Should we trust Sunak or the next PM to fix the Country's problems? (title revised 24/10/22)

[tobyjugg2]

 

 

[honeybee13]

I think that should be investigated, TJ. You can't have the chancellor acting against the country to benefit his dealer mates.

 

More on lobbyists in No10 being paid under odd arrangements.

 

Two of prime minister’s senior advisers being paid through lobbying company | Liz Truss | The Guardian

WWW.THEGUARDIAN.COM

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Aides Alice Robinson and Mac Chapwell paid by company run by Liz Truss’s new chief of staff

 

[unclebulgaria67]

I was listening to an LBC programme where they were discussing the recent mini budget and callers were convinced that Truss/Kwarteng were delivering on promises made to Bankers, hedge funds and others that were looking to make money quickly, against the UK's interests.

 

Strong accusation to make that a new PM/Chancellor would deliberately implement a strategy to benefit financial interests of a few, against the interests of the country.

 

The LBC presenter suggested that the callers were taking seriously a conspiracy theory.

 

Truss/Kwarteng may have followed a deliberate policy strategy of trying to go for quicker growth which will have benefited Bankers and hedge funds, but they thought they were doing so to help the UK economy.  And in the short term this is making it look like a terrible mistake, but they are hoping that the City of London helps the UK economy to grow more quickly than if they had not held the mini budget.

 

My problem with current Government handling is that they did not take seriously enough the requirement to fully explain their policies and to ensure their budget was fully costed with independent scrutiny of the OBR. Had they just announced the help with energy bills and left the tax changes to the normal budget cycle, then the issues affecting UK economy recently may not have happened.

[tobyjugg2]

53 minutes ago, unclebulgaria67 said:

I was listening to an LBC programme where they were discussing the recent mini budget and callers were convinced that Truss/Kwarteng were delivering on promises made to Bankers, hedge funds and others that were looking to make money quickly, against the UK's interests.

 

yep - just like they bet against the pound @ Breakshit

 

53 minutes ago, unclebulgaria67 said:

 

 

 

Truss/Kwarteng may have followed a deliberate policy strategy of trying to go for quicker growth which will have benefited Bankers and hedge funds, but they thought they were doing so to help the UK economy. 

And in the short term this is making it look like a terrible mistake

 

Even here, I have rarely heard such utter utter crap

They refuse OBR assessment and EVERY other financial bodies opinion,

and you seem to be trying to claim 'they made a honest mistake'

 

Total utter excuse-ist crap

 

In what way will

* ensuring foreign profits of energy companies

* Uncapping bankers and hedge fund managers bonuses who bet against the UK economy for profit to drive those bonuses

* enriching multi millionaires further

* shutting down UK services and care (starving the beast)

* Dumping hundreds of billions on the taxpayer credit card while driving up interest rates

* Forcing the BoE to spend £65 billion pounds to cover the fallout from just the first £45B of Truss/Kwasi's enrich the rich budget

 

an honest mistake?

 

FFS

 

 

53 minutes ago, unclebulgaria67 said:

 

My problem with current Government handling is that they did not take seriously enough the requirement to fully explain their policies and to ensure their budget was fully costed with independent scrutiny of the OBR.

 

Did not take seriously enough?

They deliberately and consciously made sure that it wasn't analysed and reported, even by calling it a 'fiscal event'  alongside refusing analysis from the OBR.

 

 

Who T Feck are you? A member of Truss' media team? or Just a general populist excuse-ist?

 

Even conservativehome aint that on board with Truss/Kwasi

Edited October 2, 2022 by tobyjugg2

[tobyjugg2]

Quotes of the day from Tories less on the populist side than @unclebulgaria67

Because Truss always intended to use these benefits for the rich to drive cuts to the poorer

 

the Truss government “has thrown away the Conservative party’s reputation for sound management of the public finances” in its first month in office, adding that “it will take years to undo all the damage”

Tory peer Gavin Barwell, former MP and chief of staff to Theresa May

 

'cutting public spending is not “credible”. “Reducing benefits during a cost of living crisis while cutting taxes of those with the highest incomes; reducing expenditure on the NHS during a winter that is likely to be particularly tough; substantially reducing real terms public sector pay at a time of full employment. None of these policies are sustainable.”

former Tory Treasury minister David Gauke

 

 

"The Resolution Foundation said the measures – including the energy support packages for households and businesses – would involve an extra £411bn of borrowing over five years.

The thinktank said the tax cuts were heavily skewed in favour of the better off, pointing out that someone earning £1m a year would gain £55,220 a year while someone on £20,000 would gain just £157."

Edited October 2, 2022 by tobyjugg2

[unclebulgaria67]

Good article discussing current state of play.  If Government wanted to cut spending, what can they cut ?  Appears to me that the Tories have been making economic mistakes since 2010 and Truss cannot rescue the sh*t position the UK has ended up in by implementing what she thinks are quick fixes to get growth.  And the Government cannot use Covid and Ukraine to cover up for poor decisions made over 12 years.

 

 

A lesson from 'Reaganomics': The collision of theory and reality could prove fatal for PM Liz Truss and Tory party

NEWS.SKY.COM

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Rob Powell says Kwasi Kwarteng's eerie echoes of the Reagan era's promised economic revolution - not least tax cuts, supply-side...

 

[tobyjugg2]

Kwasi Kwarteng’s ‘budget day’ cocktail party with financiers who may have profited from crash

WWW.THETIMES.CO.UK

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Kwasi Kwarteng attended a private champagne reception hours after delivering his mini-budget where hedge fund managers who would gain...

 

"Kwasi Kwarteng attended a private champagne reception hours after delivering his mini-budget where hedge fund managers who would gain from a crash in the pound egged him on to commit to his plans.

The chancellor also gave guests insights about forthcoming government spending cuts during the event, which took place at the Chelsea home of Andrew Law, a financier and Conservative Party donor, on the evening of Friday, September 23."

 

"After the reception on Friday, at least two prominent hedge fund bosses told City associates that Kwarteng was “a useful idiot”. A senior Tory who advises business leaders said the phrase was in widespread circulation.

Law is worth about £750 million and has donated £3.6 million to the Tories since 2004. He has acknowledged taking short positions on the pound over recent years, meaning he has profited from the currency’s decline in value."

 

 

 

[tobyjugg2]

"After the mini-budget, Treasury sources briefed national media organisations that Kwarteng had crossed the road and had a pint with officials, but they declined to volunteer details of the event he subsequently attended. As it was a party, officials would not be required to disclose it on ministerial transparency returns.

The chancellor went on to tell the BBC’s Laura Kuenssberg that he would slash more taxes, and confirmed he would neither bring forward his November budget nor ask the Office of Budget Responsibility to publish its forecasts of his plans."

 

 

[tobyjugg2]

 

[tobyjugg2]

So, it seems Truss has briefed that the 45P tax rate part of the 'fiscal event not so mini budget' was KamiKwackiKarzi alone,  with no input from her or the cabinet.

 

.. Your Bus is on its way Kwazi

[unclebulgaria67]

Jacob Rees-Mogg’s business partner given senior minister role | Conservatives | The Guardian

WWW.THEGUARDIAN.COM

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City financier who co-founded investment firm with business secretary is made trade minister

 

[honeybee13]

That just sounds biased, UB, given how Somerset Capital has profited from sterling's problems. And a peerage to make sure he can be a minister.

[unclebulgaria67]

Very smelly actions by Government, which I am surprised they have been able to get away with.

 

I thought that there was a standards panel that looked at those given peerages and also looked at those offered ministerial positions.

 

Does make you wonder whether they think they will lose the next election anyway, so they might as well try take advantage of opportunities to make some money while they still can.

[honeybee13]

There is a standards panel for peerages, I think it's called Holac.

 

A few people think the Tories are milking the system and the economy before they're ousted.

 

 

[tobyjugg2]

Jake Perry (on Sophy idge) translated

 

The £55,000 we are giving multi-millionaires means less to them than the hundred quid we'll be giving back to the poorer folk, or the quid to really poor folk

So its the poor folk who are benefiting most as a percentage of their income.

[tobyjugg2]

Berry (typo above) also said that any con MP who voted against the 'not a budget' will have the whip withdrawn ...

Thats unlikely given the heavyweights saying they would vote against it

 

LOL -  but even so, not recalled i would guess

 

 

[unclebulgaria67]

UK at significant risk of gas shortages this winter, warns energy regulator

WWW.BBC.CO.UK

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Electricity supplies to people's houses could be disrupted if the country runs short of gas.

 

[theoldrouge]

Tons of it under our feet of course 

Doubt Truss Will now have the guts to start fracking 

Uturns all round 

[tobyjugg2]

Truss says fracking is a 'local choice'

... She means ministers local to her of course

 

,, as defined in changes to planning rules

Edited October 3, 2022 by tobyjugg2

[tobyjugg2]

So KwasiKharzi is bringing 'forward' the OBR assesment to perhaps before the end of this month, as he faces more rebellions on freezing/cutting spending on schools, Services, benefits and the NHS

.. because hes heard ... the MPs saying they will abstain or vote down his enrich the rich (not)budget

 

Well, the OBR report is already over a week late and he and Truss are still just kicking 'transparency' as far into the long grass as they can

 

So, the Torys have a choice of get rid of the pair of them now and look daft for a few weeks, or die the death of a thousand cuts until forced into a GE sometime over the next year.

Cant see them voluntarily going into a general election until the last minute, unless Truss tries to force one in spite.

 

[unclebulgaria67]

The Croydon MP who is chief secretary to the Treasury whose firms have a record of going bust - MyLondon

WWW.MYLONDON.NEWS

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One company had losses of more than £2million and left the taxman on the hook

 

[tobyjugg2]

and Kwazi now says hes not bringing forward the obr report

.. must have utterly horrendous (for Kwazi) content

 

.. to say his 'fiscal event' has already cost the nation 65 billion quid ... before he even really starts ... let alone gets it passed through parliament

- reports I'm seeing are that Kwazi will almost certainly make the fallout from the financial crisis look tame.

 

Increase growth

.. by giving the 'bankers that bet against the UK more money to do that some more

... by lending money at higher rates to give the richest tax breaks - with the UK taxpayer paying the loans and higher interest back

 

Can't see any growth, except in 'financier and millionaire bank balances .. at the expense of everyone else

Anybody explain where some actual growth might be other than hopeing these financiers and multi-millionaires would 'invest' the money they have been given in the UK rather than in betting against the UK economy?

Why would they do that?

[honeybee13]

Interesting that Truss's speech today is said to have the line:

 

'I will not allow the anti-growth coalition to hold us back. Labour, Lib Dems and the SNP, the militant unions, the vested interests dressed up as think tanks, the talking heads, the Brexit deniers and Extinction Rebellion.'

 

The Tufton Street Elite Takes Back Control of the Brexit Project – Byline Times

BYLINETIMES.COM

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The libertarian ideologues in Downing Street are taking a hammer to Boris Johnson’s Brexit coalition, says Sam Bright

 

Liz Truss and the rise of the Tufton Street elite - New Statesman

WWW.NEWSTATESMAN.COM

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The free-market thinkers and ideas behind the most radical economic experiment in Britain for 40 years.

 

The BBC and the Guardian have also had articles about 55 Tufton Street recently.

[unclebulgaria67]

Why does Truss think that a 'disrupt' variety of economic policy would be good for the UK economy and popular with voters.

 

If Truss is thinking of radical changes to business practices, then this could mean a reduction in employment rights.   Not sure most voters would find this acceptable.

 

How would disrupting the markets help the UK increase economic growth?

 

Can't see Truss lasting long, as the information coming out of Birmingham conference suggested that at least half of the Tory party are against the policies advocated by Truss and her ministers.

 

 

 

 

[honeybee13]

The current opinion is she'll be out by Christmas but heaven only knows who we get instead.

 

On disruption and breaking things, UB, Andrew Marr has a new article out that could summon it up as Revolutionary Brexit.

 

The Brexit revolution devours its children - New Statesman

WWW.NEWSTATESMAN.COM

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As Liz Truss and Kwasi Kwarteng lose authority and control, the Tories’ divisions can be traced back to the EU referendum.