Economy Shrank Unexpectedly In August

[FatticusInch]

Whilst the Honourable Member for the Victorian Era attempted to spin his way out of it.

https://news.sky.com/story/economy-contracts-03-in-august-ons-figures-show-12718139

Are we already witnessing the Truss effect even before her Chancellor dropped the biggest testicle of all time?

[FatticusInch]

Said Member wouldn’t be drawn on whether the BoE had done the right thing:
https://news.sky.com/story/jacob-rees-mogg-says-he-has-confidence-in-bank-of-england-governor-andrew-bailey-but-disputes-pension-funds-at-risk-12718474

/He also insisted to Kay Burley that parts of the economy were
in a "good state" as he admitted that after the economic turmoil
of recent weeks his own
mortgage payments have gone up.
"Mortgage rates have gone up for everyone who has a mortgage,
and I have a mortgage," he said./

Lol, what sort of ‘mortgage’ repayments on an ivory tower might one be struggling with whilst having a net worth of £150 million I wonder?

[pimplyteen]

Unexpected? With this flippy floppy shower expect complete meltdown.

[Untitled]

some people make heaps of money out of economic crises (e.g. by shorting currencies) and JRM’s dad wrote a book on how to do it…. his son appears to be of a similar viewpoint.

he is a parasite.

[naomi24]

//JRM’s dad wrote a book on how to do it//

He did? Perhaps you should have read it.

[Spicerack]

https://pbs.twimg.com/media/Fe0aG_7WAAAkXYq?format=jpg&name=small

[FatticusInch]

naomi24
//JRM’s dad wrote a book on how to do it//

/He did? Perhaps you should have read it./

Kwarteng took it to the extreme though and even created the crisis, ironically making one for his government and Party at the same time.

[FatticusInch]

Unlike Rees-Mogg there are some in touch with reality:

/Economists disagree with government claim market turmoil is international issue
A group of five economists have disagreed with Business Secretary Jacob Rees-Mogg's claim that the market turmoil in the past weeks was caused by international events.
The group were providing evidence to the Treasury Select Committee of MPs this morning (see 10.19am post).
Labour MP Dame Angela Eagle, who has been very critical of the current administration, asked the economists whether Mr Rees-Mogg was right to blame the market turmoil "primarily" on the difference in interest rates between the UK and other countries.
All of the economists agreed there was a UK-specific component.
But they also pointed out that the global financial situation was important and the mini-budget could be seen as "the straw which broke the camel's back".
Sanjay Raja, the chief UK economist at Deutsche Bank, said there was also a component of pressure on the UK economy due to Brexit and the trouble in generating revenue through trade./

Probably far closer to the truth than any government spin at present.

[pimplyteen]

I just worry now how Mogg is going to pay his mortgage. He could take another job? ideal candidate for head butler at Downton Abbey :0)

[FatticusInch]

All the signs of a failing government:

https://news.sky.com/story/truss-and-kwartengs-main-plan-has-been-growth-the-shrinking-figures-look-like-a-failing-govt-12718568

[jno]

///He also insisted to Kay Burley that parts of the economy were
in a "good state"///

that sounds suitably Victorian...

https://quoteinvestigator.com/wp-content/uploads/2019/04/judycurate01.jpg

(Historical note: that isn't the famous Punch cartoon but from a rival, Judy. Punch stole it.)

[William51]

We are witnessing the Tory effect. They have run out of time and it will be painful until the next general election when Labour gets in to do their bit.