Minibudget

[Which Tyler]

Well f***

[Sandydragon]

Well f***

It's going to get nasty.

[Stooo V2]

Jesus fuckong christ

[Stooo V2]

Markets predicting 6.2 now!!

[Sandydragon]

Sterling dropped by 4.9 percent against the dollar and 2.4 percent against the Euro. Apparently some recovery but this is pretty embarrassing for a party that likes to pride itself on economic good management.

[Sandydragon]

Apparently letters of no confidence are already being submitted against Liz Truss' leadership. I can't see this coming to anything just yet (although many Tory MPs are not happy at this direction of travel that definitely isnt in their manifesto), but its not a good start and the honeymoon is most definitely over.

[Puja]

Sterling dropped by 4.9 percent against the dollar and 2.4 percent against the Euro. Apparently some recovery but this is pretty embarrassing for a party that likes to pride itself on economic good management.

Kwarteng's an idiot. I mean, we knew that from the first mini-budget, but then to go on, after having seen what it had done to the currency markets and promise more tax cuts next year?! "My extreme economic theory appears to have spooked the markets and started a run on sterling. I know what will calm them down - reassurances that they haven't seen anything yet and there's more coming!"

Can't imagine Rees-Mogg's finance firm isn't making absolute bank here. He's not an idiot nor completely economically illiterate, unlike his fellows, and it's hard to believe that he hasn't bet hard against sterling.

Puja

[Sandydragon]

Sterling dropped by 4.9 percent against the dollar and 2.4 percent against the Euro. Apparently some recovery but this is pretty embarrassing for a party that likes to pride itself on economic good management.

Kwarteng's an idiot. I mean, we knew that from the first mini-budget, but then to go on, after having seen what it had done to the currency markets and promise more tax cuts next year?! "My extreme economic theory appears to have spooked the markets and started a run on sterling. I know what will calm them down - reassurances that they haven't seen anything yet and there's more coming!"

Can't imagine Rees-Mogg's finance firm isn't making absolute bank here. He's not an idiot nor completely economically illiterate, unlike his fellows, and it's hard to believe that he hasn't bet hard against sterling.

Puja

You mean the firm that he no longer has any operational control of???????

[Puja]

Sterling dropped by 4.9 percent against the dollar and 2.4 percent against the Euro. Apparently some recovery but this is pretty embarrassing for a party that likes to pride itself on economic good management.

Kwarteng's an idiot. I mean, we knew that from the first mini-budget, but then to go on, after having seen what it had done to the currency markets and promise more tax cuts next year?! "My extreme economic theory appears to have spooked the markets and started a run on sterling. I know what will calm them down - reassurances that they haven't seen anything yet and there's more coming!"

Can't imagine Rees-Mogg's finance firm isn't making absolute bank here. He's not an idiot nor completely economically illiterate, unlike his fellows, and it's hard to believe that he hasn't bet hard against sterling.

Puja

You mean the firm that he no longer has any operational control of???????

I was not aware of that. When did that happen?

Mind, even without a firm, I'd be surprised if he personally hadn't arranged his own investments to take advantage of this predictable happenstance.


ETA. Not (necessarily) Rees-Mogg related, but on the same theme:

“The Financial Conduct Authority should investigate any potential wrongdoing, to determine whether it is possible that any leaks or information provided by this Conservative Government to their wealthy friends contributed to the collapse of the Pound.

“A weaker Pound means that imports such as food and energy will become even more expensive, at time when inflation and the cost-of-living crisis is already spiralling out of control.”

Puja

[Sandydragon]

I'm pretty certain that he stepped back from any decision making when he became a cabinet minister in 2019 and was allegedly exiting the company entirely. Just how much he has done is another matter, but thats his public position.

And I don't believe that he has stopped talking to his old mates so Im wary of any decision making that would line his pockets still further.

[Puja]

I'm pretty certain that he stepped back from any decision making when he became a cabinet minister in 2019 and was allegedly exiting the company entirely. Just how much he has done is another matter, but thats his public position.

And I don't believe that he has stopped talking to his old mates so Im wary of any decision making that would line his pockets still further.

Good knowledge; thanks.

Our electoral system is utterly broken and I am thoroughly depressed. The Britannia Unchained crew can do whatever they like up until January 2025, using the majority that Boris Johnson got on a very different manifesto and policy promises, and there is precious little that anyone can do about it as the Conservative MPs who might ideologically want to bring down the government are also the ones that would be most likely to lose their seats in an election and turkeys aren't noted for voting for Christmas. Submitting letters to 1922 seems pointless - even if the threshold for a vote was called, would the political party really vote to bring down Truss given the majority she got from the Conservative members? She knows she's at no risk of being ousted and probably knows that she stands no chance in 2025, so why not loot the house on the way out?

Puja

[Sandydragon]

Thought it was 2024 that a General Election had to be held?

Its the manifesto things that annoys me the most. If the government had been elected on a manifesto to have a budget like this then fair enough I suppose, its what people wanted. No one has voted for this, and she didnt hint at anything this radical in her election so its quite troubling.

Edit. You're right, its Jan 25. Bollocks thats longer than I thought.

[Puja]

Thought it was 2024 that a General Election had to be held?

Edit. You're right, its Jan 25. Bollocks thats longer than I thought.

I googled "When is the next UK general election", a search term which I suspect is current rising vertiginously up the Google.co.uk rankings.

Puja

[Son of Mathonwy]

I'm pretty certain that he stepped back from any decision making when he became a cabinet minister in 2019 and was allegedly exiting the company entirely. Just how much he has done is another matter, but thats his public position.

And I don't believe that he has stopped talking to his old mates so Im wary of any decision making that would line his pockets still further.

He still holds a substantial interest in his hedge fund management firm. Although he apparently makes no investment decisions for the firm (and, hopefully?? passes no market-sensitive information to its managers), he is well aware of its investments and is potentially in a position to influence the value of those investments. And he has a substantial property portfolio.

https://www.theguardian.com/politics/20 ... et-capital

His significant investments should* be in a blind trust to avoid the risk of corruption.

* If the UK was concerned about such things.

[Sandydragon]

I'm pretty certain that he stepped back from any decision making when he became a cabinet minister in 2019 and was allegedly exiting the company entirely. Just how much he has done is another matter, but thats his public position.

And I don't believe that he has stopped talking to his old mates so Im wary of any decision making that would line his pockets still further.

He still holds a substantial interest in his hedge fund management firm. Although he apparently makes no investment decisions for the firm (and, hopefully?? passes no market-sensitive information to its managers), he is well aware of its investments and is potentially in a position to influence the value of those investments. And he has a substantial property portfolio.

https://www.theguardian.com/politics/20 ... et-capital

His significant investments should* be in a blind trust to avoid the risk of corruption.

* If the UK was concerned about such things.

Apparently he has been trying to distance himself from the company since 2019, but (I accept Im no expert at hedge funds) it can't take that long to disconnect yourself from your investments or as you say put it in a blind trust so there can be no accusation of misusing power.

[Zhivago]

https://m.investing.com/currencies/gbp- ... nced-chart
https://m.investing.com/currencies/gbp- ... nced-chart

I've got a lot of GBP savings that I am often converting to EUR, so this chaos is not appreciated. I don't buy EUR unless it's around 1.20, and we're far far from that point now. Long way back up... not likely while this shower of sh!t are still in power.

[Sandydragon]

https://m.investing.com/currencies/gbp- ... nced-chart
https://m.investing.com/currencies/gbp- ... nced-chart

I've got a lot of GBP savings that I am often converting to EUR, so this chaos is not appreciated. I don't buy EUR unless it's around 1.20, and we're far far from that point now. Long way back up... not likely while this shower of sh!t are still in power.

I'm currently sorting out a mortgage so really not loving this at the moment.

[Puja]

https://m.investing.com/currencies/gbp- ... nced-chart
https://m.investing.com/currencies/gbp- ... nced-chart

I've got a lot of GBP savings that I am often converting to EUR, so this chaos is not appreciated. I don't buy EUR unless it's around 1.20, and we're far far from that point now. Long way back up... not likely while this shower of sh!t are still in power.

I'm currently sorting out a mortgage so really not loving this at the moment.

Shit, sorry to hear that mate. Rubbish timing.

Mine came up a month or two back and I was cursing that I was a few months too late to get in before the rates started rising. Now, I'm quite glad for my 5 year fixed, although what that'll mean when society collapses, I don't know.

Puja

[Sandydragon]

https://m.investing.com/currencies/gbp- ... nced-chart
https://m.investing.com/currencies/gbp- ... nced-chart

I've got a lot of GBP savings that I am often converting to EUR, so this chaos is not appreciated. I don't buy EUR unless it's around 1.20, and we're far far from that point now. Long way back up... not likely while this shower of sh!t are still in power.

I'm currently sorting out a mortgage so really not loving this at the moment.

Shit, sorry to hear that mate. Rubbish timing.

Mine came up a month or two back and I was cursing that I was a few months too late to get in before the rates started rising. Now, I'm quite glad for my 5 year fixed, although what that'll mean when society collapses, I don't know.

Puja

Were moving so ne of those things - I'm blaming the wife, her idea!

[Mikey Brown]

How are any of you following all this and not just wanting to blow your fucking heads off? I can only manage about 3 minutes of reading ‘the news’ before it all seems completely pointless.

Is any of this behaviour really likely to lead to significant change? Every leader becomes better in hindsight once we see how awful the next one is, and people keep acting like we’ve finally hit the tipping point where things will have to change for the better.

[Puja]

How are any of you following all this and not just wanting to blow your fucking heads off? I can only manage about 3 minutes of reading ‘the news’ before it all seems completely pointless.

Is any of this behaviour really likely to lead to significant change? Every leader becomes better in hindsight once we see how awful the next one is, and people keep acting like we’ve finally hit the tipping point where things will have to change for the better.

I'm not gonna lie, the inside of my head is significantly less flip than my online self. Frankly, I find being sardonic online and arguing with strangers to be a major part of keeping me sane. That and polls showing Labour having a 17 point lead, even with the structural disadvantages of Tory media and the safety-first approach of Starmer - gives me faith that I'm not alone (although the 28% still going Conservative at this point are baffling. What on earth would it take at this point?!).

Puja

[Sandydragon]

How are any of you following all this and not just wanting to blow your fucking heads off? I can only manage about 3 minutes of reading ‘the news’ before it all seems completely pointless.

Is any of this behaviour really likely to lead to significant change? Every leader becomes better in hindsight once we see how awful the next one is, and people keep acting like we’ve finally hit the tipping point where things will have to change for the better.

I'm not gonna lie, the inside of my head is significantly less flip than my online self. Frankly, I find being sardonic online and arguing with strangers to be a major part of keeping me sane. That and polls showing Labour having a 17 point lead, even with the structural disadvantages of Tory media and the safety-first approach of Starmer - gives me faith that I'm not alone (although the 28% still going Conservative at this point are baffling. What on earth would it take at this point?!).

Puja

If you don’t laugh then you would cry. It’s desperate and so many people are at a cliff edge with little hope of improvement anytime soon. Some of this isn’t the governments fault but much is and they are definitely making a bad situation worse.

As for the 28%. They are the ones who now have more money in their pockets and don’t give a shit about others.

[Stom]

How are any of you following all this and not just wanting to blow your fucking heads off? I can only manage about 3 minutes of reading ‘the news’ before it all seems completely pointless.

Is any of this behaviour really likely to lead to significant change? Every leader becomes better in hindsight once we see how awful the next one is, and people keep acting like we’ve finally hit the tipping point where things will have to change for the better.

I'm not gonna lie, the inside of my head is significantly less flip than my online self. Frankly, I find being sardonic online and arguing with strangers to be a major part of keeping me sane. That and polls showing Labour having a 17 point lead, even with the structural disadvantages of Tory media and the safety-first approach of Starmer - gives me faith that I'm not alone (although the 28% still going Conservative at this point are baffling. What on earth would it take at this point?!).

Puja

Maybe it's because I don't live in the UK.
Maybe it's because the government over here has done so much that I'm numbed to it.
Maybe it's because I'm just laughing at what's left to come.
Maybe it's because I have a belief that by showing the Tory party for what they truly are, we could get rid of them for a generation, and this is worth that.

But I'm quite blase about the pretty terrible situation in the UK.

My wife asked me about the state of Europe today: is it just the US who are doing well and Europe are doing crap?

No dear. It's Hungary and the UK that are doing crap. Europe is fine. We've got something in common: corrupt, useless governments only out to line their own pockets.

[Which Tyler]

If you think things are bad here, then A] you're dead right, and B] things are going to be far, far worse in Brazil in approximately 1 week's time

[Puja]

If you think things are bad here, then A] you're dead right, and B] things are going to be far, far worse in Brazil in approximately 1 week's time

Yeah, I saw ths John Oliver thing on that this week. I don't see any way that's not ending in military dictatorship.

Puja