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

Tony L said:
Some pretty scathing criticism in The Times from Tim Shipman (Twitter). The link in his tweet seems to dodge the paywall. Always great to see Tories ripping each other apart.

Britain Unhinged co-author Liz Truss is now ordering The Actual King to stay away from Cop27 as he might get in the way of the Conservatives destroying the environment. Gabriel Pogrund, The Times, (Twitter). Again this link seems to dodge the paywall.

Follow the comments too. It looks like The Times have had enough of this shit now and are pretty much declaring open season on Truss/Kwateng. It will be interesting to see how the fascist gutter tabloids play it. The Express & Mail so seem firmly in the defending the indefensible category, or did last time I saw front pages at the supermarket.
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More significantly the Daily Stars headline yesterday went with something like “Les Dawson’s Ghost Ripped my Trousers Off’.
 
lordmortlock said:
Or over ruled? He doesn’t seem the type to back down. It’ll be interesting to see who presents this information.
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He’s just said, live on Radio 4, that the budget plans had been signed off by Truss before they were announced. This directly contradicts what Truss said yesterday.
 
laughingboy said:
The barman gives them a discount, and they decide how to split it. The parable has departed from the real world at this point. Let's think about what the parable is talking about here: a reduction in income tax. The obvious ways to reduce the tax-take are a change in thresholds or a change in the rate of tax.
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The parable also misses the step where the 20% tax cut doesn't come on its own. The bartender then says, "Oh and please enjoy our new pint glasses. They take up 70% of the space on my shelves that the old ones did and will help each cask last longer." Then drinker #6 says, "Hmm, the glass seems kind of thin and cheap and they don't look like an imperial pint to me. Who supplied these?" The bartender nervously shifts his weight and swallows. Drinker #3 says, "Wait, I know this mark. Drinker #10, he bought these from your company, didn't he?". Drinker #10 just smiles and drinks his beer.
 
The parable can basically be summed up as "Is there some form of convoluted thinking that means I can trick poor people into voting for the polices designed for and by people ten orders of magnitude richer than me so that I can keep £250 a year more of my money I get from my dull existence as a chartered surveyor?".
 
Tony millionaire donors are even defecting to Labour now (Twitter). There really needs to be a cap on donations of say £100 IMHO. Huge sums like that can only possibly lead to corruption and can’t be viewed in the same way as say a trade union donation which are actually thousands of very small individual member’s donations.
 
One thing that immediately occurs about this reversal is I don't think it will fix much in the markets. Remember the 45% rate of tax is only £2bn a year which is nothing in the grand scheme of things and the real damage is one of market confidence in the Truss and Kwarteng.

So if there much movement in gilts and sterling this likely means the market is expecting more u-turns.
 
matthewr said:
One thing that immediately occurs about this reversal is I don't think it will fix much in the markets. Remember the 45% rate of tax is only £2bn a year which is nothing in the grand scheme of things and the real damage is one of market confidence in the Truss and Kwarteng.

So if there much movement in gilts and sterling this likely means the market is expecting more u-turns.
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But, ironically, if the market 'recovers' a bit, that's more likely to stave off further u-turns because Twarteng can then argue that they fixed things with the 45p u-turn.
 
matthewr said:
One thing that immediately occurs about this reversal is I don't think it will fix much in the markets. Remember the 45% rate of tax is only £2bn a year which is nothing in the grand scheme of things and the real damage is one of market confidence in the Truss and Kwarteng.

So if there much movement in gilts and sterling this likely means the market is expecting more u-turns.
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I agree, that's what I said in #1900. It's any easy give up for them, that was only embellishment for Truss...
 
Gorralafancher? Pre-pandemic I was earning c 130 a year. 5% tax cut, I literally would not have noticed. Looking back from my minimum wage current job, most of it was just wasted by not paying any attention to money.
 
Colin L said:
Au contraire. The parable shows us the politics and prejudices of the story teller. But we knew those anyway.
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Without personal comment, perhaps you could explain how you would carve up the bill and any subsequent change in the bill differently.
 
Kwateng, a man who crashed £65bn off our economy, is now going after already ruined public services to the tune of £18bn (ad-riddled and largely unreadable on the Independent).

PS Plenty of industrial action and protest outside the conference area, which is great to see. FWIW the building itself largely funded by an EU grant. Tories, as ever, dining out on other people’s money.
 
Cash strapped, no heating, can’t afford to put diesel in the car and feeding the family out of food banks? No problem , we’re going to level you up by slashing your public services on top of all that lot.
 
Tony L said:
Tony millionaire donors are even defecting to Labour now (Twitter). There really needs to be a cap on donations of say £100 IMHO. Huge sums like that can only possibly lead to corruption and can’t be viewed in the same way as say a trade union donation which are actually thousands of very small individual member’s donations.
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Labour Party and Corruption? Shurely shome mishtake
 
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