I think you might be right. My mistake. I remember 2.8 to the pound.No, 2.80 from 1949, Wilson`s devaluation to 2.40 in 1967. - The pound in in your pocket....
Some commentators are saying there may well have to be an emergency rate rise next week to shore up Sterling. House price crash here we come.
does anyone else think that Truss could be a lib dem secret agent with a mission to permanently destroy the Tory party?
Is it awful? Looks like it to me. Is it uniquely, unprecedentedly awful?
The sheer detachment from reality is mind boggling.
A Chancellor who laughed at the Queen's funeral and couldn't even observe the two-minute silence. Then crashed the pound. Yet in Daily Mail land it's an alternate reality...
yeah, sing it loud baby!The dog dragged me into the local when walking past, what was I supposed to do?! Packed in there, as it is every night. Lots of Americans eating great food and drinking plenty, spending like sailors in a port and who can blame them. The landlord looked pretty happy.
The “good things in today’s maxi-budget”
https://twitter.com/torstenbell/status/1573339153831526400?s=46&t=dy7YLIzK8fNbXXHj_gZdrw
Obviously I’m not defending the budget but it’s possible it’s awfulness is overstated. Is it awful? Looks like it to me. Is it uniquely, unprecedentedly awful? No. It’s a different type of Tory awfulness, that’s all. It includes some things to offset the awfulness, just like previous iterations did. They’re not getting much attention because the pundits are fixating on the loss of their preferred awfulness, but they may be enough to keep the Tory show on the road.
Wow, what an offer!Apologies owed to Ponty- it is a real Tory budget right enough! ( at least according to the Tories’ bible). Re the bizarre behaviour of Kwarteng and come to think of it Johnson, Mogg, Mad Nad and the others- has anyone checked to make sure the FSB haven’t been pumping old stockpiles of KGB anaesthetic gas into the their offices?
That DM free offer is a bit of a swizz btw- the tacky cash-in, souvenir coin collection is only for new subscriptions. They’ll all be trying to pawn them in six months.
Lots of people making out like bandits from Truss’ tax cuts will also have made out like bandits from shorting the pound. There are always opportunities, when one kind of awfulness makes way for another ( where *was* Ponty?) The question is what happens next. This *might* be the big one: one last orgy of asset stripping before they torch the place for the insurance and run for the escape pods. But I’ve been thinking that since 2010. Things just grind on, more shit, sometimes different kinds of shit, but grinding on. We’ll see.But the market reaction and the plunge in the pound in reaction to a budget (and a mini one, at that) is seemingly unprecedented. Experienced financial commentators saying they've never seen anything like it. A mini budget became a self-inflicted financial crisis.