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

mandryka said:
Yes I remember reading that when you posted it.

There has to be more planning than that for this reason: they have been specific about what they want to achieve. They've said 2.5% growth p.a. They've said that they can start to pay off the debt in three years. Truss has asserted that she can do this and make £30 billion of tax cuts. That sounds to me like a quantitative plan.

By the way, in writing this post I've noticed that Truss had been talking about £30bn of cuts and in the event it turned out to be £45bn. Is this market reaction about the excess £15bn?

And my question remains -- why don't they share the logic which leads them to these figures? Why this brinkmanship?

And another thing, the BOE doesn't seem spooked by today's events. And neither does Kwartung. Why not?
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Share the logic? No more taxes and regulation for us, that's the logic. Squeeze as much out of the commons for yourself before its gone, that's the logic.
 
Down against the Zimbabwean $ too (xe.com). Obviously one still gets many Zimbabwean dollars for a quid, but a lot less than before!

PS In a carefully premeditated and planned enactment of Trussonomics NASA are just over four minutes away from crashing a satellite into an asteroid (YouTube).
 
mandryka said:
Sounds good to me actually, I want it as a long term investment. Years.
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Don’t buy gold as a long term investment. The long term charts are awful. Gold should be used as a short term hedge in times of instability.

if you want a long term investment, buy shares but wait until the end of the year until the current market shake out has run its course.
 
I see from the BBC's coverage of the daily papers that the Tories are now (as predicted) blaming the current crisis on people who 'talk down the pound' and are lambasting speculators who are making lots of money out of the country's woes:

'Under the headline, "City slickers betting against UK PLC," the Mail says speculators profiting from the plunging pound "sparked fury". The paper quotes senior Tories criticising traders for "trying to make money out of bad news" and warning against "talking the pound down".'

We can only hope that none of these speculators fund the Tory party. Unlikely, I know.
 
Joe Hutch said:
I see from the BBC's coverage of the daily papers that the Tories are now (as predicted) blaming the current crisis on people who 'talk down the pound' and are lambasting speculators who are making lots of money out of the country's woes:

'Under the headline, "City slickers betting against UK PLC," the Mail says speculators profiting from the plunging pound "sparked fury". The paper quotes senior Tories criticising traders for "trying to make money out of bad news" and warning against "talking the pound down".'

We can only hope that none of these speculators fund the Tory party. Unlikely, I know.
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I am sure Rees-Mogg or somebody can enlighten these wayward journalists as to the many ways speculators add value to the economy.
(OK, it may not necessarily be the UK economy, but one has to take a broader perspective sometimes, etc.)
 
Maybe he will give back any money his company/ies made out of the pound's fall, or offer to resign out of simple human decency.
 
Here’s an absolutely damning take from Peter Oborne on Truss/Kwateng (Twitter). He’s pretty much saying that if she’s not out very soon it is ‘national government’/IMF time.
 
I see building societies are pulling certain mortgage products as the Tories collapsing economy/£ makes them far too risky from the lenders perspective (BBC).
 
paulfromcamden said:
If you price it in USD. Rather different priced in sterling. Which I guess is sort of the point - what to do with sterling if you suspect it's likely to rapidly depreciate in value.

I don't think anyone is expecting to see crypto-style 10,000% returns with any conventional asset class. Best you can hope for is probably a bit of wealth preservation over the long term.

Asset class most likely to achieve that? No idea. Answers on a postcard please.
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If property prices fall, and if you’ve got cash, BTL. You’ll have to be careful about which property but if you choose right, it’ll be a nice little earner. Rents will go up as landlords move out of the sector, and asset prices will rise again. I’d be very tempted but I can’t really afford another in London and buying out of London is too much like hard work!
 
Tony L said:
I see building societies are pulling certain mortgage products as the Tories collapsing economy/£ makes them far too risky from the lenders perspective (BBC).
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The problem is banks can’t price (fixed rate) mortgages with the current volatility. They could roll a product out today which needs revising by the end of the week. That’s simply no use in a retail banking environment. Kwarteng is really starting to annoy me.
 
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