Page 284 of 538
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 12:14 am
by _Os_
I like neeps wrote: Sun Sep 25, 2022 8:44 pm
Insulted as in you don't need to sell your house, but it also means when you do you'll take a huge loss. It also feels a bit unrealistic to me an electorally significant number of those won't have some exposure somewhere whether it's home loans, car loans, nest egg for the kids.
The over leveraged mortgage holders and landlords using a house or two for their retirement wont be a majority but any stretch but again it'll be a significant number electorally. Of course the high deposit + high borrowing will be worse than both. And again, that's electorally a significant number.
Someone that has paid off their house is in a fundamentally different place to those that haven't. Even if house prices fall, they're only losing part of the house price inflation, they'll still be up on what they bought it for (having bought decades ago). Any loss they have is notional and basically not real. These people aren't going to become Labour voters because of this, they're just not sorry. All their incentives will remain the same. The UK's population isn't young, so this isn't a small group of people.
The group that is going to get fucked hard, are those under 40 with a mortgage. When you say "the high deposit + high borrowing will be worse than both", that's most that bought over the last decade in 0% interest rate conditions, with massive house price inflation, and massive wage stagnation. An average household income will struggle to support the size of mortgage many of these people have at a BoE Rate of 5%. It's not going to be a small amount of mortgages either, 25% of mortgages are trackers and from memory another 20% need to re-fix in 2023, so around half of mortgages will be exposed to a 5% BoE Rate next year, or 1 in 6 residential dwellings. Those people are going to remember this for the rest of their lives, if they're Tory voters now they're going to reconsider.
If the Tories insist their biggest morons must remain in the cockpit, there could be calls for the government to support the mortgage market. But the UK has an outstanding residential mortgage debt of £1.6 trillion.
I like neeps wrote: Sun Sep 25, 2022 8:44 pm
Yes agreed with putting the flag on things which isn't even what people want I don't think. You'd have to speak to the person who moved from Corbyn to Truss to understand it. But it'll be such a hilariously low numbet nationwide as to make this focus group the pointed waste of time they all are.
You won't be able to understand it by talking to them, it's irrational. A lot of people vote based on the feel of the final week, it's why parties put so much effort into the short campaign directly before the vote. It's easier to fight that final week if the opponent has landed zero punches over the years beforehand.
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 5:51 am
by Insane_Homer
into the 1.05s already, briefly dipped into the 1.03s
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 5:55 am
by I like neeps
fishfoodie wrote: Sun Sep 25, 2022 8:58 pm
I like neeps wrote: Sun Sep 25, 2022 8:16 pm
Hope everyone is ready for Black Monday 2
I'd head out early & brim your cars tank, & if you haven't done so already, make sure your home heating tank is full too !
Oil being priced in dollars isn't your friend right now.
This week's rebellion against Truss is going be to maybe even more funny than the rebellions against Johnson.
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 7:02 am
by petej
I like neeps wrote: Mon Sep 26, 2022 5:55 am
fishfoodie wrote: Sun Sep 25, 2022 8:58 pm
I like neeps wrote: Sun Sep 25, 2022 8:16 pm
Hope everyone is ready for Black Monday 2
I'd head out early & brim your cars tank, & if you haven't done so already, make sure your home heating tank is full too !
Oil being priced in dollars isn't your friend right now.
This week's rebellion against Truss is going be to maybe even more funny than the rebellions against Johnson.
I will believe it when I see it. The press barons want it so the papers will be relatively quiet on it. Bimbos of the world will say it is good for exporters.
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 7:07 am
by I like neeps
_Os_ wrote: Mon Sep 26, 2022 12:14 am
I like neeps wrote: Sun Sep 25, 2022 8:44 pm
Insulted as in you don't need to sell your house, but it also means when you do you'll take a huge loss. It also feels a bit unrealistic to me an electorally significant number of those won't have some exposure somewhere whether it's home loans, car loans, nest egg for the kids.
The over leveraged mortgage holders and landlords using a house or two for their retirement wont be a majority but any stretch but again it'll be a significant number electorally. Of course the high deposit + high borrowing will be worse than both. And again, that's electorally a significant number.
Someone that has paid off their house is in a fundamentally different place to those that haven't. Even if house prices fall, they're only losing part of the house price inflation, they'll still be up on what they bought it for (having bought decades ago). Any loss they have is notional and basically not real. These people aren't going to become Labour voters because of this, they're just not sorry. All their incentives will remain the same. The UK's population isn't young, so this isn't a small group of people.
The group that is going to get fucked hard, are those under 40 with a mortgage. When you say "the high deposit + high borrowing will be worse than both", that's most that bought over the last decade in 0% interest rate conditions, with massive house price inflation, and massive wage stagnation. An average household income will struggle to support the size of mortgage many of these people have at a BoE Rate of 5%. It's not going to be a small amount of mortgages either, 25% of mortgages are trackers and from memory another 20% need to re-fix in 2023, so around half of mortgages will be exposed to a 5% BoE Rate next year, or 1 in 6 residential dwellings. Those people are going to remember this for the rest of their lives, if they're Tory voters now they're going to reconsider.
If the Tories insist their biggest morons must remain in the cockpit, there could be calls for the government to support the mortgage market. But the UK has an outstanding residential mortgage debt of £1.6 trillion.
I like neeps wrote: Sun Sep 25, 2022 8:44 pm
Yes agreed with putting the flag on things which isn't even what people want I don't think. You'd have to speak to the person who moved from Corbyn to Truss to understand it. But it'll be such a hilariously low numbet nationwide as to make this focus group the pointed waste of time they all are.
You won't be able to understand it by talking to them, it's irrational. A lot of people vote based on the feel of the final week, it's why parties put so much effort into the short campaign directly before the vote. It's easier to fight that final week if the opponent has landed zero punches over the years beforehand.
Insulted in that they won't lose their house I agree. But high interest rates will likely be painful for them in other ways. (a) commodity inflation as the pound plunges, (b) recession caused by high interest rates (c) maybe they're involved with an SME that can't afford the interest on debt now whether employed, a loyal customer whatever (d) do they have credit card debt or car loans or even home loans? They go up (e) bank of mum and dad is one of UK's largest mortgage lenders. I presume a good number of them pay off your house and help your kids - gone (f) want a holiday in your retirement? (g) planned to sell your house and now the payout is going to be less.
I agree with you that mortgage holders will be far worse affected. But, those who have paid off their mortgage will be affected and some affected in a way you can no longer guarantee voting Tory.
I also think the focus group is nonsense. Ask them when their financial mismanagement hurts.
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 7:25 am
by I like neeps
The Tories - hello chaps we want to borrow your money for tax cuts of the 1%
The people they want to borrow from - no.
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 7:50 am
by I like neeps
petej wrote: Mon Sep 26, 2022 7:02 am
I like neeps wrote: Mon Sep 26, 2022 5:55 am
fishfoodie wrote: Sun Sep 25, 2022 8:58 pm
I'd head out early & brim your cars tank, & if you haven't done so already, make sure your home heating tank is full too !
Oil being priced in dollars isn't your friend right now.
This week's rebellion against Truss is going be to maybe even more funny than the rebellions against Johnson.
I will believe it when I see it. The press barons want it so the papers will be relatively quiet on it. Bimbos of the world will say it is good for exporters.
The papers (telegram, Seb Payne the FT 's Tory pet, the times) are all reporting if the currency continues its slide and bonds continue their tear a number of Tory MPs will vote against it. Remember, she wasn't their choice.
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 7:53 am
by Hal Jordan
Insane_Homer wrote: Mon Sep 26, 2022 5:51 am
into the 1.05s already, briefly dipped into the 1.03s
Getting pounded like a cheerleader in a locker room bongo vid.
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 8:01 am
by Paddington Bear
On the one hand the devaluation of the pound is bad for British business and market confidence, on the other I got a reasonable sized dollar denominated cheque in the post this morning, so who's to say whether it is a good or bad thing
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 8:15 am
by Raggs
Paddington Bear wrote: Mon Sep 26, 2022 8:01 am
On the one hand the devaluation of the pound is bad for British business and market confidence, on the other I got a reasonable sized dollar denominated cheque in the post this morning, so who's to say whether it is a good or bad thing
I'm hoping my employer is feeling generous. They work mostly in USD (overseas company), so in theory I've become a lot cheaper to employ, might be able to get a pay rise.
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 8:25 am
by yermum
Hal Jordan wrote: Mon Sep 26, 2022 7:53 am
Insane_Homer wrote: Mon Sep 26, 2022 5:51 am
into the 1.05s already, briefly dipped into the 1.03s
Getting pounded like a cheerleader in a locker room bongo vid.
Ah you work in the city, I can tell by the technical terminology.
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 9:02 am
by fishfoodie
Kay Burley reading out a msg from a Tory MP, describing them as practising "A-Level Economics", with peoples lives, & saying that letters are already going into Brady.
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 9:21 am
by robmatic
Paddington Bear wrote: Mon Sep 26, 2022 8:01 am
On the one hand the devaluation of the pound is bad for British business and market confidence, on the other I got a reasonable sized dollar denominated cheque in the post this morning, so who's to say whether it is a good or bad thing
My expenses are in Turkish lira and I'm still getting roasted. That's how bad this is.
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 9:28 am
by Insane_Homer
At least when we rejoin the EU, adopting the Euro will be a no brainer, so there's that :/
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 9:38 am
by I like neeps
fishfoodie wrote: Mon Sep 26, 2022 9:02 am
Kay Burley reading out a msg from a Tory MP, describing them as practising "A-Level Economics", with peoples lives, & saying that letters are already going into Brady.
Just wait until they realise what happens to their constituents mortgage. Even Truss will be putting in a letter.
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 9:59 am
by Raggs
Makes me very glad we took a 5 year fix when getting our mortgage early this year. Might be long enough to ride out this horror show.
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 10:00 am
by SaintK
Also being paid via his lobbying company rather directly salaried!
Mark Fullbrook is understood to have been promised by Liz Truss that his company would run the Tories’ next general election campaign if he joined her No 10 operation as chief of staff.
Sources claimed the “quid pro quo” arrangement, which could be highly lucrative for his lobbying company, Fullbrook Associates, was a precondition of the strategist taking the job.
It follows the revelation that, in a highly unusual move, the prime minister’s most senior adviser would receive his salary through his company, which may help him minimise tax.
https://www.theguardian.com/politics/ ... -10-job
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 10:00 am
by dpedin
After a brief respite both £ and FTSE heading down again. BoE will have to put rates up asap and clever money is on a 1% increase in order to restore confidence.This will crush any growth and increase repossessions and rents. It would have been easier to publish the OBR analysis unless of course all this was projected? Either Kwartang does a 180 or there will be enough letters into Mr Brady to trigger another leadership election? I am sure Mr Odey will give our Chancellor his old job back.
This all went tits up pretty quickly didn't it - who would have thought?
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 10:03 am
by fishfoodie
Did Liz bother to appoint an ethics adviser, or is that role now officially redundant with the Tories ??
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 10:12 am
by yermum
If the prospect of financial doom wasn't so immediate and worry-some this would almost be funny
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 10:16 am
by SaintK
fishfoodie wrote: Mon Sep 26, 2022 10:03 am
Did Liz bother to appoint an ethics adviser, or is that role now officially redundant with the Tories ??
Nope! Wouldn't have thought it anywhere near the top of her list of things to do.
Far too busy pushing more and more folk into poverty and moving ahead with her Brittania Unhinged manifesto
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 10:20 am
by I like neeps
yermum wrote: Mon Sep 26, 2022 10:12 am
If the prospect of financial doom wasn't so immediate and worry-some this would almost be funny
It will be funny when Truss is turfed out before Christmas.
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 10:58 am
by sturginho
fishfoodie wrote: Mon Sep 26, 2022 10:03 am
Did Liz bother to appoint an ethics adviser, or is that role now officially redundant with the Tories ??
I think she made a point of not appointing one
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 11:14 am
by Hal Jordan
On a lighter note, Darren Grimes has been fired from GBNews, apparently learning about it on Twitter. Looks like cancel culture is alive and kicking!
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 11:36 am
by dpedin
Looks like Biden knew about the UK budget in advance and his tweet about trickle down economics was aimed squarely at Truss! Can't see how the UK gets any real growth now having pissed off the EU and the US!
PS However I expect Scotlands golf courses to be full of rich Americans next year splashing the cash as the £1 = $1. Might have to find a wee part time job doing some caddying? Tips should be bigger?
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 11:40 am
by Insane_Homer
Hal Jordan wrote: Mon Sep 26, 2022 11:14 am
On a lighter note, Darren Grimes has been fired from GBNews, apparently learning about it on Twitter. Looks like cancel culture is alive and kicking!
Happy schadenfreude to those who celebrate.
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 11:42 am
by Paddington Bear
dpedin wrote: Mon Sep 26, 2022 11:36 am
Looks like Biden knew about the UK budget in advance and his tweet about trickle down economics was aimed squarely at Truss! Can't see how the UK gets any real growth now having pissed off the EU and the US!
PS However I expect Scotlands golf courses to be full of rich Americans next year splashing the cash as the £1 = $1. Might have to find a wee part time job doing some caddying? Tips should be bigger?
It takes a fairly embarrassing level of cultural cringe to seriously believe Biden is subtweeting about British domestic politics
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 11:44 am
by JM2K6
Paddington Bear wrote: Mon Sep 26, 2022 11:42 am
dpedin wrote: Mon Sep 26, 2022 11:36 am
Looks like Biden knew about the UK budget in advance and his tweet about trickle down economics was aimed squarely at Truss! Can't see how the UK gets any real growth now having pissed off the EU and the US!
PS However I expect Scotlands golf courses to be full of rich Americans next year splashing the cash as the £1 = $1. Might have to find a wee part time job doing some caddying? Tips should be bigger?
It takes a fairly embarrassing level of cultural cringe to seriously believe Biden is subtweeting about British domestic politics
Let's not pretend what's happening here isn't big news in the USA.
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 11:52 am
by Paddington Bear
JM2K6 wrote: Mon Sep 26, 2022 11:44 am
Paddington Bear wrote: Mon Sep 26, 2022 11:42 am
dpedin wrote: Mon Sep 26, 2022 11:36 am
Looks like Biden knew about the UK budget in advance and his tweet about trickle down economics was aimed squarely at Truss! Can't see how the UK gets any real growth now having pissed off the EU and the US!
PS However I expect Scotlands golf courses to be full of rich Americans next year splashing the cash as the £1 = $1. Might have to find a wee part time job doing some caddying? Tips should be bigger?
It takes a fairly embarrassing level of cultural cringe to seriously believe Biden is subtweeting about British domestic politics
Let's not pretend what's happening here isn't big news in the USA.
The market reaction is financial news, the tweet came before that and was clearly referencing the Republicans. The idea the falling £ is the talk of middle America is just mad - they really don't care about what happens here.
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 11:57 am
by JM2K6
Paddington Bear wrote: Mon Sep 26, 2022 11:52 am
JM2K6 wrote: Mon Sep 26, 2022 11:44 am
Paddington Bear wrote: Mon Sep 26, 2022 11:42 am
It takes a fairly embarrassing level of cultural cringe to seriously believe Biden is subtweeting about British domestic politics
Let's not pretend what's happening here isn't big news in the USA.
The market reaction is financial news, the tweet came before that and was clearly referencing the Republicans. The idea the falling £ is the talk of middle America is just mad - they really don't care about what happens here.
Who said anything about middle America?
My twitter feed is full of yanks commenting on what's happening here. The NY Times hasn't been quiet on it. It's literally fucking headline news on the Washington Post right now:
https://www.washingtonpost.com/
Sorry, but you're wrong on this. It's big news in the USA.
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 11:58 am
by Paddington Bear
JM2K6 wrote: Mon Sep 26, 2022 11:57 am
Paddington Bear wrote: Mon Sep 26, 2022 11:52 am
JM2K6 wrote: Mon Sep 26, 2022 11:44 am
Let's not pretend what's happening here isn't big news in the USA.
The market reaction is financial news, the tweet came before that and was clearly referencing the Republicans. The idea the falling £ is the talk of middle America is just mad - they really don't care about what happens here.
Who said anything about middle America?
My twitter feed is full of yanks commenting on what's happening here. The NY Times hasn't been quiet on it. It's literally fucking headline news on the Washington Post right now:
https://www.washingtonpost.com/
Sorry, but you're wrong on this. It's big news in the USA.
Which isn't what I was saying in the first place - Biden is not subtweeting the British government
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 12:11 pm
by GogLais
sturginho wrote: Mon Sep 26, 2022 10:58 am
fishfoodie wrote: Mon Sep 26, 2022 10:03 am
Did Liz bother to appoint an ethics adviser, or is that role now officially redundant with the Tories ??
I think she made a point of not appointing one
Good. She’ll have no one else to blame. And anyway who else feels the need to have someone to advise them on honesty?
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 12:11 pm
by GogLais
sturginho wrote: Mon Sep 26, 2022 10:58 am
fishfoodie wrote: Mon Sep 26, 2022 10:03 am
Did Liz bother to appoint an ethics adviser, or is that role now officially redundant with the Tories ??
I think she made a point of not appointing one
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 12:30 pm
by JM2K6
Paddington Bear wrote: Mon Sep 26, 2022 11:58 am
JM2K6 wrote: Mon Sep 26, 2022 11:57 am
Paddington Bear wrote: Mon Sep 26, 2022 11:52 am
The market reaction is financial news, the tweet came before that and was clearly referencing the Republicans. The idea the falling £ is the talk of middle America is just mad - they really don't care about what happens here.
Who said anything about middle America?
My twitter feed is full of yanks commenting on what's happening here. The NY Times hasn't been quiet on it. It's literally fucking headline news on the Washington Post right now:
https://www.washingtonpost.com/
Sorry, but you're wrong on this. It's big news in the USA.
Which isn't what I was saying in the first place - Biden is not subtweeting the British government
Okay. But you seem to also believe they just don't care about what happens here. That's not true.
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 12:34 pm
by dpedin
Paddington Bear wrote: Mon Sep 26, 2022 11:58 am
JM2K6 wrote: Mon Sep 26, 2022 11:57 am
Paddington Bear wrote: Mon Sep 26, 2022 11:52 am
The market reaction is financial news, the tweet came before that and was clearly referencing the Republicans. The idea the falling £ is the talk of middle America is just mad - they really don't care about what happens here.
Who said anything about middle America?
My twitter feed is full of yanks commenting on what's happening here. The NY Times hasn't been quiet on it. It's literally fucking headline news on the Washington Post right now:
https://www.washingtonpost.com/
Sorry, but you're wrong on this. It's big news in the USA.
Which isn't what I was saying in the first place - Biden is not subtweeting the British government
Just a coincidence then the day before he was meeting Truss and after Truss had been on US radio and TV that day talking about the need to cut taxes, bakers bonuses, etc. Whilst his tweet wasn't a response to any specific trigger from the republicans I am sure it was aimed at both Truss and a regular reminder to the Republicans about his views on the matter. It followed the Biden refusal to meet Truss during his visit for the Queens funeral ostensibly due to her Gov stance on NI Protocol. don't think there is any great love between the two?
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 12:37 pm
by Paddington Bear
JM2K6 wrote: Mon Sep 26, 2022 12:30 pm
Paddington Bear wrote: Mon Sep 26, 2022 11:58 am
JM2K6 wrote: Mon Sep 26, 2022 11:57 am
Who said anything about middle America?
My twitter feed is full of yanks commenting on what's happening here. The NY Times hasn't been quiet on it. It's literally fucking headline news on the Washington Post right now:
https://www.washingtonpost.com/
Sorry, but you're wrong on this. It's big news in the USA.
Which isn't what I was saying in the first place - Biden is not subtweeting the British government
Okay. But you seem to also believe they just don't care about what happens here. That's not true.
Separate issue that you brought into an unrelated discussion and I foolishly responded to.
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 12:43 pm
by fishfoodie
dpedin wrote: Mon Sep 26, 2022 12:34 pm
Paddington Bear wrote: Mon Sep 26, 2022 11:58 am
JM2K6 wrote: Mon Sep 26, 2022 11:57 am
Who said anything about middle America?
My twitter feed is full of yanks commenting on what's happening here. The NY Times hasn't been quiet on it. It's literally fucking headline news on the Washington Post right now:
https://www.washingtonpost.com/
Sorry, but you're wrong on this. It's big news in the USA.
Which isn't what I was saying in the first place - Biden is not subtweeting the British government
Just a coincidence then the day before he was meeting Truss and after Truss had been on US radio and TV that day talking about the need to cut taxes, bakers bonuses, etc. Whilst his tweet wasn't a response to any specific trigger from the republicans I am sure it was aimed at both Truss and a regular reminder to the Republicans about his views on the matter. It followed the Biden refusal to meet Truss during his visit for the Queens funeral ostensibly due to her Gov stance on NI Protoco
l. don't think there is any great love between the two?
Biden & the DNC have no great love of the Tories, full stop !
Things really went south during the Obama administration, when Biden was VP, & advisers were shuttling back & forth between the GOP & Tory HQ.
Fundamentally, the same people are pulling the strings in the GOP, & Tory party, & for the same reasons. The shitgibbons trillion dollar tax gift for millionaires was his main goal, & lo & behold, what is the first act of this UK Government !
You didn't need to be Nostradamus to see any of this shit happening; on the contrary, you'd need to be an idiot not to expect it.
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 12:44 pm
by Biffer
Truss and Kwarteng are absolutely fixated on the Thatcher model, and they genuinely believe we need to suffer economic pain before improving, so they’re comfortable with it. They’re pulling the same economic levers she did, without understanding what they do, why they had the effect they did in the eighties and what the differences are (and effects will be) now. They’re just pulling away at them like a couple of fucking idiots. Which is what they are.
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 1:03 pm
by Camroc2
Biffer wrote: Mon Sep 26, 2022 12:44 pm
Truss and Kwarteng are absolutely fixated on the Thatcher model, and they genuinely believe we need to suffer economic pain before improving, so they’re comfortable with it. They’re pulling the same economic levers she did, without understanding what they do, why they had the effect they did in the eighties and what the differences are (and effects will be) now. They’re just pulling away at them like a couple of fucking idiots. Which is what they are.
And they don't have North Sea oil to cushion the economic damage.
Re: Stop voting for fucking Tories
Posted: Mon Sep 26, 2022 1:15 pm
by _Os_
Biffer wrote: Mon Sep 26, 2022 12:44 pm
Truss and Kwarteng are absolutely fixated on the Thatcher model, and they genuinely believe we need to suffer economic pain before improving, so they’re comfortable with it. They’re pulling the same economic levers she did, without understanding what they do, why they had the effect they did in the eighties and what the differences are (and effects will be) now. They’re just pulling away at them like a couple of fucking idiots. Which is what they are.
Sums it up.
Truss dresses up as Thatcher, cuts taxes and ignores any protests, that's the extent of her Thatcherism. Back in the 1980s the UK had a North Sea oil boom which funded a massive tax cut/consumption binge, had public assets to sell off, an economy to financialise, and helped create the Single Market. Without all that the morons are going to keep building their South American style banana republic until Tory MPs stop them.
Markets now price a Bank Rate over 6% by August next year.