If Truss resigned the Deputy PM could take over
Westminster Politics
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In the latest episode of the United Hour Podcast, Nik (@Rood) was joined by comedian Ali Woods to look back at the best and worst moments of a rollercoaster season with the annual United Hour Awards.
Has Ten Hag been sacked yet? We're not sure and we hope not, but it's looking more likely as the days pass.
Who should replace him and why is it taking so long to make a decision?
There was a genuine risk of a market meltdown so they had to do something. Asset managers apparently having to sell bonds into a falling market in order to meet collateral calls.. recipe for disaster.
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If this keeps up, Truss may not make it to Christmas
Imagine we get Boris back for Christmas.
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Ok let’s here some predictions over how this plays out by:
1 week:
1 month:
End of year:
End of tax year:
Year to date:
1 week:
1 month:
End of year:
End of tax year:
Year to date:
The no10 new years party is gonna be epic...
There'll be some great parties.
That said I'm sure she will find ways to fek things up even more than I predict
1 week: Kwarteng sacked
1 month: New budget
End of year: Diversionary tactics eg invasion of Scotland
End of tax year: BIG trade deal with Bremuda
Year to date: Truss resigns in order to host the Great British Bakeoff
is what i reckon.
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coming soon
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She looks like a 12 year old really proud of themselves in those clips with the blue background.
That. Is. A. Dis. Grace
Is everyone in politics an idiot? Is it just something smart period refuse to do these days? Seems to have the energy of a small town news reporter doing a story on a lemonade stand. But they're 12 years old as well.
You sicken me.
She's actually incredibly filthy per sources
Politics has the same problem the police and refereeing has. The people who actually want to go into it are the ones you should be desperate to keep out.
My dad is fond of saying anyone who wants to run for President should be automatically disqualified.
Andrew Bailey has got just about everything wrong so far but they had to step in here and provide liquidity. Genuine risk of the market collapsing if they don't.
I know full well how fecking useless Bailey was at the FCA, but if the BoE had lifted rates more aggressively we'd have had a bad recession surely? Obviously his approach didn't work, but how effective would rate rises really have been against inflation caused by imported energy costs and before that the Covid supply chain crunch? Think he was pretty fecked whatever.
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Even if a general election were called anytime soon, it would be stupid for Labour to want to be in power right now.
The people of this country are fickle with short memories and ridiculous aspirations that the majority of them will earn enough to be in a position to benefit from Tory policy.
Make no mistake - the economy isn't going to get much better in the short term regardless of who is in charge, and if Labour truly want to govern for a long period of time, they'd do well to avoid holding any position of power for at least 2 years.
The people of this country are fickle with short memories and ridiculous aspirations that the majority of them will earn enough to be in a position to benefit from Tory policy.
Make no mistake - the economy isn't going to get much better in the short term regardless of who is in charge, and if Labour truly want to govern for a long period of time, they'd do well to avoid holding any position of power for at least 2 years.
Crazy how low UK interest rates were before all this. My mortgage has been 3% in Ireland the last five years! Looks like you lot are royally fecked now, horrible situation, the tories are a disgrace.
I don't think they should have raised more aggressively, but they should have started sooner. They could have gotten ahead of the situation and lessened the multiplier effect.
Are they replacing the one pound coin?coming soon
Yep, makes sense. Guess they were too cautious on the strength of the economy and Bailey was a massive ditherer at the FCA too.
The pound has rallied from the earlier fall.
She's like the idiot who get voted off the Apprecentice in week one. In fact this whole government is quite comparable to apprentice contestants.
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Wow, and all because of a fear of a future Labour Government?
Pension fund crisis as gilt yields climb
I guess the positive is that the BoE emergency measures still seem to work. One does wonder for how long though if Truss manages to find more ways to make life difficult for them.
It's borne of a bit of a misunderstanding of what was going on. Some pension funds were having to sell some liquid assets, including gilts, to raise cash for margin calls on interest rate swaps that had turned against them cos of rate projections leaping up. It was more a fear that people selling gilts would force the yield up higher, becoming self-fulfilling, so the BoE intervened to buy a load and try to put a lid on yields.
@11101 will be able to explain far better, but you can't have a run on pension funds per se, so the Northern Rock example isn't great, but it sounds like a serious funding crunch was happening and the BoE had to act. These pension funds are multi-billion schemes, so even small percentages for them are colossal amounts of money.
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