It’s impressive how big of a fuck up this mini budget seems to have been to everyone except Truss and co
Talk about an impact substitution
What an absolute shit show. This is effectively a proxy government run by John Redwood, his insane mates and UKIP entryists. And people said this could only happen to Labour.
It is all fucked.
In other countries there would be massive, swelling protests outside the gates of number 10.
We are a nation of cap doffers.
Does someone in-the-know what to explain this for the dunces?
This explains why UK gilts yields dropped 40 basis points in the space of minutes..
What a s**t show. >10% inflation and we’re doing QE.
This must be the end of this government.
They cannot be allowed to stay in power.
Currently watching GBP/USD prices live and it’s continuing to trickle down… 🤡
Edit: was 1.068XX when I started, now 1.066XX
BoE and the government pulling in two different directions. What is the most likely way to get a GE?
10% inflation and Britain is printing money.
Madness. Madness.
The BoE is printing money so the government can give it directly to millionaires!
Peak Tory.
What a shit show.
A rate raise and QE both announced in a 7 day period.
We’re trying to buy our way out of inflation at the same time we’re trying to tighten our way out of recession.
This makes fighting fire with petrol look sensible.
Kwasi should frankly be arrested if the bartering against the £ behind the scenes is true
More quantitative easing, because that’s what we really need with inflation exceeding 10%
Hey lads guess what happens when you put in charge a man who has 0 understanding of how markets react and is also the advisor of an investment fund who are actively shorting GBP?
I think we are at a point where things are as good as they are going to get for a while. Only way is down
So we are printing money not to help the poor or the needy or the cold or the starving…to prop up insane tax cuts for the very rich! You can’t make it up
Imagine you just step into office and in one of your first acts of releasing a mini budget it causes widespread panic, the IMF gives you a tap on the shoulder, and the BOE has to step in in a effort to restore stability…. If that was a job you’d walk home thinking ‘damn rough day, maybe that isn’t a good move, okay how about I’ll listen to what is being said and revise it!’
Oh wait that is a job and oh wait they are going ahead regardless! You can’t write this stuff!
We are now in full on 2008 territory. The scary thing is that if this doesn’t get sorted quickly, this will get exported and trigger a global financial crisis.
> There are some very, very specific reasons why the Bank of England is intervening in this particular asset class in long-dated gilts – that’s gilts of a 20 to 30 year duration.
>
>It affects traditional pension funds where a retiree is guaranteed a certain payout at their retirement based on their final salary when they retire.
>
>Now, a lot of these funds use long-dated gilts as part of their investments and what has been happening over recent days is a lot of the investment funds have been asking pension funds to post more collateral – to put up cash.
>
>It has been reported in The Times that actually these cash calls have been running into tens of billions of pounds since the beginning of the week because of this spike in long-dated gilt yields.
>
>That is why the Bank of England is specifically targeting that with this gilt intervention.
>
>It is aimed at seeing off a crisis that’s potentially starting to emerge in pension funds.
This is interesting to note. The crisis isn’t just screwing things up for younger, traditional non-Tory voters. It’s putting pensions at risk as well.
Those people still in support of Truss and her government must be either insane, selfish, or incredibly uninformed.
This is ridiculous – one of the UK’s strongest points was supposed to be our financial stability. Surely this is grounds for an immediate no confidence vote?
Kwasi must resign. Truss needs to go. The fact their first major move in government does this much damage, we need a general election NOW.
You don’t fuck with peoples homes. I remember 15 percent interest rates.
People just walking into to banks and handing keys over. no nothing just giving up knowing they would lose their homes. Putting their family on benefits and searching for somewhere to rent.
Dark dark days indeed. Labour will walk the next election. They won’t even need to campaign just run and say nothing.
it didn’t work. i just sent someone in america some money via paypal and the exchange rate was £1 = $1.02 JESUS
How the Conservative party can claim to be the party of sound economic management is completely beyond me. Over the past 10 years it’s gone from bad to worse. And in this latest case it is entirely self-inflicted.
Aside from the fact that the budget itself probably won’t work; there’s the fact that he announced a radical and completely unexpected tax cut, and then decides to wait until November to explain why it’ll work. What an idiot. Surely any sensible person would announce the plan first and then the implementation second.
F*cking morons. I just hope we get the opportunity to send these clowns to a long overdue and richly deserved electoral oblivion ASAP.
25 comments
Printing money to prop up Kwasi Karteng’s gilts??
Zimbabwe wasn’t this irrational!
GBP to zero by the end of the month
ELI5?
It’s impressive how big of a fuck up this mini budget seems to have been to everyone except Truss and co
Talk about an impact substitution
What an absolute shit show. This is effectively a proxy government run by John Redwood, his insane mates and UKIP entryists. And people said this could only happen to Labour.
It is all fucked.
In other countries there would be massive, swelling protests outside the gates of number 10.
We are a nation of cap doffers.
Does someone in-the-know what to explain this for the dunces?
This explains why UK gilts yields dropped 40 basis points in the space of minutes..
What a s**t show. >10% inflation and we’re doing QE.
This must be the end of this government.
They cannot be allowed to stay in power.
Currently watching GBP/USD prices live and it’s continuing to trickle down… 🤡
Edit: was 1.068XX when I started, now 1.066XX
BoE and the government pulling in two different directions. What is the most likely way to get a GE?
10% inflation and Britain is printing money.
Madness. Madness.
The BoE is printing money so the government can give it directly to millionaires!
Peak Tory.
What a shit show.
A rate raise and QE both announced in a 7 day period.
We’re trying to buy our way out of inflation at the same time we’re trying to tighten our way out of recession.
This makes fighting fire with petrol look sensible.
Kwasi should frankly be arrested if the bartering against the £ behind the scenes is true
More quantitative easing, because that’s what we really need with inflation exceeding 10%
Hey lads guess what happens when you put in charge a man who has 0 understanding of how markets react and is also the advisor of an investment fund who are actively shorting GBP?
I think we are at a point where things are as good as they are going to get for a while. Only way is down
So we are printing money not to help the poor or the needy or the cold or the starving…to prop up insane tax cuts for the very rich! You can’t make it up
Imagine you just step into office and in one of your first acts of releasing a mini budget it causes widespread panic, the IMF gives you a tap on the shoulder, and the BOE has to step in in a effort to restore stability…. If that was a job you’d walk home thinking ‘damn rough day, maybe that isn’t a good move, okay how about I’ll listen to what is being said and revise it!’
Oh wait that is a job and oh wait they are going ahead regardless! You can’t write this stuff!
We are now in full on 2008 territory. The scary thing is that if this doesn’t get sorted quickly, this will get exported and trigger a global financial crisis.
> There are some very, very specific reasons why the Bank of England is intervening in this particular asset class in long-dated gilts – that’s gilts of a 20 to 30 year duration.
>
>It affects traditional pension funds where a retiree is guaranteed a certain payout at their retirement based on their final salary when they retire.
>
>Now, a lot of these funds use long-dated gilts as part of their investments and what has been happening over recent days is a lot of the investment funds have been asking pension funds to post more collateral – to put up cash.
>
>It has been reported in The Times that actually these cash calls have been running into tens of billions of pounds since the beginning of the week because of this spike in long-dated gilt yields.
>
>That is why the Bank of England is specifically targeting that with this gilt intervention.
>
>It is aimed at seeing off a crisis that’s potentially starting to emerge in pension funds.
This is interesting to note. The crisis isn’t just screwing things up for younger, traditional non-Tory voters. It’s putting pensions at risk as well.
Those people still in support of Truss and her government must be either insane, selfish, or incredibly uninformed.
This is ridiculous – one of the UK’s strongest points was supposed to be our financial stability. Surely this is grounds for an immediate no confidence vote?
Kwasi must resign. Truss needs to go. The fact their first major move in government does this much damage, we need a general election NOW.
You don’t fuck with peoples homes. I remember 15 percent interest rates.
People just walking into to banks and handing keys over. no nothing just giving up knowing they would lose their homes. Putting their family on benefits and searching for somewhere to rent.
Dark dark days indeed. Labour will walk the next election. They won’t even need to campaign just run and say nothing.
it didn’t work. i just sent someone in america some money via paypal and the exchange rate was £1 = $1.02 JESUS
How the Conservative party can claim to be the party of sound economic management is completely beyond me. Over the past 10 years it’s gone from bad to worse. And in this latest case it is entirely self-inflicted.
Aside from the fact that the budget itself probably won’t work; there’s the fact that he announced a radical and completely unexpected tax cut, and then decides to wait until November to explain why it’ll work. What an idiot. Surely any sensible person would announce the plan first and then the implementation second.
F*cking morons. I just hope we get the opportunity to send these clowns to a long overdue and richly deserved electoral oblivion ASAP.