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-   -   Liz Truss Resigns [Who'll be the next Prime Minister?] (https://www.cableforum.uk/board/showthread.php?t=33711301)

jfman 26-09-2022 14:18
Re: New Prime Minister: Liz Truss
 
Quote:
Originally Posted by denphone (Post 36134998)
Once a party has lost its record for economic competence its very hard to repair that reputation.
Entertainingly, you still have the mugs out there peddling the right wing trope that somehow we'd be a great country if it wasn't for their opponents talking the country down. We just lack the vision.

It turns out betting against Britain is consistently one of the safest out there on the financial markets and some of the biggest free market thinkers out there are heavily in on it.

Damien 26-09-2022 16:38
Re: New Prime Minister: Liz Truss
 
Bank of England aren't going to do anything today so the pound has dropped again having recovered (although only back to the start of the day) on speculation they would.

Dave42 26-09-2022 16:39
Re: New Prime Minister: Liz Truss
 
Bank of England 'will not hesitate to change interest rates as necessary' after pound's fall

https://news.sky.com/story/bank-of-e...-fall-12705776

Hugh 26-09-2022 17:40
Re: New Prime Minister: Liz Truss
 
1 Attachment(s)
Quote:
Originally Posted by denphone (Post 36134974)
Have you any statistical proof that trickle down economics works because all the evidence so far says it does not happen.
http://eprints.lse.ac.uk/107919/1/Ho..._published.pdf

Quote:
Abstract

This paper uses data from 18 OECD countries over the last five decades to estimate the causal effect of major tax cuts for the rich on income inequality, economic growth, and un- employment. First, we use a new encompassing measure of taxes on the rich to identify instances of major reductions in tax progressivity. Then, we look at the causal effect of these episodes on economic outcomes by applying a nonparametric generalization of the difference-in-differences indicator that implements Mahalanobis matching in panel data analysis. We find that major reforms reducing taxes on the rich lead to higher income inequality as measured by the top 1% share of pre-tax national income. The effect remains stable in the medium term. In contrast, such reforms do not have any significant effect on economic growth and unemployment.
Easier to read version in the Washington Post

https://wapo.st/3fpcWzG

Paul 26-09-2022 18:09
Re: New Prime Minister: Liz Truss
 
Quote:
Originally Posted by jfman (Post 36134975)
Employers should pay more to encourage people into low paid jobs.
1. Then they would no longer be "low paid jobs".
2. The new "low paid" would then want paying more ...
Cycle back to point 1.

Plus of course, the employers would then have to charge more for their goods/services, affecting everyone, so everyone would want even more .......

Doesnt exactly work out well. :erm:

ianch99 26-09-2022 18:21
Re: New Prime Minister: Liz Truss
 
Quote:
Originally Posted by Hugh (Post 36135010)
A good example of how trickle down economics works in the minds of its supporters:

https://www.cableforum.uk/images/local/2022/09/15.jpg

Sephiroth 26-09-2022 18:51
Re: New Prime Minister: Liz Truss
 
That amused me, Ian!

Hugh 26-09-2022 19:13
Re: New Prime Minister: Liz Truss
 
https://www.reuters.com/world/uk/uks...rs-2022-09-26/

Quote:
LONDON, Sept 26 (Reuters) - British lenders Virgin Money and Skipton Building Society on Monday temporarily withdrew their mortgage ranges for new customers because of the volatility in sterling funding markets, according to emails sent to brokers.

"Following a number of changes in the market, we have made the decision to temporarily withdraw all our products for new customers at 8pm tonight," Virgin Money said in its email to brokers, seen by Reuters.

"We continue to monitor the situation closely and currently plan to relaunch products for new customers towards the end of the week."

Earlier on Monday, lender Halifax said it had withdrawn its mortgage products with arrangement fees.
Truss/Kwarteng/et al - "Trust the Free Markets on what we’ve done! The Markets know best!"

The Markets - devalue the pound/devalue Government Gilts/withdraw mortgage offers/react negatively to what they’ve done

Truss/Kwarteng/et al - "not that way!"…

1andrew1 26-09-2022 22:21
Re: New Prime Minister: Liz Truss
 
Quote:
Originally Posted by Hugh (Post 36135017)
https://www.reuters.com/world/uk/uks...rs-2022-09-26/

Truss/Kwarteng/et al - "Trust the Free Markets on what we’ve done! The Markets know best!"

The Markets - devalue the pound/devalue Government Gilts/withdraw mortgage offers/react negatively to what they’ve done

Truss/Kwarteng/et al - "not that way!"…
I think Ed Miliband today said something along the lines that the government believes in the market but the market doesn't believe in the government. :D

jfman 26-09-2022 22:58
Re: New Prime Minister: Liz Truss
 
Yougov polling over the weekend put Labour on 45, Cons on 28.

It turns out borrowing to make the vast majority of people poorer while making a small minority richer isn’t a solid macroeconomic nor electoral strategy. She’s toast before the next election if she can’t turn that round. With interest rates going the way they are, it’s hard to see how.

Sephiroth 26-09-2022 23:15
Re: New Prime Minister: Liz Truss
 
I'm keeping quiet, waiting to see if things settle down.

1andrew1 27-09-2022 00:01
Re: New Prime Minister: Liz Truss
 
Quote:
Originally Posted by Sephiroth (Post 36135025)
I'm keeping quiet, waiting to see if things settle down.
I think Johnson is facing some tough competition for worst Prime Minister ever!

denphone 27-09-2022 07:08
Re: New Prime Minister: Liz Truss
 
Quote:
Originally Posted by jfman (Post 36135024)
Yougov polling over the weekend put Labour on 45, Cons on 28.

It turns out borrowing to make the vast majority of people poorer while making a small minority richer isn’t a solid macroeconomic nor electoral strategy. She’s toast before the next election if she can’t turn that round. With interest rates going the way they are, it’s hard to see how.

As Rishi Sunak the former Chancellor said - "We have to be honest. Borrowing your way out of inflation isn't a plan - it's a fairy tale."

The markets have already given their ominous verdict.

Mr K 27-09-2022 07:16
Re: New Prime Minister: Liz Truss
 
Dizzie Lizzie and her mini budget has gone down well, biggest Labour kead for 21 years...

Quote:
LAB: 45% (+3)
CON: 28% (-4)
LDEM: 9% (-1)
GRN: 7% (-)

via
@YouGov
, 23 - 25 Sep
Chgs. w/ 12 Sep
https://mobile.twitter.com/BritainEl...11096429531136

Why aren't people grateful for money being taken away from the NHS to be given to the super rich and bankers. Baffles me....

Damien 27-09-2022 07:20
Re: New Prime Minister: Liz Truss
 
The currency drop has stopped. Stabilised now although still down from where it was Friday.

Sunak must be feeling a little bit vindicated given how much he warned that the markets would react badly. He also warned it would push interest rates much higher which has happened yet but is predicted to do so.

The economy isn't going to get good growth if people's mortgages shoot up even further no matter how much tax cuts you get people above 150k. Most people are below that and their income will drop even further.


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