| The Pound 13:57 - Sep 24 with 99824 views | Stanmiguel |
Well, the money markets didn't like the mini budget.
I met Liz Truss in a hotel in Monmouth a few years ago.
She said her solution to pensioner poverty would be to feed them on Pedigree Chum.
Not only would this save a lot of money, it would give them shiny coats and a nice cold nose. |  | | |  |
| The Pound on 14:03 - Sep 29 with 2829 views | Benny_the_Ball |
| The Pound on 13:48 - Sep 29 by Watford_Ranger |
The knives are out because the interest rate rise and more is a direct consequence of fiscal policy. Fiscal policy that wouldn’t have been put in place under a moderate Conservative Party (Sunak called it during the leadership election) let alone any other Party. |
Not true in this case. The BoE has increased interest rates to combat rising inflation. This has been caused by a steep rise in global prices, particularly food, wholesale gas and oil. The rise in prices was predominantly brought about by the pandemic and Ukraine war. Whilst I agree that Truss' mini-budget is not the answer, it's not the reason why the global economy is spluttering. If the left wants someone to blame, then I suggest it looks in the direction of China and Russia. [Post edited 29 Sep 2022 14:07]
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| The Pound on 14:06 - Sep 29 with 2806 views | Sonofpugwash |
| The Pound on 12:59 - Sep 29 by Juzzie |
And salaries were 2s 6d a week. It's more about the proportion between income vs outgoings that's important. Was it higher then or is it higher now? |
Higher then.
I got £40 a week. |  |
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| The Pound on 14:11 - Sep 29 with 2806 views | Ranger_Things |
| The Pound on 13:48 - Sep 29 by Watford_Ranger |
The knives are out because the interest rate rise and more is a direct consequence of fiscal policy. Fiscal policy that wouldn’t have been put in place under a moderate Conservative Party (Sunak called it during the leadership election) let alone any other Party. |
Yep
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| The Pound on 14:20 - Sep 29 with 2778 views | sprocket |
Looking from afar and non-brit it seems obvious to me that Truss is out of her depth. She may be clever and bright but as a communicator and leader she seems totally clueless. Politics appears to me anyway about being as much about personality as it is about ideas etc... and Truss has little or no personality [Post edited 29 Sep 2022 14:22]
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| The Pound on 14:21 - Sep 29 with 2762 views | NorthantsHoop |
| The Pound on 12:59 - Sep 29 by Juzzie |
And salaries were 2s 6d a week. It's more about the proportion between income vs outgoings that's important. Was it higher then or is it higher now? |
Less drain on outgoings in those days, the boom of consumer spending and debt financing was in its infancy. The attitude and acceptence of greater household debt was driven by the financial institutions aided by policies of the Thatcher government from the early 1980s. In terms of the mortgage market it really took off with I think Nigel Lawsons 1988 budget to revise MIRAS and then the end of the mutualisation of Building Societies from the late 80s which broke the cycle of savings and investment for mortgages and sensible lending. |  | | |
| The Pound on 14:34 - Sep 29 with 2703 views | Rs_Holy |
its the Jim Bowen, Bullseye moment for all members of the Conservative party who voted for Lizzy.... "Oh no.... look at what you could've won." |  | | |
| The Pound on 14:35 - Sep 29 with 2686 views | JimmyR |
Not like she can say she wasn't warned...if there was only something/someone else to blame?
Blair/Brown/the left/Putin take your pick - Anyone but herself or possibly yourself for electing these f*ckwits [Post edited 29 Sep 2022 14:36]
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| The Pound on 14:36 - Sep 29 with 2679 views | Juzzie |
I think the second hand car market will suddenly be flush soon with tens of thousands of cars all on HP being handed back. At least that's one problem solved! |  | | |
| The Pound on 14:39 - Sep 29 with 2669 views | Ranger_Things |
| The Pound on 14:35 - Sep 29 by JimmyR |
Not like she can say she wasn't warned...if there was only something/someone else to blame?
Blair/Brown/the left/Putin take your pick - Anyone but herself or possibly yourself for electing these f*ckwits [Post edited 29 Sep 2022 14:36]
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Sunak must be pissing himself. He must be tempted to turn up at the party conference next week to gloat. | | | |
| The Pound on 14:50 - Sep 29 with 2609 views | Phildo |
| The Pound on 14:36 - Sep 29 by Juzzie |
I think the second hand car market will suddenly be flush soon with tens of thousands of cars all on HP being handed back. At least that's one problem solved! |
just had my car nicked and awaiting the insurance payout so if they could get on with that bit please |  | | |
| The Pound on 14:57 - Sep 29 with 2535 views | JimmyR |
| The Pound on 14:39 - Sep 29 by Ranger_Things |
Sunak must be pissing himself. He must be tempted to turn up at the party conference next week to gloat. |
She's only be able to come up with one so called economist who agrees with her. One who has been wrong on pretty much everything. You may remember him from such tales of Brexit will add 6.8% to GDP, wrote a paper entitled: Brexit is a magic money tree
Currently claiming 'there is no sterling crisis only in the mind of idiots' demonstrably untrue by the 60/80bn of debt we'll all be paying far higher interest on for the next 30 years
https://www.economist.com/britain/2017/08/24/most-economists-say-brexit-will-hur
but ho hum - not my fault people will be dying of cold and hunger this winter | | | |
| The Pound on 15:07 - Sep 29 with 2499 views | Rs_Holy |
| The Pound on 14:57 - Sep 29 by JimmyR |
She's only be able to come up with one so called economist who agrees with her. One who has been wrong on pretty much everything. You may remember him from such tales of Brexit will add 6.8% to GDP, wrote a paper entitled: Brexit is a magic money tree
Currently claiming 'there is no sterling crisis only in the mind of idiots' demonstrably untrue by the 60/80bn of debt we'll all be paying far higher interest on for the next 30 years
https://www.economist.com/britain/2017/08/24/most-economists-say-brexit-will-hur
but ho hum - not my fault people will be dying of cold and hunger this winter |
Wow I opened that link and was convinced the bloke was Trevor Horn .... sorry this has nothing of any real value to the thread ...
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| The Pound on 15:11 - Sep 29 with 2476 views | Benny_the_Ball |
Nope. UK inflation has increased due to intense pressure on global prices caused by world events. In the last year food prices in the UK have risen by some 11%. This rise is predominantly caused by the Russia-Ukraine war, with key exports of wheat and fertiliser from those countries being slashed. Russia also supplies around 40% of Europe's energy. With Putin restricting supply, gas wholesale prices have jumped over 400%. As gas is used to generate electricity, this in turn has impacted electricity costs. Although Russia only supplies 5% of the UK's energy, sadly we're affected by the global wholesale price, so we too have seen our utility bills soar.
To compound all of this Covid-19 has disrupted supply chains and droughts/floods have impacted harvests. The European Commission's Joint Research Centre forecast that grain maize yields in the EU will drop by 16%, as will soybeans by 15%, and sunflowers by 12%, compared to the five-year average.
The BoE has increased its base rate in an attempt to control UK inflation and bring it back to its target of 2%. Mortgage rates follow the base rate so in turn have increased. Those are the facts, not some Rishi Sunak sound-byte. Now Liz is attempting to boost the economy by promoting spending and investment through lower taxes. This isn't a new idea but in my opinion it's the wrong strategy at this moment in time. However, her fiscal response is exactly that; it is not the root cause of inflation and rise in interest rates. | | | |
| The Pound on 15:15 - Sep 29 with 2466 views | Watford_Ranger |
| The Pound on 14:03 - Sep 29 by Benny_the_Ball |
Not true in this case. The BoE has increased interest rates to combat rising inflation. This has been caused by a steep rise in global prices, particularly food, wholesale gas and oil. The rise in prices was predominantly brought about by the pandemic and Ukraine war. Whilst I agree that Truss' mini-budget is not the answer, it's not the reason why the global economy is spluttering. If the left wants someone to blame, then I suggest it looks in the direction of China and Russia. [Post edited 29 Sep 2022 14:07]
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I was thinking more the de facto lending rates on mortgages. That’s if you can find someone willing to give you a rate at all. | | | |
| The Pound on 15:25 - Sep 29 with 2378 views | JimmyR |
| The Pound on 15:11 - Sep 29 by Benny_the_Ball |
Nope. UK inflation has increased due to intense pressure on global prices caused by world events. In the last year food prices in the UK have risen by some 11%. This rise is predominantly caused by the Russia-Ukraine war, with key exports of wheat and fertiliser from those countries being slashed. Russia also supplies around 40% of Europe's energy. With Putin restricting supply, gas wholesale prices have jumped over 400%. As gas is used to generate electricity, this in turn has impacted electricity costs. Although Russia only supplies 5% of the UK's energy, sadly we're affected by the global wholesale price, so we too have seen our utility bills soar.
To compound all of this Covid-19 has disrupted supply chains and droughts/floods have impacted harvests. The European Commission's Joint Research Centre forecast that grain maize yields in the EU will drop by 16%, as will soybeans by 15%, and sunflowers by 12%, compared to the five-year average.
The BoE has increased its base rate in an attempt to control UK inflation and bring it back to its target of 2%. Mortgage rates follow the base rate so in turn have increased. Those are the facts, not some Rishi Sunak sound-byte. Now Liz is attempting to boost the economy by promoting spending and investment through lower taxes. This isn't a new idea but in my opinion it's the wrong strategy at this moment in time. However, her fiscal response is exactly that; it is not the root cause of inflation and rise in interest rates. |
https://mydup.com/join | | | |
| The Pound on 15:39 - Sep 29 with 2296 views | colinallcars |
Like the OP, I met Liz Truss a while back. She said she would bring about change.
I said “change ? aren't things bad enough already ?” |  | | |
| The Pound on 16:26 - Sep 29 with 2099 views | SheffieldHoop |
Currently, $1.10 to the pound - The pre-budget value was $1.12, so we're getting back to that level at least.
FWIW the Argentine Peso is 0.0068 to the $, the Iranian Rial is 0.000024 and the South African Rand is 0.056 so I think it's safe to say we'll forever be losing the true race to the bottom. Better luck next time, flagellants. |  |
| "Someone despises me. That's their problem." Marcus Aurelius |
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| The Pound on 16:27 - Sep 29 with 2112 views | Lblock |
| The Pound on 15:39 - Sep 29 by colinallcars |
Like the OP, I met Liz Truss a while back. She said she would bring about change.
I said “change ? aren't things bad enough already ?” |
Were you begging and she only had notes?
Back to something I mentioned earlier in the thread.... the meejah.
SkyNews - Never Wrong For Long... are absolutely wetting themselves over this.
Last night I caught a few minutes of a VoxPop thing that Sophie Ridge was doing.
Six "average UK people" on the screen.
She went to one fella who was a SME owner - employed about 120 people. This fella was really positive and saying he was energised to kick on in business, his staff were motivated, they wanted to have a record turnover year and pay MORE taxes, had the most staff vacancies he'd ever had for new positions and, whilst acknowledging there were issues that caused negatives, he wanted to crack on.
The lovely Sophie looked confused and perplexed.... this wasn't in the script. She dropped him like Nick pope gathering a 35 yarder and onto the next woman with more fears, woes and bad news.
I know I've often given the impression I think the sky is going to fall in on this forum in the past so I'm in a glasshouse with a stack of rocks but -- we are addicted to bad news in this country because that is what keeps journos in jobs and that is what they feed us.
I'd love to see what would happen if the narrative was switched and the yellow ticker was all about how people are cracking on, doing okay in the face of challenging times, the UK was setting examples in this, that and the other and encouraging everyone to keep on keeping on. Kay Burley would spit her Pinot Grigio out no doubt.
I detest our meejah. [Post edited 29 Sep 2022 16:29]
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| Cherish and enjoy life.... this ain't no dress rehearsal |
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| The Pound on 16:32 - Sep 29 with 2078 views | NewBee |
You know everything has turned upside down when the Pound has gone to the dogs...
P.S. Some (minor) good news from this present crisis: Premium Bonds have now upped their prize payout from 1.4% of receipts to 2.2%. | | | |
| The Pound on 16:40 - Sep 29 with 2045 views | SheffieldHoop |
| The Pound on 16:32 - Sep 29 by NewBee |
You know everything has turned upside down when the Pound has gone to the dogs...
P.S. Some (minor) good news from this present crisis: Premium Bonds have now upped their prize payout from 1.4% of receipts to 2.2%. |
While I was saving a house deposit I was winning 50 quid almost every month through NS&I - Not a fortune, but by the time I cashed out it added up to almost a grand. Would recommend. | |
| "Someone despises me. That's their problem." Marcus Aurelius |
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| The Pound on 16:44 - Sep 29 with 2031 views | Ranger_Things |
| The Pound on 08:56 - Sep 29 by Northernr |
They've put her up for a round of local radio interviews this morning. If they thought that would get her some underarm "who is the greatest monger?" style Partridge questions it has backfired badly. Don't underestimate proper local journos... |
I just listened to some of the interviews on BBC Sounds and you were bang on the money, she got a proper kicking and her response would be laughable if this wasn’t so serious for the country.
Reading the official Conservative HQ response to be trotted out by her lackeys, we are completely f ucked.
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| The Pound on 17:15 - Sep 29 with 1936 views | QPR_Jim |
| The Pound on 16:27 - Sep 29 by Lblock |
Were you begging and she only had notes?
Back to something I mentioned earlier in the thread.... the meejah.
SkyNews - Never Wrong For Long... are absolutely wetting themselves over this.
Last night I caught a few minutes of a VoxPop thing that Sophie Ridge was doing.
Six "average UK people" on the screen.
She went to one fella who was a SME owner - employed about 120 people. This fella was really positive and saying he was energised to kick on in business, his staff were motivated, they wanted to have a record turnover year and pay MORE taxes, had the most staff vacancies he'd ever had for new positions and, whilst acknowledging there were issues that caused negatives, he wanted to crack on.
The lovely Sophie looked confused and perplexed.... this wasn't in the script. She dropped him like Nick pope gathering a 35 yarder and onto the next woman with more fears, woes and bad news.
I know I've often given the impression I think the sky is going to fall in on this forum in the past so I'm in a glasshouse with a stack of rocks but -- we are addicted to bad news in this country because that is what keeps journos in jobs and that is what they feed us.
I'd love to see what would happen if the narrative was switched and the yellow ticker was all about how people are cracking on, doing okay in the face of challenging times, the UK was setting examples in this, that and the other and encouraging everyone to keep on keeping on. Kay Burley would spit her Pinot Grigio out no doubt.
I detest our meejah. [Post edited 29 Sep 2022 16:29]
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"we are addicted to bad news in this country because that is what keeps journos in jobs and that is what they feed us" - They generally work off advertising revenue, so they need clicks and viewers, so there must be underlying demand from society for them to still be doing it. If nobody watched they would have to change the way they approach things.
I always come back to "who is watching this rubbish" because I don't tend to watch much news, I tend to look online as I can just look at articles that I'm interested in.
I'm not sure if it's a reaction to 24hr news channels and constant demand for online content that drives some of the media output into this. But there is a distinction between reporting facts and fear mongering. For example if 25% of mortgage products have been removed from the market should they just not report it for fear of being accused of being negative?
If you look at what happened the timeline was budget announced, pound dived, news reported that pound has dived, so I'm not sure how much the way they report it would affect anything.
If we take the covid toilet roll shortage as an example (as I think the media were blamed for that too), it fair for them to report that there are supply chain issues and shortages of toilet roll for example, you can't then blame the media for everyone then deciding to go and buy a years worth of toilet roll (either through selfishness or trying to profiteer), in that instance I think the responsibility lies with society to be less selfish. It's the days of footage of empty store shelves that I'd agree with you on, morbid obsession/trying to fill airtime/genuine public interest? Not sure but probably a bit of all three. |  | | |
| The Pound on 17:32 - Sep 29 with 1846 views | QPR_Jim |
| The Pound on 15:11 - Sep 29 by Benny_the_Ball |
Nope. UK inflation has increased due to intense pressure on global prices caused by world events. In the last year food prices in the UK have risen by some 11%. This rise is predominantly caused by the Russia-Ukraine war, with key exports of wheat and fertiliser from those countries being slashed. Russia also supplies around 40% of Europe's energy. With Putin restricting supply, gas wholesale prices have jumped over 400%. As gas is used to generate electricity, this in turn has impacted electricity costs. Although Russia only supplies 5% of the UK's energy, sadly we're affected by the global wholesale price, so we too have seen our utility bills soar.
To compound all of this Covid-19 has disrupted supply chains and droughts/floods have impacted harvests. The European Commission's Joint Research Centre forecast that grain maize yields in the EU will drop by 16%, as will soybeans by 15%, and sunflowers by 12%, compared to the five-year average.
The BoE has increased its base rate in an attempt to control UK inflation and bring it back to its target of 2%. Mortgage rates follow the base rate so in turn have increased. Those are the facts, not some Rishi Sunak sound-byte. Now Liz is attempting to boost the economy by promoting spending and investment through lower taxes. This isn't a new idea but in my opinion it's the wrong strategy at this moment in time. However, her fiscal response is exactly that; it is not the root cause of inflation and rise in interest rates. |
Those things all contributed to inflation but the recent drop in the pound is a reaction to the latest mini-budget.
This thread has talked about borrowing all the way back to the financial crisis in 2008 but a lot of these things affect all countries. So we get some pain from the banking crisis, covid, Ukraine war but so did many other countries. That's not the case here, we've decided to increase borrowing while reducing taxes, the markets don't like it and the pound has dropped causing further inflation.
We're borrowing money to pay energy companies lets not forget while German have borrowed less to nationalise an energy company, presumably with the intention of providing cheap energy to their nation without having to pay the massive profits to the energy companies. Our plan is just to give them another bumper year of profits at the tax payers expense. | | | |
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