Liz Truss Resigns [Who'll be the next Prime Minister?]

BREAKING: Something big is happening in the Commons - Keir Starmer is on his feet but has just been passed a note via his deputy Angela Rayner. SNP bench also made aware. A lot of very glum faces - Kate McCann, Talk TV

---------- Post added at 12:38 ---------- Previous post was at 12:32 ----------

Originally Posted by Mick

BREAKING: Something big is happening in the Commons - Keir Starmer is on his feet but has just been passed a note via his deputy Angela Rayner. SNP bench also made aware. A lot of very glum faces - Kate McCann, Talk TV

BREAKING: Buckingham Palace spokesman: “Following further evaluation this morning, The Queen’s doctors are concerned for Her Majesty’s health and have recommended she remain under medical supervision. The Queen remains comfortable and at Balmoral.”

Being in the Health care sector, this is an indication to me that the Queen is on end of life care.

[Dude111]

Originally Posted by Mick

New PM, new thread……

Who would really want that posistion anyway??

With how bad things are now..... God bless Mrs. Truss if she indeed does take the Job!!

[pip08456]

Originally Posted by Dude111

Who would really want that posistion anyway??

With how bad things are now..... God bless Mrs. Truss if she indeed does take the Job!!

She took it 3 days ago.

[joglynne]

Prime Minister Liz Truss is to join King Charles in touring Scotland, Wales and Northern Ireland in the coming days after the Queen’s death, Downing Street has confirmed.

The incoming Prime Minister, who was in office for just four days before the death of the Queen, will join the new King as he leads “services of reflection” for his late mother around the United Kingdom.

https://inews.co.uk/news/liz-truss-a...-death-1848433

[jfman]

https://www.theguardian.com/uk-news/...our-says-no-10

She's not accompanying the King after all, they're just going to the same places, at the same time.

Correct.

"The king is leading national mourning across the UK and the prime minister will join and attend the services", a No 10 source said. "The PM is not 'accompanying' the king and it is not a 'tour'. She is merely attending the services."

Whats you point exactly ?

[jfman]

Merely noting that Number 10 corrected some of the previous reporting on the matter - specifically the use of the word accompany which was in the link in the post immediately before mine.

[1andrew1]

The cull of Johnson's allies continues. The unelected Goldsmith is sacked as Environment Minister.
https://www.msn.com/en-gb/news/uknew...83b2e6116277c5

Kwasi Kwarteng, the new Chancellor, has mooted lifting the cap on Bankers’ bonuses (which has been in place since 2014) - YouGov did a survey on it…

https://www.bbc.co.uk/news/business-62906854

The Treasury is considering removing a cap on bankers' bonuses as part of a post-Brexit shake-up of City rules.

Sources said no final decisions had been made, but confirmed chancellor Kwasi Kwarteng considered it a way of making London a more attractive place for global banks to do business.

City bosses have long complained about the EU-wide bonus rules which cap bonuses at twice an employee's salary.

They say they lead to higher base pay that pushes up banks' fixed costs.

Those costs cannot be adjusted in line with the firm's financial performance, they add, making the UK less attractive than the US or Asia.

People close to Mr Kwarteng confirmed reports in the Financial Times that the new chancellor is considering the move.

https://yougov.co.uk/topics/economy/.../09/15/e8157/2





For context, here is a recent article on Investment Bankers’ salaries.

https://www.efinancialcareers.co.uk/...s-banks-london

Following the new increases, the average junior VP, aged approximately 28 is on a total package of £395k. Within just two years, this rises to £439k (senior VPs are now on salaries of £171k and bonuses of £268k, says Dartmouth.)

This is a big rise on the £300k or so, that recruitment firm Arkesden said senior VPs in London were earning last year. It reflects on the need for solid mid-ranking bankers to manage the armies of new juniors hired in 2021. It also reflects the surge in deals, and the fact that VPs as well as juniors found themselves working often crazy hours during the pandemic.

Some banks pay their VPs more than others, and New York remains far more lucrative than London. In January, we reported that some newly-promoted VPs in London were earning £420k in total compensation. At Goldman Sachs in New York, first second and third year VPs were reportedly on packages of $750k, $800-$900k, and $900k -$1m+ respectively this year.

Dartmouth Partners says Goldman also paid the highest bonuses to its junior investment bankers at analyst and associate level in London. Dartmouth puts Goldman's bonuses at £180k on average for associates and £350k for VPs.

Dartmouth says JPMorgan pays the highest salary to first year analysts, at £70k. However, our own research suggests £70k is the new norm in London and that some boutiques (Centerview) pay up to £95k.

[jfman]

Trickle up economics is back.

[Dave42]

Originally Posted by jfman

Trickle up economics is back.

exactly tories only care for the rich as always

[1andrew1]

Interesting article on wealth distribution from of all places, the FT. Can Truss afford to see the average household fall behind Slovenia in 2024?

Starting at the top of the ladder, Britons enjoy very high living standards by virtually any benchmark. Last year the top-earning 3 per cent of UK households each took home about £84,000 after tax, equivalent to $125,000 after adjusting for price differences between countries. This puts Britain’s highest earners narrowly behind the wealthiest Germans and Norwegians and comfortably among the global elite.

While the top earners [in the UK] rank fifth, the average household ranks 12th and the poorest 5 per cent rank 15th. Far from simply losing touch with their western European peers, last year the lowest-earning bracket of British households had a standard of living that was 20 per cent weaker than their counterparts in Slovenia.

It’s a similar story in the middle. In 2007, the average UK household was 8 per cent worse off than its peers in north-western Europe, but the deficit has since ballooned to a record 20 per cent. On present trends, the average Slovenian household will be better off than its British counterpart by 2024, and the average Polish family will move ahead before the end of the decade. A country in desperate need of migrant labour may soon have to ask new arrivals to take a pay cut.

Our leaders are of course right to target economic growth, but to wave away concerns about the distribution of a decent standard of living — which is what income inequality essentially measures — is to be disinterested in the lives of millions. Until those gradients are made less steep, the UK and US will remain poor societies with pockets of rich people.

No paywall link: https://12ft.io/proxy?q=https://www....8-c951baa68945

[jfman]

They'll be wanting those bonuses in dollars if the pound keeps tanking.

[Pierre]

I just despair. After the real optimism I had in 2019 that the government had the majority and opportunity to do something.

The class of politician we now have (on all sides) is piss poor, you could grab someone off the street that would have a better understanding of the UK and what the people of the UK think.

What idiot would think that in the current climate uncapping banker's bonus would have good optics? Amateurs.

[denphone]

l agree with Pierre as its a terrible look in the current climate.