eighties onwards. It must be becoming tempting for more traditional one-nation Tories to think that the time has come to disown this current mob and reform as a moderate right-of-centre party. Either that, or they will hope that the ten years they are likely to spend out of power after decimation at the next general election, will offer them the opportunity to pull the Tory Party back towards the saner moral centre.

[sonyc 5,492]

9 hours ago, Well b back said:

Truss opened her mouth so now at 1.10. Didn’t realise it was the IMF and World Bank AGM today. The Bank of England being called to account tonight. Worrying times, but hey hoe I am sure he can just blame the rest of the world ala Truss.

It's a very significant day for the UK economy.

We will hear from the chancellor in Parliament and this evening from Bank of England governor Andrew Bailey who is here in Washington DC at the International Monetary Fund (IMF) and World Bank annual meetings.

There are many questions arising internationally about British economic policy, especially after the Bank of England's second intervention in 24 hours and the third since the so-called mini-budget on 23 September.

The fundamental issue remains the same: markets are questioning whether the government can come up with a solution to its challenges that both adds up and is politically viable.

While the UK shares challenges common to other nations such as the energy shock and rising interest rates - which the IMF will detail in new forecasts due out this afternoon - a separate report by Institute for Fiscal Studies makes for sobering reading for Britain's chancellor.

It forecasts sluggish growth for five years, the highest interest rate bill for the government since 1950 and the third highest government borrowing since World War Two.

And the solution, if the government is to keep to its plan to slash taxes, will be £60bn of spending cuts. That all has to be worked out in less than three weeks by Halloween, when Kwasi Kwarteng announces his economic plan.

The Bank of England's intervened to smooth things over but it is not a solution.

This hasn't finished. Story on Newsnight now. 

It could mean the end for Truss (and Kwarteng). As well as UK pensions.

Disaster.

"Only 3 days left"

 

 

[Well b back 3,190]

15 minutes ago, sonyc said:

This hasn't finished. Story on Newsnight now. 

It could mean the end for Truss (and Kwarteng). As well as UK pensions.

Disaster.

"Only 3 days left"

 

 

Yes I see they are pulling support on Friday, worrying times. This morning Coffey told the U.K. your pensions are safe.

I do wonder though if the BOE are trying to reverse the government’s hand and if it does not will bail them out, only time will tell. Most dangerous are those saying all is well, it’s a world thing, everything has recovered it’s the war etc, it’s not it’s the government.

[horsefly 4,287]

https://www.msn.com/en-gb/news/uknews/kwasi-kwarteng-held-undisclosed-meetings-with-saudi-oil-firms/ar-AA12PlgV?ocid=msedgntp&cvid=b243b4181a3048a18e9d3008987c07b5

Kwasi Kwarteng held undisclosed meetings with Saudi oil firms

Chancellor Kwasi Kwarteng held undisclosed meetings with senior figures from Saudi Arabia’s oil firms when he was business secretary, it has emerged.

Kami-Kwasi seems very fond of meeting with the money men who take pleasure in ripping off the UK public.

[keelansgrandad 6,679]

Is Bailey's 3 day warning a sign that interest rates are set to rise again?

[Well b back 3,190]

Hold onto your hats, tomorrow could be a bad day. Apparently Mogg is about to say on Peston it doesn’t matter what the OBR say, there are plenty of others that we can use that disagree with them, OMG.

WTF are they doing, there has to be a confidence vote and any Tory MP that votes yes needs to be held responsible for their actions. I seem to remember a couple of posters on here bragging they were 1 of the 160,000 and were voting for Truss. As Delia would say ‘ Come On Let’s Be Avin You ‘. Come out of hiding.

[Erraticus 55]

Bump

Sorry to report disappointing news to you good ole boys on here but today :

Sterling to USD : 1.24

Sterling to Euro : 1.16

Of course, there will be lots more bumps, up and down, in the road ahead

 

 

 

 

[Herman 9,717]

17 minutes ago, Erraticus said:

Bump

Sorry to report disappointing news to you good ole boys on here but today :

Sterling to USD : 1.24

Sterling to Euro : 1.16

Of course, there will be lots more bumps, up and down, in the road ahead

 

 

 

 

Haven't those figures been like that for a while? 

[horsefly 4,287]

1 hour ago, Erraticus said:

Bump

Sorry to report disappointing news to you good ole boys on here but today :

Sterling to USD : 1.24

Sterling to Euro : 1.16

Of course, there will be lots more bumps, up and down, in the road ahead

 

 

 

 

And to think people still claim there is a cost of living crisis! Bloody fools, turn on all your heaters open the windows, and loudly sing, "Sterling to USD is $1.24!!! Hurrah!!!!"

[Herman 9,717]

3 hours ago, horsefly said:

And to think people still claim there is a cost of living crisis! Bloody fools, turn on all your heaters open the windows, and loudly sing, "Sterling to USD is $1.24!!! Hurrah!!!!"

What point was he trying to prove?

[Well b back 3,190]

28 minutes ago, Herman said:

What point was he trying to prove?

Not sure, the pound was £1.35 to the dollar when Truss came to power and since then of course interest rates have climbed and climbed.

I would suggest a bit of Trumpism therefore ie because it has regained some of its losses, he has pretended it has fully recovered. I assume he is trying to back Sunak, but a bit of a miss fire really as he has actually accused Sunak of lying by saying it will take a long time to get back all the losses.

[littleyellowbirdie 2,513]

48 minutes ago, Herman said:

What point was he trying to prove?

Maybe that the thread title looks a bit ridiculous when measured against the reality? Sterling has suffered, but it's not doing anywhere near as badly as hoped... Errr feared, I mean.

[Herman 9,717]

10 minutes ago, littleyellowbirdie said:

Maybe that the thread title looks a bit ridiculous when measured against the reality? Sterling has suffered, but it's not doing anywhere near as badly as hoped... Errr feared, I mean.

Ah, I get you. He really showed people up with that post.