Pound slumps – live: White House urges UK to show ‘fiscal discipline’ after ‘withering’ IMF statement rocks Truss government | UK News

29 comments

  3. I’m intrigued if the White House and IMF are giving Japan advice as well, because their currency has slumped by the same amount against the dollar (20% down this year). The euro isn’t far behind either.

    https://www.bbc.co.uk/news/business-63040797

    >Japan’s intervention in the currency market last week cost roughly 3 trillion yen ($20.9 billion), making it the country’s largest single-day action on record, new Bank of Japan data suggests.

    https://asia.nikkei.com/Business/Markets/Currencies/Japan-likely-spent-record-21bn-to-prop-up-yen

    The strong dollar is hurting a lot of countries.

    Downvoted for asking a question. I must be on reddit.

  7. I think many accurately predicted the outcomes of Brexit – labour shortages, negative impact on trade, leading to inflation and interest rate increases. I don’t think anyone could predict that, given those circumstances, a Tory government who rely on the perception that they’re economically astute, self-immolate in such spectacular circumstances. It’s rare that I’m shocked by politicians, but I’m astounded by the flagrancy of the Tory’s corruption, and their willingness to risk the prosperity of the whole country to satisfy some idealogical idiocy to cut taxes for the super-rich. It’s simply bonkers

  8. America are telling the UK to be more sensible with money. Lmfao!!

    Edit: In the inevitable reddit rush to show who knows more or to point out that someone doesnt know about X.

    My joke got missed, that’s my fault.
    I was pointing out the irony of how far our economy and fiscal ability of our government has fallen.
    Play nice children we are all getting fucked here.

  9. Unsurprising. Most of the IMF SDR are in dollars and the US has the lion’s share. It’s mostly their money the government is risking to go ask for, and the UK going tits up is bad for them and the entire world. They are obviously pissed

  10. pathetic government. If the tories had any credibility whatsoever they would send letters of no confidence and try and get a general election. sure they may stay in power for 1 or 2 more years if they don’t, but they’re practically guaranteeing they won’t get elected for another decade at least.

  12. the entire world is telling them they are morons, yet they are going to push on because the goal is lining their friends pockets not running the country

  13. 06 Nov 2017
    Prominent Brexiteer John Redwood advises investors to avoid Britain

    Prominent Brexiteer John Redwood advised investors to avoid Britain this weekend as the country’s economy “hits the brakes”.

    Before the vote Redwood advised that the “economic gains of leaving the EU will be considerable”.

    But as the economy hits stormy waters this weekend he advised investors to look elsewhere – namely the European Central Bank in an article he penned titled “Look further afield as the UK hits the brakes.”

  14. Things must be serious if the White House are getting involved. They usually don’t give a shit about us unless they need us to support a war.

  18. I remember when the Brexit referendum happened I had several “economist experts” as colleagues who assured me it’s better for the economy in the long run and that nose dive the pound took was only temporary.

    I said I’d rather listen to the actual experts like the head of the Bank of England who warned us it would be a disaster for the economy. Every Brexiteer in the country reckoned they knew the economy better than the actual qualified experts.

    It’s been 6 fucking years and it just keeps getting worse! Fuck every one of you cunts, fuck David Cameron, fuck Boris Johnson, fuck every Tory politician who had and still has the nerve to insist Brexit was necessary! What fucking planet are they on??? I get they say it because they know the majority of their voters wanted it and don’t want to hear they were wrong but this is batshit fucking crazy that anyone can still hold the opinion Brexit was a good thing!!!

    The USD was worth 0.64GBP pre Brexit but the damage to our economy and country goes well beyond that.

  19. Truss might be our shortest prime minister in history. If she carries on with current plan and carry on cutting tax and borrowing to replace the cuts. Once the dollar and pound hit parity she will be oust by her own party.

  20. I think the problem for Truss now is they’re locked into this path. U-turning would look incredibly weak.

    They must be scratching their heads too because all of their think tanks said this kind of budget would be amazeballs and make the UK great again.

    I guess the think tanks assumed they’d have two braincells to rub together to realise that unprecedented and unpaid for tax cuts have a time and place to be introduced. Not during the middle of a recession and energy crisis.

  21. When does any of this become illegal? Financially ruining a county and their currency. Seems like nothing stopping governments taking from the pot without any recourse and leaving it for the next person to recover from.

  24. We’re fucked for a good few months to come.

    And then fucked for a long old time after that, granted. But at least if this clown show is exited we might also have a little hope. Right now we’re just fucked, endlessly, from every angle and *we can’t afford lube*

  25. We all know their plan, financially nuke the country to benefit the rich, let Labour pick up the pieces and then blame them for the tough choices they have to make to fix the mess the conservatives caused, then the conservatives will get voted into power for another 12 years, rinse and repeat.

  29. God how far we have fallen as a country. We’ve been made to look like clowns on the world stage for countless years now. At least Trump only lasted four years, it’s felt like we’ve been under Tory tyranny for an eternity at this point. I really don’t know how we come back from this mess at this point. Tired of everything feeling so bleak and hopeless as these relentless vampires drain us all dry without an ounce of empathy or remorse.

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