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

Tony L said:
The answer is mass strike action and civil unrest. There are way more of us than there are of them. We all need to recognise that. I do not respect the authority of this government. They are without legitimate mandate.
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Yes, that would be nice.
 
paulfromcamden said:
Well, none of us saw this coming...

[John Redwood] also hinted that the government’s response to concerns about unsustainable public finances would be a new programme of austerity and spending cuts to balance lower tax revenues. “We haven’t yet seen the whole policy. We need to see what the overall budgets look like, looking at the spending side as well as the revenue side,” Redwood said. Lord David Frost, the UK’s former Brexit negotiator, added: “The only way forward for Britain is lower taxes, spending restraint, and significant economic reform.”

https://www.ft.com/content/843e2f5d-1264-4acd-8f5c-c276c8d7b289
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Someone needs to take the shovel off those Nutters
 
Question for PFM economic brain boxes:

The BoE has announced it will buy bonds "on whatever scale is necessary" to prevent bonds prices slipping even further. This sounds very much like QE (i.e. printing press time). What is the expected effect on sterling?
 
One Tory MP: "It is actually incredible that the UK central bank has had to step in to protect the UK from the actions of the UK's own government! I mean, just think of that for a moment! A humiliation https://twitter.com/SamCoatesSky/status/1575073764572008448

Within a few weeks they have killed the Queen, laughed at her funeral, trashed the pound and plunged the country into a financial crisis.

I reckon a Government collapse and general election could be on the cards soon.
 
notaclue said:
One Tory MP: "It is actually incredible that the UK central bank has had to step in to protect the UK from the actions of the UK's own government! I mean, just think of that for a moment! A humiliation https://twitter.com/SamCoatesSky/status/1575073764572008448

Within a few weeks they have killed the Queen, laughed at her funeral, trashed the pound and plunged the country into a financial crisis.

I reckon a Government collapse and general election could be on the cards soon.
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What’s even more absurd is that this is a government with an 80 seat majority.
 
Snufkin said:
Looking on the bright side(?), the collective value of the LP’s I have listed on Discogs has risen by 10%.
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I’m up another £k overnight! The ‘max’ value of my collection was around the £106-110k level, always fluctuating a bit, now it’s showing as nearly £122k. ‘Median’ value has shifted from about £52-54k to >£62k.

The Conservatives: great for your record collection, shit at absolutely everything else.
 
droodzilla said:
To be honest, they both look equally bad.

Austerity is thumping the poor (and it kills them).

We need an alternative.
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Seanm said:
You see the point, then: you don’t have to choose! It’s not an either or matter. They are both worse, partly because you always get both. Praising the perspicacity of a bonehead austerian just makes the next round of austerity all the more irresistible.
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Yes, they're both bad and, yes, there should be better. You can rail against them and point out how awful they are (I know) but you won't change the point that, at this moment, and probably for the next two years, they are / were the only choices on offer. Although I am not an economics expert, I can't help feeling that the better alternative that could come into play after the next GE might be a lot easier and quicker to implement if the incoming Chancellor hasn't got two years of toasted economy to address first. Just for the avoidance of any doubt, I don't like either option, nor do I think the Sun shines out of Sunak's a*se; I just think it would be easier to unf*ck any damage Sunak could do to what the current PM / Chancellor could do.
 
Ponty said:
More QE effectively. At least they’re consistent, more debt is always the answer.
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It's not debt. They are printing money to pay for the debt created by the mini budget.

But I do think you can start talking about a full on sterling crisis. So well done to the right wing loons who finally got what they wanted.
 
Ponty said:
More QE effectively. At least they’re consistent, more debt is always the answer. What was the question again?
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The answer, under conventional conservative economics is either: increase taxes (not keen, are they); austerity and cuits (after 12 years it's hard to see what fat remains to be cut before you're into bone & muscle); or more debt. If you've effectively run out 2 of your 3 options, what choice is left to you?
 
matthewr said:
It's not debt. They are printing money to pay for the debt created by the mini budget.

But I do think you can start talking about a full on sterling crisis. So well done to the right wing loons who finally got what they wanted.
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What effect might 'printing money' have on inflation?
 
Sue Pertwee-Tyr said:
The answer, under conventional conservative economics is either: increase taxes (not keen, are they); austerity and cuits (after 12 years it's hard to see what fat remains to be cut before you're into bone & muscle); or more debt. If you've effectively run out 2 of your 3 options, what choice is left to you?
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Yet we have the highest tax burden in 70 years!
 
matthewr said:
It's not debt. They are printing money to pay for the debt created by the mini budget.

But I do think you can start talking about a full on sterling crisis. So well done to the right wing loons who finally got what they wanted.
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Call it what you like, it’s money they haven’t got so is ultimately a debt problem.
 
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