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

Labour, Lib Dems and SNP all asking that parliament be recalled due to the Tories financial crisis.

PS It is worth noting that the only comment from Truss since everything turned to shit on Friday is to congratulate a fascist upon being elected in Italy. That’s it. No leadership at all.
 

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The 'plan' seems to be to deregulate Financial Services as much as possible ('Big Bang 2.0') and pray that turbo-charges the economy.

From the Graun:

Here’s a bit more on the meeting between Kwarteng, and the financial secretary, Andrew Griffith, with executives from the investment banking sector ... Ahead of the upcoming “Big Bang 2.0 deregulatory moment for financial services,” Kwarteng reiterated that “a strong UK economy has always depended on a strong financial services sector.” Among the attendees were executives from Bloomberg, the London Stock Exchange, the London Metal Exchange, UBS, Bank of America, Standard Chartered, Morgan Stanley, Citi, Deutsche Bank, JP Morgan Chase & Co and Rothesay.

From an FT story earlier in the month:

Kwasi Kwarteng, the UK’s new chancellor, has told financial services bosses he wants a “Big Bang 2.0” in the City, driven by a post-Brexit overhaul of regulation to boost the sector’s competitiveness. He told 14 senior executives on a call on Wednesday that he and new prime minister Liz Truss wanted London to become the world’s leading financial centre.
...
Truss has spoken extensively about reforming the EU’s Solvency II rules that govern the insurance sector, intended to release billions of pounds of capital for investment in the economy. But Solvency II reforms are still being discussed; regulators are nervous that the City’s competitiveness could be undermined if rules are loosened too much and it loses its reputation as a safe place to do business.
...
One person who attended the meeting said the aim to boost competitiveness and openness for the City was welcomed. They added that the fact Kwarteng had held the meeting on his first day in office was encouraging ... Another person briefed on proceedings said Kwarteng gave “short shrift” to long-term proposals from attendees and instead emphasised areas where the government could have an immediate impact, such as on Solvency II reforms.


https://www.ft.com/content/fdf43b25-cafb-4049-8a72-d386c8ea4fdf
 
^ Thing is, I see not much appetite or demand for any of that even from the city. And the politics of it are so toxic it simply can't happen. The Tories are dead for a generation. The smart ones no doubt already know that and are preparing to exit.
 
Or already have.
read that as "already have been dead for a generation" which I think is also true. And that's the problem, really. By rights the Tories should have clocked that they're dead a long time ago but the press wouldn't let them. What happens now I don't know but the people who count are still heavily invested in keeping the corpse upright. Not allowing myself the luxury of hope.
 


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