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

[denphone]

Originally Posted by 1andrew1

This is a national matter in which she could have done one interview instead of lots of small ones. Far better use of her time when she has an important to-do list.

Is she afraid of a big hitter taking her down in a national interview and was banking on a soft touch at local radio?

Local radio presenters are no soft touch Andrew.

[1andrew1]

Originally Posted by denphone

Local radio presenters are no soft touch Andrew.

Agreed but that must have been her thinking and it would have been a great opportunity for an upcoming Andrew Neill to make their mark

The PM can't guarantee that pensions are safe in the BBC Bristol interview! https://twitter.com/thhamilton/statu...04343230173185

I think even the Telegraph is seeing the light.

Pound slumps again as Mark Carney accuses Truss of ‘undercutting’ the City

Sterling has fallen sharply again as former Bank of England Governor Mark Carney accused Liz Truss of “undercutting” the central bank.

The pound tumbled as much as 1% to below $1.08 in Asia trading as jitters about the Government’s tax-cutting plans resurfaced.

It came as Mr Carney took aim at the new Prime Minister for a partial Budget that had led to “dramatic” shifts in the financial markets.

He said there was an “undercutting” of key City institutions, pointing to the lack of an OBR forecast, a lack of detail about costing and working at “cross-purposes” with the Bank of England.

https://twitter.com/i/events/1575071034918813698

Originally Posted by denphone

Local radio presenters are no soft touch Andrew.

Quite.

Journalists on Twitter are pointing out the around of local radio interviews was probably worse than a single national interview as the format meant the presenters were competing with each other to ask the most difficult question and they also had a head-ups on her approach as they had listened to their colleagues' interviews just prior.

Originally Posted by denphone

Liz Truss is getting crucified in a series of local radio interviews this morning.

Originally Posted by 1andrew1

This is a national matter in which she could have done one interview instead of lots of small ones. Far better use of her time when she has an important to-do list.

Is she afraid of a big hitter taking her down in a national interview and was banking on a soft touch at local radio?

Nick Robinson explained that these were all arranged prior to all this kerfuffle as a "lead up" to the Tory Party Conference starting this Sunday - happens most years.

Truss on the radio this morning

"The biggest part of the package that we announced is the support on energy bills, making sure that people across this country are not facing energy bills of more than £2,500 and the businesses can get through this winter," she says.

Martin Lewis immediately afterwards on Twitter

https://twitter.com/martinslewis/sta...J_dXvm4egIVBRg



https://www.moneysavingexpert.com/ut...p-unit-rates-/

[jonbxx]

Originally Posted by jonbxx

Interestingly, we all call this a mini budget, the press call this a mini budget but officially, this is a ‘fiscal event’ and not a budget. This means there’s no vote I am afraid. To lose a vote on the budget is pretty much a vote of no confidence as this would say the House of Commons does not agree on how the government is running the economy so they might be glad that there’s no vote!

Well it turns out I was wrong and there might well need to be a vote as changes to taxation are involved. Interestingly, the vote deadline is very close to when the additional information will come from the Chancellor.

Here’s a Twitter thread on this - https://twitter.com/aliceolilly/stat...5v76W0qggmrc5Q

[Sephiroth]

What's wrong with the mini-budget? Commentators point out the following (inter-alia):

- Kwarteng did not need to announce reliefs that were not immediate;
- Kwarteng should not have abandoned the 45% rate;
- Kwarteng would have been wise to take an OBR forecast

Thing is, he & Truss knew what the OBR would say but forgot or ignored what the loss of confidence by the world would mean for his measures.

Cluster-* doesn't cover it.

[Pierre]

Originally Posted by Hugh

Truss on the radio this morning



Martin Lewis immediately afterwards on Twitter

https://twitter.com/martinslewis/sta...J_dXvm4egIVBRg



https://www.moneysavingexpert.com/ut...p-unit-rates-/

Most people with half a brain knew this. My energy bills before all this kicked off were over £2,500 a year already.

---------- Post added at 11:54 ---------- Previous post was at 11:51 ----------

Apart from cutting the 45% rate, I'm struggling to see what else about the mini-budget was so abhorrent? that everybody is losing their minds over.

[ianch99]

To sum up the farce, they have wheeled out John Redwood who is now blaming the BoE for the Gilt/Pensions near-disaster and not Government policy. Mad as a box of frogs ..

https://twitter.com/i/status/1575196773165023243

[mrmistoffelees]

Originally Posted by ianch99

To sum up the farce, they have wheeled out John Redwood who is now blaming the BoE for the Gilt/Pensions near-disaster and not Government policy. Mad as a box of frogs ..

https://twitter.com/i/status/1575196773165023243

Careful now, you’ll give dear Sephi a headache

[1andrew1]

Originally Posted by mrmistoffelees

Careful now, you’ll give dear Sephi a headache

I siuspect Seph has probably now seen the light with Redwood.

[jfman]

Originally Posted by Pierre

Apart from cutting the 45% rate, I'm struggling to see what else about the mini-budget was so abhorrent? that everybody is losing their minds over.

Wheeling out the magic money tree for a policy proven, decade after decade, in country after country, to not promote growth generally destabilises the markets. The fact the Bank of England had to step in shows the markets have lost confidence in the UK, making debt more expensive for the Government pushing up the cost of lending (mortgages). On top of that the forecast drop in house prices risking negative equity for some, and diminishing the nest egg value for their kids for others.

Other than that, it was all quite tame.

Originally Posted by Pierre

Apart from cutting the 45% rate, I'm struggling to see what else about the mini-budget was so abhorrent? that everybody is losing their minds over.

It was the whole package of tax cuts without any spending cuts or a costing. Basically just saying let's ramp up the deficit and the debt and they're not convinced it'll grow the economy making the U.K a riskier place to keep your cash.

[Sephiroth]

Originally Posted by 1andrew1

I siuspect Seph has probably now seen the light with Redwood.

A (serious) bump in the road unless this settles down to pre-mini-budget interest rates and currencies.