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Dutchy
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Emergency action: Bank of England

Wed Sep 28, 2022 9:30 pm

The Bank of England has been forced into emergency action to halt a run on Britain’s pension funds after the impact of Kwasi Kwarteng’s ill-received mini budget prompted fears of a 2008-style financial crisis.

Threadneedle Street said the fallout from a dramatic rise in government borrowing costs since the chancellor’s statement had left it with no choice but to intervene to protect the UK’s financial system.

City sources said the surprise move, less than a week after Kwarteng’s unfunded tax giveaways, was needed to halt a “doom loop” in the bond markets that risked draining pension funds of cash and leaving them at risk of insolvency.

The Bank was concerned that it threatened the financial health of Britain’s biggest pensions and insurance companies, which together manage trillions of pounds of people’s cash


Link

The market has been reacting to the budget announcement of last Friday by Kwarteng. Trickle down economics - policies announced by his majesty's government haven't been well received by the financial markets.
 
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Aesma
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Re: Emergency action: Bank of England

Wed Sep 28, 2022 11:33 pm

The Chancellor will soon be gone, me thinks.
 
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scbriml
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Re: Emergency action: Bank of England

Wed Sep 28, 2022 11:50 pm

Aesma wrote:
The Chancellor will soon be gone, me thinks.


Hopefully along with the PM and Tory party.

Kwarteng today received the shortest email in history -

To: Kwasi Kwarteng
From: IMF
Subject: WTF?


Just another Brexit Bonus. I hear the unicorns are arriving next week. :banghead:
 
SEAorPWM
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Re: Emergency action: Bank of England

Thu Sep 29, 2022 12:01 am

Aesma wrote:
The Chancellor will soon be gone, me thinks.


Now if we can only get Jerome out across the pond.
:duck:
 
A101
Posts: 3572
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Re: Emergency action: Bank of England

Thu Sep 29, 2022 3:08 am

scbriml wrote:


To: Kwasi Kwarteng
From: IMF
Subject: WTF?


Just another Brexit Bonus. I hear the unicorns are arriving next week. :banghead:


How do you connect it to leaving the EU?
 
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Dutchy
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Re: Emergency action: Bank of England

Thu Sep 29, 2022 6:27 am

A101 wrote:
scbriml wrote:


To: Kwasi Kwarteng
From: IMF
Subject: WTF?


Just another Brexit Bonus. I hear the unicorns are arriving next week. :banghead:


How do you connect it to leaving the EU?


The Tories have been taken over by the Brexit wing, this is the result. The direct connection is the lift of the ban on excessive bonuses within the financial sector, whatever could go wrong?
But indeed no direct link to the introduction of trickle-down economics which has led to this extraordinary step.

Dutchy wrote:
Not good first signs and certainly not when you take into account her words about Johnson and the 2019 deal. She will not fundamentally change anything.


This didn't age too well, I have to admit, I was wrong, it is worse than expected.
 
GDB
Posts: 16268
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Re: Emergency action: Bank of England

Thu Sep 29, 2022 7:18 am

Properly explained here;
https://www.theguardian.com/commentisfr ... chancellor

Worth remembering that she did not get even half her MP's to vote for her, presumably even they knew how dopey she is, her fantasy nonsense she sold to just enough of the most rotten of the Tory core membership;
https://www.theguardian.com/politics/20 ... -or-mutiny

The Chief Civil Service to the Treasury warned this would happen, so the reputedly clever new Chancellor sacked him, from the Brexiteer playbook, you just have to forget experts and [b] believe [\b] enough.
And so.......
Even without this financequake the sheer crassness of the transfer of wealth from the poorest to the richest was so gross, in the face of the cost of living crises it was massively politically toxic, this poundquake and IMF rebuke has turbocharged it.

They both wrote that stupid little book where British workers were called the 'worst idlers in the world' and was taped repeating it on her campaign trial.
Lose, or be perceived to lose control of the economy that's it, they never recovered from the ERM in 1992, even after the economy recovered, this will not be the case this time and they don't have 5 years.
Even if it's external events that cause a major banking shot, the government of the day gets the blame.
Pretending to blame external events here when it's clearly the crap the Chancellor spouted last week, really won't wash.

https://www.theguardian.com/business/20 ... isis-pound
 
GDB
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Re: Emergency action: Bank of England

Thu Sep 29, 2022 8:28 am

Here is the real 'English disease', not the 'idle' of Truss, KamiKwazi and the Tory/UKIP Frankenshite running the country, a perfect example, remember the 37bn they gave to this one for the Track and Trace that did not work, in fact likely raised the death toll? Her husband a major Tory donor, of course;
https://www.youtube.com/watch?v=fejF9xp5ymE&t=313s

They recalled Parliament for less than this meltdown caused directly by the Budget they did not call a budget, (to escape the Parliamentary process) so if it wasn't a budget what was it, a 'Special Financial Operation?' Not this time oddly enough.
Tory conference will be 'interesting' next week.
 
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readytotaxi
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Re: Emergency action: Bank of England

Thu Sep 29, 2022 9:49 am

"May you live in interesting times"
 
A101
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Re: Emergency action: Bank of England

Thu Sep 29, 2022 10:37 am

Dutchy wrote:
A101 wrote:
scbriml wrote:




Just another Brexit Bonus. I hear the unicorns are arriving next week. :banghead:


How do you connect it to leaving the EU?


The Tories have been taken over by the Brexit wing, this is the result. The direct connection is the lift of the ban on excessive bonuses within the financial sector, whatever could go wrong?
But indeed no direct link to the introduction of trickle-down economics which has led to this extraordinary step.



I fail to see what that has to do with the tax cuts and the point of the thread :scratchchin:
 
GDB
Posts: 16268
Joined: Wed May 23, 2001 6:25 pm

Re: Emergency action: Bank of England

Thu Sep 29, 2022 11:20 am

Thick Lizzy decided, after days of deafening silence, to emerge, via the medium of local radio.
It did not go well;
https://www.theguardian.com/politics/20 ... nomy-pound

Some of the bizarre and if you even remotely aware of the real world (sorry Brexiteers) insulting excuses from her diminishing allies;
https://www.theguardian.com/politics/20 ... nomy-pound

Those media she avoided, some responses below, many from Tory supporting publications;
https://www.theguardian.com/politics/20 ... ia-verdict
Last edited by GDB on Thu Sep 29, 2022 11:24 am, edited 2 times in total.
 
marcelh
Posts: 2191
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Re: Emergency action: Bank of England

Thu Sep 29, 2022 11:22 am

A101 wrote:
Dutchy wrote:
A101 wrote:

How do you connect it to leaving the EU?


The Tories have been taken over by the Brexit wing, this is the result. The direct connection is the lift of the ban on excessive bonuses within the financial sector, whatever could go wrong?
But indeed no direct link to the introduction of trickle-down economics which has led to this extraordinary step.



I fail to see what that has to do with the tax cuts and the point of the thread :scratchchin:

Think harder….
 
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scbriml
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Re: Emergency action: Bank of England

Thu Sep 29, 2022 11:47 am

marcelh wrote:
A101 wrote:
Dutchy wrote:

The Tories have been taken over by the Brexit wing, this is the result. The direct connection is the lift of the ban on excessive bonuses within the financial sector, whatever could go wrong?
But indeed no direct link to the introduction of trickle-down economics which has led to this extraordinary step.



I fail to see what that has to do with the tax cuts and the point of the thread :scratchchin:

Think harder….


Not something that Brexiteers are known for. :sarcastic:
 
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scbriml
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Re: Emergency action: Bank of England

Thu Sep 29, 2022 11:51 am

GDB wrote:
Thick Lizzy decided, after days of deafening silence, to emerge, via the medium of local radio.
It did not go well;
https://www.theguardian.com/politics/20 ... nomy-pound

Some of the bizarre and if you even remotely aware of the real world (sorry Brexiteers) insulting excuses from her diminishing allies;
https://www.theguardian.com/politics/20 ... nomy-pound

Those media she avoided, some responses below, many from Tory supporting publications;
https://www.theguardian.com/politics/20 ... ia-verdict


Hilarious. Whereas Johnson would have just lied and blustered, Truss is too thick to even understand what she claims she's doing. "Nobody will pay more than £2,500 for energy." :banghead:
 
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Dutchy
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Re: Emergency action: Bank of England

Thu Sep 29, 2022 3:52 pm

scbriml wrote:
Hilarious. Whereas Johnson would have just lied and blustered, Truss is too thick to even understand what she claims she's doing. "Nobody will pay more than £2,500 for energy." :banghead:


That's great where can I plug in my datacenter?
 
A101
Posts: 3572
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Re: Emergency action: Bank of England

Thu Sep 29, 2022 4:44 pm

marcelh wrote:
A101 wrote:
Dutchy wrote:

The Tories have been taken over by the Brexit wing, this is the result. The direct connection is the lift of the ban on excessive bonuses within the financial sector, whatever could go wrong?
But indeed no direct link to the introduction of trickle-down economics which has led to this extraordinary step.



I fail to see what that has to do with the tax cuts and the point of the thread :scratchchin:

Think harder….


Don’t need to. Not everything is connected to Brexit certainly not the tax cuts that’s the point I am making.

Certainly not how scbriml and Dutchy want you to believe
 
GDB
Posts: 16268
Joined: Wed May 23, 2001 6:25 pm

Re: Emergency action: Bank of England

Thu Sep 29, 2022 5:39 pm

After this, what do they, the party whose members inflicted this (well known in their circles) fool on us?
https://www.theguardian.com/politics/20 ... is-johnson

https://www.youtube.com/watch?v=sxo-AyZ06Gg
 
marcelh
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Re: Emergency action: Bank of England

Thu Sep 29, 2022 6:11 pm

A101 wrote:
marcelh wrote:
A101 wrote:

I fail to see what that has to do with the tax cuts and the point of the thread :scratchchin:

Think harder….


Don’t need to. Not everything is connected to Brexit certainly not the tax cuts that’s the point I am making.

Certainly not how scbriml and Dutchy want you to believe


They are the same people, so there is definately a connection.
 
Arion640
Posts: 3493
Joined: Fri Mar 31, 2017 5:15 pm

Re: Emergency action: Bank of England

Thu Sep 29, 2022 7:20 pm

scbriml wrote:
Aesma wrote:
The Chancellor will soon be gone, me thinks.


Hopefully along with the PM and Tory party.

Kwarteng today received the shortest email in history -

To: Kwasi Kwarteng
From: IMF
Subject: WTF?


Just another Brexit Bonus. I hear the unicorns are arriving next week. :banghead:


The tories deserve to be out on their ear, but to be replaced by Starmer and if the Labour government in Cymru is anything to go by, it will be an absolute disaster.
 
JJJ
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Re: Emergency action: Bank of England

Thu Sep 29, 2022 7:20 pm

A101 wrote:
marcelh wrote:
A101 wrote:

I fail to see what that has to do with the tax cuts and the point of the thread :scratchchin:

Think harder….


Don’t need to. Not everything is connected to Brexit certainly not the tax cuts that’s the point I am making.

Certainly not how scbriml and Dutchy want you to believe


Tax cuts to fight inflation.

https://www.france24.com/en/europe/2022 ... sion-fears

Inflation caused by Brexit.

https://www.bloomberg.com/news/articles ... rs-to-come

Then of course there's the whole Singapore-on-the-Thames flavour of economic policy, but that just adds fuel to the fire of distrust of the UK as a rational player.
 
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Dutchy
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Re: Emergency action: Bank of England

Thu Sep 29, 2022 7:55 pm

Arion640 wrote:
scbriml wrote:
Aesma wrote:
The Chancellor will soon be gone, me thinks.


Hopefully along with the PM and Tory party.

Kwarteng today received the shortest email in history -

To: Kwasi Kwarteng
From: IMF
Subject: WTF?


Just another Brexit Bonus. I hear the unicorns are arriving next week. :banghead:


The tories deserve to be out on their ear, but to be replaced by Starmer and if the Labour government in Cymru is anything to go by, it will be an absolute disaster.


More of a disaster than the Tories, or better the ERG in power of the Tories since 2016?
 
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Dutchy
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Re: Emergency action: Bank of England

Thu Sep 29, 2022 7:57 pm

marcelh wrote:
A101 wrote:
marcelh wrote:
Think harder….


Don’t need to. Not everything is connected to Brexit certainly not the tax cuts that’s the point I am making.

Certainly not how scbriml and Dutchy want you to believe


They are the same people, so there is definately a connection.


Same people, same intention, to make the people with real money a lot richer.
 
GDB
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Re: Emergency action: Bank of England

Thu Sep 29, 2022 8:15 pm

They are the same people, so there is definately a connection.

Same people, same intention, to make the people with real money a lot richer.


Or put another way;

https://www.youtube.com/watch?v=McdAI7Tje2Y
 
A101
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Re: Emergency action: Bank of England

Thu Sep 29, 2022 8:29 pm

marcelh wrote:
A101 wrote:
marcelh wrote:
Think harder….


Don’t need to. Not everything is connected to Brexit certainly not the tax cuts that’s the point I am making.

Certainly not how scbriml and Dutchy want you to believe


They are the same people, so there is definately a connection.



Tax Policy is not the same as being a product of Brexit

They could have moved the tax policy irrespective if we were still in the EU or not so no not Brexit related
 
A101
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Re: Emergency action: Bank of England

Thu Sep 29, 2022 8:33 pm

JJJ wrote:
A101 wrote:
marcelh wrote:
Think harder….


Don’t need to. Not everything is connected to Brexit certainly not the tax cuts that’s the point I am making.

Certainly not how scbriml and Dutchy want you to believe


Tax cuts to fight inflation.

https://www.france24.com/en/europe/2022 ... sion-fears

Inflation caused by Brexit.

https://www.bloomberg.com/news/articles ... rs-to-come

Then of course there's the whole Singapore-on-the-Thames flavour of economic policy, but that just adds fuel to the fire of distrust of the UK as a rational player.


If inflation is a product of Brexit that stuff me every other country in the world has caught the Brexit inflation bug :rotfl:
 
JJJ
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Re: Emergency action: Bank of England

Thu Sep 29, 2022 9:05 pm

A101 wrote:
JJJ wrote:
A101 wrote:

Don’t need to. Not everything is connected to Brexit certainly not the tax cuts that’s the point I am making.

Certainly not how scbriml and Dutchy want you to believe


Tax cuts to fight inflation.

https://www.france24.com/en/europe/2022 ... sion-fears

Inflation caused by Brexit.

https://www.bloomberg.com/news/articles ... rs-to-come

Then of course there's the whole Singapore-on-the-Thames flavour of economic policy, but that just adds fuel to the fire of distrust of the UK as a rational player.


If inflation is a product of Brexit that stuff me every other country in the world has caught the Brexit inflation bug :rotfl:


You don't seem to have read the article then.
 
Arion640
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Re: Emergency action: Bank of England

Thu Sep 29, 2022 9:56 pm

Dutchy wrote:
Arion640 wrote:
scbriml wrote:

Hopefully along with the PM and Tory party.

Kwarteng today received the shortest email in history -



Just another Brexit Bonus. I hear the unicorns are arriving next week. :banghead:


The tories deserve to be out on their ear, but to be replaced by Starmer and if the Labour government in Cymru is anything to go by, it will be an absolute disaster.


More of a disaster than the Tories, or better the ERG in power of the Tories since 2016?


About equal.
 
A101
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Re: Emergency action: Bank of England

Thu Sep 29, 2022 10:36 pm

JJJ wrote:
A101 wrote:
JJJ wrote:

Tax cuts to fight inflation.

https://www.france24.com/en/europe/2022 ... sion-fears

Inflation caused by Brexit.

https://www.bloomberg.com/news/articles ... rs-to-come

Then of course there's the whole Singapore-on-the-Thames flavour of economic policy, but that just adds fuel to the fire of distrust of the UK as a rational player.


If inflation is a product of Brexit that stuff me every other country in the world has caught the Brexit inflation bug :rotfl:


You don't seem to have read the article then.



Don’t see anything in the original post that suggests Brexit has caused inflation.

But I see that Germany has reached over 10% inflation, is that Brexit induced too?

https://amp.dw.com/en/german-inflation- ... a-63276749
 
Arion640
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Re: Emergency action: Bank of England

Thu Sep 29, 2022 11:03 pm

A101 wrote:
JJJ wrote:
A101 wrote:

If inflation is a product of Brexit that stuff me every other country in the world has caught the Brexit inflation bug :rotfl:


You don't seem to have read the article then.



Don’t see anything in the original post that suggests Brexit has caused inflation.

But I see that Germany has reached over 10% inflation, is that Brexit induced too?

https://amp.dw.com/en/german-inflation- ... a-63276749


Shhhhh. You’re not allowed to talk about that, you know that by now, it goes against the narrative.

You’re also not allowed to talk about how the Euro has crashed as nearly as much as the pound, but there we are.
 
Klaus
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Re: Emergency action: Bank of England

Thu Sep 29, 2022 11:28 pm

Tories seem to be getting just slightly nervous now that decades of a deliberate policy of de-industrialization, de-education, austerity, active trade sanctions against the UK from within now culminate in a raid on the crumbling wreckage of the country for the benefit of only the wealthiest few, so crass that even the financial markets can't stomach it!

Why the surprise? Hasn't this been the plan all along?

I do appreciate the british sense of humour, but this is taking the joke a bit far, isn't it?
 
A101
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Re: Emergency action: Bank of England

Fri Sep 30, 2022 2:51 am

Klaus wrote:

Tories seem to be getting just slightly nervous now that decades of a deliberate policy of de-industrialization, de-education,



Really.....can you provide a link to such a policy

never heard of a policy of de-industrialisation or for that matter de-education, the only nearest government entity that came close to that is the Khmer Rouge and Pol Pot. Even the Taliban do not have a policy like that for the male population


What’s also interesting is that Australia is also lowering its tax brackets in the upper end. You do not hear of the IMF calling for restraint by the AusGov and the ALP support the cut as well
 
A101
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Re: Emergency action: Bank of England

Fri Sep 30, 2022 2:52 am

Arion640 wrote:
A101 wrote:
JJJ wrote:

You don't seem to have read the article then.



Don’t see anything in the original post that suggests Brexit has caused inflation.

But I see that Germany has reached over 10% inflation, is that Brexit induced too?

https://amp.dw.com/en/german-inflation- ... a-63276749


Shhhhh. You’re not allowed to talk about that, you know that by now, it goes against the narrative.

You’re also not allowed to talk about how the Euro has crashed as nearly as much as the pound, but there we are.


Yes must be sale of rose coloured glasses on :D

https://www.reuters.com/markets/europe/ ... 022-09-29/

ECB eyes jumbo rate hike to fight inflation even as debtors suffer
 
A101
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Re: Emergency action: Bank of England

Fri Sep 30, 2022 3:28 am

Stage 3 tax cuts in AU it’s a mirage. As earnings go up so does the tax take for the government. As I have said before it gives an incentive to better ones self

https://theconversation.com/amp/that-24 ... ity-190350
 
JJJ
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Re: Emergency action: Bank of England

Fri Sep 30, 2022 4:22 am

A101 wrote:
JJJ wrote:
A101 wrote:

If inflation is a product of Brexit that stuff me every other country in the world has caught the Brexit inflation bug :rotfl:


You don't seem to have read the article then.



Don’t see anything in the original post that suggests Brexit has caused inflation.

But I see that Germany has reached over 10% inflation, is that Brexit induced too?

https://amp.dw.com/en/german-inflation- ... a-63276749


So it's not just you haven't read the article. You haven't even read the headline right.

That's ok. You've had enough of experts and all that. Enjoy.
 
marcelh
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Re: Emergency action: Bank of England

Fri Sep 30, 2022 4:32 am

A101 wrote:
marcelh wrote:
A101 wrote:

Don’t need to. Not everything is connected to Brexit certainly not the tax cuts that’s the point I am making.

Certainly not how scbriml and Dutchy want you to believe


They are the same people, so there is definately a connection.



Tax Policy is not the same as being a product of Brexit

They could have moved the tax policy irrespective if we were still in the EU or not so no not Brexit related

Same intention: steal from the poor to make the rich even richer by spreading alternative facts.
 
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Kiwirob
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Re: Emergency action: Bank of England

Fri Sep 30, 2022 5:01 am

GDB wrote:
Thick Lizzy decided, after days of deafening silence, to emerge, via the medium of local radio.
It did not go well;
https://www.theguardian.com/politics/20 ... nomy-pound

Some of the bizarre and if you even remotely aware of the real world (sorry Brexiteers) insulting excuses from her diminishing allies;
https://www.theguardian.com/politics/20 ... nomy-pound

Those media she avoided, some responses below, many from Tory supporting publications;
https://www.theguardian.com/politics/20 ... ia-verdict


She makes Boris appear sane.
 
bennett123
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Re: Emergency action: Bank of England

Fri Sep 30, 2022 5:58 am

A101 wrote:
Stage 3 tax cuts in AU it’s a mirage. As earnings go up so does the tax take for the government. As I have said before it gives an incentive to better ones self

https://theconversation.com/amp/that-24 ... ity-190350


Perhaps I am a bit slow, but the article doesn't seem to say that.
 
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Aesma
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Re: Emergency action: Bank of England

Fri Sep 30, 2022 6:58 am

The "markets" love tax cuts for the rich, companies, bankers. Always have. So if they crashed, it wasn't because of the tax cuts in and of themselves. It was because there was no hint of a plan to pay for it. Trickle down might work (after 40 years it never has, but who knows ?) but we're heading for a recession, not a booming economy. Even those who believe in trickle down, don't believe it can work in a recession. The rest of the plan gives it away : borrowing unlimited amounts of money. That's what caused the turmoil. And since the central bank has to hike its rates, borrowing that money will become extremely expensive, or even impossible (nobody willing to lend to such a chaotic government). Costing the country humongous amounts of money with nothing to show for it, not even the rich getting richer (because the pound has already cost them a lot).
 
A101
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Re: Emergency action: Bank of England

Fri Sep 30, 2022 9:00 am

JJJ wrote:
A101 wrote:
JJJ wrote:

You don't seem to have read the article then.



Don’t see anything in the original post that suggests Brexit has caused inflation.

But I see that Germany has reached over 10% inflation, is that Brexit induced too?

https://amp.dw.com/en/german-inflation- ... a-63276749


So it's not just you haven't read the article. You haven't even read the headline right.

That's ok. You've had enough of experts and all that. Enjoy.


This is from the OP

https://www.theguardian.com/business/20 ... ial-crisis


Bank of England in £65bn scramble to avert financial crisis




Don’t see anything about Brexit nor inflation
 
A101
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Joined: Sun Dec 09, 2018 1:27 am

Re: Emergency action: Bank of England

Fri Sep 30, 2022 9:02 am

marcelh wrote:
A101 wrote:
marcelh wrote:

They are the same people, so there is definately a connection.



Tax Policy is not the same as being a product of Brexit

They could have moved the tax policy irrespective if we were still in the EU or not so no not Brexit related

Same intention: steal from the poor to make the rich even richer by spreading alternative facts.


Tax cuts stealing from the poor :rotfl:

What’s the alternative facts presented?
 
A101
Posts: 3572
Joined: Sun Dec 09, 2018 1:27 am

Re: Emergency action: Bank of England

Fri Sep 30, 2022 9:07 am

bennett123 wrote:
A101 wrote:

Stage 3 tax cuts in AU it’s a mirage. As earnings go up so does the tax take for the government. As I have said before it gives an incentive to better ones self

https://theconversation.com/amp/that-24 ... ity-190350


Perhaps I am a bit slow, but the article doesn't seem to say that.



It’s long winded but it’s there. What it’s saying is yes that there will be a hit to revenue at first but as wages rise so to will the wages increase into the next tax bracket so by 10 years it’s revenue neutral


With the Stage 3 cuts, average rates would at first fall to 17%, and then increase, climbing beyond current rates in 2028 as bracket creep reasserted itself.
This suggests the “cuts” aren’t much of cuts at all, certainly not long-lasting ones.
It is difficult to both claim that the cuts will cost the budget A$243 billion by 2032 and that they will allow the average tax take to climb.
 
GDB
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Joined: Wed May 23, 2001 6:25 pm

Re: Emergency action: Bank of England

Fri Sep 30, 2022 9:26 am

JJJ wrote:
A101 wrote:
JJJ wrote:

You don't seem to have read the article then.



Don’t see anything in the original post that suggests Brexit has caused inflation.

But I see that Germany has reached over 10% inflation, is that Brexit induced too?

https://amp.dw.com/en/german-inflation- ... a-63276749


So it's not just you haven't read the article. You haven't even read the headline right.

That's ok. You've had enough of experts and all that. Enjoy.


And of course one expert was the Chief Advisor to the Treasury, a highly respected person (by real world people in finance, industry and political circles that are rational) so idiot KamiKarzi sacked him.
He warned them what would happen, a run on the £, pensions at serious risk, if the economically illiterate but ideological pure, lobbyist funded, scheme proposed went ahead.
It did, with entirely the results predicted. Except it seems for the clowns who thought it up.

It happened because of Brexit thinking, never mind it’s all BS it will work if you just believe enough.
(So just like Communists who kept saying ‘the USSR isn’t doing it correctly’, ditto China under Mao, or the various grim variations on a theme in the Warsaw Pact like Romania or across the third world).

So 65bn to prevent a pension fund collapse. And they wonder why their reputation, with the public, with the IMF, the Bank of England, has totally collapsed.
Thank heavens the Bank of England was made independent by an incoming Chancellor in 1997, god knows what these clowns would have done with it, there is an irony, the actions of a Labour Chancellor 25 years ago prevented a full on economic and social collapse (at least for now), by an ideologically crazed extreme brand of Toryism that has driven away many more sane members.
Hence Thick Lizzie having the ‘vote’ of just some 81000 nasty old Tories. Not even most of her MPs.
Hardly a mandate is it?
 
noviorbis77
Posts: 1248
Joined: Sat Oct 21, 2017 3:23 pm

Re: Emergency action: Bank of England

Fri Sep 30, 2022 10:23 am

Dutchy wrote:
The Bank of England has been forced into emergency action to halt a run on Britain’s pension funds after the impact of Kwasi Kwarteng’s ill-received mini budget prompted fears of a 2008-style financial crisis.

Threadneedle Street said the fallout from a dramatic rise in government borrowing costs since the chancellor’s statement had left it with no choice but to intervene to protect the UK’s financial system.

City sources said the surprise move, less than a week after Kwarteng’s unfunded tax giveaways, was needed to halt a “doom loop” in the bond markets that risked draining pension funds of cash and leaving them at risk of insolvency.

The Bank was concerned that it threatened the financial health of Britain’s biggest pensions and insurance companies, which together manage trillions of pounds of people’s cash


Link

The market has been reacting to the budget announcement of last Friday by Kwarteng. Trickle down economics - policies announced by his majesty's government haven't been well received by the financial markets.


Whoops

https://www.reuters.com/markets/europe/ ... 022-09-30/

Problems everywhere.
 
marcelh
Posts: 2191
Joined: Wed Jun 19, 2013 12:43 pm

Re: Emergency action: Bank of England

Fri Sep 30, 2022 10:28 am

noviorbis77 wrote:
Dutchy wrote:
The Bank of England has been forced into emergency action to halt a run on Britain’s pension funds after the impact of Kwasi Kwarteng’s ill-received mini budget prompted fears of a 2008-style financial crisis.

Threadneedle Street said the fallout from a dramatic rise in government borrowing costs since the chancellor’s statement had left it with no choice but to intervene to protect the UK’s financial system.

City sources said the surprise move, less than a week after Kwarteng’s unfunded tax giveaways, was needed to halt a “doom loop” in the bond markets that risked draining pension funds of cash and leaving them at risk of insolvency.

The Bank was concerned that it threatened the financial health of Britain’s biggest pensions and insurance companies, which together manage trillions of pounds of people’s cash


Link

The market has been reacting to the budget announcement of last Friday by Kwarteng. Trickle down economics - policies announced by his majesty's government haven't been well received by the financial markets.


Whoops

https://www.reuters.com/markets/europe/ ... 022-09-30/

Problems everywhere.


So you acknowledge there are problems as well in your independent heaven of unicorns and rainbows?
 
noviorbis77
Posts: 1248
Joined: Sat Oct 21, 2017 3:23 pm

Re: Emergency action: Bank of England

Fri Sep 30, 2022 11:10 am

marcelh wrote:
noviorbis77 wrote:
Dutchy wrote:

Link

The market has been reacting to the budget announcement of last Friday by Kwarteng. Trickle down economics - policies announced by his majesty's government haven't been well received by the financial markets.


Whoops

https://www.reuters.com/markets/europe/ ... 022-09-30/

Problems everywhere.


So you acknowledge there are problems as well in your independent heaven of unicorns and rainbows?


There are problems everywhere.
 
Klaus
Posts: 21898
Joined: Wed Jul 11, 2001 7:41 am

Re: Emergency action: Bank of England

Fri Sep 30, 2022 11:14 am

noviorbis77 wrote:

Ah, whataboutism, the last resort already!

The UK "mini budget" is harm inflicted by the tory government on top of the trade sanctions the previous tory governments have already inflicted with Brexit and only those two self-inflicted piles of damage are then on top of Putin's international crisis that is affecting other countries as well at this time and to varying extent, largely according to the structure of their respective fossil energy imports.

That only and specifically the UK Pound Sterling has dropped sharply even while that crazy plan was unveiled and only and specifically the Bank of England had to step in to prevent a rapid meltdown (for now) with the interest of UK sovereign debt still shooting up is perfectly clearly the markets giving their vote of no confidence.

And no wonder: Trickle down economics has been pushed by Thatcher, Reagan and plenty of other right-wing governments worldwide especially from the 1980s onwards, but it has never actually worked as advertised!

When Thatcher promoted it in the UK back then she could still have claimed ignorance of that fact (although it was widely predicted to fail even then!), but Truss today has no such excuse any more.

That is the difference!
 
JJJ
Posts: 4402
Joined: Wed May 31, 2006 5:12 pm

Re: Emergency action: Bank of England

Fri Sep 30, 2022 11:36 am

A101 wrote:
JJJ wrote:
A101 wrote:


Don’t see anything in the original post that suggests Brexit has caused inflation.

But I see that Germany has reached over 10% inflation, is that Brexit induced too?

https://amp.dw.com/en/german-inflation- ... a-63276749


So it's not just you haven't read the article. You haven't even read the headline right.

That's ok. You've had enough of experts and all that. Enjoy.


This is from the OP

https://www.theguardian.com/business/20 ... ial-crisis


Bank of England in £65bn scramble to avert financial crisis




Don’t see anything about Brexit nor inflation


Because you don't seem to be very literate in economics.

Threadneedle Street said the fallout from a dramatic rise in government borrowing costs since the chancellor’s statement had left it with no choice but to intervene to protect the UK’s financial system.


"Dramatic rise in government borrowing costs" is just another way of saying the government was forced to increase interest rates.... by inflation.

https://www.aljazeera.com/news/2022/8/4 ... -inflation
 
Arion640
Posts: 3493
Joined: Fri Mar 31, 2017 5:15 pm

Re: Emergency action: Bank of England

Fri Sep 30, 2022 11:55 am

noviorbis77 wrote:
Dutchy wrote:
The Bank of England has been forced into emergency action to halt a run on Britain’s pension funds after the impact of Kwasi Kwarteng’s ill-received mini budget prompted fears of a 2008-style financial crisis.

Threadneedle Street said the fallout from a dramatic rise in government borrowing costs since the chancellor’s statement had left it with no choice but to intervene to protect the UK’s financial system.

City sources said the surprise move, less than a week after Kwarteng’s unfunded tax giveaways, was needed to halt a “doom loop” in the bond markets that risked draining pension funds of cash and leaving them at risk of insolvency.

The Bank was concerned that it threatened the financial health of Britain’s biggest pensions and insurance companies, which together manage trillions of pounds of people’s cash


Link

The market has been reacting to the budget announcement of last Friday by Kwarteng. Trickle down economics - policies announced by his majesty's government haven't been well received by the financial markets.


Whoops

https://www.reuters.com/markets/europe/ ... 022-09-30/

Problems everywhere.


And Eurozone inflation at 11%.

But of course, that goes against the narrative.
 
Reinhardt
Posts: 543
Joined: Thu Feb 22, 2018 5:05 pm

Re: Emergency action: Bank of England

Fri Sep 30, 2022 12:00 pm

Klaus wrote:
noviorbis77 wrote:

Ah, whataboutism, the last resort already!

The UK "mini budget" is harm inflicted by the tory government on top of the trade sanctions the previous tory governments have already inflicted with Brexit and only those two self-inflicted piles of damage are then on top of Putin's international crisis that is affecting other countries as well at this time and to varying extent, largely according to the structure of their respective fossil energy imports.

That only and specifically the UK Pound Sterling has dropped sharply even while that crazy plan was unveiled and only and specifically the Bank of England had to step in to prevent a rapid meltdown (for now) with the interest of UK sovereign debt still shooting up is perfectly clearly the markets giving their vote of no confidence.

And no wonder: Trickle down economics has been pushed by Thatcher, Reagan and plenty of other right-wing governments worldwide especially from the 1980s onwards, but it has never actually worked as advertised!

When Thatcher promoted it in the UK back then she could still have claimed ignorance of that fact (although it was widely predicted to fail even then!), but Truss today has no such excuse any more.

That is the difference!



That's not even all of it. The UK from April 2020 to 2021, borrowed £299bn to try and keep people afloat during covid. It then frittered away billions on PPE that was unusable. In then did nothing when billions was lost to fraud. It then created what the high court ruled was an illegal VIP lane access for friends, relatives and buddies of MPs to get massive contracts.

Then, most recently it is using tax payers money and yes again borrowing to pay energy companies to sell energy at a lower price so stop people dieing of cold over the winter.

The problem here is 1/ borrow, borrow borrow 2/ tax cut of the high rate - it shouldn't happen at this time - trickle down doesn't work 3/ A 1% cut in NI which the last government bought in (which should never have happened) 4/ The government refused the OBR to release a report of the impact of the mini-budget = no independant review. Why? Let me guess, it would have shown what the results would be (what we are seeing now) so the government is trying to hide.

The other impact now is mortgages. More than 40% of mortage products have been removed from sale. People's payments will go up massively month on month. People trying to get new mortgages who were quoted 5% last week have had offers withdrawn and are now getting offers of over 10%.

This is sheer imcompetence and ideology that is trashing the economy... all BY CHOICE.


This morning the rumours are that the government won't increase benefits in line with inflation in "an effort to show the markets the government can control spending". WTH!!

Yes there are global factors involved here, but what other country is deliberately making things worse? And not just worse for everyone, worse for the average joe, but better for those who can afford it.


Honestly, times up right now. Time for protests. I'm amazed there are not riots in the streets. Government has lost the confidence of the public, time for an election.
 
User avatar
Dutchy
Topic Author
Posts: 13223
Joined: Sat Nov 03, 2007 1:25 am

Re: Emergency action: Bank of England

Fri Sep 30, 2022 12:17 pm

Arion640 wrote:
Dutchy wrote:
Arion640 wrote:

The tories deserve to be out on their ear, but to be replaced by Starmer and if the Labour government in Cymru is anything to go by, it will be an absolute disaster.


More of a disaster than the Tories, or better the ERG in power of the Tories since 2016?


About equal.


With the difference being that we know what the ERG are capable of (or incapable as it turns out) and we do not know how the policies of Labour would have worked out and thus that is your biased guess.
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