The Absolute State Of It - It's The UK Politics Thread!

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Mantis
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Re: The Absolute State Of It - It's The UK Politics Thread!

Post by Mantis » Mon Sep 26, 2022 9:16 am

So in two working days the government have managed to devalue the pound with a crash harder than when we left an enormous trading bloc. That is rather impressive.

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Re: The Absolute State Of It - It's The UK Politics Thread!

Post by Raid » Mon Sep 26, 2022 10:27 am

Is completely tanking the economy within 3 weeks of being Chancellor a record do you think?

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Re: The Absolute State Of It - It's The UK Politics Thread!

Post by Wrathbone » Mon Sep 26, 2022 1:36 pm

Bear in mind that two of those weeks didn't really count as everything ground to a halt for the Queen. And his master plan now is to keep digging.

I've never been in real, desperate poverty, but I did spent about a decade after uni diving in and out of my overdraft (sometimes even hitting the limit) to maintain a modestly comfortable lifestyle. I worked hard, I managed to scrape together a house deposit and get a mortgage (which I pay entirely myself) and eventually I cleared all my other debts. I've spent three years being financially stable, building up modest savings and able to buy most things I want within reason, and I'm proud of getting to that point. But now, through the selfishness and stupidity of a government I didn't vote for and a prime minister nobody elected, that short period of financial comfort is rapidly coming under threat. With the current trajectory I'm going to have make changes before long, and while I'm thankfully nowhere near the position that some people are in of literally not being able to afford to live, it pisses me off that years of hard work may ultimately be punted out the window through no fault of my own.

I saw someone speculating on what the reaction would have been if Corbyn's government had done this, with the suggestion that military intervention to remove him wouldn't have been out of the question. I'm not saying I want tanks to burst through the door of 10 Downing Street, but this shower of shit does need removing ASAP. We can't possibly endure two more years as a country with them in charge.

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Re: The Absolute State Of It - It's The UK Politics Thread!

Post by Raid » Wed Sep 28, 2022 7:07 pm

Pension funds would have collapsed today without BoE action - with 'mass insolvencies'
The Bank of England's intervention announced today was in response to a "run dynamic" on pension funds, Sky News' economic editor Ed Conway has been told.

If the bank had not intervened, there would have been "mass insolvencies of pension funds by this afternoon", he said.

"It's very similar in kind of wholesale terms to what we saw with Northern Rock when there was that run on that bank back in 2007," he explained.

"It's a vicious cycle. Essentially, people trying to withdraw money, which in turn sometimes leads inevitably to financial collapse.

"I am told there were a swathe of pension funds that, were it not for the government's intervention, would have essentially collapsed by this afternoon - that's how fast moving this crisis in the pensions markets was.
This last week is going to be a case study in an economics textbook, isn't it. It's being compared to bloody Northern Rock for goodness sakes.

I'm sure nearly destroying pension funds was the fiscal responsibility the Conservative Party stands for, and will play well with their traditional voter base.

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Re: The Absolute State Of It - It's The UK Politics Thread!

Post by Mantis » Wed Sep 28, 2022 7:18 pm

According to some Conservative mouthpieces it's all apparently the fault of the future Labour government. :lol:

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Re: The Absolute State Of It - It's The UK Politics Thread!

Post by Raid » Mon Oct 03, 2022 6:51 am

They've u-turned on the 45p tax rate, which is at least sensible, but the damage is bloody done now isn't it. They're saying it's a "distraction", but I'm going to wager that it has something to do with multiple Tory MPs breaking ranks and saying they'll vote it down.

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Re: The Absolute State Of It - It's The UK Politics Thread!

Post by Animalmother » Mon Oct 03, 2022 11:30 am

Image
Would that be considered accurate?

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Re: The Absolute State Of It - It's The UK Politics Thread!

Post by Raid » Mon Oct 03, 2022 12:30 pm

Plausible, certainly, but it does assign Truss and Kwarteng with a modicum of intelligence that I have difficulty believing they possess. I reckon the immediate short-term goal to let their mates cash in on the currency fluctuation would be enough.

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Re: The Absolute State Of It - It's The UK Politics Thread!

Post by Hatredsheart » Thu Oct 06, 2022 9:04 am

Formerly Dr@gon-UK, but still the Forum Fossil

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Re: The Absolute State Of It - It's The UK Politics Thread!

Post by Achtung Englander » Thu Oct 06, 2022 9:06 am

Animalmother wrote: ↑
Mon Oct 03, 2022 11:30 am
Image
Would that be considered accurate?
Point 5 is wrong and point 8 and 9 is debatable
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Re: The Absolute State Of It - It's The UK Politics Thread!

Post by Drarok » Thu Oct 06, 2022 11:45 am

Wrong how? Mortgages have gone very very wrong.
Raid wrote: ↑
Thu Jan 28, 2021 2:24 pm
And that's the story of why I'm not allowed near pregnant women for the next few weeks.

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Re: The Absolute State Of It - It's The UK Politics Thread!

Post by Achtung Englander » Thu Oct 06, 2022 12:56 pm

historic highs?
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Re: The Absolute State Of It - It's The UK Politics Thread!

Post by Mantis » Thu Oct 06, 2022 1:17 pm

Market rates are averaging out at 6% at the moment, which is pretty brutal when you consider the value of houses. I've heard a few stories already of people coming up for renewal and facing crippling monthly bills which are forcing them out of their homes.

Mortgage rates were high in the 70s and 80s, but the comparative pricing of houses was far lower so the rates were affordable. Jumping from 2-3 to 6 percent when the whole market is drastically inflated is a recipe for disaster.

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Re: The Absolute State Of It - It's The UK Politics Thread!

Post by Drarok » Thu Oct 06, 2022 1:46 pm

Achtung Englander wrote: ↑
Thu Oct 06, 2022 12:56 pm
historic highs?
Yes. The speed and sheer amount they've increased by seems historic to me?
Raid wrote: ↑
Thu Jan 28, 2021 2:24 pm
And that's the story of why I'm not allowed near pregnant women for the next few weeks.

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Re: The Absolute State Of It - It's The UK Politics Thread!

Post by Achtung Englander » Thu Oct 06, 2022 3:37 pm

Yes, I get it, but that is not how history works.

I am being pandentic but as an analyst I see a lot of shit data being thrown around.
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