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

Discussion in 'off topic' started by TheDecameron, Sep 5, 2022.

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  1. Seanm

    Seanm pfm Member

    This is worse but *different*. People want to go back to the previous worse. It’s understandable but also bad.
  2. palindrome

    palindrome Thru a hedge, backwards and forwards.

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

    AnilS likes this.
  3. twotone

    twotone pfm Member

    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.
  4. Tony L

    Tony L Administrator

    The analysis we’ve been waiting for: Stirling vs. the cover of Steely Dan’s Aja (Twitter).
    zarniwoop likes this.
  5. Seanm

    Seanm pfm Member

    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.
  6. tonerei

    tonerei pfm Member

    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.
    Richard Lines and Snufkin like this.
  7. twotone

    twotone pfm Member

    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.
    Seanm likes this.
  8. Jim Audiomisc

    Jim Audiomisc pfm Member

    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.
  9. Sue Pertwee-Tyr

    Sue Pertwee-Tyr neither here nor there

    Not convinced the markets will buy that either. They didn't on Black Wednesday.
  10. Spraggons Den

    Spraggons Den pfm Member

    Only slightly longer than Eva Braus marriage to Hitler.
  11. Snufkin

    Snufkin pfm Member

    Tiny wages supported by a benefits system which seems designed to keep people poor and channel money to the better off via Housing Benefit.
  12. Kirk

    Kirk pfm Member

    It's a double act. The party needs both voices.
  13. Jim Audiomisc

    Jim Audiomisc pfm Member

    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.
  14. matthewr

    matthewr spɹɐʍʞɔɐq spɹoɔǝɹ ɹnoʎ sʎɐld

    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.
  15. sean99

    sean99 pfm Member

    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.
  16. Ponty

    Ponty pfm Member

    Merely pointing out that when someone perceives somebody as ‘rich’, they often have absolutely no idea of the reality underneath the surface.
  17. Ponty

    Ponty pfm Member

    Full of divs though.
    sean99 likes this.
  18. Kirk

    Kirk pfm Member

    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.
  19. davidsrsb

    davidsrsb pfm Member

    The -30% against the USD was ignoring that the USD has also had inflation, so the FTSE shortfall is actually much worse
  20. Ponty

    Ponty pfm Member

    Which is why a diverse global portfolio is generally a good thing in the long run!
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