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

Originally Posted by OLD BOY

The credit is to my direct debit payment, the first of which will be taken in October 2022. Is that clearer for you?

---------- Post added at 08:31 ---------- Previous post was at 08:21 ----------



This fuss is all because the numbers relating to how the debt will be paid have not been produced yet, due to the necessity to reassure people about their energy bills without delay. The media and the opposition did a very good job at panicking people, didn't they?

The figures will be produced by November, the OBR can rake over the numbers and the public will start to realise that all this fuss was unnecessary and they will live to see another summer.

Then the retribution will start as to why all that stress was created unnecessarily. Labour should make the most of these days of popularity. In the end, the opinion poll ratings will be seen as a mid-term bubble.

Much clearer, thank you - you’ve now had a monthly £66 government rebate on your bill that you’re going to get next month.

Thanks for the clarification…

[RichardCoulter]

https://www.thesun.co.uk/tv/19952164...box=1664458272

Looks like it will be benefits targetted to pay for the tax cuts: https://www.standard.co.uk/news/poli...-b1028934.html

Interesting (imho) article about Trussonomics from the Spectator earlier this month (before Truss became PM).

https://12ft.io/proxy?q=https://www....eginners-guide

Speaking to Truss’s most trusted economists, it’s clear that their perspective on the deficit has shifted substantially over the past decade. The free-market narrative after the financial crash was that cheap borrowing – and Gordon Brown’s spending splurge – had ruined the public finances and that austerity had not gone nearly far enough to get them in order. Now these same economists seem remarkably relaxed about climbing deficits and higher public debt. What’s changed?

‘When the facts change, your opinions change,’ Jessop tells me. ‘Ten years ago, I would have been much more conventional in my thinking that you need to get the budget deficit down as quickly as possible. But it’s clear that isn’t working. You need a more flexible approach focused on what really matters: the long-term sustainability of the public finances.’

[jfman]

Originally Posted by Pierre

The pound back up to 1.12 against the dollar, thank god all the MSM commentators are talking about it or I’d never have known.

Rallying at the fact she will be out on her arse soon enough, presumably.

[Dave42]

Originally Posted by OLD BOY

The credit is to my direct debit payment, the first of which will be taken in October 2022. Is that clearer for you?

---------- Post added at 08:31 ---------- Previous post was at 08:21 ----------



This fuss is all because the numbers relating to how the debt will be paid have not been produced yet, due to the necessity to reassure people about their energy bills without delay. The media and the opposition did a very good job at panicking people, didn't they?

The figures will be produced by November, the OBR can rake over the numbers and the public will start to realise that all this fuss was unnecessary and they will live to see another summer.

Then the retribution will start as to why all that stress was created unnecessarily. Labour should make the most of these days of popularity. In the end, the opinion poll ratings will be seen as a mid-term bubble.

aye the taking of the very poorest people in country to give it the top 1% gonna be great NOTTTTTT and you to realise the BOE had to step in to save the countries pensions dont you OB

if that was labour policy doing that you soon chance your tune but it tory policy all is fine right

The pound/markets are also recovering as there will be an OBR forecast next Friday now.

https://twitter.com/Smyth_Chris/stat...93137464889344

OBR say they will give Chancellor the first draft of a forecast next Friday

After meeting with Kwarteng today they add it "will, as always, be based on our independent judgment about economic and fiscal prospects and the impact of the Govt’s policies"

It's not out of line to tell the people financing your borrowing how your tax cuts will be afforded. Something as simple as that can calm them down

[Dave42]

Originally Posted by Damien

The pound/markets are also recovering as there will be an OBR forecast next Friday now.

https://twitter.com/Smyth_Chris/stat...93137464889344



It's not out of line to tell the people financing your borrowing how your tax cuts will be afforded. Something as simple as that can calm them down

well it good the seen some sense and not waited to November

Article from the editor of the ConservativeHome website (not the most left-wing of sites).

https://conservativehome.com/2022/09...he-real-world/

Above all, rather than shield Britain from the markets at a time of international turmoil, she and the Chancellor have painted a target on its back – to the point where they’re getting no credit for the energy bailout they will lavish tens of billions on. To date, her Government is a catalogue of recklessness and incompetence.

To begin to work its way back, she doesn’t have to embrace the IMF, yield to the Guardian, go woke, bring the date of Net Zero forward, kiss and make up with the Northern Ireland Protocol, or relax immigration controls (please note) – let alone renounce Brexit.

What she might want to do instead is grasp that government is not a laboratory, budgets are not experiments, blowing the roof off isn’t home improvement, and communication isn’t telling everyone that you’re always right. And apologise for fouling her own nest, the Party’s and the country’s. Perhaps competence is too much to ask for, but can we please have a little humility?

[papa smurf]

He's a Sunaker

Originally Posted by Damien

The pound/markets are also recovering as there will be an OBR forecast next Friday now.

https://twitter.com/Smyth_Chris/stat...93137464889344



It's not out of line to tell the people financing your borrowing how your tax cuts will be afforded. Something as simple as that can calm them down

https://www.theguardian.com/politics...r-on-7-october

Truss and Kwarteng to hold back OBR forecasts for six weeks

Liz Truss and Kwasi Kwarteng will refuse to release forecasts from the Office for Budget Responsibility (OBR) until more than six weeks after receiving them, despite calls for them to be published as soon as possible.

The prime minister and chancellor said they would only publish the independent forecasts on 23 November alongside a fiscal statement, despite them being ready on 7 October.

[denphone]

Originally Posted by papa smurf

He's a Sunaker

And he is still a Conservative...

[1andrew1]

UK pension funds sell assets and tap employers in rush for cash

Forced selling aimed at meeting collateral calls as crisis continues to roil markets

UK pension schemes are dumping stocks and bonds to raise cash and seeking bailouts from their corporate backers as the crisis in the industry continues to rage a week after the government’s “mini” Budget.

Most of the UK’s 5,200 defined benefit schemes use derivatives to hedge against moves in interest rates and inflation, which require cash collateral to be added depending on market moves.

The sharp fall in the price of 30-year government bonds, triggered by last week’s tax cut announcement, led to unprecedented margin calls, or demands for more cash.

High-grade corporate bonds denominated in sterling have come under severe selling pressure, with yields soaring 1 percentage point since the UK fiscal package was announced to 6.58 per cent, according to an Ice Data Services index. Yields have jumped 1.63 percentage points this month in the biggest rise on record.

Ross Mitchinson, co-chief executive of UK broker Numis, said: “There has been the forced selling of everything — equities as well as bonds.”

The UK’s domestically focused FTSE 250 has fallen more than 5 per cent this week.

https://www.ft.com/content/9d2005ba-...0-92dd7c64689a

[papa smurf]

Originally Posted by denphone

And he is still a Conservative...

But he's from the stab the PM in the " back" side of the party, he's just echoing the words of the back stabbing weasel sunak ,the little turd who came second in a two horse race

Originally Posted by papa smurf

But he's from the stab the PM in the " back" side of the party, he's just echoing the words of the back stabbing weasel sunak ,the little turd who came second in a two horse race

I see you follow the Truss/Kwarteng School of Numbers.

There were, in fact, eight Candidates in the Conservative Leadership Contest…