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Post by patman post on Sept 21, 2023 17:07:04 GMT
Frankly, because of the financial havoc she caused, it would have best had we never had her as prime minister.
But her legacy lives on — as many mortgage payers and renters know to their monthly cost.
The Truss premiership shows the danger of not allowing party MPs to have the final choice of party leader...
Just to clarify your point, the Bank of England BoE are totally independent of the Government, so if they FUCKED UP, it had nothing to do whatsoever with the Government. .. LOL The BoE responds to the requirements of the economy.
The economy was left in turmoil by Truss's disastrous mini-budget. The calamitous spree of unfunded tax cuts launched by the then-PM and her chancellor. Failure to balance the books at the mini-Budget led to market panic, a falling pound and rising interest rates.
The Bank of England was forced into emergency action to save pension funds close to collapse.
Lots to laugh about there, eh...?
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Post by jonksy on Sept 21, 2023 17:09:25 GMT
Would it surprise you if I said I don't like her? Not really. She doesn't really come across as very likeable at all, even for those she is politically close to. How on earth she won the leadership contest last year, one doesn't know, but it does seem to be that the Tory membership is out of touch with public opinion. Well we all know you wouldn't like her because she made good deals for the UK after Brexit. And she has a bigger pair of balls than starmer. |
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Post by Pacifico on Sept 21, 2023 17:12:38 GMT
Just to clarify your point, the Bank of England BoE are totally independent of the Government, so if they FUCKED UP, it had nothing to do whatsoever with the Government. .. LOL The BoE responds to the requirements of the economy.
The economy was left in turmoil by Truss's disastrous mini-budget. The calamitous spree of unfunded tax cuts launched by the then-PM and her chancellor. Failure to balance the books at the mini-Budget led to market panic, a falling pound and rising interest rates.
The Bank of England was forced into emergency action to save pension funds close to collapse.
Lots to laugh about there, eh...?
The Pension funds only got close to collapse because they had gone bonkers into LDI's - something that the BoE totally failed to spot and thus warn the Treasury. Of course it suits the BoE to blame everything on the government..  |
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Post by patman post on Sept 21, 2023 17:39:35 GMT
LDI's — like other financial tools — were wrong-footed by the disastrous incompetency of Truss's mini budget that drove gilts into instability...
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Post by Pacifico on Sept 21, 2023 17:44:40 GMT
LDI's — like other financial tools — were wrong-footed by the disastrous incompetency of Truss's mini budget that drove gilts into instability... The crisis in Yields the price of bonds falling happened 2 days prior to the Budget after the BoE failed to raise interest rates as much as the markets were expecting and announced it was moving from QE to QT. That is what started the LDI crisis. Triuss's massive spending splurge of course didnt help when that was announced. |
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Post by Deleted on Sept 21, 2023 17:52:16 GMT
Many people are still paying for her gross mismanagement of the UK economy
For that one reason alone, its time now to ditch the Tories, but of course there are many other valid reasons too.
She sent UK Bond yields soaring, mortgages rocketing and the pound plummeting to a record low against the US Dollar
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Post by patman post on Sept 21, 2023 17:52:50 GMT
Gilt yields fell 10% on the day of BoE intervention (28 Sept) — five days after the Truss mini budget had negatively impacted the market so that even normal highly liquid asset transactions, that can take several days to sell, fell in value while they were held up further...
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Post by sheepy on Sept 21, 2023 18:21:58 GMT
Many people are still paying for her gross mismanagement of the UK economy For that one reason alone, its time now to ditch the Tories, but of course there are many other valid reasons too. She sent UK Bond yields soaring, mortgages rocketing and the pound plummeting to a record low against the US Dollar Nothing to do with the usual market speculators? |
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Post by Red Rackham on Sept 21, 2023 19:20:23 GMT
The voters voted wrong again, we cannot have any of that you know. Probably something to do with that awful internet which somehow keeps finding people to tell the truth, this must be stopped. We need more trolls. That's an excellent way of wording it 'the voters voted wrong again'. How very true. |
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Post by Red Rackham on Sept 21, 2023 19:39:10 GMT
Many people are still paying for her gross mismanagement of the UK economy For that one reason alone, its time now to ditch the Tories, but of course there are many other valid reasons too. She sent UK Bond yields soaring, mortgages rocketing and the pound plummeting to a record low against the US Dollar Dont talk bloody rubbish. Truss did not 'trash the economy' only an ill informed blinkered Labour supporter would come out with such utter bloody nonsense. And what do you mean by 'ditch the Tories'? Never in my lifetime have Labour and Tory policies been so aligned, until yesterday when Sunak pulled back on net zero you would have struggled to squeeze a fag paper between Labour and Tory policy. You're an ideological lefty who has a very short memory and like most ideological lefties you suffer from left wing tunnel vision. Tell you what, I have every confidence that if the Tories had been in power in 2008/9 you would be blaming them for the financial crash, come on admit it... |
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Post by Deleted on Sept 21, 2023 19:58:22 GMT
Many people are still paying for her gross mismanagement of the UK economy For that one reason alone, its time now to ditch the Tories, but of course there are many other valid reasons too. She sent UK Bond yields soaring, mortgages rocketing and the pound plummeting to a record low against the US Dollar Dont talk bloody rubbish. Truss did not 'trash the economy' only an ill informed blinkered Labour supporter would come out with such utter bloody nonsense. And what do you mean by 'ditch the Tories'? Never in my lifetime have Labour and Tory policies been so aligned, until yesterday when Sunak pulled back on net zero you would have struggled to squeeze a fag paper between Labour and Tory policy. You're an ideological lefty who has a very short memory and like most ideological lefties you suffer from left wing tunnel vision. Tell you what, I have every confidence that if the Tories had been in power in 2008/9 you would be blaming them for the financial crash, come on admit it... the package, (The Mini Budget) which had been constructed by Truss and Kwarteng together, was to be funded by borrowing and was intended to stimulate growth. The mini-budget was received badly by financial markets because of its inclusion of temporary spending measures whilst permanently cutting tax rates, was blamed for the pound falling to its lowest ever rate against the US dollar, (US$1.033) and prompted a response from the Bank of England which, amongst other measures, bought up government bonds; the public reaction was also broadly negative. The mini-budget was criticised by the IMF, the US president Joe Biden, the Labour Party and many within Truss's own party including the senior politicians Michael Gove and Grant Shapps. |
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Post by Red Rackham on Sept 21, 2023 20:01:38 GMT
Dont talk bloody rubbish. Truss did not 'trash the economy' only an ill informed blinkered Labour supporter would come out with such utter bloody nonsense. And what do you mean by 'ditch the Tories'? Never in my lifetime have Labour and Tory policies been so aligned, until yesterday when Sunak pulled back on net zero you would have struggled to squeeze a fag paper between Labour and Tory policy. You're an ideological lefty who has a very short memory and like most ideological lefties you suffer from left wing tunnel vision. Tell you what, I have every confidence that if the Tories had been in power in 2008/9 you would be blaming them for the financial crash, come on admit it... the package, (The Mini Budget) which had been constructed by Truss and Kwarteng together, was to be funded by borrowing and was intended to stimulate growth. The mini-budget was received badly by financial markets because of its inclusion of temporary spending measures whilst permanently cutting tax rates, was blamed for the pound falling to its lowest ever rate against the US dollar, (US$1.033) and prompted a response from the Bank of England which, amongst other measures, bought up government bonds; the public reaction was also broadly negative. The mini-budget was criticised by the IMF, the US president Joe Biden, the Labour Party and many within Truss's own party including the senior politicians Michael Gove and Grant Shapps. Oh ffs, which left wing journal was that pasted from?.. |
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Post by Pacifico on Sept 21, 2023 21:57:43 GMT
Gilt yields fell 10% on the day of BoE intervention (28 Sept) — five days after the Truss mini budget had negatively impacted the market so that even normal highly liquid asset transactions, that can take several days to sell, fell in value while they were held up further... Yields started taking off days before the Truss budget - that is a historical fact.  |
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