I’m not sure they’ll get a chance to hold on to be honest with you. Today’s move is pretty much unprecedented, as while there have obviously been large gilt purchases in the past, they haven’t been in direct response to a planned fiscal event.In another dimension the whole government would have resigned. Like Johnson, they will keep the power as long as they can to enrich themselves.
The end game Mat. I’m telling you.Bit like Trump with NATO...
Totally agree. It's been dismal. We are doubtless reaping the rewards of Brexit, in the short term at least. Whether there will be sunny uplands ahead who knows. I voted Remain.no but 1.38 at New Year to 1.08 before September is done pretty much defines a crash
They'll lose that independence soon if they keep fighting KamiKwaziSo, the BoE bailing out this crazy strategy. So much for being independent.
Out of country, what has she said; any links?Our Ange is destroying the Tories. No wonder BBC are ignoring it in her speech.
Fact, after fact,after fact.
The BoE has to try and fix the situation citing a ‘serious risk to UK financial stability‘ (pension funds) if it didn‘t. The Treasury has indemnified the BoE action, so the Govt is underwriting the action.
BoE has also postponed the planned sale of gilts which was designed to start moving away from Quantitive Easing. Which is ironic given todays action is QE.
The Treasury talks about the volatility of global markets, when it should have mentioned ‘this all started when the Chancellor spoke last Friday.’
I’ll double down on my ‘Kwarteng is toast’ prediction :)
Like what? Genuinely I am interested to understand what in my unfortunately long post, you think I got wrong? If I am genuinely mistaken, I am happy to be corrected, seriously.Read what you've said,engaged my brain and concluded you're mistaken on lots of it.
Cheers.
They'll lose that independence soon if they keep fighting KamiKwazi
Careful now.I think I might start a petition, severely reprimanding this government and asking for the GE to be brought forward. Anybody think there’ll be somebody there to answer the request?
Out of country, what has she said; any links?
How do they remove him? He won't go until he gets his boss maximum cash.won't be his choice fella - he won't be making any decisions as a disgraced back bencher
The FPC hasn’t overruled the MPC in any sense - the MPC committed to sell gilts a month ago, and today’s move is purely about financial stability given the conditions which have developed within the gilt market. The MPC’s planned gilt sales will still occur, albeit later than planned, if market conditions permit.
As I stated above, this intervention would only have occurred if an institution - most likely a pension fund - was about to go pop.
How do they remove him? He won't go until he gets his boss maximum cash.
"On the plus side, good to see Hannan finally stop blaming the last labour government, who left office twelve years ago, for where we are today. On the other hand, he's rotated to blaming future labour governments. This feels like something of a stretch, to put it very very mildly."It’s Starmer‘s fault has to be right up there with the most lunatic ramblings this charlatan has ever come up with. The comments are priceless though and not what he’d have been expecting….
It who she replaces him I'd be worried about. She won't want anyone who knows what they doing. Is Grayling still in parliament?I expect words will be had and suggestions made about voluntarily stepping down