General election/politics

JonH comes home · Tennis legend

General election/politics

Coup Droit · Tennis legend

JonH comes home wrote:
And meanwhile, Italy lurches to the far right after its general elections. Cross them
Off my holiday list (not that Ive any money to spend on a holiday).

Yeah - and any money you do have is (presumably) in sterling - which is falling off a cliff as we speak....

Elegant Point · Satellite level

JonH comes home wrote:
Pound taking a pasting already today, almost sank to dollar parity. Talk of an emergency rate rise meeting again this week.

Its going to be a roller coaster.

£ is at its lowest level against the $ since 1985 - not great news for those at US colleges

Bob in Spain · Tennis legend

Cause and effect:

Unfunded tax cuts means falling pound
Falling pound means higher price imports
Higher price imports means higher inflation
Higher inflation means increase in interest rates
Increase in interest rates means higher mortgage/credit card payments
Higher mortgage/credit card payments means tax breaks wiped out

Back to the drawing board.

Bob in Spain · Tennis legend

Wow.

twitter.com/electpoliticsuk/status/1574499481022005248

Bob in Spain · Tennis legend

Rumours (unsubstantiated) that several letters of No Confidence have already been submitted by Tory MPs to the Graham Brady in the 1922 committee. Tory party in disarray.

twitter.com/BylineTV/status/1574428308699324419

Bob in Spain · Tennis legend

Anyone who thinks that Friday's mini budget wasn't a disaster, should see what Sky News are currently reporting.

From Ed Conway:

"Had the Bank of England not intervened, there would have been mass insolvencies of pension funds by THIS AFTERNOON."

twitter.com/EdConwaySky/status/1575128310740389889

Bob in Spain · Tennis legend

Firewall in place, but The Times latest YouGov poll giving Labour a whopping 33 point lead.

Labour 54%
Tory 21%

www.thetimes.co.uk/article/yougov-poll-labour-lead-conservatives-tories-n90lqlgf7

indiana · Tennis legend

Much comment on major pauses before answering during a series of local radio interviews by Liz Truss today.

Though a very understanding radio listener :

"I've not got a problem when an interviewee takes time before giving a considered answer ...

... I have got a problem when the pauses are followed by complete nonsense."

Coup Droit · Tennis legend

What's the chance that the Finance Bill doesn't even pass?

As Biden says, 'trickle down economics never worked' - in fact, the idea that you give to the rich so that the poor will get a few crumbs of benefit is just plain immoral

Then to do it so blatantly irresponsibly, when the economy is shot away thanks to Brexit fallout, covid and energy supply problems, just beggars belief.

And then our pension system came close to a Lehman style mega collapse, with the BoE having to waste £65 billion in order to prevent a catastrophe

£65 billion simply poured down the toilet ...

However, at least those earning over 150k don't need to pay that nasty little extra tax. And who cares about mortgage rates if you own your own house outright?

Bob in Spain · Tennis legend

indiana wrote:
Much comment on major pauses before answering during a series of local radio interviews by Liz Truss today.

Though a very understanding radio listener :

"I've not got a problem when an interviewee takes time before giving a considered answer ...

... I have got a problem when the pauses are followed by complete nonsense."

What was the quote from someone in Labour today ?

Truss finally broke her 4 day silence with repeated periods of silence.

(Paraphrasing)

paulisi · Tennis legend

Very interesting read of Patrick Minford's thoughts on the economy in the Telegraph.

Effectively support for government plans
Inflation at peak and will fall quite quickly
Wholesale energy prices dropping very quickly and will reduce the forecasted spend on energy cap
Interest rates will rise, but not as high as markets predict(5%) more like 3%
Supply side economics is the way to create growth

Truss and Kwarteng's economic stance for many years has been to reduce deregulation, simplify the tax system and bring down the tax burden.

They have already started the process.Some may not agree with the policies as they are not always ethically fair, but they should generate growth.
The top rate tax band doesn't generate a huge amount of tax revenue and promotes tax avoidance schemes to avoid it.

Coup Droit · Tennis legend

Patrick Minford has stood on this soapbox for the last 40 years or so.

He was Maggie Thatcher's favourite economist.

And when Liz Truss was asked to cite any economists who would agree with her understanding of fiscal matters, she instantly said: Patrick Minford

And no one else....

However, his 'the market is always right', based on rational thinking, theory went out the window with various crises. And his predictions are known as being about the worst in the industry.

Shhh · Challenger level

Coup Droit wrote:
Patrick Minford has stood on this soapbox for the last 40 years or so.

He was Maggie Thatcher's favourite economist.

And when Liz Truss was asked to cite any economists who would agree with her understanding of fiscal matters, she instantly said: Patrick Minford

And no one else....

However, his 'the market is always right', based on rational thinking, theory went out the window with various crises. And his predictions are known as being about the worst in the industry.

I have no idea how bad they are Coup but I suspect that is an exageration given to what we have had to put up with, the last few years in particular biggrin

-- Edited by Shhh on Sunday 2nd of October 2022 01:41:15 PM

Coup Droit · Tennis legend

That's why I put the 'about'

And every economist has had to put up with the same things, these last few years, so on a relative basis, that's not going to help him