I agree. This is like the fag end of the Major regime. A corrupt and incompetent government will carry on until the last possible moment before they're turfed out.jimbob wrote: ↑Mon Sep 26, 2022 12:34 pmAnd how would calling a general election now help?purplehaze wrote: ↑Mon Sep 26, 2022 12:30 pmTo save their arses, sorry pension, sorry seats. And continue to do what's best for their beloved constituents.
When they could gamble on replacing Truss with another leader and hope that in 2 years time, video emerges of Starmer eating a puppy whilst burning the Union flag?
Liz Truss - an unending void of horror and pain
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Re: Liz Truss - an unending void of horror and pain
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Re: Liz Truss - an unending void of horror and pain
Apparently five year bond yields are now high (higher than Italy or Greece apparently), but I have no idea why this is a bad thing. Please can someone explain?
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Re: Liz Truss - an unending void of horror and pain
The bond yield is the price that the government pays to borrow money. Its the interest rate, which has increased from 1.5% in early August to almost 5% now.El Pollo Diablo wrote: ↑Mon Sep 26, 2022 2:01 pmApparently five year bond yields are now high (higher than Italy or Greece apparently), but I have no idea why this is a bad thing. Please can someone explain?
Similar to if your mortgage rate had increased by the same over a couple of months.
ETA: the rate is affected by the risk perceived by the lender that the debt will be worthless, such as due to inflation or default.
So when the rate is higher for the UK than Greece or Italy, the lender has more confidence in those economies.
This is a big problem as hitherto the UK government has been able to borrow money very cheaply because the UK was viewed as a safe haven. If that perception is blown then raising funds will become much more difficult.
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Re: Liz Truss - an unending void of horror and pain
Got you, ta.
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Re: Liz Truss - an unending void of horror and pain
Or to put it another way, the markets are currently pricing in a ~1-in-20 chance that the UK will be forced to default on its debts in the next 5 years.Woodchopper wrote: ↑Mon Sep 26, 2022 2:08 pmThe bond yield is the price that the government pays to borrow money. Its the interest rate, which has increased from 1.5% in early August to almost 5% now.El Pollo Diablo wrote: ↑Mon Sep 26, 2022 2:01 pmApparently five year bond yields are now high (higher than Italy or Greece apparently), but I have no idea why this is a bad thing. Please can someone explain?
Similar to if your mortgage rate had increased by the same over a couple of months.
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Re: Liz Truss - an unending void of horror and pain
More likely the risk that inflation will mean that the bond is worth f.ck all when its paid in five years.Little waster wrote: ↑Mon Sep 26, 2022 2:11 pmOr to put it another way, the markets are currently pricing in a ~1-in-20 chance that the UK will be forced to default on its debts in the next 5 years.Woodchopper wrote: ↑Mon Sep 26, 2022 2:08 pmThe bond yield is the price that the government pays to borrow money. Its the interest rate, which has increased from 1.5% in early August to almost 5% now.El Pollo Diablo wrote: ↑Mon Sep 26, 2022 2:01 pmApparently five year bond yields are now high (higher than Italy or Greece apparently), but I have no idea why this is a bad thing. Please can someone explain?
Similar to if your mortgage rate had increased by the same over a couple of months.
Re: Liz Truss - an unending void of horror and pain
And/or that the pound won't recover in exchange value, and so something needs to cover the losses that international investors have had in the past week or 250.Woodchopper wrote: ↑Mon Sep 26, 2022 2:13 pmMore likely the risk that inflation will mean that the bond is worth f.ck all when its paid in five years.Little waster wrote: ↑Mon Sep 26, 2022 2:11 pmOr to put it another way, the markets are currently pricing in a ~1-in-20 chance that the UK will be forced to default on its debts in the next 5 years.Woodchopper wrote: ↑Mon Sep 26, 2022 2:08 pm
The bond yield is the price that the government pays to borrow money. Its the interest rate, which has increased from 1.5% in early August to almost 5% now.
Similar to if your mortgage rate had increased by the same over a couple of months.
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Re: Liz Truss - an unending void of horror and pain
That as well.dyqik wrote: ↑Mon Sep 26, 2022 2:15 pmAnd/or that the pound won't recover in exchange value, and so something needs to cover the losses that international investors have had in the past week or 250.Woodchopper wrote: ↑Mon Sep 26, 2022 2:13 pmMore likely the risk that inflation will mean that the bond is worth f.ck all when its paid in five years.Little waster wrote: ↑Mon Sep 26, 2022 2:11 pm
Or to put it another way, the markets are currently pricing in a ~1-in-20 chance that the UK will be forced to default on its debts in the next 5 years.
Re: Liz Truss - an unending void of horror and pain
It’s a good job we haven’t done anything rash like fix domestic fuel bills by committing to borrowing £100+ billion then, isn’t it?Little waster wrote: ↑Mon Sep 26, 2022 2:11 pmOr to put it another way, the markets are currently pricing in a ~1-in-20 chance that the UK will be forced to default on its debts in the next 5 years.Woodchopper wrote: ↑Mon Sep 26, 2022 2:08 pmThe bond yield is the price that the government pays to borrow money. Its the interest rate, which has increased from 1.5% in early August to almost 5% now.El Pollo Diablo wrote: ↑Mon Sep 26, 2022 2:01 pmApparently five year bond yields are now high (higher than Italy or Greece apparently), but I have no idea why this is a bad thing. Please can someone explain?
Similar to if your mortgage rate had increased by the same over a couple of months.
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Re: Liz Truss - an unending void of horror and pain
The fun bit is your run-of-the-mill right winger can simply dismiss the criticisms of the likes of Scrutable or JOB or the Guardian as just being the carping of disgruntled liberals upset they've spent the last decade (or three decades or seven decades) on the "wrong side of history" talking Britain down.Woodchopper wrote: ↑Mon Sep 26, 2022 2:24 pmThat as well.dyqik wrote: ↑Mon Sep 26, 2022 2:15 pmAnd/or that the pound won't recover in exchange value, and so something needs to cover the losses that international investors have had in the past week or 250.Woodchopper wrote: ↑Mon Sep 26, 2022 2:13 pm
More likely the risk that inflation will mean that the bond is worth f.ck all when its paid in five years.
But they can't dismiss the markets as easily; people whose vast salaries depend on their supposed ability to get these sorts of calls right, people who in other circumstances they'd be arguing have markedly superior insights into the workings of economies and people who ironically have probably benefitted the most from the mini-budget.
You have those people essentially sat there saying to themselves "well that extra 400k a year is all very nice but the economy is still going to be a complete basketcase so I'd suggest we start moving all our funds into bottled water, gold bars and shotgun shells."
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Re: Liz Truss - an unending void of horror and pain
My impression is that the Tory party is no longer the natural home of financiers and plutocrats. If it was then Sunak would have won.Little waster wrote: ↑Mon Sep 26, 2022 3:09 pmThe fun bit is your run-of-the-mill right winger can simply dismiss the criticisms of the likes of Scrutable or JOB or the Guardian as just being the carping of disgruntled liberals upset they've spent the last decade (or three decades or seven decades) on the "wrong side of history" talking Britain down.
But they can't dismiss the markets as easily; people whose vast salaries depend on their supposed ability to get these sorts of calls right, people who in other circumstances they'd be arguing have markedly superior insights into the workings of economies and people who ironically have probably benefitted the most from the mini-budget.
You have those people essentially sat there saying to themselves "well that extra 400k a year is all very nice but the economy is still going to be a complete basketcase so I'd suggest we start moving all our funds into bottled water, gold bars and shotgun shells."
The Tory party is the natural home of people over 60 who think Britain has been going to the dogs since the 60s. Most of them don't give a sh.t about the economy because they aren't working anyway. Inflation will though hit their pensions.
Re: Liz Truss - an unending void of horror and pain
Then their journey to becoming UKIP is complete...Woodchopper wrote: ↑Mon Sep 26, 2022 3:16 pm
My impression is that the Tory party is no longer the natural home of financiers and plutocrats. If it was then Sunak would have won.
The Tory party is the natural home of people over 60 who think Britain has been going to the dogs since the 60s. Most of them don't give a sh.t about the economy because they aren't working anyway. Inflation will though hit their pensions.
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Re: Liz Truss - an unending void of horror and pain
Meanwhile, Taylor Wimpey's share price has just dropped by 6.7% today, along with the other major housebuilding companies.
Which I find pleasing, on a personal level. We are trying to move house soon, and our sellers want to buy a new build, because they are idiots. One of the local Taylor Wimpey plots is what they really, really want, and they will not be budged. Taylor Wimpey, however, have said that they are absolutely f.cking not going to release the units in that phase for sale until December at the earliest, for tax reasons*. So whilst our buyers have already completed and are in temporary accommodation (not because of us), and whilst our mortgage offer runs out at the end of March, we might still time out because of those f.cking a..eholes.
But, maybe the expectation of a rise to 6% base rates and a crash in the housing market, as is now being speculated, might mean they get a move on and stop f.cking around. Maybe.
*f.cked if I know what tax reasons, you tell me.
Which I find pleasing, on a personal level. We are trying to move house soon, and our sellers want to buy a new build, because they are idiots. One of the local Taylor Wimpey plots is what they really, really want, and they will not be budged. Taylor Wimpey, however, have said that they are absolutely f.cking not going to release the units in that phase for sale until December at the earliest, for tax reasons*. So whilst our buyers have already completed and are in temporary accommodation (not because of us), and whilst our mortgage offer runs out at the end of March, we might still time out because of those f.cking a..eholes.
But, maybe the expectation of a rise to 6% base rates and a crash in the housing market, as is now being speculated, might mean they get a move on and stop f.cking around. Maybe.
*f.cked if I know what tax reasons, you tell me.
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Re: Liz Truss - an unending void of horror and pain
Cameron's strategy was for the Tory party to consume UKIP with the promise of a Brexit referendum. In the event UKIP took over the Tory party.TopBadger wrote: ↑Mon Sep 26, 2022 3:19 pmThen their journey to becoming UKIP is complete...Woodchopper wrote: ↑Mon Sep 26, 2022 3:16 pm
My impression is that the Tory party is no longer the natural home of financiers and plutocrats. If it was then Sunak would have won.
The Tory party is the natural home of people over 60 who think Britain has been going to the dogs since the 60s. Most of them don't give a sh.t about the economy because they aren't working anyway. Inflation will though hit their pensions.
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Re: Liz Truss - an unending void of horror and pain
New nickname for Truss: Margarine Thatcher: https://twitter.com/RussInCheshire/stat ... 79299?s=19
Re: Liz Truss - an unending void of horror and pain
That's probably the main reason, but also, if you publicly declare that you are going to buy a zillion pounds worth of $thing, the price of $thing is likely to go up.Woodchopper wrote: ↑Mon Sep 26, 2022 2:13 pmMore likely the risk that inflation will mean that the bond is worth f.ck all when its paid in five years.
Re: Liz Truss - an unending void of horror and pain
That was epic!Brightonian wrote: ↑Mon Sep 26, 2022 5:39 pmNew nickname for Truss: Margarine Thatcher: https://twitter.com/RussInCheshire/stat ... 79299?s=19
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Re: Liz Truss - an unending void of horror and pain
He does it every week!TopBadger wrote: ↑Mon Sep 26, 2022 7:25 pmThat was epic!Brightonian wrote: ↑Mon Sep 26, 2022 5:39 pmNew nickname for Truss: Margarine Thatcher: https://twitter.com/RussInCheshire/stat ... 79299?s=19
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Re: Liz Truss - an unending void of horror and pain
Good news for Remainers: joining the euro is looking tastier by the minute.
Brexit could yet be a footnote in the history of the consolidation of the European Federation.
I just hope it involves guillotines.
Brexit could yet be a footnote in the history of the consolidation of the European Federation.
I just hope it involves guillotines.
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Re: Liz Truss - an unending void of horror and pain
Boris Johnson rehabilitation is already starting btw. "At least he was genuinely quite green" "At least he didn't co-pilot the planes into the GBP" "At least under his watch fiscal policy didn't appear to be inspired by watching Steve Carell in The Big Short on Netflix after a night on champagne, coke and hypocritically unpatriotic foreign cheers and thinking it looked like a good idea" and the most annoying part is that they've got a f.cking point
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Re: Liz Truss - an unending void of horror and pain
like missing the days of Boris Piccaninny Watermelon Letterbox Cake Bumboys Vampires Haircut Inconclusive-Cocaine-Event Wall-Spaffer Spunk-Burster f.ck-Business f.ck-The-Families Get-Off-My-f.cking-Laptop Turds Johnson is already basically fair enough, and wow
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Re: Liz Truss - an unending void of horror and pain
Watching bad numbers get bigger that quickly gave me those cosy early-lockdown-throwback feels, y'know
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Re: Liz Truss - an unending void of horror and pain
BREAKING: Oxford University closes PPE degrees, effective immediately, out of embarrassment.
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Re: Liz Truss - an unending void of horror and pain
She's even tried to get fracking started, presumably for the lols of sacking all the workers a bit later when the arse inevitably falls out of that market too.
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Re: Liz Truss - an unending void of horror and pain
I'm sensing alcohol was involved here
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