truss

[SydneyRover]

''Power giants to face windfall tax after all as Liz Truss delivers U-turn
Prime minister accused of ‘another screeching U-turn’ having previously rejected calls to impose levy''

The malignant ex-schoolgirl from Leeds learns the hard way about life, economics and politics.

https://www.theguardian.com/business/2022/oct/11/power-giants-to-face-windfall-tax-after-all-as-liz-truss-delivers-u-turn

[SydneyRover]

Hound, I think Sam Tarry was sacked from the shadow cabinet for what he said in the press, but even then he was undergoing deselection by his local party.

And .....

Labour started its trigger ballot process late last year. Where there is an incumbent Labour MP, it gives local members a simple choice: they can vote to automatically select the MP as a candidate for the next election or they can vote to“trigger” a full selection process in which the MP could have to face off against other challengers. Members can force a selection only where a majority of local party and affiliate (such as trade unions) branches vote to trigger such a contest.

from The Guardian

[SydneyRover]

Mogg still claiming the earth is flat then.

[BillyStubbsTears]

f**king hell, THIS raises the stakes.

https://www.bbc.co.uk/news/business-63211743

The subtext here. BoE Chairman saying to the Govt "This is YOUR doing. YOU, not us, need to unshit the bed."

On reflection, this is absolutely stupid by the BoE. It might have been born of frustration at having to deal with Kwarteng's bonehead idiocy, but the Bank cannot say it's going to allow financial carnage in 3 days time if the markets don't settle down.

Saying that has caused a panic to set it. Bond rates have soared again. The £ has sunk again.

Now the BoE is backtracking on its threat and saying it will continue to support bonds of necessary.

A right f**king mess. It's bad enough having an insane Chancellor, without having an incompetent BoE as well. I truly do worry about what's coming for our economy over the next 18 months.

[big fat yorkshire pudding]

But they're independent, so that's alright.  Still highly sceptical that fully independent is right.

[MachoMadness]

f**king hell, THIS raises the stakes.

https://www.bbc.co.uk/news/business-63211743

The subtext here. BoE Chairman saying to the Govt "This is YOUR doing. YOU, not us, need to unshit the bed."

On reflection, this is absolutely stupid by the BoE. It might have been born of frustration at having to deal with Kwarteng's bonehead idiocy, but the Bank cannot say it's going to allow financial carnage in 3 days time if the markets don't settle down.

Saying that has caused a panic to set it. Bond rates have soared again. The £ has sunk again.

Now the BoE is backtracking on its threat and saying it will continue to support bonds of necessary.

A right f**king mess. It's bad enough having an insane Chancellor, without having an incompetent BoE as well. I truly do worry about what's coming for our economy over the next 18 months.

I do wonder if the Bank - both the institution and the personnel - are really equipped to cope with an ideological tug of war with the government. I'm no expert but felt they were supposed to tweak things here and there rather than constantly work as fire fighters. I wonder if anyone there has ever experienced this situation before.

[BillyStubbsTears]

BoE has certainly never experienced this before.

We have the Govt pouring money into the economy to drive growth, precisely at the same time that the BoE is trying to throttle back growth to curb inflation. Absolutely unprecedented mess.

[BillyStubbsTears]

I naively thought, earlier this Summer, that Truss had a brilliant plan to have a massive growth boom over the next year then call an election with enough people's pockets stuffed.

Silly me.

That assumed a level of competence that is clearly beyond her. She's obviously as mad as a box of frogs, given the way her economic policy is shaping up.

PMQs today was the moment of revelation.

She's not going to cancel the tax cuts


She's not going to tax the gas producers


Now she's not going to cut public spending.

So she's going to finance £43bn of tax cuts by borrowing. Breaking every single rule of economics. And slamming up the price of borrowing as a result. Which will cripple many mortgage holders and companies that need credit.

She gives the average household maybe £100/month off their energy bills and maybe £50/month off NI and income tax. But the average mortgage is going up by £3-500 because of the way she has spooked the debt markets.

And she thinks this is going to magically produce growth.

[scawsby steve]

Sounds to me you still don't accept the enormity of what has happened Steve, giving the tories life support over brexit, using the word 'lent' is an attempt to minimise participation.

https://www.eumonitor.eu/9353000/1/j9vvik7m1c3gyxp/vkyhnfcdtny2?ctx=vk4jic6t1dxz

UK Unions are talking of a general strike to maintain their positions, look at what the EU are doing.

All predictable all forecasted.

So what we suspected is true. You ARE against Trade Unions. No wonder you love Keith so much.

Speaking of Keith, if the EU is as wonderful as you say, why does he say he won't apply to re-join them when Labour gets back in?

In your own time.

Anytime you wish to explain why you just happen to align with trump, farage, le penn and putin I be all ears.

Sydney, I'm worried about you. You seriously need some Diazepam.

[wilts rover]

Just to remind people, the reason Johnson chose Bailey to be Governor of the BoE was that he was one of the few financiers to be supportive of the Tory's Brexit 'policy'. Hmmm...

https://www.express.co.uk/news/uk/1219775/Bank-of-England-Andrew-Bailey-brexit

[wilts rover]

Truss: “Your Majesty… Lovely to see you again.”

King Charles III: “Back again. Dear oh dear. Anyway…”

https://twitter.com/chrisshipitv/status/1580264025648431105

[ravenrover]

Am I imagining it or has there now been a massive U turn and they are now going to tax the Energy Companies profits?

[BillyStubbsTears]

Last I heard, they were going to tax the profits of renewable an nuclear electricity producers. But not gas producers.

No. Me neither...

[BillyStubbsTears]

Yet more DoubleSpeak from Team Truss today.

In PMQs today, Truss said unambiguously that she wasn't going to cut public spending. Then her media team spent the afternoon briefing journalists that they ARE going to cut public spending.

This is your regular reminder that this sort of dysfunctional lying did not used to be common in our politics until very recently. Now it seems endemic in the Tory party.

[SydneyRover]

Sounds to me you still don't accept the enormity of what has happened Steve, giving the tories life support over brexit, using the word 'lent' is an attempt to minimise participation.

https://www.eumonitor.eu/9353000/1/j9vvik7m1c3gyxp/vkyhnfcdtny2?ctx=vk4jic6t1dxz

UK Unions are talking of a general strike to maintain their positions, look at what the EU are doing.

All predictable all forecasted.

So what we suspected is true. You ARE against Trade Unions. No wonder you love Keith so much.

Speaking of Keith, if the EU is as wonderful as you say, why does he say he won't apply to re-join them when Labour gets back in?

In your own time.

Anytime you wish to explain why you just happen to align with trump, farage, le penn and putin I be all ears.

Sydney, I'm worried about you. You seriously need some Diazepam.

I can take your insults Steve, but I would much prefer you to answer the questions I pose to you.

[MachoMadness]

Some wild briefing going on following truss meeting the 1922 committee tonight. I've got stuff in my fridge older than this government. It's mad.

Surely they need to put country before party at some point.

[BillyStubbsTears]

4/6 now on Truss to be booted out next year.

But apparently most money is being lumped on at 6/1 against for her to not make it to Xmas this year.

What an utter shambles.

[BillyStubbsTears]

Rees-Mogg tonight has said that if the OBR don't agree with Kwarteng he should ignore them.

Are they genuinely trying to tank the economy? Honestly, if they were plants from a hostile state, they could barely be doing a better job.

[SydneyRover]

It must be habit forming ........ 6 months ago .........

''Sunak pours scorn on the OBR’s dire warnings''

https://www.theguardian.com/politics/2022/apr/03/sunak-pours-scorn-on-the-obrs-dire-warnings-but-the-facts-speak-for-themelves

[tyke1962]

Rees-Mogg tonight has said that if the OBR don't agree with Kwarteng he should ignore them.

Are they genuinely trying to tank the economy? Honestly, if they were plants from a hostile state, they could barely be doing a better job.

It was his own party that founded and set up the OBR , Osborne was the architect in 2010 when they came to power with the Lib Dems following the financial crash .

The reason it was founded is pretty self explanatory following 2008 .

[wilts rover]

Yet more DoubleSpeak from Team Truss today.

In PMQs today, Truss said unambiguously that she wasn't going to cut public spending. Then her media team spent the afternoon briefing journalists that they ARE going to cut public spending.

This is your regular reminder that this sort of dysfunctional lying did not used to be common in our politics until very recently. Now it seems endemic in the Tory party.

They looked at this on Peston. There is almost no area of public spending cuts that a majority of Tory MP's will support (its needs 35 to rebel and there are said to be over 100 against her on some areas).

[drfchound]

Yet more DoubleSpeak from Team Truss today.

In PMQs today, Truss said unambiguously that she wasn't going to cut public spending. Then her media team spent the afternoon briefing journalists that they ARE going to cut public spending.

This is your regular reminder that this sort of dysfunctional lying did not used to be common in our politics until very recently. Now it seems endemic in the Tory party.

They looked at this on Peston. There is almost no area of public spending cuts that a majority of Tory MP's will support (its needs 35 to rebel and there are said to be over 100 against her on some areas).

If that is the case then action needs to be taken soon.

[Glyn_Wigley]

Yet more DoubleSpeak from Team Truss today.

In PMQs today, Truss said unambiguously that she wasn't going to cut public spending. Then her media team spent the afternoon briefing journalists that they ARE going to cut public spending.

This is your regular reminder that this sort of dysfunctional lying did not used to be common in our politics until very recently. Now it seems endemic in the Tory party.

They looked at this on Peston. There is almost no area of public spending cuts that a majority of Tory MP's will support (its needs 35 to rebel and there are said to be over 100 against her on some areas).

If that is the case then action needs to be taken soon.

It's like I said when the minibudget was announced. The backbenchers can't ditch another leader so soon after they got the job, the PM can't threaten an election to discipline the backbenchers because they know it's an empty threat.

It's going to be a case of the tail wagging the dog - the Parliamentary Party deciding what will get through the Commons, not the government. It'll then be down to Truss whether she bows to that or falls on her own sword.

[BillyStubbsTears]

4/6 now on Truss to be booted out next year.

But apparently most money is being lumped on at 6/1 against for her to not make it to Xmas this year.

What an utter shambles.

Hard to keep up with this.

Now 1/2 on for her being gone next year and 19/5 against for her to go before this Xmas.

[BillyStubbsTears]

Massive U-turn on the Budget incoming by all accounts. Tory MPs have been briefed to avoid going on media to support the Budget measures in case they are made to look stupid by impending decisions.

[Bristol Red Rover]

I can't see Truss surviving much longer. Kwateng even less so.

Options for Tories are:
Falling to third place in the next GE.
Choosing another leader, and looking weak flip floppy.
Bringing Johnson back.
Calling a GE asap.

I think that last option is the strongest or will at least be gathering strength, not least because the elites in this country can see the problems coming if they don't get a new government. Starmer as PM is as perfect as they can get. He'll do all the establishment jobs - crush the unions, keep the left away from power, raise taxes, fund Ukraine, Israel etc, be the safe face for UK foriegn relations, and pave the way for the next Tory government in 5 or so years.

[Glyn_Wigley]

Options for Tories are:
Falling to third place in the next GE.
Choosing another leader, and looking weak flip floppy.
Bringing Johnson back.
Calling a GE asap.

You've missed out the most obvious option, that I outlined above.

[tyke1962]

Smells like a GE coming to me .

[BillyStubbsTears]

Rees-Mogg has been insisting this week that Kwarteng's KamiKwasi Budget isn't the source of our problems?

https://twitter.com/EdConwaySky/status/1580152819155279872?s=20&t=TNGutGiwkF3bB_Vr-6J0ew

Remember, an increase of 100 basis points on bonds effectively means that the interest payments on a £100k mortgage go up by £80/month and the Govt has to pay £20bn extra on debt interest every year.

So, the effect of the Budget on its own was to increase Govt debt payments by £30bn per year. That's enough to build 45 new infirmaries per year.

[Glyn_Wigley]

Smells like a GE coming to me .

Really? Can you smell who it is that's going to make it happen too? Because the people who want one can't make one happen and the people who can make it happen don't want one.