So… the bank of england and pension funds are also part of the anti-growth coalition? Apart from the Tories, who isn’t at this point?
Had the Bank not intervened with a promise to buy up to £65bn of government debt, funds managing money on behalf of pensioners across the country “would have been left with negative net asset value” and cash demands they could not have met.
“As a result, it was likely that these funds would have to begin the process of winding up the following morning,” the Bank said.
The central bank said the meltdown was at risk of rippling through the UK financial system, which could have then caused “excessive and sudden tightening of financing conditions for the real economy”.
Graphic showing how out of kilter UK was compared to US and EUR
If Labour jad pulled this shit the media including te BBC would be talking about the 70s and poor fiscal responsibility for months. The Tories only get a roasted for a day or two and it’s buisness as usual a week later.
Listened to an American political podcast yesterday. They are horrified at what these idiots are doing.
Is there any information regarding what would happen if the pension funds did collapse? (More so long-term effects)
So what is going to happen to the CEO of these pension funds that almost brought them down?
This should terrify people – it’s not getting anywhere NEAR the right amount of coverage. Unbelievable.
This says to me that they are badly run if a one day fall, that recovered before the end of that day could end them.
Bad bad bad.
I don’t think I have ever seen a budget cause so much potential financial catastrophe. Nobody in government had a clue how to stop the run on the pound and the margin calls. If the BoE was unavailable or unable to intervene, can you *just imagine* all of the UK’s biggest pension funds going bust? Millions and millions of peoples savings and working pensions just obliterated overnight?
You can guaran-damn-tee the government would not have bailed them out on top of the £60 odd billion they borrowed to fund this smash and grab budget.
The collapse of the pension funds would have triggered a cascade problem, catastrophic public confidence collapse and runs on all the major banks as people panic and withdraw savings before they get sucked into the whirlpool.
The reason this isn’t getting national coverage is because it didn’t happen, the BoE intervened and now there’s no public interest in seeking any kind of repercussions from those that manufactured this situation to benefit themselves.
I don’t believe for a second Kwarteng & Co are that stupid, greedy yes, totally out of touch with reality? yes. Willing to put the national economy to the torch to earn a few billion speculating? yes. Let that be something to remember the next time the blue rosette does it’s rounds in your town come General Election time. Remember that they tried to indirectly obliterate most working peoples pensions for a quick buck and to help “big business”.
Oh and about big business. I work for several of them indirectly. None of them are pleased about their staff’s pensions nearly being wiped out.
Any logical government would be like here our plan how does it affect the economy…
What amazes me is that these actions came from the various dark money funded think tanks that are in vogue with number 10 right now.
And similar to the various groups that pushed Brexit for 40 years it turns out that their policy ideas are, when tested in the real world, shown to be absolute fucking nonsense.
How does so much money get spent pushing bullshit? How do the people funding these groups make so much capital without having the basic sense to realise their ideas have no basis in reality.
Are they really cynical disaster capitalists that are so patient they can wait decades? That seems to me to be a silly use of time and money but hey I’m not a billionaire.
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So… the bank of england and pension funds are also part of the anti-growth coalition? Apart from the Tories, who isn’t at this point?
Had the Bank not intervened with a promise to buy up to £65bn of government debt, funds managing money on behalf of pensioners across the country “would have been left with negative net asset value” and cash demands they could not have met.
“As a result, it was likely that these funds would have to begin the process of winding up the following morning,” the Bank said.
The central bank said the meltdown was at risk of rippling through the UK financial system, which could have then caused “excessive and sudden tightening of financing conditions for the real economy”.
Graphic showing how out of kilter UK was compared to US and EUR
https://i.imgur.com/rSTjc3k.jpg
If Labour jad pulled this shit the media including te BBC would be talking about the 70s and poor fiscal responsibility for months. The Tories only get a roasted for a day or two and it’s buisness as usual a week later.
Listened to an American political podcast yesterday. They are horrified at what these idiots are doing.
Is there any information regarding what would happen if the pension funds did collapse? (More so long-term effects)
So what is going to happen to the CEO of these pension funds that almost brought them down?
This should terrify people – it’s not getting anywhere NEAR the right amount of coverage. Unbelievable.
This says to me that they are badly run if a one day fall, that recovered before the end of that day could end them.
Bad bad bad.
I don’t think I have ever seen a budget cause so much potential financial catastrophe. Nobody in government had a clue how to stop the run on the pound and the margin calls. If the BoE was unavailable or unable to intervene, can you *just imagine* all of the UK’s biggest pension funds going bust? Millions and millions of peoples savings and working pensions just obliterated overnight?
You can guaran-damn-tee the government would not have bailed them out on top of the £60 odd billion they borrowed to fund this smash and grab budget.
The collapse of the pension funds would have triggered a cascade problem, catastrophic public confidence collapse and runs on all the major banks as people panic and withdraw savings before they get sucked into the whirlpool.
The reason this isn’t getting national coverage is because it didn’t happen, the BoE intervened and now there’s no public interest in seeking any kind of repercussions from those that manufactured this situation to benefit themselves.
I don’t believe for a second Kwarteng & Co are that stupid, greedy yes, totally out of touch with reality? yes. Willing to put the national economy to the torch to earn a few billion speculating? yes. Let that be something to remember the next time the blue rosette does it’s rounds in your town come General Election time. Remember that they tried to indirectly obliterate most working peoples pensions for a quick buck and to help “big business”.
Oh and about big business. I work for several of them indirectly. None of them are pleased about their staff’s pensions nearly being wiped out.
Any logical government would be like here our plan how does it affect the economy…
What amazes me is that these actions came from the various dark money funded think tanks that are in vogue with number 10 right now.
And similar to the various groups that pushed Brexit for 40 years it turns out that their policy ideas are, when tested in the real world, shown to be absolute fucking nonsense.
How does so much money get spent pushing bullshit? How do the people funding these groups make so much capital without having the basic sense to realise their ideas have no basis in reality.
Are they really cynical disaster capitalists that are so patient they can wait decades? That seems to me to be a silly use of time and money but hey I’m not a billionaire.
It just all seems so incompetent