Pensions Would Have Collapsed Today

[FatticusInch]

Without BofE intervention, supposedly?

https://news.sky.com/story/pound-slumps-live-news-mortgages-interest-rates-imf-12615118

In other news:

This inept madness cannot go on' - Senior Tory backbencher
A senior Conservative backbencher has given strongly worded criticism of the current government's strategy.
Simon Hoare, the Tory MP for North Dorset and chair of the Northern Ireland Select Committee said: "In the words of Norman Lamont on Black Wednesday: 'Today has been a very difficult day'.
"These are not circumstances beyond the control of Govt/Treasury. They were authored there. This inept madness cannot go on."
He follows backbencher Robert Largan, who earlier said the decision by the PM and chancellor to scrap the 45p top tax rate was a "mistake".

This government are already in free fall and the Party won’t recover for over a decade at this rate.

Oh dear, how sad, never mind.

[gulliver1]

FCI it's looking like the end of the Tory party being in power for a very, very long time. They have had their dirty grubby little fingers in the till too many times , enough is enough. Good riddance.

[FatticusInch]

I saw this last night and the reaction of the Sky panel was rather telling.
I’m guessing it’s generally a cross-section of ordinary, working class people with a wide demograph?

https://vm.tiktok.com/ZMF8TG7AW/

[tomus42]

Let's borrow unspecified billions when the cost of borrowing is high, and then give it all to the richest people in society - what could go wrong?

[mushroom25]

Tomus, that's precisely what the biggest voices on twitter are saying, that the budget was designed to benefit the top 1% of society, and further, it was deliberately calculated to tank the economy so that millionaire hedge fund slickers could make millions from speculation.

yet the mainstream media are saying nothing about this. are thousands of twitterati - including prominent politicians, analysts and business types - completely wrong and just spouting conspiracy theories? or have the MSM been told to shut it?

[FatticusInch]

Really mushroom25?
It seems patently obvious that the figures alone spoke for themselves, surely?

https://amp.theguardian.com/commentisfree/2022/sep/23/the-guardian-view-on-the-tory-trickle-up-policies-redistributing-to-the-rich

https://www.itv.com/news/2022-09-24/analysis-finds-only-the-very-richest-households-to-benefit-from-tory-tax-cuts

Even the Tories themselves know it’s wrong.

https://www.independent.co.uk/news/uk/politics/pound-today-imf-uk-tax-cuts-kwarteng-truss-b2176889.html?amp

/However, many senior Tories have warned that the government’s plan is unsustainable, with one saying that “this inept madness cannot go on/

Where’s Truss in all this? Has she even been seen physically anywhere in the last 72 hours?

[tomus42]

I wouldn't go along with that conspiracy theory mushroom. I think it's just amateurish incompetence driven by ideology rather than any economic nous.

[ichkeria]

I agree. Simple incompetence, or blind ideology.
It's staggering. Who needs Putin to wreck the economy when you have Liz and Kwasi.

[tomus42]

When LT was running for the leadership I saw a clip where she said 'I've always been a professional controversialist'.

I thought at the time I bet that means you keep having stupid ideas and saying stupid things but when literally everyone else points out how stupid they are, you stick to them pigheadedly.

It doesn't bode well.

[Untitled]

she's a thatcherite who doesn't understand thatcherism...

i am no fan of "saint margaret" but she would not have introduced tax cuts at a time of high inflation... or funded them with unnecessary borrowing at a time when interest rates have just gone up....

if we absolutely must have thatcherism is it too much to ask that the fanatics actually understand the ideology they are obsessed with?