The Conservative Party

The Light Was Yellow Sir said:
You know why though? The markets are now pricing in a 1-2% rate increase and a likely emergency statement from the BOE. Absolutely nothing to do with the cavalier politics currently on show, no matter how much you try to conflate the 2. In fact, you seemed to be suggesting that the BOE policy should be to reduce interest rates and thus support the Government, unless I’ve misunderstood? There would be an absolute rout if that happened.
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Oh I see. So what you're saying is that all the drama on here about the exchange rate crashing was in fact just a load of old bollocks because you knew all along it would recover immediately. Thanks for clearing that up.
 
Mike D said:
What narrative the pound has tanked the market sees us as an emerging market currency, I am not sure what recognition you are looking for here? Don't tell me you've just shit in you're hands and forgot to clap.
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Tanked from 1.09 to er 1.08? Of course I shat myself about that alright.
 
mat said:
Kwartang already hiding from the media over the shitshow he's created.

He's accountable to us not the hedgefund owners he's sucking off.
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Is he though? They really don't care. They've broken laws they actually created and as good as got away with it. They've shown utter contempt for the electorate and especially the poor in that electorate and sneered and laughed while doing so. They don't give a fuck. In France a few years back they'd have been waiting their turn on the guillotine and rightly so. In our weak country we bend over and say please bum us harder.
 
Chippy_boy said:
Well who'd have thought it. The pound now higher against the dollar now (1.0899) than prior to the mini budget. Deary me that doesn't fit the narrative at all, does it.

Queue the usual lefties wading in with some deflection or other. ...
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It's at one dollar.

The pound is at one f******g dollar.
 
Chippy_boy said:
Oh I see. So what you're saying is that all the drama on here about the exchange rate crashing was in fact just a load of old bollocks because you knew all along it would recover immediately. Thanks for clearing that up.
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The dollar rate prior to Brexit was around the $1.55 to $1.65 band. After Brexit it was $1.25 to $1.35 band and now it‘s looking like a $1.05 to $1.15 band.

This reflects the perception of the UK economy and its strengths/weaknesses. Basically, if the UK keeps doing dumb things the market is going to price that in.

It matters because the world is run and priced in dollars. The weaker our currency, the more expensive everything is.

Of more importance has been the effect on Govt borrowing, where the UK now has to borrow money at a higher rate than say, Italy or Greece. The BoE will also be obliged to hike up interest rates which will wipe out any nominal tax reduction for Tory middle England via higher mortgage payments.

 
BobKowalski said:
‘Market turmoil forces Halifax, UK's largest mortgage lender, to temporarily withdraw all mortgage products that come with a fee.

"As a result of significant changes in the cost of funding, we're making some changes to our product range." @Reuters

I bet you are sunshine.
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Where’s Howard when you need him?
 
I remember an article a while back that described how we had a huge rise in the number of billionaires in Britain since the pandemic, and that got me thinking about how we plebs should be luxuriating in a positive deluge - not a mere trickle- of rich-people’s money bringing us all wealth and joy unbounded.
Then I got to thinking as to how this ain’t happening and I came to the conclusion that these can’t be self-made British billionaires on account of how we are a lazy, shiftless, indolent lot, (Copywrite L Truss et al) so they must be something else.
Perhaps , I mused, these are a bunch of businessmen (not in the Sopranos sense obviously) who are here to take advantage of post-brexit regulations with regard to tax-dodging and money-laundering or perhaps they might be Russian oligarchs who buy a passport, buy a seat in the Lords, buy a brexit and ultimately buy a government.
It’s all very confusing.
 
F'kin wild day in the world of finance today.

The markets are in a kind of limbo state struggling to comprehend the level of incompetence.

The statement of the BoE earlier basically calling the government out for the cluster F of friday. At this rate Truss is toast - there is no way her government can carry on like this.
 
Chippy_boy said:
Oh I see. So what you're saying is that all the drama on here about the exchange rate crashing was in fact just a load of old bollocks because you knew all along it would recover immediately. Thanks for clearing that up.
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Do you not work, or do you work for the government ?
How many posts have you made ?
 
Hodges is not convinced (Mail on Sunday)

‘The political reality is Truss and Kwarteng are going to have to reverse the 45p rate cut. There’s no way round that, and they might as well acknowledge it sooner rather than later.’
 
Gaudion M said:
F'kin wild day in the world of finance today.

The markets are in a kind of limbo state struggling to comprehend the level of incompetence.

The statement of the BoE earlier basically calling the government out for the cluster F of friday. At this rate Truss is toast - there is no way her government can carry on like this.
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But, but, but the Mail on Sunday were asking for Kamikwasi (pat)to get a knighthood and Lizard to be made a Dame with the genius masterstroke they've pulled off !
 
Absolute amateur hour from Kwarteng - initially disregarding the need for an OBR forecast and then having to issue his statement today, all after doubling down over the weekend.

Really is very poor and he’s showing very little understanding of how closely intertwined the fiscal and monetary policy outlooks are now. The fiscal mechanics of the APF unwind are in fact quite unstable if sentiment deteriorates sufficiently, and detailed reports of investor concerns would have been relayed to him prior to last Friday. But still they chose to pull the trigger.

What price that him, Truss and Andrew Bailey are all still in their jobs in six months’ time?
 
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