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

[Dave42]

Originally Posted by OLD BOY

It’s to encourage wealth creation and to grow the economy. We will all benefit from such a policy.

utter nonsense trickle down economics has never worked OB man all that do is move it to there off shore bank accounts or save it all it does is make the rich get richer the rest get screwed

[1andrew1]

Sterling hit $1.035 in Asian trading on Monday before recovering to $1.056. Reason given is the unfunded tax cuts. Similarly weaker against the Euro too. Source: FT.

---------- Post added at 07:13 ---------- Previous post was at 07:06 ----------

Originally Posted by Sephiroth

Climate change, mate.

Face it, the world’s in some turmoil and rolling the dice I was Truss’ only option in Britain’s case.

The house tends to win when you gamble. This is Corbynomics Plus.

Someone wittier than me has now dubbed the Chancellor Kami Kwasi.

This is at risk of becoming a full-scale run. Thankfully the fall this morning has levelled off somewhat. Will the Bank of England do an emergency rate rise?

[1andrew1]

Originally Posted by Damien

This is at risk of becoming a full-scale run. Thankfully the fall this morning has levelled off somewhat. Will the Bank of England do an emergency rate rise?

Rates will definitely rise - whether it will be an emergency rise or not is the question.

[denphone]

Originally Posted by OLD BOY

It’s to encourage wealth creation and to grow the economy. We will all benefit from such a policy.

Have you any statistical proof that trickle down economics works because all the evidence so far says it does not happen.

[jfman]

Originally Posted by OLD BOY

You assume too much and read things into comments that aren’t there.

I don’t know whose wages you think it undermines when the people wanting such work in this country simply aren’t there.

Every time a company imports labour it undermines wages across a number of sectors because they are choosing not to pay the market rate in this country for it.

If people don’t “want” to do types of work they should incentivise them. Pay more.

With that I agree, and provide suitable training, too. That is exactly what the government has been advocating post Brexit.

Unfortunately there are too many people who are fit to work but just claiming benefits without even trying to find work.

One person I know hasn’t worked for years. She’s fit and healthy but simply doesn’t want to work. But she’s been claiming benefits all this time. If she can do this so easily, why would she want to go to work?

So unless we tackle these people head on, employers will continue to struggle in getting people to do low paid jobs.

A lovely piece of anecdotal evidence supported by nothing. You have no way of knowing on what basis the DWP are awarding her benefits.

Employers should pay more to encourage people into low paid jobs.

---------- Post added at 09:09 ---------- Previous post was at 09:03 ----------

Originally Posted by denphone

Have you any statistical proof that trickle down economics works because all the evidence so far says it does not happen.

Except those in “low paid jobs” who are better off on benefits, allegedly.

[1andrew1]

The Dollar has been thriving this year so it's been tempting to believe that s successful US economy is behind the weak Pound. The truth is somewhat more sobering.

Pound is worst G10 currency this year

The latest slump in the pound makes it the worst performing G10 currency in the year to date.

It's now down 21.1pc against the dollar and is veering dangerously close to parity.

Other underperfomers among the G10 include the Japanese yen and Swedish krona, which are both down 19.9pc against the dollar.

https://www.msn.com/en-gb/money/news...70f6af44df29e4

---------- Post added at 09:44 ---------- Previous post was at 09:34 ----------

Originally Posted by denphone

Have you any statistical proof that trickle down economics works because all the evidence so far says it does not happen.

It's less about evidence and more about the faith in most religions, and the religion of trickle down economics is no exception to this rule.

[peanut]

This is how it usually works...

trickle.jpg

[BenMcr]

Originally Posted by 1andrew1

Someone wittier than me has now dubbed the Chancellor Kami Kwasi.

Unfortunately that basically means 'Divine Kwasi'

https://en.wikipedia.org/wiki/Kami

Kami (Japanese: 神, [kaꜜmi]) are the deities, divinities, spirits, phenomena or "holy powers", that are venerated in the religion of Shinto.

[jfman]

I’m sure his former colleagues shorting the pound will find his input divine.

[1andrew1]

Originally Posted by BenMcr

Unfortunately that basically means 'Divine Kwasi'

https://en.wikipedia.org/wiki/Kami

Good research

---------- Post added at 10:46 ---------- Previous post was at 10:29 ----------

Originally Posted by jfman

I’m sure his former colleagues shorting the pound will find his input divine.

Is this him discussing it with them? #Multi-tasking
https://twitter.com/LouisHenwood/sta...90023661699074

[Dave42]

Politics live: Tories 'already putting letters in' as MPs fear Liz Truss will 'crash economy'; shadow chancellor addresses Labour conference

https://news.sky.com/story/labour-pa...x-cut-12593360

Bank of England will make a statement today

[1andrew1]

Originally Posted by Dave42

Politics live: Tories 'already putting letters in' as MPs fear Liz Truss will 'crash economy'; shadow chancellor addresses Labour conference

https://news.sky.com/story/labour-pa...x-cut-12593360

Crikey! Who do they want in her place? Johnson? Sunak?

---------- Post added at 13:09 ---------- Previous post was at 12:58 ----------

The party of sound money is no longer the Conservative Party.

Robert Peston In the year to date, the value of the pound against the dollar has fallen by more than a fifth. Against the Euro the fall is a smaller but non-trivial 7%. Against the Swiss Franc the fall is more than 14%. In other words the value of UK assets has collapsed under this government. Think how Labour would be pulverised by much of the media if this had happened under a Labour government.

The Tory reputation - perhaps it’s unique selling point - as the party of sound money is being eviscerated, and apparently as an act of deliberate policy.

https://www.itv.com/news/2022-09-26/...-pounds-plunge
https://twitter.com/Peston/status/1574338049844121602

[denphone]

Originally Posted by 1andrew1

Crikey! Who do they want in her place? Johnson? Sunak?

---------- Post added at 13:09 ---------- Previous post was at 12:58 ----------

The party of sound money is no longer the Conservative Party.

https://www.itv.com/news/2022-09-26/...-pounds-plunge
https://twitter.com/Peston/status/1574338049844121602

Once a party has lost its record for economic competence its very hard to repair that reputation.