mini budget

[Long slender neck]

People do.

Have you not ever seen the past?

I know that gullible people like Dohnut will, what I mean is do the people spouting it believe it themselves?

[Dunners]

People do.

Have you not ever seen the past?

I know that gullible people like Dohnut will, what I mean is do the people spouting it believe it themselves?

No, of course not. They're not stupid. But they can safely rely on plenty of other people being stupid.

[Dunners]

Allegedly, the final straw behind this morning's BoE intervention is that some pensions funds were at serious risk of collapse.

No wonder Truss has gone into hiding. She's probably hoping she can somehow distance herself from Kwarteng.

[Max Fowler]

Kwarteng? More like Kwar-Kwash!

[Max Fowler]

People do.

Have you not ever seen the past?

I know that gullible people like Dohnut will, what I mean is do the people spouting it believe it themselves?

You are not asking this seriously, are you?

[The Mindsweep]

[BoniO]

Would anyone seriously believe that Kwarteng thought this up himself? He’s just the instrument that does what he’s told to do.

[Max Fowler]

Would anyone seriously believe that Kwarteng thought this up himself? He’s just the instrument that does what he’s told to do.

I'd have gone with tool rather than instrument.

[Dunners]

So, in summary:

• 80K Tory members have selected Liz Truss, an unremarkable-at-best minister as PM, who has never had the support of the majority of Tory MPs.

• Liz has selected Kwarteng as Chancellor, whose first act is to implement a “mini budget” that had no real electoral mandate.

• The money markets have thought about things and come to the conclusion that there was no evidence or reason to suggest that the government’s plans are viable, feasible or even survivable.

• This has resulted in market turbulence which threatens the financial stability of the UK, to the extent that pension funds could collapse imminently.

• The BoE has had to intervene with ‘temporary’ QE, at a time when we have rampant inflation (which will now just make that worse).

• The taxpayer will have to indemnify the BoE’s intervention.

• We will now almost certainly see carnage in the domestic economy - carnage which the Truss/Kwarteng government has inflicted on us in just three weeks of taking control!

• And apparently, it’s all Labour’s fault.

Gotcha.

[Max Fowler]

They're not blaming Labour per se, as they have done for historic issues these past 12 years, they're blaming the threat of Labour.

If everyone just tells YouGov they're going to stick with the tories, this carnage will stop immediately.

[Dunners]

When they say "we", they mean "you".

[Max B Gold]

Would anyone seriously believe that Kwarteng thought this up himself? He’s just the instrument that does what he’s told to do.

Of course he hasn't this has all been gamed at 55 Tufton Street. They will have played out in detail the impact at various stages.

Next comes the austerity and rolling back the state, freeports, laws made by corporates, restrictions on workers and their reps as they try to defend themselves.

[Max Fowler]

I love how dunnem has finally seen behind the curtain now his pension fund is at risk of being trashed.

At least your property empire should still be protected, they won't let house prices collapse...

[Max B Gold]

Agggrrrhhhh. Not my precious pensions!! FFS.

[The Mindsweep]

£ $ parity sometime next week. Oh f*** it, why not the end of this week

[Dunners]

I love how dunnem has finally seen behind the curtain now his pension fund is at risk of being trashed.

At least your property empire should still be protected, they won't let house prices collapse...

Yeah, but I'm international. Converting the rents back to Sterling is f*cking killing me.

[Adz]

Am I the only one that doesn't understand how qe works in lockstep with increasing interest rates?

[tuffers#1]

Would anyone seriously believe that Kwarteng thought this up himself? He’s just the instrument that does what he’s told to do.

Of course he hasn't this has all been gamed at 55 Tufton Street. They will have played out in detail the impact at various stages.

Next comes the austerity and rolling back the state, freeports, laws made by corporates, restrictions on workers and their reps as they try to defend themselves.

ive worked in that block of flats ! edit it was 53 or 54

[The Mindsweep]

When the BOE & The Treasury started buying sterling on Black Wednesday, the market took a breath and then hammered sterling even more.

They are now buying Long Gilts, when there is no more to sell to them, watch shorter term debt along the curve getting more attention. This can't go on for much longer.

The losers are the Treasury (Us), Pension Funds(Us) and people with mortgage and others that live in houses of landlords with mortgages. Underneath that, public services, everything.

Winners are speculators and financial institutions who will keep on going till a grown up joins the fray. Unfortunately there are none around ATM.

[Max B Gold]

When the BOE & The Treasury started buying sterling on Black Wednesday, the market took a breath and then hammered sterling even more.

They are now buying Long Gilts, when there is no more to sell to them, watch shorter term debt along the curve getting more attention. This can't go on for much longer.

The losers are the Treasury (Us), Pension Funds(Us) and people with mortgage and others that live in houses of landlords with mortgages. Underneath that, public services, everything.

Winners are speculators and financial institutions who will keep on going till a grown up joins the fray. Unfortunately there are none around ATM.

This "grown up" what does he/she look like? Is it a financial guru or a political saviour?

[The Mindsweep]

When the BOE & The Treasury started buying sterling on Black Wednesday, the market took a breath and then hammered sterling even more.

They are now buying Long Gilts, when there is no more to sell to them, watch shorter term debt along the curve getting more attention. This can't go on for much longer.

The losers are the Treasury (Us), Pension Funds(Us) and people with mortgage and others that live in houses of landlords with mortgages. Underneath that, public services, everything.

Winners are speculators and financial institutions who will keep on going till a grown up joins the fray. Unfortunately there are none around ATM.

This "grown up" what does he/she look like? Is it a financial guru or a political saviour?

None around, so irrelevant

[Max B Gold]

When the BOE & The Treasury started buying sterling on Black Wednesday, the market took a breath and then hammered sterling even more.

They are now buying Long Gilts, when there is no more to sell to them, watch shorter term debt along the curve getting more attention. This can't go on for much longer.

The losers are the Treasury (Us), Pension Funds(Us) and people with mortgage and others that live in houses of landlords with mortgages. Underneath that, public services, everything.

Winners are speculators and financial institutions who will keep on going till a grown up joins the fray. Unfortunately there are none around ATM.

This "grown up" what does he/she look like? Is it a financial guru or a political saviour?

None around, so irrelevant

That wasn't my question. But your answers merely confirms my deepest fears.

[Max Fowler]

Grey hair, beard, commie black cap. Smells of allotments and home brew.

[The Mindsweep]

This "grown up" what does he/she look like? Is it a financial guru or a political saviour?

None around, so irrelevant

That wasn't my question. But your answers merely confirms my deepest fears.

If, big if, Tories with backbones come out in force and either say they are going to vote down the mini budget or pile in with letters of no confidence, weirdly this could calm the market. Knowing that any alternative to the lunatics in charge is going to be better.

[Max Fowler]

It's ok, Rachael Reeves is going to fly in to save us all.