Liz Truss and the Conservative Party.

[Yew]

Even the IMF is criticising the new tax plans.

IMF openly criticises UK government tax plans

The UK government proposals will work at "cross purposes" with the cost-of-living fight, the IMF says.

www.bbc.co.uk

The International Monetary Fund has openly criticised the UK government over its plan for tax cuts, warning that the measures are likely to fuel the cost-of-living crisis.In an unusually outspoken statement, the IMF said the proposal was likely to increase inequality and add to pressures pushing up prices.

 

[BananaRepublic]

Even the IMF is criticising the new tax plans.

Do you understand why the iMF have said that ….and what their preferred approach would be?
The same criticism would be levelled a Labour government coming in with the current Labour policies.

 

[DC1989]

We should have a referendum to leave the IMF, who on earth do these unelected bureaucrats think they are!!

 

[SynthD]

Do you understand why the iMF have said that ….and what their preferred approach would be?
The same criticism would be levelled a Labour government coming in with the current Labour policies.

Why do you think that?

 

[najaB]

Commentators at the time were saying that the economic policies necessary following the 2008 financial crisis would be extremely unpopular. There was a widespread belief that anyone implementing them would be so tainted they wouldn’t be in power again for a generation.

Which is why the Tories then proceeded to implement economic policies that were anything but what was really needed, but did a good job of plastering over the cracks.

We should have a referendum to leave the IMF, who on earth do these unelected bureaucrats think they are!!

I see what you did there!

 

[jon0844]

I wondered why I woke up to see people on Twitter attacking that 'left-wing, woke' IMF. Clearly they've said something that hurts the feelings of those who wish to defend the indefensible.

We don't need experts telling us what we should do.

 

[DelayRepay]

Do you understand why the iMF have said that ….and what their preferred approach would be?
The same criticism would be levelled a Labour government coming in with the current Labour policies.

Why would that be the case, when Labour have said they will reverse the removal of the 45% tax band and go ahead with the Corporation Tax increase, as well as a windfall tax on energy companies? If the IMF's concerns are about tax cuts, then Labour's policies do appear to make more sense.

 

[najaB]

I wondered why I woke up to see people on Twitter attacking that 'left-wing, woke' IMF. Clearly they've said something that hurts the feelings of those who wish to defend the indefensible.

And anyone who has lived through an IMF-imposed economic restructuring knows that they are anything but left-wing.

 

[brad465]

The Bank of England have intervened with a "temporary" purchase of Government bonds:

https://www.bbc.co.uk/news/live/uk-politics-63056188

The Bank of England has said it will start a temporary programme of bond purchases to stabilise the market.

The Bank will also postpone the planned start of its gilt sale programme, it announced in a statement.

"The Bank will carry out temporary purchases of long-dated UK government bonds from 28 September.

"The purpose of these purchases will be to restore orderly market conditions," it says.

I really think this crisis is akin to "Black Wednesday 2", regarding currency volatility, knock-on effects and Government reputation of economic matters being shattered.

 

[najaB]

So, remember a week ago when the Government was saying that they are all about growth? Well, Moody's reckons we've got a while to wait:

Global ratings agency Moody's has warned the UK government that unfunded tax cuts could lead to larger budget deficits and higher interest rates.

It said it was no longer expecting UK economic growth to return fully until 2026, before cutting its forecasts for real GDP growth next year to 0.3% from 0.9%.

Link: BBC News

 

[DarloRich]

I say again: what would the tone of the press be if this was a Labour government being warned by the IMF as to the folly of thier economic policy AND having had the Bank of England step in to try and calm the market by buying government debt by the truck load?

There has also been a ludicrous message issued by Tory HQ to thier media lap dogs telling them to say that the market crisis is not caused by crazy Tory policy but by a fear in the traders/ market of the next labour government. It is preposterous.

 

[43096]

The Bank of England have intervened with a "temporary" purchase of Government bonds:

https://www.bbc.co.uk/news/live/uk-politics-63056188

I really think this crisis is akin to "Black Wednesday 2", regarding currency volatility, knock-on effects and Government reputation of economic matters being shattered.

Rishi Sunak must be peeing himself laughing at the idiots in Downing Street. Essentially his warning about Truss’s plan is being proven correct.

 

[brad465]

Rishi Sunak must be peeing himself laughing at the idiots in Downing Street. Essentially his warning about Truss’s plan is being proven correct.

Well Sunak apparently had this to say, which looks like epic trolling:

https://twitter.com/Gabriel_Pogrund/status/1575078802748645377

EXC: Rishi Sunak will not attend Conservative Party conference. He’ll be in Yorkshire instead. Ally says former chancellor will give Truss all the space she needs to own the moment

 

[Wynd]

I say again: what would the tone of the press be if this was a Labour government being warned by the IMF as to the folly of thier economic policy AND having had the Bank of England step in to try and calm the market by buying government debt by the truck load?

There has also been a ludicrous message issued by Tory HQ to thier media lap dogs telling them to say that the market crisis is not caused by crazy Tory policy but by a fear in the traders/ market of the next labour government. It is preposterous.

It reinforces the view that large parts of the UK media are in fact, a client media.

Up here, we have lead stories on Ferry's on our news, when the provedbial house it literally burning down around our ears.

This situation is probably going to lead to the shortest ever PM/Gov if Truss doesn't quit her knee jerk go to ground tory response.

No growth til 2026, after a decade of near stagnant wages? How many young folk will be looking for the exit now.

 

[nw1]

I wondered why I woke up to see people on Twitter attacking that 'left-wing, woke' IMF. Clearly they've said something that hurts the feelings of those who wish to defend the indefensible.

We don't need experts telling us what we should do.

Left-wing, woke IMF!!??

These Twitter people must almost fanatically idolise the Government if they're prepared to call a well-known fiscally conservative organisation "left-wing" and "woke". But the question is, why?


== Doublepost prevention - post automatically merged: 28 Sep 2022 ==

Well Sunak apparently had this to say, which looks like epic trolling:

https://twitter.com/Gabriel_Pogrund/status/1575078802748645377

"Own" it, indeed.

== Doublepost prevention - post automatically merged: 28 Sep 2022 ==

No growth til 2026, after a decade of near stagnant wages? How many young folk will be looking for the exit now.

And of course guess which party has made it more difficult to exit the UK (assuming that's what you mean)........?

 

[GS250]

No growth til 2026, after a decade of near stagnant wages? How many young folk will be looking for the exit now.

Well, the unfortunate truth is that there are plenty from developing countries to replace them. I tend to agree with your assessment though....there is going to be a lot more scope for a better quality of life abroad for those with something to offer. Where though is open to question.

As for Truss and co. Yes, hopeless and I do believe that it's inevitable there will be another leadership election or general election too.

 

[Tracked]

Well Sunak apparently had this to say, which looks like epic trolling:

https://twitter.com/Gabriel_Pogrund/status/1575078802748645377

EXC: Rishi Sunak will not attend Conservative Party conference. He’ll be in Yorkshire instead. Ally says former chancellor will give Truss all the space she needs to own the moment

Not sure Liz will be attending the conference, in fairness, she'll lose her chance at beating Boris in the Conservative Party Leader Hide & Seek championships if she does ...

 

[brad465]

Wow:

https://twitter.com/EdConwaySky/status/1575128310740389889

On the @bankofengland intervention: Am told the BoE were responding to a “run dynamic” on pension funds - a wholesale equivalent of the run which destroyed Northern Rock. Had they not intervened, there would have been mass insolvencies of pension funds by THIS AFTERNOON.

 

[DelayRepay]

Meanwhile, this is an incredible front page for a Conservative magazine


Image shows the cover of the Spectator magazine, which features a cartoon of Kwarteng and Truss enjoying a glass of beer/wine whilst fires burn and chaos rages around them under the headline 'What Crisis?'.

 

[DC1989]

Deary deary me. The party of fiscal responsibility

 

[Nicholas Lewis]

The Bank of England have intervened with a "temporary" purchase of Government bonds:

https://www.bbc.co.uk/news/live/uk-politics-63056188

I really think this crisis is akin to "Black Wednesday 2", regarding currency volatility, knock-on effects and Government reputation of economic matters being shattered.

Because its had the desired affect people will see it as a lot of fuss about nothing especially Tories but the real reason they had to intervene was because pension funds were warning them they would have to go on a fire sale of assets to meet margin calls if gilts kept on falling. This was an extremely serious moment but like those of us across these forums who know the intricacies of the railway this will be lost on most people and the media so i suspect Kwarteng has got away with it and because Bailey is in his back pocket he will probably come out conference smelling of roses for the time being. Lets hope this acts as a restraint for anymore give aways.

 

[birchesgreen]

Looking forward to the Tory conference, i bet it'll all be Labour's fault. That idiot Hannan has already done this.

== Doublepost prevention - post automatically merged: 28 Sep 2022 ==

Because its had the desired affect people will see it as a lot of fuss about nothing especially Tories but the real reason they had to intervene was because pension funds were warning them they would have to go on a fire sale of assets to meet margin calls if gilts kept on falling. This was an extremely serious moment but like those of us across these forums who know the intricacies of the railway this will be lost on most people and the media so i suspect Kwarteng has got away with it and because Bailey is in his back pocket he will probably come out conference smelling of roses for the time being. Lets hope this acts as a restraint for anymore give aways.

Well it's top of the page on the Daily Mail right now about pensions collapsing. Is this still the first proper Tory budget for years?

 

[philosopher]

Looking forward to the Tory conference, i bet it'll all be Labour's fault. That idiot Hannan has already done this.

== Doublepost prevention - post automatically merged: 28 Sep 2022 ==


Well it's top of the page on the Daily Mail right now about pensions collapsing. Is this still the first proper Tory budget for years?

Some in the government are already trying to shift the blame to someone else. Government Minister Andrew Griffith today was blaming trying to put the blame on Putin

https://www.bbc.co.uk/news/live/uk-politics-63056188

Some more now from Andrew Griffith, the Financial Secretary to the Treasury.

The government is not responsible for the turmoil in markets, the minister insists.

Griffith says: "We are seeing the same impacts of Putin's war in Ukraine cascading through things like the cost of energy, some of the supply-side implications of that."

Griffith says the war is impacting "every major economy", and that other countries are also experiencing rising interest rates.

I have no doubt that Putin’s war is a major factor in the weakness of the global economy at the moment, but it only seems to be the UK that is having all this turmoil at the moment.

 

[TwoYellas]

Truss is so utterly inept that during what's supposed to be her honeymoon period as PM, people are already harking back to "the good 'ol days of Johnson'.

 

[Mag_seven]

Some in the government are already trying to shift the blame to someone else. Government Minister Andrew Griffith today was blaming trying to put the blame on Putin

https://www.bbc.co.uk/news/live/uk-politics-63056188

I have no doubt that Putin’s war is a major factor in the weakness of the global economy at the moment, but it only seems to be the UK that is having all this turmoil at the moment.

Apparently "The Remainer City" is to blame as well.

The UK is now an international laughing stock.

 

[Bletchleyite]

Truss is so utterly inept that during what's supposed to be her honeymoon period as PM, people are already harking back to "the good 'ol days of Johnson'.

I think I would go with "out of the frying pan, into the fire".

 

[jon0844]

As many people joked about earlier, she went to Ukraine to deflect.

Okay, she didn't physically travel there as some thought she might, but she made a phone call...

I spoke to President @ZelenskyyUa earlier to underline steadfast support in light of Russia’s sham referendums, which we will never recognise. I thanked him for helping secure the release of 5 British nationals & discussed ways to protect gas supplies. Putin must fail.

I can certainly see Ukraine/Putin becoming a scapegoat for the problems. Already heard many people saying the Euro isn't doing great either, as if that helps our situation.

 

[birchesgreen]

How long has Truss been in charge? 2-3 weeks? Half of that was with the government at a standstill due to the state mourning and funeral. It is quite impressive, in a kind of twisted way, how she and Kwarteng have thrown the country into such chaos so quickly.

 

[Gloster]

With all that is going on the release of a statement about why the Cabinet Office, i.e the taxpayer, is paying the £129,700 cost of a report into the inquiry by the privileges committee into allegations that Johnson misled parliament seems to have been missed, which may be why it is has been released now. The report could be seen as an attempt to rubbish the inquiry. The government seems to be claiming that the payment is justified as the allegations are related to his role as a minister, something that is arguable if true, whereas it would not be justified if he was speaking as an MP. (Sorry, I can’t do a link to the article in the Grauniad.)

 

[TwoYellas]

I can certainly see Ukraine/Putin becoming a scapegoat for the problems. Already heard many people saying the Euro isn't doing great either, as if that helps our situation.

Putin's terrible but if there was one person over here with the skills of diplomacy required to avoid ww3 then Truss would be nowhere near the top of the list. Come to think of it, she wouldn't even be on the list!