Liz Truss did not crash the economy

Yes I have known that all along. The press are fucking liars.

Look your self Mongo

Sush Mongo

I’m still waiting for some axes on that graph, or even a title explaining what it is

Because right now it could be ‘proportion of class a drug pissed into the thames’ given the trouble dealers had distributing theircwares during the pandemic

Truss did NOT crash the economy. Sunak, the BoE and the City ganged up on her and talked Sterling down. The mistake that Truss made was to ignore the Treasury (and sack Tom Scholar - a senior civil servant who then attacked her) and the BoE and the OBR. She pissed off an enormous number of people who are very powerful and they moved against her. The financial markets are VERY dependent on confidence and her enemies destroyed confidence in Sterling. And Sunak moved in and started making dire predictions that interest rates would go to 6% etc - which they have done anyway under Sunak.

The funny thing is that what the Truss budget did was actually very little different from what Sunak ended up doing. The only thing different was that Sunak didn't cut the top 45% rate on income tax - but this cost only £2 billion at the most. The biggest cost was helping people with energy bills - but Sunak had to do that anyway. Truss was trying to promote growth and she was slashing Corporation (which probably cost nothing). Sunak moved in and raised CT (which of course endeared him to the EU) and kyboshed growth.

The other interesting thing was that Truss got a pasting for damaging pensions because they're very dependent on LDIs (Liability Driven investments) and the claim was that the rise in interest rates that she was accused of causing (but which happened world-wide anyway) would trash the value of bonds. Of course it did but it was nothing to do with Truss. The BoE was the culprit here because the moron Andrew Bailey had decided to begin selling off gilts that it had issued for the QE it created to pay for furlough. There was absolutely NO need to do this. It was a deliberate move to trash bonds and destabilise Sterling.

Truss learned a hard lesson. If you do things that the Treasury and the City don't like they can hit back very hard. Politicians get a lot of flak (mostly justified) but they are to a large extent controlled by civil servants and the City.

Says someone who knows nothing about how finance and politics work. Your problem srb is that, if you don't learn how this stuff works you're going to be fooled by anything that people tell you - in your case you just believe leftie politicians. That's why you're confused.

The economy was NOT crashed. Interest rates went up because of massive borrowing to finance the lockdowns and furlough - and of course a big increase in energy prices. Nothing to do with Truss at all. The governor of the BoE has  lot to answer for (selling off gilts) - and of course Sunak for pissing away large amounts of money on furlough and bounce back loans.  

   

You ought to join an oratorical debating society. They'd clearly find you a wonder to behold.