And delivered by a frankly bizarre character who sat openly gurning in a pew at Westminster Abbey as they brought the body of the Monarch into the building. Irvine Welsh could not even write this.The one thing that is good about this simply staggering economic incompetence it will prune the Tory vote right back to the most wealthy elites and the most extreme Thatcherites. ‘Red Wall’? Gone. Middle-class rural and urban Lib Dem-curious floaters? Gone. If they carry on such an obvious elite class warrior low-tax low-human-rights path they really are toast. There is absolutely no popularism to this budget. It is a largely off-shored wealthy elite gang-raping what is left of a failing nation.
The way this is being reported is telling too. I’m watching Sky News, which is hardly the Socialist Worker, and they are reporting the crash of Sterling and the gilt market, describing it as the most extreme and risky budget of a lifetime, highlighting the extent to which experts across the world are at a loss to find any logic to it. They are also interviewing normal folk in normal working class areas (Wakefield I think) who understand more than enough to know they are screwed. They’ve been hung out to dry.
I expect a u-turn very, very soon, but if not the Tory poll rating will follow Sterling right down the shitter.
My goodness, parity with the Swiss franc approaches...
Extraordinary. They have caused an actual financial emergency https://twitter.com/EdConwaySky/status/1573341352259108870
And this is literally just the start.
The dollar is up every day at the minute, 1.5% today alone, so it is pretty hard not to collapse against it.
Or smirked and fidgeted through a Monarch's funeral service?C'mon he's only been in the job barely a fortnight. We've all had jobs where we drop a few clangers when we're new.
How many of us haven't sent an email to the CEO with an embarrassing typo? Or spilt coffee on a client? Or crashed a G7 economy?
Pound crashes as markets lose confidence in government
This is turning into an absolute rout on the pound, as the markets give a scathing verdict to Kwasi Kwarteng’s unfunded tax cuts and extra spending.
Having dropped through $1.10 earlier this afternoon, sterling has continued to crash….. all the way down to a new 37-year low of $1.09.
The pound has lost 3.5 cents today, cratering by 3% – on track for its worst day since the market panic of March 2020 when the pandemic hit.
https://www.theguardian.com/politic...0822acf24f54bd#block-632dc9ad8f0822acf24f54bd
Nick Macpherson, the former Permanent Secretary to the Treasury, tweets that he can’t remember such a strong market reaction to any previous fiscal event, over 30 years of service.
He points out that the pound has lost 2.5% against the Japanese yen, as well as tumbling against 3% the dollar and 1.8% vs the euro, while borrowing costs have surged alarmingly.
https://www.theguardian.com/politic...0894f47d8a42c2#block-632dd4208f0894f47d8a42c2
Where did the the Tories get their reputation for managing the economy anyway?