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An expert said that the current government actions

will push the bank of England to raise interest rates a lot higher.

Samx
Samx Male
2 months ago
Do you, like me, agree with that?
Pixiefluff
Pixiefluff Female
2 months ago
Yes, as sterling hits an all time low today. Get ready for the storm.
BOYDEL
BOYDEL Male
2 months ago
That makes UK exports cheaper for foreign buyers.

It could also lead to foreign capital flooding in to eg UK property.
wonderoushen
wonderoushen Female
2 months ago
I can't see how they can do otherwise, Halifax has stopped offering its cheapest mortgages and others are expected to follow suit, Kwarteng says he will announce more measures in a few days and not to worry. How does he expect us to do anything else?
Aely
Aely Female
2 months ago
It's a good thing for Liz Truss that she isn't worried about being unpopular! If she were, she would be "soiling her underwear". I reckon Labour must love her. She is guaranteeing them a win at the next election, if the Tories haven't dumped her and got somebody competent in before then.
Maglorian
Maglorian Male
2 months ago
Kwasi Kamikaze became Chancellor of the Exchequer under extraordinary circumstances.
The politics blackout that followed the death of Elizabeth II meant that the
second most powerful politician in Britain assumed office with virtually no
scrutiny of his previous job performance, or his crackpot radical-right
economic plans.



Before
becoming Chancellor, Kwarteng was the Tory energy minister who allowed energy
bills to triple in the space of a single year. No country in Europe has handled
the energy crisis worse than the UK, and the man at the centre of Britain's
lamentably poor response to the energy crisis has been quietly promoted to
finance minister of the entire country!



Within three
weeks of becoming Chancellor Kwarteng has managed to tank the Pound to it's
lowest value in US Dollars since decimalisation in 1971, which is quite an
achievement.



The Pound's
not just fallen against the US Dollar, it's plummeting in relation to pretty
much whichever currency you look at across the globe. The Euro, the Japanese
Yen, the Russian Rouble ...



The Russians
are bogged down in their invasion of Ukraine, and under severe economic
sanctions, yet the British Pound is collapsing against the Rouble. It's no
exaggeration to say that this is a spectacularly bad beginning to Kwarteng's
(hopefully brief) tenure as Chancellor.



One of the
main reasons the Pound is in freefall is that Kwarteng's economic plans are so
radically right-wing that he's spooked the bankers and money men.



Of course
the city spivs can see the personal benefit for them if the government borrows
hundreds of billions of pounds to lavish tax cuts on the mega-rich, and
no-strings bailouts on private energy profiteers, but they can also understand
that this deranged strategy is so terrible for the economy that they can make
even more cash for themselves in the short-term by betting against the Pound.



If an
incoming Labour Chancellor had trashed the value of the Pound within weeks,
capitalist media outlets would obviously be absolutely slaughtering them, but
because it's one of their Tory chums, they're simply ignoring it, as if they
can just make Kwarteng's disastrous devaluation of the entire UK economy go
away, simply by not writing or broadcasting about it!



They ignored
his atrocious track record as energy minister, they failed to scrutinise his
radical-right economic plans, they turned a blind-eye when he was acting
extremely weirdly at the state funeral, and now they're simply trying to ignore
Kwarteng's crash out of existence!

Good riddance to tory scum and the cringe worthy useful idiots who voted them in. Doesn't matter what personality you change as their leader. They all worship the economic doctrine of greed and selfishness. Karma baby. Beautiful karma.
Pixiefluff
Pixiefluff Female
2 months ago
Good riddance to tory scum and the cringe worthy useful idiots who voted them in.


Wouldn't that be lovely?
BOYDEL
BOYDEL Male
2 months ago
Trouble is that for Labour sympathisers - the Party has to adopt a very centrist stance to get elected.

Kwarteng was not responsible for long term UK energy policies - nor for the Ukraine war which led Russia to close gas pipelines which led to most of Europe having to compete to buy gas on world markets where the obvious shortage means the highest bidder gets the available supply.

How man of the UK Electorate were 20 years ago begging Govt to build dozens of extra nuclear power stations?

With those extra (hypothetical)nuclear energy supplies - UK today would not be having to import gas at world market sky high prices to feed the 32 Gas fired power stations generating electricity.
Maglorian
Maglorian Male
2 months ago
Boydel, you defend them with nothing but useful excuses. Have you actually looked at comparative government policies in Europe and other parts of the world, since Kamikazi kwasi was in charge of energy policy? Have a look and especially their control policies on profit making. Your first useful ijut response failed.

As regards your opinion that labour will have to adopt a centrist stance to get elected. I suspect any party could do better than the self serving elitist tories. Even on a back of a fag packet economic policy. Real people see through that centrist crap now. Radical change is the word on the street and the comfy i'm alright jack types, with their dependency on the rotten systems rewards, are getting sweaty under their collars.

Renewable energy was and still is the answer to this 12 year sham and complete failure of spiv governance.

Good try Jack, but your defence is pure nepotism.
NeverSayNever
NeverSayNever Female
2 months ago
BOYDEL Male
31 minutes ago
Trouble is that for Labour sympathisers - the Party has to adopt a very centrist stance to get elected.

Kwarteng was not responsible for long term UK energy policies - nor for the Ukraine war which led Russia to close gas pipelines which led to most of Europe having to compete to buy gas on world markets where the obvious shortage means the highest bidder gets the available supply.

How man of the UK Electorate were 20 years ago begging Govt to build dozens of extra nuclear power stations?

With those extra (hypothetical)nuclear energy supplies - UK today would not be having to import gas at world market sky high prices to feed the 32 Gas fired power stations generating electricity.


A lot of comments will simply follow the very misleading headlines and not understand what is happening. Good posting BOYDELL.
NeverSayNever
NeverSayNever Female
2 months ago
BOYDEL Male
31 minutes ago
Trouble is that for Labour sympathisers - the Party has to adopt a very centrist stance to get elected.

Kwarteng was not responsible for long term UK energy policies - nor for the Ukraine war which led Russia to close gas pipelines which led to most of Europe having to compete to buy gas on world markets where the obvious shortage means the highest bidder gets the available supply.

How man of the UK Electorate were 20 years ago begging Govt to build dozens of extra nuclear power stations?

With those extra (hypothetical)nuclear energy supplies - UK today would not be having to import gas at world market sky high prices to feed the 32 Gas fired power stations generating electricity.


A lot of comments will simply follow the very misleading headlines and not understand what is happening. Good posting BOYDELL.
NeverSayNever
NeverSayNever Female
2 months ago
BOYDEL Male
31 minutes ago
Trouble is that for Labour sympathisers - the Party has to adopt a very centrist stance to get elected.

Kwarteng was not responsible for long term UK energy policies - nor for the Ukraine war which led Russia to close gas pipelines which led to most of Europe having to compete to buy gas on world markets where the obvious shortage means the highest bidder gets the available supply.

How man of the UK Electorate were 20 years ago begging Govt to build dozens of extra nuclear power stations?

With those extra (hypothetical)nuclear energy supplies - UK today would not be having to import gas at world market sky high prices to feed the 32 Gas fired power stations generating electricity.


A lot of comments will simply follow the very misleading headlines and not understand what is happening. Good posting BOYDELL.
Pixiefluff
Pixiefluff Female
2 months ago
There's a lot of left wing movement going on right now, particularly in. Liverpool last weekend. Gutted to let my ticket go. A four day festival of educators, workshops, talks from Owen Jones and Corbyn and of course the Annual Labour party conference. Starmer has made some positive proposals this weekend.Sir Keir Starmer set out his plans to reverse Tory policies and give hope to struggling families. He also declares that he will order Labour MPs to vote against the abolition of the top 45% income tax rate for £150,000 earners.

But the 31 million taxpayers who saw a penny lopped off their 20% basic rate in Kwasi Kwarteng ’s budget on Friday will be allowed to keep that rebate after the next general election. Chatting to the Mirror, in his first national newspaper interview since Liz Truss became PM, he said he was appalled a £1million earner is being handed more than £40,000 back when so many ordinary workers do not know where the next pound is coming from.


Let's see if he honours that because Tory hatred is breeding pretty rapidly amongst the working classes.. now is the time for change.
BOYDEL
BOYDEL Male
2 months ago
Renewable Energy thus far contributes only to ENERGY SECURITY - but does little if anything to lower prices.

Reason being that the infrastucture was provided by PRIVATE INVESTORS - based on signed agreements that when fed in to the national grid it would be charged out at pretty much the same cost as the dearest energy source ie Gas.

Going forward - new Renewables infrastructure projects would need to be funded directly by Govt/Taxpayer so as to benefit from lower cost - but likely only after repaying upfront capital costs - unless those capital costs are also funded by borrowing.

As for politics - any party in office right now will have to deal with things as they are today - there is nil overall gain in recriminations as to who should have done what in the past.
BOYDEL
BOYDEL Male
2 months ago
With 38% of working age households relying on welfare top ups - those households would do well to realise that it is the small percentage of top earners who pay horrendous RATES OF TAX - which then enable significant amounts of welfare spending to help support lower earning households.
Pixiefluff
Pixiefluff Female
2 months ago
Yes and rightly so. Again the benefits system is put into place for people who need it. And it's not a walk in a park living through that system for recipients either. A small portion of tax goes to the benefits system. A larger portion of tax to .. let's see.. the cost of war? Oh and what about Royalty? So the privileged can live that elitist lifestyle eating lobster and other such refinements courtesy of your hard work.
BOYDEL
BOYDEL Male
2 months ago
Welfare (incl Pensions) takes around 34% of all UK taxes.
Samx
Samx Male
2 months ago
Really, when do people actually wake up to a country on the rocks? Incompetence on all fronts! Well done Britain!
MrQuiet
MrQuiet Male
2 months ago
Not everyone is going to agree with everything you say Sam. They might think you should wake up
Minnie-the-Minx
Minnie-the-Minx Female
2 months ago
I would like to think it is incompetence, but I think that it is something much more premeditated than that.


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