Reports are Tory MPs are working with Labour to defeat elements of the budget at a vote. Those Tory MPs are smart, they are trying to save their jobs at the next election. Usually when budgets get defeated by your own government the next step is for the PM to resign, can't see that happening here.
Pound tanking
- Thread starter bollieboy
- Start date
R
rockontommy
Guest
You only have to Google any country in the world - North or South American even - followed by the word inflation and you'll see instantly that this is a global phenomenon.
You've said I see everything through the prism of Covid (some truth in that as it still bugs me immensely) but there are so many posters like yourself that are pathologically anti-Tory. Keep saying mini budget over and over doesn't make everything else go away. I've asked some perfectly plain questions not related to Covid in the last few posts which have been blanked.
The last few years have thrown up a weird kind of nationalism imo. Where viruses are meant to respect national boundaries and global markets are apparently sent off kilter by a £2bn tax cut in a single country. If we all just wish it to be so. It's for the birds. You'd think no country had ever been to war before
Anyway, it's a lovely day so I'll wish you a good one, Mex. Might log in later after a bevvie for some more board game analogies
Again the path to this mayhem leads back to Brexit, odious fat bastard Odey being one of the people financially backing the campaign in a big way and then reaping the rewards of the disastrous results afterwards.
If this was happening in football or cricket would it be seen as match fixing!?
Walthamstow_Seasider
Well-known member
I heard about a sizable Tory rebellion on the budget on a podcast last week, Gove signalling he won't support it and most MPs supporting Sunak's candidacy and economic plan then her problems are, potentially, only just beginning.
The chair of Tory party said on Sky just now that anyone who voted against the budget would lose the whip (although that's not his decision to make). They are drawing the battlelines. This makes it incredibly interesting, are the Tories about to go to war with each other or will one side back down?
1966_and_all_that
Well-known member
We'll find out over the next few days.
Walthamstow_Seasider
Well-known member
It's starting
Nadine Dorries accuses Liz Truss of ‘throwing Kwasi Kwarteng under bus’ over tax cuts
Prime minister provokes fresh row at start of Tory conference
www.independent.co.uk
JJpool
Well-known member
Its certainly a big factor, on a global scale it's been ridiculous. You can't shut down economies and print money like has been done and is still being done with no consequences. Key countries to global supply chains like China still engaging in mad lockdowns is only adding to the issues.
The other factors like the war etc only make it even worse.
ND will be trying to get a Bojo comeback started .It's starting
Nadine Dorries accuses Liz Truss of ‘throwing Kwasi Kwarteng under bus’ over tax cuts
Prime minister provokes fresh row at start of Tory conference
Tangerinemoss
Well-known member
There is a large element of truth in that. Imagine a scenario where the Chancellor was able to go to the House, complete with OBR forecast, and speak about his plans for growth. Might have been a blip, but the markets would have given him space. They were spooked because a major tax giveaway was announced without any forecast, and without any details of how this “growth” was to be achieved, apart from relying on a few very rich people to increase staffing and investment. Fantasy is probably too kind
Rees Moggs business partner, who isn't an MP to be given a job in the Government!! These people are shameless, given the nature of his business how can this be right.
Anybody who gives a moments thought to anything knows Rees Mogg is an MP for the inside knowledge and power it gives him, he isn't interested in making our lives better, now they are giving his mate a job aswell. These people need to go!!!
Anybody who gives a moments thought to anything knows Rees Mogg is an MP for the inside knowledge and power it gives him, he isn't interested in making our lives better, now they are giving his mate a job aswell. These people need to go!!!
Now you've got me longing for the 70s, the decade that style forgot, Harold was an icon of good taste in his classic raincoat! As for Mary and the cleaning job it was much preferable to Rees Mogg and the inside jobSo what Harold Wilson was sponsored by Gannex and St. Bruno and got his wife Mary a job at No.10 as a cleaner.
tangysider
Well-known member
Wonder if George Sorros or his cronies had anything to do with the pound crashing as they did on the ERM, when they boasted of the millions they made. It seems strange it bounced back so strongly.
Bloodtangerine
Well-known member
Yep…. Easy money
ElBurroSinNombre
Well-known member
Kwartangs old boss;
Crispin Odey’s hedge fund gains surge by 193pc
Tory donor declares government bonds were ‘the gift that keeps on giving’ after prices plunged
www.telegraph.co.uk
Crispin Odey’s profits jump 25% after sterling bets
The hedge-fund manager who employed Kwasi Kwarteng before he entered politics has reaped huge returns amid the market turmoil caused by the chancellor’s mini-budget
www.thetimes.co.uk
He had dinner with Kwartang and Truss (along with other hedge fund managers) a few days before the budget was announced. Reportedly he has also made money out of the pound strengthening in recent days.
It stinks
TwelveAngryMen
Well-known member
Not my area of expertise however I think I'm right in saying that the rules against insider trading don't apply to currencies as they fall outside the definition of securitiesKwartangs old boss;
Crispin Odey’s hedge fund gains surge by 193pc
Tory donor declares government bonds were ‘the gift that keeps on giving’ after prices plunged
Crispin Odey’s profits jump 25% after sterling bets
The hedge-fund manager who employed Kwasi Kwarteng before he entered politics has reaped huge returns amid the market turmoil caused by the chancellor’s mini-budget
He had dinner with Kwartang and Truss (along with other hedge fund managers) a few days before the budget was announced. Reportedly he has also made money out of the pound strengthening in recent days.
It stinks
tangysider
Well-known member
Something needs to be done to stop the greedy manipulating any market. Not sure if this is party political or just greed as they have helped take down 2 Tory governments by their actions, Major and soon Truss.Kwartangs old boss;
Crispin Odey’s hedge fund gains surge by 193pc
Tory donor declares government bonds were ‘the gift that keeps on giving’ after prices plunged
Crispin Odey’s profits jump 25% after sterling bets
The hedge-fund manager who employed Kwasi Kwarteng before he entered politics has reaped huge returns amid the market turmoil caused by the chancellor’s mini-budget
He had dinner with Kwartang and Truss (along with other hedge fund managers) a few days before the budget was announced. Reportedly he has also made money out of the pound strengthening in recent days.
It stinks
ElBurroSinNombre
Well-known member
See below.
They are doing this in front of our eyes;
They are doing this in front of our eyes;
Chunkylad
Well-known member
sat with Rory Stewart on the plane over to Morocco all suited and booted and sniffing out oudles of wonga in return for his connection into Government (almost got leader but now time to cash in).
They’re certainly adept at doing so, Blair has done well since he left but Cameron leads the way by a distance. Liz certainly knows the game.
They’re certainly adept at doing so, Blair has done well since he left but Cameron leads the way by a distance. Liz certainly knows the game.
ElBurroSinNombre
Well-known member
More carnage today - BoE trying to stabilise things;
If this carries on I can foresee a scenario where Conservative MPs force a vote of no confidence. Some of them will put country first (for instance Jonny Mercer first to put his head above the parapet, Gove always ready to stick the boot in, Shapps put himself forward as potential caretaker PM yesterday). Markets have no confidence in the chancellor, this will carry on while they follow this disastrous course. Get Sunak back in the Treasury asap if we have to have a Conservative government.
Bank of England in fresh emergency move to calm markets
The Bank of England warns of a "material risk" to financial stability as it buys more government bonds.
www.bbc.co.uk
If this carries on I can foresee a scenario where Conservative MPs force a vote of no confidence. Some of them will put country first (for instance Jonny Mercer first to put his head above the parapet, Gove always ready to stick the boot in, Shapps put himself forward as potential caretaker PM yesterday). Markets have no confidence in the chancellor, this will carry on while they follow this disastrous course. Get Sunak back in the Treasury asap if we have to have a Conservative government.
ElBurroSinNombre
Well-known member
Still donkey you've always got brr whatever number he is now to feed you carrots.More carnage today - BoE trying to stabilise things;
Bank of England in fresh emergency move to calm markets
The Bank of England warns of a "material risk" to financial stability as it buys more government bonds.www.bbc.co.uk
If this carries on I can foresee a scenario where Conservative MPs force a vote of no confidence. Some of them will put country first (for instance Jonny Mercer first to put his head above the parapet, Gove always ready to stick the boot in, Shapps put himself forward as potential caretaker PM yesterday). Markets have no confidence in the chancellor, this will carry on while they follow this disastrous course. Get Sunak back in the Treasury asap if we have to have a Conservative government.
Massive cuts will sink this government. Never have they been more obviously and closely connected to one government's actions, one budget.
Wizaard
Well-known member
Massive losses and huge government debt, so the poorest and most vulnerable sections of society will have to pay for it.
In terms of whataboutery, I can say without fear of contradiction that this wouldn't have happened under Labour.
RUSTY_2_STANDS
Well-known member
Can you tell me the next Lottery numbers please.
Wizaard
Well-known member
How is that remotely relevant? Are you seriously thinking this lot were powerless to stop this, or they wont target the poorest? The collapse of the economy is solely down to the mini budget calamitously misreading the markets.
Recidivist3
Well-known member
Rusty is rarely relevant on the politics side of the board. Usually to be found sticking his yellow thumb up Jaffa’s equally irrelevant ‘arris
RUSTY_2_STANDS
Well-known member
Or perhaps you could give me some racing tips through your crystal ball. On second thoughts don't bother. You've got form for getting most things wrong
glasshalffull
Well-known member
Not looking great is it? Can’t help thinking they will have to back down again?
Maybe a U turn on some more of the tax cuts and also the potential windfall tax on the energy producers.
The sooner they can be persuaded to do this the better for all of us.
hampshire_exile
Well-known member
The 45 per cent reversal was small beer in the general financial scheme of things. The distraction the Government complained about was one they were happy with, as it took the focus off the cuts to corporate tax rates, and the cost of the energy bailout.
Until and unless the Government shows how it is going to fund the energy bailout for individuals and businesses, the markets will keep battering the pound, the gilt market, and anything else they can find…
The Government have 2 options, either say they will cut benefits or impose a windfall tax on firms benefitting from the oil price.
The option they would usually have of “trust us, we know what we are doing” left the room on the day of the mini budget…
Until and unless the Government shows how it is going to fund the energy bailout for individuals and businesses, the markets will keep battering the pound, the gilt market, and anything else they can find…
The Government have 2 options, either say they will cut benefits or impose a windfall tax on firms benefitting from the oil price.
The option they would usually have of “trust us, we know what we are doing” left the room on the day of the mini budget…
Wizaard
Well-known member
Go on then. Justify the strategy behind the Government's budget.Or perhaps you could give me some racing tips through your crystal ball. On second thoughts don't bother. You've got form for getting most things wrong
Cuthbert
Well-known member
A cut in the future corporation tax is wiped out by the huge problems it’s creating, not least instability and complete loss of confidence. Inept. I put it down to the personal greed that underpins the philosophy of it’s proponents.
Cuthbert
Well-known member
Any MP must put country above party. The mini budget is grossly irresponsible.More carnage today - BoE trying to stabilise things;
Bank of England in fresh emergency move to calm markets
The Bank of England warns of a "material risk" to financial stability as it buys more government bonds.www.bbc.co.uk
If this carries on I can foresee a scenario where Conservative MPs force a vote of no confidence. Some of them will put country first (for instance Jonny Mercer first to put his head above the parapet, Gove always ready to stick the boot in, Shapps put himself forward as potential caretaker PM yesterday). Markets have no confidence in the chancellor, this will carry on while they follow this disastrous course. Get Sunak back in the Treasury asap if we have to have a Conservative government.
glasshalffull
Well-known member
I agree wholeheartedly. I think only the Tory MP’s can get us out of this mess. They are in so many factions though it may be beyond them to sort it.
Quite a dangerous situation now I think.
bollieboy
Well-known member
Truss is fucked. She can't reassure the markets unless she shows a route to stop borrowing running out of control. Her plan to do this through massive spending cuts will not get through parliament which leaves her having to reverse the majority of the promised tax cuts and/or introducing windfall taxes on energy companies. What little credibility she had left will be shredded and basically she will be a lame duck PM.
R
rockontommy
Guest
Canada
R
rockontommy
Guest
RUSTY_2_STANDS
Well-known member
I
I couldn't give a toss about Government strategy. And neither could I give a toss who's in power, Labour or Conservative.
It won't make any difference, they're all lying, self serving pigs with their snouts in the same trough.
But if you believe it does make a difference then fair enough that's your opinion.
Carry on ranting and getting your knickers in a twist if you wish. I'll just carry on laughing and not caring.
Walthamstow_Seasider
Well-known member
Typical Tory
R
rockontommy
Guest
Bollock brain, Andrew Bailey at it again. Allowed the obscene QE to kick of this mess, slow with rate rises and now setting pretend and unrealistic deadlines causing issues left, right and centre. It's hard enough with this govt as it is without this clown...
Wizaard
Well-known member
So it's the fault of the BoE now. OK.
BigHandsOliverKahn
Well-known member
There will still be people on this board who think British democracy isn't corrupt.
Anyway, if the pound crashes, maybe we will be able to re-join the EU and benefit from using the Euro. Scotland might want to stay too.
R
rockontommy
Guest
You've read what you want to read Wiz. I've very clearly said that having an inept govt and governor of BoE is not helpful. You accept soaring inflation and rates are a global issue, I hope? If you're pinning 2007 on "the bankers" (not Labour) but this one on "the Tories" (not central banks), it's pointless having an exchange.
RUSTY_2_STANDS
Well-known member
I've voted Labour far more times than I've voted Tory. So you're wrong. I'm not a Tory. Have you been following the lead of your mate WizarrdTypical Tory
as he always gets things wrong as well.
I've just had enough of politics and arsehole politicians, to the point I just don't care anymore. But it amuses me to see all the anger on here. It's no good for you guys. Chill out and ignore it.
ElBurroSinNombre
Well-known member
I think that many will find it difficult to 'chill out and ignore it' when their pensions and / or their homes are at a material risk as they are at this moment. Or when they struggle to have enough money to eat or heat their homes as many do at the moment.
I'm glad that you find it so amusing, although the 'I'm alright Jack' attitude does make you seem rather callous.
Politicians are not all the same. I am in my 50's and have never, in my adult life, seen a financial crisis that has been directly caused by a government incompetence as this one has been.
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AndrewDuncanSmith
Well-known member
The country will talk its way into a recession.
Walthamstow_Seasider
Well-known member
It is staggering that anyone of any political persuasion can admit to "laughing and not caring" about those who are angry and worried about paying for the roof over their heads or energy and food bills this winter, or first time buyers that have been priced out of the market overnight.