Paul the Wolf
Full Member
"Sorry, I'll have to get back to you on that. I must ask the ERG first."What’s 1 + 1 =
"Sorry, I'll have to get back to you on that. I must ask the ERG first."What’s 1 + 1 =
You can be a student and get a job at the same time. You're contributing. Paying something in. Giving something back.Student
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Pidgeon feathersoooh, ruffled some of your feathers has he
God I wish I was a student.oooh, ruffled some of your feathers has he
It's "pigeon" but, hey, your spelling is getting better because you used actual letters in your reply to me this time instead of a bucket of drool. Well done! I'd give you a gold star sticker if I wasn't worried you'd somehow mistake it for a foreigner and start pointing at your door shouting "Fack off back where you came from!"Pidgeon feathers
LT. Just checked with my CX and he tells me the answer is 11.What’s 1 + 1 =
Just a coincidence that the rest of the world thinks the UK is a basket case.Tweet
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Just checking, you’re still pretending you’re not a Tory?You can be a student and get a job at the same time. You're contributing. Paying something in. Giving something back.
The fact you find that funny, speaks otherwise.
I just assumed it was satire.Just checking, you’re still pretending you’re not a Tory?
Think the initials N F might be closer, there are 2 possibilities.Just checking, you’re still pretending you’re not a Tory?
You know I'm winding you up, right?It's "pigeon" but, hey, your spelling is getting better because you used actual letters in your reply to me this time instead of a bucket of drool. Well done! I'd give you a gold star sticker if I wasn't worried you'd somehow mistake it for a foreigner and start pointing at your door shouting "Fack off back where you came from!"
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.
Blown my cover now. Another 10 years of silence.Just checking, you’re still pretending you’re not a Tory?
You know I'm winding you up, right?
I've had warnings and it's all meant in jest. Satirical, parody nonsense. But I don't mind if you take everything I post seriously. Life is too short mate.
Anyhoo..
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Saved on your desktop?
It's "pigeon" but, hey, your spelling is getting better because you used actual letters in your reply to me this time instead of a bucket of drool. Well done! I'd give you a gold star sticker if I wasn't worried you'd somehow mistake it for a foreigner and start pointing at your door shouting "Fack off back where you came from!"
BummerNo more speculative posts about Liz Truss's private life please.
Sorry....No more speculative posts about Liz Truss's private life please.
Top Tory banter.You know I'm winding you up, right?
I've had warnings and it's all meant in jest. Satirical, parody nonsense. But I don't mind if you take everything I post seriously. Life is too short mate.
Anyhoo..
Oh yes indeed.Saved on your desktop?
Steamed gammons.Tweet
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They can obfuscate cuts by not inflation linking any planned rises I guess and GDP is tanking re the defence spending pledge.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%?
They can't really U-turn given that Labour supports all of their policies with the exception of less than 2% of the budgetary commitment (the 45% rate abolishment).They can obfuscate cuts by not inflation linking any planned rises I guess and GDP is tanking re the defence spending pledge.
Saying that, they'll probably just U-turn and blame 'Putin's war'.
https://www.telegraph.co.uk/news/20...t-hold-nerve-world-tips-calamitous-recession/The elite mood music in 2022 is set by Left-wing American economists and a hysterical Twitterati that loathes Truss, Brexit and supply-side economics.... The great danger is that the Left is trying to turn our surging interest rates into an “ERM II moment”, pinning the blame on the PM’s tax cuts, while in fact the end of cheap money would have happened anyway, albeit more gradually.
Uh... Tax cuts for the richTweet
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The Tories have snookered themselves with ridiculous policy at ridiculous timing. But Truss is a stubborn, simple minded narcissist who doesn't want to U turn only one week into her premiership. It has feck all to do with Starmer.They can't really U-turn given that Labour supports all of their policies with the exception of less than 2% of the budgetary commitment (the 45% rate abolishment).
In fairness to Starmer he's snookered them. He's been against all of their tax rises and has been pro the vast majority of their tax cuts. He's unicorned the Tories just as they did to Labour over Brexit.
The Tories know that if they U-Turn on any policy that would have a meaningful effect on restoring faith in UK debt markets (Corporation Tax, 19% IT cut, Energy support, reversal of NI rise), Labour would hammer them on stifling business/growth/investment or punishing normal people. The Tories also know that the 45% tax rate is inconsequential in the scheme of things, so U-Turning on this would have no discernable effect on the markets whilst also playing into the fact that they're running their economic policy straight out of the Labour HQ.
Starmer has completely Boris Johnson'd the Tories.
Don't get me wrong though... Once he's inevitably elected with the Eat Your Cake & Have It Too Johnsonite politics; he'll struggle because its fiscally illiterate. Starmer will face the same choices Truss currently faces in a world of expensive crises-related debt. Whack up taxes and repress growth to fund statism; reduce public spending whilst maintaining/reducing tax to propel growth; or a mixture of the two. Like Johnson he's rules out all three of course.