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The Premiership of Mary Elizabeth Truss.Sept 2022 - Oct 2022

That is how UK politics works though, it is all boiling a frog. Cameron, May and Johnson were each exponentially worse than their predecessor on every metric. Truss is just paving the way for the next Tory leader to be either an actual Dalek or the monster from Alien. It is a seamless trajectory.
This is worse but *different*. People want to go back to the previous worse. It’s understandable but also bad.
 
That is how UK politics works though, it is all boiling a frog. Cameron, May and Johnson were each exponentially worse than their predecessor on every metric. Truss is just paving the way for the next Tory leader to be either an actual Dalek or the monster from Alien. It is a seamless trajectory.

Hey, leave the Alien out of this. It spared Jonesy. And, well, this. . . (especially apt is the declaration at 1.09min). And NSFW.


John
 

No government can survive something like this the markets are literally pissing themselves at the sheer incompetence of this government, they’re borrowing money to give millionaires even more money which will never go into the economy and they’re borrowing that money on nearly 5% interest.
 
No government can survive something like this the markets are literally pissing themselves at the sheer incompetence of this government, they’re borrowing money to give millionaires even more money which will never go into the economy and they’re borrowing that money on nearly 5% interest.
I'm not optimistic. I think the last few years have proven that Conservative governments are very well insulated against popular sentiment, and as for the markets...I don't trust them, and it's not clear what the current movements really mean.
 
This is where all bets will be off. Facing the next 12 months, would you rather be in £150K mega stress job with a £800K mortgage on a (currently) valued £1M house fighting for your job, or on £30K a year living in a £200K house mortgage free. You’re both worth £200K on paper. Sometimes, less is more.

Only a Tory could convince themselves and try and convince others that the poor are better off. 150K with an 800K mortgage seems crazy to me. Anybody who leverages like that no matter their income bite the dust. Biggest problem in the UK is the acceptance of tiny wages for too many people.
 
I'm not optimistic. I think the last few years have proven that Conservative governments are very well insulated against popular sentiment, and as for the markets...I don't trust them, and it's not clear what the current movements really mean.

Dunno, they’re trying to front it out but they’ll have to back track or keep going forward in which case they’re toast.

The BOE are making a statement this afternoon that’s what the markets are waiting on, I suspect that they’ll increase interest rates by at least one percent but that won’t stop the rot, but if that happens then who knows where this will end up, 4-5% interest rates overnight probably, it’s looking increasingly like September 1992 when Major’s government tried to beat the market and failed.
 
I do think QE was implemented wrong and I was much more of a helicopter money proponent (i.e. QE to give cash to people who will spend it) and said so at the time.

I also think you can argue that QE didn't really work and certainly most would, I think, argue that it's efficacy was underwhelming, where it was deployed notwithstanding. But I don't think anyone has a better idea about how to deal with a major recession when rates are at the ZLB even now.

It would have been far better to:

A) Windfall tax the excess profits made by extractors in the UK sector of the Sea.

B) Then use that taxed return to support people paying their bills.

C) Perhaps also QE to *invest*. That could mean building a lot more alternative (green) energy sources. Or...

D) Use some mix of B and C to fund things like a speeded up program of improving the thermal problems with homes to reduce how much heating energy they use, and to install more PV etc in homes, etc. Also up-skilling people in such jobs as that requires, etc.

i.e. to *invest* in things that would reduce our 'running costs' and lift our 'skills base' and give us *less* reliant on energy sources we can't control or set the price.

But as you say, having shot us all in the foot, our government (sic) would now find anything hard to do which needed any support from others.
 
Emergency rate rise could be announced today. Some predicting up to 1% rise. :eek:

“The UK is now in the midst of a currency crisis,” said Vasileios Gkionakis, Citigroup’s Emea head of foreign exchange strategy. .... Since it gained independence in 1997, the BoE has never raised rates between scheduled meetings." https://www.ft.com/content/c7f815b6-e7f2-43d2-b160-b7b3182e63b4
Not convinced the markets will buy that either. They didn't on Black Wednesday.
 
The human hand grenade not looking set for a long premiership...

"LETTERS of no confidence in Liz Truss are already coming in amid fears she will "crash the economy", a source has suggested. A former Tory minister MP has told Sky News the new Prime Minister is "f*****" and the party are already looking to bring her down following Friday's mini-budget. " https://www.thenational.scot/news/2...idence-liz-truss-already-put-in-says-tory-mp/

Only slightly longer than Eva Braus marriage to Hitler.
 
Only a Tory could convince themselves and try and convince others that the poor are better off. 150K with an 800K mortgage seems crazy to me. Anybody who leverages like that no matter their income bite the dust. Biggest problem in the UK is the acceptance of tiny wages for too many people.

Tiny wages supported by a benefits system which seems designed to keep people poor and channel money to the better off via Housing Benefit.
 
It's a double act. The party needs both voices.

IMHO it would be a better 'double act' if they swapped jobs. Stare-more always looks like he is frightened he might say something that upsets someone. Fine as a lawyer, but not ideal in a politician facing up to a need for serious changes in policies and government actions/decisons that people need to understand.

One thing I like about the deputy is that she makes clear where she comes from and why she really cares. Stare-more tends to make it seem like point-scoring whilst carefully dodging anything you might dislike.
 
Not convinced the markets will buy that either. They didn't on Black Wednesday.

Sterling has got most of its losses from the last two days back in this morning's trading which is basically the market pricing in this now expected rate rise.
 
It is astounding to me that the FTSE all share index is up from 3000 in 2012 to around 3900 now, but that the currency has fallen by around 30% against the USD in the same period. The FTSE 100 is little different. A decade of Tory rule and the stock market return in global purchasing has been zero.
 
Only a Tory could convince themselves and try and convince others that the poor are better off. 150K with an 800K mortgage seems crazy to me. Anybody who leverages like that no matter their income bite the dust. Biggest problem in the UK is the acceptance of tiny wages for too many people.

Merely pointing out that when someone perceives somebody as ‘rich’, they often have absolutely no idea of the reality underneath the surface.
 
It is astounding to me that the FTSE all share index is up from 3000 in 2012 to around 3900 now, but that the currency has fallen by around 30% against the USD in the same period. The FTSE 100 is little different. A decade of Tory rule and the stock market return in global purchasing has been zero.

Full of divs though.
 
It is astounding to me that the FTSE all share index is up from 3000 in 2012 to around 3900 now, but that the currency has fallen by around 30% against the USD in the same period. The FTSE 100 is little different. A decade of Tory rule and the stock market return in global purchasing has been zero.

Apparently Apple alone is worth more than the index. Div yield just 3.7%. Hardly world-beating.

We now have a government determined to increase inflation (weak sterling/imports and 'growth'), and a central bank determined to tame inflation via IR. FTSE will continue to suffer.
 


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