Liz Truss Resigns [Who'll be the next Prime Minister?]
27-09-2022, 16:21
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#391
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cf.mega poster
Join Date: Feb 2012
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Re: New Prime Minister: Liz Truss
Paul Donovan, the chief economist of UBS Global Wealth Management:
Quote:
Advanced economy bond yields are not supposed to soar the way UK gilt yields rose,” he told clients. “This also reminds investors that modern politics produces parties that are more extreme than either the voter or the investor consensus. Investors seem inclined to regard the UK Conservative Party as a doomsday cult
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Harsh but fair ...
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27-09-2022, 16:52
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#392
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Remoaner
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Re: New Prime Minister: Liz Truss
https://twitter.com/EdConwaySky/stat...84254361337869
Quote:
Money markets now pricing in a 1.5 per cent rise in interest rates at or before the next @Bankofengland meeting in Nov.
Expectations back up well above 6% next year.
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27-09-2022, 17:26
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#393
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laeva recumbens anguis
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Re: New Prime Minister: Liz Truss
https://news.sky.com/story/liz-truss...ellor-12706352
Quote:
Liz Truss had to be convinced to issue a government statement yesterday to calm the markets, Sky News understands.
Faced with market turmoil, spiking borrowing costs, and the drop in the value of the pound in the foreign exchange markets, the prime minister's initial instinct was to stand firm and say little or nothing, unwilling to look like she might be shifting position.
UK policy condemned as 'utterly irresponsible' - pound latest
However, after a meeting with Chancellor Kwasi Kwarteng yesterday, Ms Truss agreed the Treasury would issue a statement promising further details on 23 November on how the government would ensure borrowing would not spiral out of control.
In effect this gives the government eight weeks to come up with a plan to stabilise the markets - likely to involve spending cuts in Whitehall, public services, investment and probably welfare.
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Thought the last paragraph in the article was interesting…
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Some in government are understood to see the market assault on the pound and government debt as a plot by the left, something which has surprised city traders.
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27-09-2022, 18:45
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#394
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Dr Pepper Addict
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Re: New Prime Minister: Liz Truss
Quote:
Originally Posted by Mad Max
Just vote Labour and everything will be fine.
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Its sad that such a statement could almost be true.
You should know something is wrong when a previously unelectable opposition has policies that look almost reasonable, and your own look increasingly nutty and bad. Sadly, I doubt Truss can see this though.
IMO, I would not say "everything will be fine", but everything may look better.
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27-09-2022, 22:05
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#395
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The Dark Satanic Mills
Join Date: Dec 2003
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Re: New Prime Minister: Liz Truss
Quote:
Originally Posted by Mad Max
Just vote Labour and everything will be fine.
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Labour find themselves in this seemingly unassailable position through nothing they have done. They can just sit back and not be Tories and win, without offering any real coherent proposition.
It’ll be either interesting or terrifying to see where we are in 2 years.
After the ERM collapse and super high interest rates the Major government managed to turn it all around, but it wasn’t enough to save them and Blair rode on that economic chariot for years before he and Brown pissed it all away.
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27-09-2022, 22:15
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#396
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Sulking in the Corner
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Re: New Prime Minister: Liz Truss
Quote:
Originally Posted by Pierre
Labour find themselves in this seemingly unassailable position through nothing they have done. They can just sit back and not be Tories and win, without offering any real coherent proposition.
It’ll be either interesting or terrifying to see where we are in 2 years.
After the ERM collapse and super high interest rates the Major government managed to turn it all around, but it wasn’t enough to save them and Blair rode on that economic chariot for years before he and Brown pissed it all away.
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It was the Neil Hamilton "brown envelope" that did the Tories in.
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27-09-2022, 22:22
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#397
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cf.mega poster
Join Date: Dec 2013
Posts: 14,231
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Re: New Prime Minister: Liz Truss
Quote:
Originally Posted by Pierre
Labour find themselves in this seemingly unassailable position through nothing they have done. They can just sit back and not be Tories and win, without offering any real coherent proposition.
It’ll be either interesting or terrifying to see where we are in 2 years.
After the ERM collapse and super high interest rates the Major government managed to turn it all around, but it wasn’t enough to save them and Blair rode on that economic chariot for years before he and Brown pissed it all away.
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I don't think they pissed it away as such - the Global Financial Crisis hit the economy hard and financial regulation was too light.
---------- Post added at 22:22 ---------- Previous post was at 22:16 ----------
Quote:
Originally Posted by Sephiroth
It was the Neil Hamilton "brown envelope" that did the Tories in.
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Oh yes, the famous cash-for-questions debacle.
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28-09-2022, 06:05
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#398
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Still alive and fighting
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Re: New Prime Minister: Liz Truss
Quote:
Originally Posted by Mad Max
Just vote Labour and everything will be fine.
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Whoever people vote for l think many would like a fairer society then the very unequal society that they think is very prevalent in this country currently.
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28-09-2022, 09:22
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#399
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Architect of Ideas
Join Date: Dec 2004
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Re: New Prime Minister: Liz Truss
https://www.theguardian.com/business...086841b84c373e
(The 07.49 update)
Analysts warning house prices could drop 10-15% next year. They’ll get absolutely savaged at the election if that happens.
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28-09-2022, 09:33
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#400
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Re: New Prime Minister: Liz Truss
This shocked me!
Quote:
UK's cost of borrowing on international markets jumps above rates paid by Greece and Italy
The former Bank of England deputy governor Charlie Bean said it was significant that bond markets now considered Greece and Italy to be safer bets after several days of panic selling.
According to The Guardian, the five-year bond rose to 4.3%, which compares with Italy’s 3.87% and the 4% rate of interest paid by Greece.
France maintained a rate of 2.3% while German five-year bonds traded with an interest rate, referred to as the yield, at 2.03%.
Sir Charlie, who is also a professor at the London School of Economics, said: "When you have a falling currency and rising sovereign bond yields, this is exactly what we see with a typical emerging market sovereign debt crisis.
"That's not to say we're becoming an emerging market, but the fact is we have gone from looking like the US or Germany in terms of bond rates to now being closer to Italy and Greece."
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https://news.sky.com/story/pound-slu...s-imf-12615118
Last edited by 1andrew1; 28-09-2022 at 09:37.
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28-09-2022, 09:37
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#401
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laeva recumbens anguis
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Re: New Prime Minister: Liz Truss
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28-09-2022, 09:51
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#402
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Re: New Prime Minister: Liz Truss
Quote:
Originally Posted by jfman
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It takes a long time for a political party to get a reputation for economic competence but once lost it will take a long time to regain that reputation.
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28-09-2022, 10:36
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#403
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Re: New Prime Minister: Liz Truss
Many buyers want housing prices to fall. If the fall is evenly split across the market (big house prices fall as much as small houses) then it may allow people to move up freeing properties to move in. Even if you are an owner as long as not selling then a drop in house prices is less an issue unless over borrowing. It could also lower interest in buying up property for investment except it may not, if prices drop and people with capital then see investment opportunity it doesn't help at all.
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28-09-2022, 10:53
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#405
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Just a Geek
Join Date: Jul 2015
Posts: 3,601
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Re: New Prime Minister: Liz Truss
yeah of course people are gonna buy that BS hahaha
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