Westminster Politics

Sir Matt

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Since she promised to review the Bank of England’s independence, maybe she can move that up to really crater the British economy.
 

Buster15

Go on Didier
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I suddenly like the BoE. I still fecking hate the Tories, gambling with money that isn't theirs.
Irony of ironies. The non budget that was aimed at rewarding the bankers in order to ensure that the best bankers came to work in the UK is causing such a run on the £ Stirling that the BoE is forced to intervene to stop Financial institutions and Pensions companies from going to the wall....
 

Paul the Wolf

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Irony of ironies. The non budget that was aimed at rewarding the bankers in order to ensure that the best bankers came to work in the UK is causing such a run on the £ Stirling that the BoE is forced to intervene to stop Financial institutions and Pensions companies from going to the wall....
The most amazing thing, which happened during Brexit as well, was that it seemed that the British government didn't seem to think that the rest of the world could see what was happening.
 

Buster15

Go on Didier
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The most amazing thing, which happened during Brexit as well, was that it seemed that the British government didn't seem to think that the rest of the world could see what was happening.
I know. What is going on inside the UK government is at a whole new level of ineptitude and incompetence.
They took months infighting and mudslinging and navel gazing during a cost of living crisis, to end up voting for a PM who, with her CX has self inflicted a financial crisis and resulted in a run on the £ and been rebuked by the IMF. All inside a few weeks.

Even by recent standards, this is unprecedented.
 

Rooney24

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Honestly I thought the Tories couldn’t get any worse with Boris.

This is for sure Liz’s “Hold my Beer” moment.
 

MIC_FIN

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We're locked in until December 2024.

All you students will have to get a job. Living in the real world.
 

Mr Pigeon

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"Liz what is your take on anal and the use of lubricant?"
"I import 50% of my porkings."

"Lady Thatcher used butter and so do I!"

"*Stares aggressively at the microphone and let's put a beefy fart*"

So many options to choose from.
 

Pexbo

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We're locked in until December 2024.

All you students will have to get a job. Living in the real world.
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MIC_FIN

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Code:
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  '           //| |  (/   )/
'~-~-~-~-~-~""""""""""*""""""*""
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Restart your phone, washing machine, hairdryer. Usually fixes most people's problems pal.

Could always wire your mains into next door neighbours. Save a few bob.
 

finneh

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Can they cut enough?
De-linking pensions from inflation perhaps but that won't make a dent
Defence they have committed to increase spending
Hs2 probably axed but that will be dwarfed by the increase in servicing debts
Education probably too unpopular to touch that
Nhs... political suicide to defund or sell
Welfare will be cut but hard to see how it's cut too much with rising inflation

Genuinley not sure how they would cut to the extent needed... probably 15%?
If history tells us anything it'll be rolling back spending increases over the last 7 years (spending has increased 5x faster than GDP); but whilst protecting pension, education and health. They'll also be stealth tax increases in the form of freezing tax bands/allowances that effectively reverse their own cuts very quickly but with less embarrassment.

With both major parties in agreement on over £100b of funding commitments at the moment (agreement on fixing energy prices, holding CT rates, 19p IT decrease & reversing NI increase); with also both parties not wanting to decrease spending and in fact talking about several billion of increased spending (infrastructure in Kwarteng's case and energy investment in Starmer's) the simple question is how are we paying for it.

In an environment where debt will be costing substantially more and departments will be requesting even more funding due to inflation; with markets already jittery about our ability to pay debt back and QE off the cards; I can only see large spending cuts along with tax increases on the agenda irrespective of who's in power (both of which will affect growth negatively, requiring more cuts or taxes).