UK Economy

[Archery1969]

The GBPJPY has this morning gone over 170.000. Not been anywhere near that high since January 2016.

Go Rishi.

[greenmark]

The GBPJPY has this morning gone over 170.000. Not been anywhere near that high since January 2016.

Go Rishi.

Pound up vs USD. FTSE is hovering but there's hope for the Autumn budget. Isn't there? Please tell me there's hope!!

[Archery1969]

The GBPJPY has this morning gone over 170.000. Not been anywhere near that high since January 2016.

Go Rishi.

Pound up vs USD. FTSE is hovering but there's hope for the Autumn budget. Isn't there? Please tell me there's hope!!

Since Rishi been elected the debt has dropped by £10.3 billion because of bond interest rates.

[greenmark]

The GBPJPY has this morning gone over 170.000. Not been anywhere near that high since January 2016.

Go Rishi.

Pound up vs USD. FTSE is hovering but there's hope for the Autumn budget. Isn't there? Please tell me there's hope!!

Since Rishi been elected the debt has dropped by £10.3 billion because of bond interest rates.

Flipping heck I'm about to say something I would never have countenanced. Sunak (a Tory PM) may be good for this country.

[Archangel]

The GBPJPY has this morning gone over 170.000. Not been anywhere near that high since January 2016.

Go Rishi.

Pound up vs USD. FTSE is hovering but there's hope for the Autumn budget. Isn't there? Please tell me there's hope!!

Since Rishi been elected the debt has dropped by £10.3 billion because of bond interest rates.

That's a bit like losing a tenner and finding 50p on the way home.
Dropped by 10.3bn
But how much had it gone up under Truss?

[Archery1969]

Pound up vs USD. FTSE is hovering but there's hope for the Autumn budget. Isn't there? Please tell me there's hope!!

Since Rishi been elected the debt has dropped by £10.3 billion because of bond interest rates.

That's a bit like losing a tenner and finding 50p on the way home.
Dropped by 10.3bn
But how much had it gone up under Truss?

Around £18 billion but at least its now going in the right direction.

[Archery1969]

Went to a membership meeting this morning.

Hot topic being discussed...

Likely 2p/3p increase to income tax to pay for:

- £50 billion black hole in finances
- 10% increase to those on benefits
- 10% increase to state pension
- Real terms increase to NHS, Education and Defence

Reading some documents I was shown, things were bad before Truss made the cock up but as a result she made them 10 x worse.

[greenmark]

Went to a membership meeting this morning.

Hot topic being discussed...

Likely 2p/3p increase to income tax to pay for:

- £50 billion black hole in finances
- 10% increase to those on benefits
- 10% increase to state pension
- Real terms increase to NHS, Education and Defence

Reading some documents I was shown, things were bad before Truss made the cock up but as a result she made them 10 x worse.

It wouldn't be credible to have a real terms stagnation or fall in defence spending. The NHS and education have been under Tory control for the last 13 years. Real terms increases there are a tacit admission that they've screwed up.
Some would say they should go.
But admitting your faults and proposing solutions is reasonable IMO.
Problem is the individuals to deliver these policies. I just think as a group they've got to jolly comfy. You said we need a war, I say we need a change in our political heirachy, even if it gets a bit messy can it be any worse than the last 13 years?

[Derek27]

Went to a membership meeting this morning.

Any free food and drink?

[Archery1969]

Went to a membership meeting this morning.

Any free food and drink?

Sandwiches, fluffy cakes, Tea & Coffee.

[Archangel]

Bank of England raise interest rates by 0.75 points to 3%

Biggest single increase since 1989

BoE warn UK is facing longest recession in 100 years

[jimibt]

Bank of England raise interest rates by 0.75 points to 3%

Biggest single increase since 1989

BoE warn UK is facing longest recession in 100 years

call me a simpleton, but was this likely to have happened anyway (sooner or later), despite truss's senseless meddling??

[Derek27]

Bank of England raise interest rates by 0.75 points to 3%

Biggest single increase since 1989

BoE warn UK is facing longest recession in 100 years

call me a simpleton, but was this likely to have happened anyway (sooner or later), despite truss's senseless meddling??

I know very little about economics but I'm still entitled to give an opinion, so I would say it's 100% Truss and Kwarteng's fault.

When I heard the biggest interest rate rise since the nineties was on the cards, I imagined it going up to 8%! Still, quite a shock to anyone in the early stages of their mortgage.

[greenmark]

Bank of England raise interest rates by 0.75 points to 3%

Biggest single increase since 1989

BoE warn UK is facing longest recession in 100 years

call me a simpleton, but was this likely to have happened anyway (sooner or later), despite truss's senseless meddling??

I know very little about economics but I'm still entitled to give an opinion, so I would say it's 100% Truss and Kwarteng's fault.

When I heard the biggest interest rate rise since the nineties was on the cards, I imagined it going up to 8%! Still, quite a shock to anyone in the early stages of their mortgage.

It's Putin's faullt and the energy companies should do the decent thing and offer up some of their windfall.
But Brexit has been long predicted to knock several percent off our GDP. So jimibt is spot on. This was coming anyway. Covid and Putin have made it worse.

It's a great shame that WW2 folk are disappearing. They can remind us of what a crisis loooks like. And now perhaps we should listen to Syrians, Yemeni and Ukrainians as to what is difficult rather than listen to a 31 year old whining about not being able to commit to buying a £200,000 house becuase of possible further interest rate rises.

[Archery1969]

The underlying problems were there anyway, Truss just brought things forward in a complete horror show. But sooner or later it would have blown up anyway, just not all in one go.

Its a combination of:

- Brexit.
- Economy to heavily reliant on financial services.
- Putin / Ukraine.
- Paying people in work benefits.
- Low growth for decades.
- Always trying to balance the books (Other countries dont bother)
- NHS becoming a large black hole (Sorry but it needs to be said)
- Large number of people (3.8 million) not working, in further education, emigrated, dead, retired, claiming benefits or paying tax.

I have never considered the UK a rich country by most European standards. Never understood why we part of G7 or whatever its called. We are a small overcrowded island who no longer manufactures anything of any value.

Remeber back in 1992 at Oslo airport, got talking to a load of Oil/Gas workers on their way back to the UK. To cut a long story short none of them paid UK income tax on some obsence salaries. Asked how come, back in 1970's the UK signed an agreement with Norway and Holland that all offshore workers in that field were not subject to income tax in their home countries. Now, if it was just a handful then fair enough but think of how many have worked in that area since the 1970s to this date. I bet that is a shit load of tax the UK has lost out on.

Labour are now seriously in panic mode, they now know how bad things are and won't be able to do anything the mentioned in the conference a few weeks ago.

Who else remember's the late 1980s when people were walking into their banks and handing over the keys to their flats/houses, couldn't afford the repayments and in some cases had upto 40% negative equity. Repossessions went through the roof.

Scary times ahead, borrowing is not an option as the UK can no longer borrow at 0 or reduced rates. The longer the Ukraine war goes on the worse it will get.

Sometime back Labour left a letter at the Treasury for the Tories saying "No money left", this time around, the Tory letter left will say "No money left, £55 billion black hole, Economy is fcuked, nothing left for Education, NHS, Pensions, Benefits or even enough for a bag of chips".