The pound has rallied from the earlier fall.
Westminster Politics
- Thread starter altodevil
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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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@TheReligion shots fired.
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So when he's sacked/resigns will his post be the shortest tenure ever? Probably (needs to survive a week and a bit)
Chancer of the Exchequer.
Elaborate…?
She's from Leeds, it goes without saying!
And Paisley and Oxford and Suffolk. She's been around a bit.
what sources?That's the sort of reassurance you need from a government that is less than a month old.
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I wish it would hurry up then
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Yes, my friend told me the locals use to call it the 'dustbin', (something to do with its shape?) He reckons there is some improvement with the new complex, but still thinks an awful lot of money was wasted.
It's the sort of historical anomaly Labour could do with avoiding.
Something drastic will happen before too long. It's unsustainable.
We will be lucky if there's enough money to keep the lights on after the next election the rate we are going.
sTRoNg aNd STaBlE
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Lead is very heavy and should hit the ground quicker
Well she's kept her promise. She's facepalmed the ground.
Andrew Griffith giving a nonsensical interview on sky.
True, the 'carpetbaggers' will leave us penniless, mind you Brown's lot did something similar with the 'moneys all gone note'.
With a two-year (potential) time wait until the next GE, Lis Truss and Co. could be in the process of writing the longest political suicide note in history, couldn't help laughing at Starmer's comment about Labour now being the party of economic competence... bet they were hiding under the table in No.10
Lefty woke… checks notes…. The Spectator….
I suddenly like the BoE. I still fecking hate the Tories, gambling with money that isn't theirs.
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Who's up for another christmas GE then?
They've already used all their subs.
They've already used all their subs.
Why would we have another election? It's not like we've replaced the PM without a fully democratic process that involves the electorate, nor torn up all of their manifesto pledges. What matters right now is letting this competent Government fix the problems caused by this incompetent Government.
It is only fair that the entire country gets pulled into the Tory psychodrama as much as possible.
The BoE has just had to send a revised version of the weekly calendar it sends out pmsl. That agenda, sent at the weekend didn't age well.
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Please be true. feck spoons