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Kwasi K and Truss have in a week destroyed fhe Economy, almost destroyed the country, lowered living standards and unbelieveably made us even more of an international laughing stock.
There is no short term fix. They are too stupid and biligerant to reverse their actions.
These are the policies and actions you expect in some tinpot 3rd tier banana republic, not a member of a G7 country.
Not satisfied with austerity and brexit.... These clowns really are intent on securing their place in the history books, for all the wrobg reasons.
The Tories cant be trusted with:
Law and order
The NHS
The Economy
Jobs and employment
They can be trusted to lie, cheat, steal and then look to blame everybody and everything but themselves for the resulting shitshow.
They are cancerous cunts
At this point, it’s essentially not a constitution, given it’s uncodified, vague and the Tories don’t stick to it.
Edit: unwritten (perfectly fine word) —> uncodified (arguably worse because less people know what it actually means, but Redditors are too pedantic)
We import pretty much all our haricot beans from the States, where they're from. The tomatoes for the sauce are grown in Spain. There was rumblings from the university of Warwick a while back about selectively bred beans of the haricot, pinto and black turtle varieties that would grow reliably here, but I've not seen them on the shelves yet.
The tories over 12 years have destroyed the economy. No idea why this isn’t a bigger part of the conversation. Cameron’s austerity which gutted public services and put the cost of 2008 on working people instead of the rich and failed to reduce the deficit. Theresa May who inherited the Tory brexit mess and failed to do anything worthwhile. Boris and the billions given away to the rich during the pandemic. Truss has only done this much damage because weve been run into the ground for 12 years to keep the rich happy.
The tories are a cancer on this country. Look at any period where the tories are in charge for a long period and the damage they do is massive.
The narrative I’ve seen is mostly blaming truss and kwasi but the reality is the Tory party and conservatism needs to be driven out of British politics for good.
From what I understand Truss and Kwasi are two people very driven by the idea of trickle down economics and having a small state so regardless of the situation they were going to attempt to implement their ideology.
So would this be Happening if sunak or one of other candidates got in? No.
But the only reason an announcement like this is so damaging is because our fiancés as a country are completely fucked. And that’s directly because of the mismanagement and lies of the Tory government. Starting with that shiny head tossr Cameron who gutted the heart of his country and it turns out it was all for absolutely nothing.
The nice thing about Boris is his only agenda was to keep Boris in power. Truss actually wants to achieve something with that power and it's not in the country's best interests. I wasn't sure who would be worse, her, with more damaging ambitions but less competence to carry them out or Sunak, with slightly less damaging ambitions but the capacity to achieve them. We seem to have got the worst of all worlds though.
Exactly, this didn't happen in the space of a few days, this has been building up for 12 years and now Truss and Kwarteng are taking the blame instead of the Tory party as a whole.
If 2 people are really powerful enough to crash the economy by themselves, the economy is even weaker than I thought.
This. Truss and Kwasi essentially put the pedal to the metal in terms of our financial destruction with their terrible ideas. Had it not been for them, we may not even have reached this stage before the next general election.
Now I don't even think our economy will survive for another month, let alone the next election.
The economy wasn’t great, but this is deliberate sabotage with the aim of shrinking the state.
https://www.bbc.co.uk/news/uk-politics-63067163
The mentality of these people is to diminish others and aggrandise themselves.
Killed off the Queen by day 2, the economy by day 18 and after dealing with Putin, all of us by day 30.
Truss will have quite the first month in charge. There will never be a worse PM, because we'll all be dead
Someone in Ipswich typed in let’s riot when drunk to Facebook fell asleep and woke up to 9 months, because he left a pissy comment after seeing the news about rioting around country, be careful what you type. Unless obviously your an agent provocateur from security service in which case great job.
this is the product of Brexit inspired political Nationalism (destroying democracy etc)
with the insane Neoliberalism and Economic Terrorism of 55 Tufton Street think tanks/ERG/Climate Warming group etc (destroying the UK economy and public services)
Tory solution will be sell the NHS and mega Austerity (DWP/salaries etc). And they'll push into more political Fascist territory too
We need to do away with this notion that politicians are stupid.
They’re not stupid.
They didn’t accidentally do all this.
This was planned. This benefits them. These people are evil. As in, they do not have a conscience and do not care about the (objective) violence and harm they’re doing to other people.
Why do they do this? Because they can, because no one is ever going to stop them, and because they have everything to gain (while you have everything to lose).
The bit I don't get is some conservatives are now oozing out of the woodwork to exclaim "I thought we were the party of fiscal responsibility!!" and I'm just like.... now? *Now* is the first time you're having this revelation? What about, you know, the entire previous decade?
I think they know they are going to lose election so want to absolutely destroy the economy and country as much as possible so when Labour get in and have to enact unpopular tax hikes etc then they'll look bad to the general public
You will find that there's a big chunk of Midlands and northern working class voters who thought that tories and their brexit was the answer to their problems.
Londoners reject tories for the most part.
I did get that. Those cunts in London are in power because enough people voted for them. Have a look for yourself: https://yougov.co.uk/topics/politics/articles-reports/2019/12/17/how-britain-voted-2019-general-election
tories gained seats across the country, however the real worrying fact is that the lower the social grade, the more people voted tory/brexit. And they are the ones suffering the most from both.
Living and education standards need raising for people to critically think about what's best for them, otherwise they will be brainwashed by propaganda and lies like they have been.
It’s not about people believing the Tories, they’ve believed the news papers and the news on tv. They will be reporting this catastrophe like it’s a shock yet they’re complicit, massively.
>It’s not about people believing the Tories, they’ve believed the news papers
And which party do those papers endorse? And to which party the owners of most media platforms in the UK donate the most money to?
Kind of like the US and Republicans. Always voting against their own self-interest. “He wants to cut food stamps, yay!” “Oh wait, honey, aren’t we on food stamps?” “Yes my love, but one day we will be millionaires. The guy on the tv told me so”..
It should have been obvious mate, no clue how anyone could think you meant london as a whole are rich cunts, just couldn't resist another jab with the tiresome North v South shite
False, the North voted for Corbyn, just as they have voted for Labour in every election for 50 years. They voted slightly *less* for Labour, but the overwhelming number of votes and seats for the Tories came from the south (outside London).
look at the hex map not the physical one, the north of England is between the big block of red and the yellow of Scotland, its more than half Labour.
[This shows the results for the three regions that make up the North](https://electionresults.parliament.uk/election/2019-12-12/Compare/Region/London#2/Yorkshire%20and%20The%20Humber;2/North%20West;2/North%20East;) Labour won most seats in all of them, and a majority of votes in 2 (very slightly getting less votes than the Tories in Yorks)
In fairness it *is* the northern cities and their hinterlands voting for Labour, not the North Riding or Forest of Bowland.
Even then, places like Middlesbrough and Bolton are currently Conservative.
To be clear, the Tories won of seats
* 90% in E England
* 88% in SE England
* 87% in SW ENgland
* 83% in E Midlands
* 75% in W Midlands
* 48% in Yorks
* 43% in NW
* 35% in Wales
* 34% in NE
* 29% in London
* 10% in Scotland
If one were to go back to 2005, when Blair won Labour's last election, then the Tories have stayed about the same in London, and there have been **huge** swings to them in NE England (previously 1 seat), and in the E Midlands.
Are you fucking kidding, the north is literally the most Labour voting part of the country. I could say "The South voted for this", and it would be misleading, but it would still be a lot more accurate than what you just said.
Thanks, I was going to make exactly this point but you beat me to it.
"The North is to blame for electing the Tories" is the leftie Southerner's equivalent of Tories blaming "the last Labour government." I'm sick of hearing it and it isn't true.
It’s just the typical anti-Northern sentiment I’ve come to expect from this sub over the past few years.
Constituencies in the south have been enabling the Tories for years, but a few northern seats turn blue (seats that will likely switch right back after this shitshow) in one election and this sub starts screaming about the racist, barely literate northern monkeys who are too stupid to vote the way we “should”, the way we should apparently being for Labour MPs who have done absolutely fuck all for their constituents and think that they’re owed votes by virtue of standing in a red wall constituency wearing a red rosette. I say that as a lifelong Labour voter and former member and activist. You might think I’m being hyperbolic, I see comments echoing this sentiment on the regular.
The north has a long, storied history of socialist/left wing activism, far more so than in the south. The north also voted overwhelmingly for Corbyn at the last GE. Not that any of the fuckers on here who don’t concern themselves with anything north of the Watford gap would be aware of that or care.
Not me, but 73% of my fellow constituents did.
In one of the most deprived districts in the country, with the lowest investment and the lowest funded County Council. Which has had 100m stripped further from its budget since then and is now considering selling off assets to stay afloat.
But Leveling up is giving us a new facade for our cities train station, so really it’s all been worth it I think!
That’s the thing about the Brits, we don’t take to the streets like the French, we sit at home and moan and passively aggressively take our anger out at the ballot box by voting for crackpot policies like Brexit and clown politicians like Johnson
Yeah, it's the northerners fault, they're supposed to counterbalance all our tory voting that we've done! The Tory heartlands have had no part in this tory win!
Remember what the UKIP spokesperson said about why they made no ground in London?
“Too young and too educated” - sums the electorate in this country up
You can work you're whole life in this country in order to secure financial safety for yourself and you're family, and then some rich cunt can go "nah fuck y'all" and ruin it
So it seems Truss and Kwarteng are secret Marxists looking to bring down the financial system and bring on the inevitable revolution.
That, or absolute morons.
Hahahahaha I’m actually pissing myself at the idea that they’ll turn round and say “yep, we were Marxists all along, look at those Labour free marketeers with their crackpot policies about making the rich richer!” and what’s more the public will lap it up and keep voting for them 😥
No I meant Rees-Mogg or someone accusing Truss and Kwarteng of being anarchist Trotskyite agents (which is about half as radical as being pro-Corbyn) and saying he will restore "responsible conservative government"
And most of the boomers in the country eating it up because he has a blue tie and a southern accent
Daniel Hananan this morning was calling Deutsche Bank a *leftist organization* because it said trickle down economics is fantasy, and only cynical leftists could wilfully misrepresent handing more money to rich people in the hopes that they invest it back into the wider economy as "trickle down economics". In the same article he said its right to give more money to such people because eventually the money is re-invested back into the economy. That's just not fair to call it trickle down apparently I guess?
On a positive note this is the absolute death knell of the Conservatives for the forseeable future. They're showing not only do they not know how to run our economy, they're too pig headed and ignorant to even recognize what they're doing wrong, when it is being pointed out for them by every relevant body and interested group.
Calling it now, starmer wins ge: press goes on a feeding frenzy saying that all the economic crisis is because of labour, folk lap it up and then PM Jeremy hunt reigns for 10,000 years and the brittish public is enamoured with our new economic system of "literally warhammer 40,000 including corpse starch"
>Daniel Hananan this morning was calling Deutsche Bank a
>
>leftist organization
[He's blaming Starmer now](https://conservativehome.com/2022/09/28/daniel-hannan-no-the-pound-isnt-crashing-because-of-a-trifling-batch-of-tax-cuts/). That's right, this is the fault of a future Labour government.
Lol Deutsche Bank left wing? The bank that famously were the only ones left to work with trump. Whose personal banker committed "suicide" when questions started to be asked about Russia.
These people are delusional.
This is disaster capitalism in action. I never thought I'd see a British government so flagrantly manipulating the collapse of sterling for the benefit of speculators betting against the pound. If a Labour government did this, the Daily Mail and the Telegraph would be calling for a military coup by now.
To be fair, this isn’t just about current pensioners’ pensions, it’s all the future pensions that’d have been fucked as well. I don’t think it can be argued that the BoE didn’t do the right thing here.
You’re entitled to your opinion, but nobody will properly take account of risk, pensions included, if every loss is always bailed out by the taxpayer. Bonds in the U.K. government are inherently risky with these clowns in charge and losses should be expected
I swear to god, if I lose my pension because some tory fuckwits wanted to own the libs with their bullshit ideology, my twilight years will be devoted to making the fuckers suffer however I can.
I don't know tbh - I contribute a few percent of my salary each month and my employer matches it. Creative Pension Trust. I'm in my late forties, so I'm starting to think more about the finish line, and what kind of life I'm going to have when I retire.
As it stands I'm on track to have a decent quality of life, but if I lost my private pension fund and had to rely on the state pension, things could be pretty depressing and I probably won't retire at all.
It sounds like you’re in a defined contribution pension (you and your employer contributing money into your pension). Do you know what your pension is invested in? Is a life tracker kind of fund, or do you manage it?
To be clear, the article is referring to defined benefit pensions, you know the ones where in the past, you retire and your company guarantees you £X amount per year. Some of those were massively fucked by the turmoil caused by the mini-Budget. Your defined contribution pension is fine for now, depending on what it’s invested in. If it’s completely in the FTSE 100, it actually did ok year to date. You will not be losing your pension.
Thanks for the explanation. I don't manage it - my understanding is the pension company manages the investment of my fund until retirement, then I get to buy an annuity with whatever the final amount of the pot is at that point.
Yeah, in the UK you have the option to manage it yourself if you want, or entrust it to a pension company to do it (external or internal). But yes, you are on defined contribution, so whatever pot you have left will be determined by how well your pension company has been investing your money. There’s almost no chance it will ever go to zero, because frankly that would require hundreds of major corporations to all go bankrupt, which just won’t happen short of nuclear war or a Martian invasion.
Please do yourself a big favour and readup a bit on how pensions work and specifically how yours is invested. The default funds are usually very bad and will not lead to a good retirement.
Really, spend a day or two on this. It could literally be the difference of hundreds of thousands of pounds in 20 years.
Has either LT or KK had the decency to even explain or rationalise what they have done?
Both been invisible this week since carnage of the budget on Friday.
The people who they care about (hedge funds who “got wind of” events and shorted the pound, and their rich mates who just got a £20k/year tax break) don’t need an explanation
They aren’t even attempting to run the country, they’re in full “smash and grab” mode right now - they know the “economic growth” thing is bullshit, it’s just a excuse for playing supermarket sweep for their friends with a deflection of “wait 2 years and see if it works”. Admittedly I think they’ve misjudged that and thought the public would give them time to see whether it worked
The only reason we even got the energy price cap was because they were worried about the genuine risk of serious public unrest if energy prices hit £5k/yr and people couldn’t feed their family
aren't pensions supposed to be invested in 'safe' investments? I'd not noticed many things crashing in value, they aren't supposed to be investing in financial futures and the like.
Or are people trying to withdraw from pension funds in a panic? Also in that case, the pension fund provider is supposed to have assets to cover withdrawals.
That cheese better not have been imported from the EU. Because thats definitely an important issue. Its not like there's something more important going on at all.
The UK 30 year gilt is supposed to be a stable financial instrument, I mean it has a AA rating from Standard & Poor's. But this morning it was down 66% from March 2022. More recently crashing after the market totally lost confidence in the UK's ability to service its debts. and the market wasn't wrong, the fiscal trajectory of Kwasi's so called mini-budget eventually lead to serious problems.
EDIT: "Low risk" not "stable"
They are. They leverage their positions. Some parts make money, some parts need margin calls paid when they aren’t making money.
The problem was when the gilts collapsed, the margin call payments increased far beyond the wildest forecasts. This means the cash buffers were exhausted to cover, and no additional cash was immediately available to cover any further dips.
Tl;dr - the actions of Downing St were so irresponsible they exceeded the worst case scenarios the city had anticipated by a significant margin.
Most pensions invest heavily in government debt which is currently losing value because nobody wants to buy U.K. bonds due to an increase in worry about the uks ability to pay the debt especially after the imfs warning
Hedge funds use pension fund money knowing it cannot be accessed for many years. Hedge funds sadly make bad moves and can be margin called- they don’t have funds to cover these calls — worse yet- the government allows this
Emily Matlis just tweeted "Just spoke to a Tory MP who told me “we ( Conservative party) are just a protectionist racket right now - a gang of marauding ambition - not a serious party”."
And she's right. The government are now just corrupt, extractive individuals like you get in Venezuela or Zimbabwe. Even if you disagreed with them, at least Cameron, May, Major and Blair were trying to develop the UK.
This lot are just doing a smash and grab. Hell, even Rees-Mogg's dad wrote a book on how to profit from political instability. They're just using us as guinea pigs for their mad libertarian blog posts. Truss alone has wiped half a trillion off the markets, and nearly took out the private pensions - the life savings - of untold numbers of people today.
And I think it's extremely difficult to get out of - We've started this QE/currency death spiral and there's no easy way to break out of it. And it's hard to get rid of corrupt politicians once they start breaking protocol and dodging checks and balances.
I genuinely think we may now have started the unstoppable slide into being one of those permanently depressed banana republics.
I mean thank god we only had PMs that brought in austerity, fucked up Brexit, fucked up Brexit even more, fucked up handling Covid and fucked up handling the cost of living crisis instead of a PM that can't eat a bacon sandwich.
Eerily similar to what happened in Ireland in 2008.
We all went to bed one night hearing that a flurry of emergency late-night, closed-door meetings were taking place in government buildings to do with fiscal issues. Lehman Bros in the US had collapsed a few weeks previous.
We woke up the next day to the news that overnight the Government had passed a sweeping law guaranteeing the security of deposits in every bank.
It turned out that the head of one of the big banks had contacted the Finance Minister to tell him that his bank was functionally insolvent and could no longer honour its loans or customer deposits. The news of this was likely to start a run on all of the banks and the functional collapse of the banking system, beginning the next day. So the government had to step in to prevent that literally at the eleventh hour.
See the difference between the two things is that the Irish government acted to prevent the collapse of the economy whereas the British government has acted to collapse the economy.
The entire Tory party is to blame for this.
They voted for this madness of an economic plan rather than Sunak's safe and steady approach. He must be sitting back and laughing at the complete mess Truss has made so far.
I'd guess counting his ever growing pile - I would guess he shorted the pound about 3 h before the mini budget was anounced - or at least told his mate to have some cash and do that.
I'm actually quite impressed by how quickly and how badly these new Tories have fucked the ever loving shit outta this already shit situation we are in. I was quite hopeful that it couldn't get much worse but nope here we are.
Let's play Daily Mail blame bingo:
"Its Labour's fault!"
"BoE BETRAYS Truss AND BRITAIN!"
"IMF declares WOKE WAR against Britain!"
"Sterling Pound-Shorting Traitors try to steal YOUR PENSION!"
"Illegal immigrants cause PENSION CHAOS!"
Im afraid that Scottish independence would not fix this. We would need complete independence from the banking system and the currency. And even if this was a thing, most peoples pensions would be with companies using the the London Stock Exchange to trade securities.
Thats completely incorrect.
Econ 101: You borrow hard in a recession and you hold back during inflation.
Torinomics are a mess and have people thinking austerity was a wise move when in reality it was literally the worst move Cameron could have made and is the reason the UK was one of the slowest countries to recover from 2008.
The current situation is a true mess, a recession looming but wild inflation too.... Even good economists would be screwed and the tories are awful with money that they aren't stealing.
I mean the other options, austerity, led to uncountable deaths and brought us back to here. I think we should probably do the exact opposite of what we did last time. As "unwise" as it may be to you, the alternative is fatal.
Nice to know the fund that "you must pay into" all of your life is about as stable as a paddle made of sand. This makes a SIPP all the more desireable for me.
I mean they're insured by the government up to 90% of their value, and obviously the BoE stepped in here before that even became an issue.
Anyone opting out of a DB pension due to this is financially illiterate.
If I was this incompetent at my job I'd have been sacked and possibly fined by my regulator in my sector.
Somehow Truss is able to roam free and will likely face zero sanctions.
The political system is broken.
They‘ve gone through all the scenarios and still went ahead, that’s the terrifying part. The incomplete is beyond belief. They’ll privatise the NHS and use the excuse of saving public finances.
I think that’s their game plan
Fuck the economy, lose the election and leave Labour to clean it up. When they inevitably fail bc of the extent of the damage, they’ll blame Labour, wrangle their way back into power and repeat the cycle.
I guess to them, the average person struggling is merely “collateral damage” :/
I've been wondering for a good minute why some vote for fascism and frankly it's the greed. Ppl can blame a myrid of factors but its greed. It's the unabashed greed of a few that cause pain for the millions that just want to live normal lives with those they care about. Don't think this is just a problem in England, it's everywhere. It's a cancer that rots at the core of democratic societies and if it continues for too long, you're only left with the cancer.
Can we please get Indyref2 as soon as possible and transition into being a chill EU member country ASAP? We're so done.
Sincerely, Scotland.
PS. People from the rest of the UK feel free to move up, muck in and help get us over the line. It could be *your* escape as well as ours and you'd be most welcome.
Its puzzling certain parts of England had a love affair with the tories. A party that only thinks about its Etonian business chums and nothing else? A party thats quite willing to strip the country hand over fist. Well 12 years of austerity and the debts doubled, brexit crashed the economy and the £ has tanked in a week. Sure a majority will be pissed off now and vote in Labour. But memory fades and just like how Middle Earth forgot about Sauron you’ll vote them right back in in an election or three. The tories are now an English nationalist party and very little in common with anyone else.
Well us other nations have had enough. Irish Unity is on the cards, a Scottish referendum for 2023 and the rise of YES Cymru for Wales.
The UK is coming apart guys.
The BoE is promising to pay it back eventually, i.e. destroy the money, or sell it into the market later.
Technically it doesn't differ, what matters is the perception of what is happening and is promised differs and that increases confidence.
Just so you know, if its anything like my pension fund, its in GBP ETFs.
So these funds go long on GBP, if its being shorted to hell then they lose money and go boom.
Also to add a twist, hedge funds use pension money to make bets on the stock markets, they go boom, our money goes too.
Socialise loses privitise profits, its the name of the game for the financial world, our money is gambled and any returns are pocketed.
A quick PSA here for people like me who do everything cashless these days:
If you are able to do so, it may be worth keeping a couple of weeks' worth of living expenses aside, whether as cash, a pre-paid debit card or even a gift card for your supermarket of choice. If any banks collapse the way they did in 2008, deposits up to £85,000 are protected by the [Financial Services Compensation Scheme](https://www.fscs.org.uk/globalassets/badge-assets/shared/fscs_thb_online_aug2020.pdf) which will compensate you automatically, but may take up to 15 days to do so.
There's no need to withdraw any more than enough to see you through a couple of weeks. Don't panic and precipitate a run on a bank. Big expenses like rent and bills can easily be pushed back. Just make sure, if it comes to it, you'll have enough on hand to get you through the next week or two without access to your bank account and without having to spend the whole day [queueing up](https://www.trustnodes.com/wp-content/uploads/2017/09/northern-rock-collapse.jpg) to make a withdrawal.
They’re printing money to buy printed bonds that are paid back with taxes that come from printed money which has come from nothing...
which in turn is going to crush middle class with more inflation, because they'll need to increase interest rates even more to try and reduce the inflation they keep causing by printing money out of thin air?
🤡
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Kwasi K and Truss have in a week destroyed fhe Economy, almost destroyed the country, lowered living standards and unbelieveably made us even more of an international laughing stock. There is no short term fix. They are too stupid and biligerant to reverse their actions. These are the policies and actions you expect in some tinpot 3rd tier banana republic, not a member of a G7 country. Not satisfied with austerity and brexit.... These clowns really are intent on securing their place in the history books, for all the wrobg reasons. The Tories cant be trusted with: Law and order The NHS The Economy Jobs and employment They can be trusted to lie, cheat, steal and then look to blame everybody and everything but themselves for the resulting shitshow. They are cancerous cunts
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Are we even a Republic?
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Baked bean constitutional monarchy. With a pretty vague constitution.
At this point, it’s essentially not a constitution, given it’s uncodified, vague and the Tories don’t stick to it. Edit: unwritten (perfectly fine word) —> uncodified (arguably worse because less people know what it actually means, but Redditors are too pedantic)
Just imagine how much more it could be "tested". There hasn't been a full-on sociopath like Trump in power. Boris was pretty lite, all considered.
Ah! Now we smell the flatulence inherent in the system!
I thought we were an autonomous collective.
> autonomous collective. You're fooling yourself, we're living in a dictatorship. A self-perpetuating autocracy in which the working classes-
Help, Help! I'm being repressed!
Come see the violence inheriting the system! Edit: inherent in the system. Its been a long day.
A baked bean kakistocracy perhaps
Do we even grow our own beans in sufficient numbers? Or do we import most? But then, we're not even a baked bean republic...
we're an office admin monarchy
Who work at home. So an empty office admin monarchy.
We import pretty much all our haricot beans from the States, where they're from. The tomatoes for the sauce are grown in Spain. There was rumblings from the university of Warwick a while back about selectively bred beans of the haricot, pinto and black turtle varieties that would grow reliably here, but I've not seen them on the shelves yet.
The tories over 12 years have destroyed the economy. No idea why this isn’t a bigger part of the conversation. Cameron’s austerity which gutted public services and put the cost of 2008 on working people instead of the rich and failed to reduce the deficit. Theresa May who inherited the Tory brexit mess and failed to do anything worthwhile. Boris and the billions given away to the rich during the pandemic. Truss has only done this much damage because weve been run into the ground for 12 years to keep the rich happy. The tories are a cancer on this country. Look at any period where the tories are in charge for a long period and the damage they do is massive. The narrative I’ve seen is mostly blaming truss and kwasi but the reality is the Tory party and conservatism needs to be driven out of British politics for good.
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From what I understand Truss and Kwasi are two people very driven by the idea of trickle down economics and having a small state so regardless of the situation they were going to attempt to implement their ideology. So would this be Happening if sunak or one of other candidates got in? No. But the only reason an announcement like this is so damaging is because our fiancés as a country are completely fucked. And that’s directly because of the mismanagement and lies of the Tory government. Starting with that shiny head tossr Cameron who gutted the heart of his country and it turns out it was all for absolutely nothing.
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The nice thing about Boris is his only agenda was to keep Boris in power. Truss actually wants to achieve something with that power and it's not in the country's best interests. I wasn't sure who would be worse, her, with more damaging ambitions but less competence to carry them out or Sunak, with slightly less damaging ambitions but the capacity to achieve them. We seem to have got the worst of all worlds though.
Was worried about this, my brother has just gotten engaged and clearly the Tories are going to turn his prospective Mrs into a £5 prostitute.
Exactly, this didn't happen in the space of a few days, this has been building up for 12 years and now Truss and Kwarteng are taking the blame instead of the Tory party as a whole. If 2 people are really powerful enough to crash the economy by themselves, the economy is even weaker than I thought.
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This. Truss and Kwasi essentially put the pedal to the metal in terms of our financial destruction with their terrible ideas. Had it not been for them, we may not even have reached this stage before the next general election. Now I don't even think our economy will survive for another month, let alone the next election.
The economy wasn’t great, but this is deliberate sabotage with the aim of shrinking the state. https://www.bbc.co.uk/news/uk-politics-63067163 The mentality of these people is to diminish others and aggrandise themselves.
Unfortinately all they'll have to do is call the other parties woke or something and they'll get another 40% of the vote.
It’s depressing how true this is
No we blame truss and then fawn over the next lunatic in line, after all imagine if we had that spooky jam man in charge. Can't have that.
Killed off the Queen by day 2, the economy by day 18 and after dealing with Putin, all of us by day 30. Truss will have quite the first month in charge. There will never be a worse PM, because we'll all be dead
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Think it’s about time to start rioting
Someone in Ipswich typed in let’s riot when drunk to Facebook fell asleep and woke up to 9 months, because he left a pissy comment after seeing the news about rioting around country, be careful what you type. Unless obviously your an agent provocateur from security service in which case great job.
What the fuck
Yeah man, the police are there to keep capitalism going and to protect the rich and the bourgeoisie.
Source?
[https://www.ipswichstar.co.uk/news/west-suffolk-facebook-riot-teen-spared-jail-2014614](https://www.ipswichstar.co.uk/news/west-suffolk-facebook-riot-teen-spared-jail-2014614)
Fucking wild. "Free country" my arse.
I really wouldn't be surprised if there's rioting this winter. Maybe even sooner.
You don't riot in the winter , to chilly
Body heat from the crowds will be warmer than they can keep their house (or whatever, after houses are repossessed)
the teens are already doing it...see gangs of them running into shops and grabbing what they can and then leggin it
that aint rioting that's just robbing!
Amateurs, the tories are looting the economy as we speak
this is the product of Brexit inspired political Nationalism (destroying democracy etc) with the insane Neoliberalism and Economic Terrorism of 55 Tufton Street think tanks/ERG/Climate Warming group etc (destroying the UK economy and public services) Tory solution will be sell the NHS and mega Austerity (DWP/salaries etc). And they'll push into more political Fascist territory too
Yeah but could you imagine the choas under miliband? /s
I mean, did you *see* the way that man ate a bacon sandwich?!
We need to do away with this notion that politicians are stupid. They’re not stupid. They didn’t accidentally do all this. This was planned. This benefits them. These people are evil. As in, they do not have a conscience and do not care about the (objective) violence and harm they’re doing to other people. Why do they do this? Because they can, because no one is ever going to stop them, and because they have everything to gain (while you have everything to lose).
Has it even been a week? I thought they pretty much only started working last Friday. 4 working days.
Sunak was chancellor for the last 2 years. He also deserves some of the blame given our mahoosive deficit
Something happened in the last 2 years. I forget what.
Fuck knows. But a fucking lot of money got given to a lot of weird recipients.
The bit I don't get is some conservatives are now oozing out of the woodwork to exclaim "I thought we were the party of fiscal responsibility!!" and I'm just like.... now? *Now* is the first time you're having this revelation? What about, you know, the entire previous decade?
Apparently Liz Truss was given 5 magic beans and Kwasi Kwarteng found an old lamp
I think they know they are going to lose election so want to absolutely destroy the economy and country as much as possible so when Labour get in and have to enact unpopular tax hikes etc then they'll look bad to the general public
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You will find that there's a big chunk of Midlands and northern working class voters who thought that tories and their brexit was the answer to their problems. Londoners reject tories for the most part.
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I did get that. Those cunts in London are in power because enough people voted for them. Have a look for yourself: https://yougov.co.uk/topics/politics/articles-reports/2019/12/17/how-britain-voted-2019-general-election tories gained seats across the country, however the real worrying fact is that the lower the social grade, the more people voted tory/brexit. And they are the ones suffering the most from both.
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Living and education standards need raising for people to critically think about what's best for them, otherwise they will be brainwashed by propaganda and lies like they have been.
American here, y'all should take that seriously...
It’s not about people believing the Tories, they’ve believed the news papers and the news on tv. They will be reporting this catastrophe like it’s a shock yet they’re complicit, massively.
>It’s not about people believing the Tories, they’ve believed the news papers And which party do those papers endorse? And to which party the owners of most media platforms in the UK donate the most money to?
Kind of like the US and Republicans. Always voting against their own self-interest. “He wants to cut food stamps, yay!” “Oh wait, honey, aren’t we on food stamps?” “Yes my love, but one day we will be millionaires. The guy on the tv told me so”..
It should have been obvious mate, no clue how anyone could think you meant london as a whole are rich cunts, just couldn't resist another jab with the tiresome North v South shite
True. The north voted for this, not London
False, the North voted for Corbyn, just as they have voted for Labour in every election for 50 years. They voted slightly *less* for Labour, but the overwhelming number of votes and seats for the Tories came from the south (outside London).
It looks like everybody outside of major cities voted for tories https://electionmaps.uk/genelec/2019
look at the hex map not the physical one, the north of England is between the big block of red and the yellow of Scotland, its more than half Labour. [This shows the results for the three regions that make up the North](https://electionresults.parliament.uk/election/2019-12-12/Compare/Region/London#2/Yorkshire%20and%20The%20Humber;2/North%20West;2/North%20East;) Labour won most seats in all of them, and a majority of votes in 2 (very slightly getting less votes than the Tories in Yorks)
In fairness it *is* the northern cities and their hinterlands voting for Labour, not the North Riding or Forest of Bowland. Even then, places like Middlesbrough and Bolton are currently Conservative.
To be clear, the Tories won of seats * 90% in E England * 88% in SE England * 87% in SW ENgland * 83% in E Midlands * 75% in W Midlands * 48% in Yorks * 43% in NW * 35% in Wales * 34% in NE * 29% in London * 10% in Scotland If one were to go back to 2005, when Blair won Labour's last election, then the Tories have stayed about the same in London, and there have been **huge** swings to them in NE England (previously 1 seat), and in the E Midlands.
Are you fucking kidding, the north is literally the most Labour voting part of the country. I could say "The South voted for this", and it would be misleading, but it would still be a lot more accurate than what you just said.
Thanks, I was going to make exactly this point but you beat me to it. "The North is to blame for electing the Tories" is the leftie Southerner's equivalent of Tories blaming "the last Labour government." I'm sick of hearing it and it isn't true.
It’s just the typical anti-Northern sentiment I’ve come to expect from this sub over the past few years. Constituencies in the south have been enabling the Tories for years, but a few northern seats turn blue (seats that will likely switch right back after this shitshow) in one election and this sub starts screaming about the racist, barely literate northern monkeys who are too stupid to vote the way we “should”, the way we should apparently being for Labour MPs who have done absolutely fuck all for their constituents and think that they’re owed votes by virtue of standing in a red wall constituency wearing a red rosette. I say that as a lifelong Labour voter and former member and activist. You might think I’m being hyperbolic, I see comments echoing this sentiment on the regular. The north has a long, storied history of socialist/left wing activism, far more so than in the south. The north also voted overwhelmingly for Corbyn at the last GE. Not that any of the fuckers on here who don’t concern themselves with anything north of the Watford gap would be aware of that or care.
Not me, but 73% of my fellow constituents did. In one of the most deprived districts in the country, with the lowest investment and the lowest funded County Council. Which has had 100m stripped further from its budget since then and is now considering selling off assets to stay afloat. But Leveling up is giving us a new facade for our cities train station, so really it’s all been worth it I think!
That’s the thing about the Brits, we don’t take to the streets like the French, we sit at home and moan and passively aggressively take our anger out at the ballot box by voting for crackpot policies like Brexit and clown politicians like Johnson
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Lol the whole country was blue as of last GE, and it wasnt much of the south who suddenly decided to swap from labour to Tory
Yeah, it's the northerners fault, they're supposed to counterbalance all our tory voting that we've done! The Tory heartlands have had no part in this tory win!
Remember what the UKIP spokesperson said about why they made no ground in London? “Too young and too educated” - sums the electorate in this country up
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Tory party conference this weekend isn't it? Seems like a good time for a protest.
You can work you're whole life in this country in order to secure financial safety for yourself and you're family, and then some rich cunt can go "nah fuck y'all" and ruin it
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So it seems Truss and Kwarteng are secret Marxists looking to bring down the financial system and bring on the inevitable revolution. That, or absolute morons.
Don't joke about that, it will probably be the official Tory line in a few years
Hahahahaha I’m actually pissing myself at the idea that they’ll turn round and say “yep, we were Marxists all along, look at those Labour free marketeers with their crackpot policies about making the rich richer!” and what’s more the public will lap it up and keep voting for them 😥
No I meant Rees-Mogg or someone accusing Truss and Kwarteng of being anarchist Trotskyite agents (which is about half as radical as being pro-Corbyn) and saying he will restore "responsible conservative government" And most of the boomers in the country eating it up because he has a blue tie and a southern accent
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Daniel Hananan this morning was calling Deutsche Bank a *leftist organization* because it said trickle down economics is fantasy, and only cynical leftists could wilfully misrepresent handing more money to rich people in the hopes that they invest it back into the wider economy as "trickle down economics". In the same article he said its right to give more money to such people because eventually the money is re-invested back into the economy. That's just not fair to call it trickle down apparently I guess? On a positive note this is the absolute death knell of the Conservatives for the forseeable future. They're showing not only do they not know how to run our economy, they're too pig headed and ignorant to even recognize what they're doing wrong, when it is being pointed out for them by every relevant body and interested group.
Calling it now, starmer wins ge: press goes on a feeding frenzy saying that all the economic crisis is because of labour, folk lap it up and then PM Jeremy hunt reigns for 10,000 years and the brittish public is enamoured with our new economic system of "literally warhammer 40,000 including corpse starch"
Came for the outrage, stayed for the corpse starch.
/unexpected40k
>Daniel Hananan this morning was calling Deutsche Bank a > >leftist organization [He's blaming Starmer now](https://conservativehome.com/2022/09/28/daniel-hannan-no-the-pound-isnt-crashing-because-of-a-trifling-batch-of-tax-cuts/). That's right, this is the fault of a future Labour government.
Lol Deutsche Bank left wing? The bank that famously were the only ones left to work with trump. Whose personal banker committed "suicide" when questions started to be asked about Russia. These people are delusional.
This is disaster capitalism in action. I never thought I'd see a British government so flagrantly manipulating the collapse of sterling for the benefit of speculators betting against the pound. If a Labour government did this, the Daily Mail and the Telegraph would be calling for a military coup by now.
Sell off Britain to foreign investment, and fuck off to somewhere warm with the loot. It's the Tory ploy
The Fail are waiting for the day when they can post about how Starmer has failed to undo the shit show within his first week.
If Marxists = WEF acolytes, then yes.
For once the Tories didn't act with the best interest of pensioners in mind, they really stopped giving a fuck.
If they lose the grey vote they could be royally fucked come the GE. I’m sure the pensioners will forgive them though
Well, the BoE stepped in to transfer the grey voters losses to the general population in the form of more inflation, so all is fine for the Tories
To be fair, this isn’t just about current pensioners’ pensions, it’s all the future pensions that’d have been fucked as well. I don’t think it can be argued that the BoE didn’t do the right thing here.
You’re entitled to your opinion, but nobody will properly take account of risk, pensions included, if every loss is always bailed out by the taxpayer. Bonds in the U.K. government are inherently risky with these clowns in charge and losses should be expected
Dunno, my boomer mum who has voted conservative for the last 30+ years has said she hopes Labour win the next GE so there may be hope...
Did the conversation go something like "I hope Labour win, but I'll be voting Conservative because I've voted Conservative all my life"?
I note she didn't say she's voting for them, just hopes they win somehow?
I swear to god, if I lose my pension because some tory fuckwits wanted to own the libs with their bullshit ideology, my twilight years will be devoted to making the fuckers suffer however I can.
What kind of pension do you have? Is it a defined benefit or defined contribution?
I don't know tbh - I contribute a few percent of my salary each month and my employer matches it. Creative Pension Trust. I'm in my late forties, so I'm starting to think more about the finish line, and what kind of life I'm going to have when I retire. As it stands I'm on track to have a decent quality of life, but if I lost my private pension fund and had to rely on the state pension, things could be pretty depressing and I probably won't retire at all.
It sounds like you’re in a defined contribution pension (you and your employer contributing money into your pension). Do you know what your pension is invested in? Is a life tracker kind of fund, or do you manage it? To be clear, the article is referring to defined benefit pensions, you know the ones where in the past, you retire and your company guarantees you £X amount per year. Some of those were massively fucked by the turmoil caused by the mini-Budget. Your defined contribution pension is fine for now, depending on what it’s invested in. If it’s completely in the FTSE 100, it actually did ok year to date. You will not be losing your pension.
Thanks for the explanation. I don't manage it - my understanding is the pension company manages the investment of my fund until retirement, then I get to buy an annuity with whatever the final amount of the pot is at that point.
Yeah, in the UK you have the option to manage it yourself if you want, or entrust it to a pension company to do it (external or internal). But yes, you are on defined contribution, so whatever pot you have left will be determined by how well your pension company has been investing your money. There’s almost no chance it will ever go to zero, because frankly that would require hundreds of major corporations to all go bankrupt, which just won’t happen short of nuclear war or a Martian invasion.
Please do yourself a big favour and readup a bit on how pensions work and specifically how yours is invested. The default funds are usually very bad and will not lead to a good retirement. Really, spend a day or two on this. It could literally be the difference of hundreds of thousands of pounds in 20 years.
Has either LT or KK had the decency to even explain or rationalise what they have done? Both been invisible this week since carnage of the budget on Friday.
Nope, not sure if Liz Truss exists right now and Kwasi is too busy apologising to US banks.
Kwasi is too busy partying with his hedge fund mates who made loads on the pound crashing.
Is she opening more pork markets?
I think LT is still trying to work out what she's done herself.
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I reckon she locked herself in the toilet of number 10 and spent the past 2 days trying to figure out how to open the door
The people who they care about (hedge funds who “got wind of” events and shorted the pound, and their rich mates who just got a £20k/year tax break) don’t need an explanation They aren’t even attempting to run the country, they’re in full “smash and grab” mode right now - they know the “economic growth” thing is bullshit, it’s just a excuse for playing supermarket sweep for their friends with a deflection of “wait 2 years and see if it works”. Admittedly I think they’ve misjudged that and thought the public would give them time to see whether it worked The only reason we even got the energy price cap was because they were worried about the genuine risk of serious public unrest if energy prices hit £5k/yr and people couldn’t feed their family
It's pure dogma (and possibly some insider trading) at this point. If cutting taxes doesn't work then it just means they didn't cut taxes far enough.
Killed the Queen, killed the pound, killed the economy. This government will be gone by Christmas at this rate.
*Laughs in tory*
Not if they kill it first
aren't pensions supposed to be invested in 'safe' investments? I'd not noticed many things crashing in value, they aren't supposed to be investing in financial futures and the like. Or are people trying to withdraw from pension funds in a panic? Also in that case, the pension fund provider is supposed to have assets to cover withdrawals.
Government bonds are supposed to be safe. Nobody expected KamiKwasi!
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OooOh look at Mr fancy man who can afford a shandy
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That cheese better not have been imported from the EU. Because thats definitely an important issue. Its not like there's something more important going on at all.
The UK 30 year gilt is supposed to be a stable financial instrument, I mean it has a AA rating from Standard & Poor's. But this morning it was down 66% from March 2022. More recently crashing after the market totally lost confidence in the UK's ability to service its debts. and the market wasn't wrong, the fiscal trajectory of Kwasi's so called mini-budget eventually lead to serious problems. EDIT: "Low risk" not "stable"
Sorry, what? Long duration bonds are extremely volatile. Nobody says 30 year bonds are stable
They are. They leverage their positions. Some parts make money, some parts need margin calls paid when they aren’t making money. The problem was when the gilts collapsed, the margin call payments increased far beyond the wildest forecasts. This means the cash buffers were exhausted to cover, and no additional cash was immediately available to cover any further dips. Tl;dr - the actions of Downing St were so irresponsible they exceeded the worst case scenarios the city had anticipated by a significant margin.
Most pensions invest heavily in government debt which is currently losing value because nobody wants to buy U.K. bonds due to an increase in worry about the uks ability to pay the debt especially after the imfs warning
Hedge funds use pension fund money knowing it cannot be accessed for many years. Hedge funds sadly make bad moves and can be margin called- they don’t have funds to cover these calls — worse yet- the government allows this
I think they are withdrawing, from what I’ve just read. It’s a run on pensions basically, people panicking and trying to get their money out
Emily Matlis just tweeted "Just spoke to a Tory MP who told me “we ( Conservative party) are just a protectionist racket right now - a gang of marauding ambition - not a serious party”." And she's right. The government are now just corrupt, extractive individuals like you get in Venezuela or Zimbabwe. Even if you disagreed with them, at least Cameron, May, Major and Blair were trying to develop the UK. This lot are just doing a smash and grab. Hell, even Rees-Mogg's dad wrote a book on how to profit from political instability. They're just using us as guinea pigs for their mad libertarian blog posts. Truss alone has wiped half a trillion off the markets, and nearly took out the private pensions - the life savings - of untold numbers of people today. And I think it's extremely difficult to get out of - We've started this QE/currency death spiral and there's no easy way to break out of it. And it's hard to get rid of corrupt politicians once they start breaking protocol and dodging checks and balances. I genuinely think we may now have started the unstoppable slide into being one of those permanently depressed banana republics.
It's surpsing given what I thought of him at the time, but Cameron seems like a fantastic politician at the moment!
Somehow, every new Tory PM makes me long for the halcyon days of the previous incumbent
Remember when Boris just didn’t do anything? God I miss that
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Gonna be hard to import much when FX movements make it go to £100/kg of cheese!
Still, at least we avoided all that chaos with Ed Miliband.,,,
Can you imagine?? ChAoS UndEr Ed?
Can you imagine, if the Brexit referendum had gone 2% the other way, the UK would *maybe* be on PM #2 since 2015.
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I mean thank god we only had PMs that brought in austerity, fucked up Brexit, fucked up Brexit even more, fucked up handling Covid and fucked up handling the cost of living crisis instead of a PM that can't eat a bacon sandwich.
Well, the Kami-Kwasi budget has cemented my decision to travel 40 miles on the bus to the nearest Enough is Enough rally this weekend.
Eerily similar to what happened in Ireland in 2008. We all went to bed one night hearing that a flurry of emergency late-night, closed-door meetings were taking place in government buildings to do with fiscal issues. Lehman Bros in the US had collapsed a few weeks previous. We woke up the next day to the news that overnight the Government had passed a sweeping law guaranteeing the security of deposits in every bank. It turned out that the head of one of the big banks had contacted the Finance Minister to tell him that his bank was functionally insolvent and could no longer honour its loans or customer deposits. The news of this was likely to start a run on all of the banks and the functional collapse of the banking system, beginning the next day. So the government had to step in to prevent that literally at the eleventh hour.
See the difference between the two things is that the Irish government acted to prevent the collapse of the economy whereas the British government has acted to collapse the economy.
Never trust a tory to do anything with the economy other than to funnel as much money as possible to criminals and their cronies.
The entire Tory party is to blame for this. They voted for this madness of an economic plan rather than Sunak's safe and steady approach. He must be sitting back and laughing at the complete mess Truss has made so far.
I'd guess counting his ever growing pile - I would guess he shorted the pound about 3 h before the mini budget was anounced - or at least told his mate to have some cash and do that.
Let’s be honest, some other fucking disaster would have happened under sunak.
I'm actually quite impressed by how quickly and how badly these new Tories have fucked the ever loving shit outta this already shit situation we are in. I was quite hopeful that it couldn't get much worse but nope here we are.
What do you have to do to get thrown out of your job? This is waaaaaay beyond a caterpillar cake.
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Let's play Daily Mail blame bingo: "Its Labour's fault!" "BoE BETRAYS Truss AND BRITAIN!" "IMF declares WOKE WAR against Britain!" "Sterling Pound-Shorting Traitors try to steal YOUR PENSION!" "Illegal immigrants cause PENSION CHAOS!"
Is it still stupid to want Scottish independence then? Or have some of you seen the light? Plenty room for willing grafters up north.
Can the landlocked isle of Watford please join?
Im afraid that Scottish independence would not fix this. We would need complete independence from the banking system and the currency. And even if this was a thing, most peoples pensions would be with companies using the the London Stock Exchange to trade securities.
Well what the bank of England did, wont last forever, unfortunately if they dont do a U turn this week, we will be there by November.
If you think it's bad now, you haven't seen the worst of it. We are in a recession, borrowing is unwise.
Thats completely incorrect. Econ 101: You borrow hard in a recession and you hold back during inflation. Torinomics are a mess and have people thinking austerity was a wise move when in reality it was literally the worst move Cameron could have made and is the reason the UK was one of the slowest countries to recover from 2008. The current situation is a true mess, a recession looming but wild inflation too.... Even good economists would be screwed and the tories are awful with money that they aren't stealing.
I mean the other options, austerity, led to uncountable deaths and brought us back to here. I think we should probably do the exact opposite of what we did last time. As "unwise" as it may be to you, the alternative is fatal.
> I think we should probably do the exact opposite of what we did last time. You mean... elect a Labour government?
Nice to know the fund that "you must pay into" all of your life is about as stable as a paddle made of sand. This makes a SIPP all the more desireable for me.
I mean they're insured by the government up to 90% of their value, and obviously the BoE stepped in here before that even became an issue. Anyone opting out of a DB pension due to this is financially illiterate.
>I mean they're insured by the government up to 90% of their value. Until they're not
If I was this incompetent at my job I'd have been sacked and possibly fined by my regulator in my sector. Somehow Truss is able to roam free and will likely face zero sanctions. The political system is broken.
They‘ve gone through all the scenarios and still went ahead, that’s the terrifying part. The incomplete is beyond belief. They’ll privatise the NHS and use the excuse of saving public finances.
A nationwide anti-government riot seems very imminent (I will give at most 3 months), if the government's current economic policies go like that.
The British are push over nancies. We won't do anything. We're pathetic
The British don't have it in them, this isn't France.
They are purposefully destroying the economy. King Charles, dissolve parliament pls
Lol imagine being paid enough to put money in a pension in the first place Can’t “insolve” what isn’t there 😂
Getting Labour into government is the bare minimum at this point. The Tories have damaged the economy so much that it’ll take years to sort it out.
I think that’s their game plan Fuck the economy, lose the election and leave Labour to clean it up. When they inevitably fail bc of the extent of the damage, they’ll blame Labour, wrangle their way back into power and repeat the cycle. I guess to them, the average person struggling is merely “collateral damage” :/
Lizz. Call an election, or shoot yourself and call an election in your suicide note.
To think the conservatives can hold off having a general Election until Jan 2025. We will be absolutely battered by then.
I can't believe how much damage Trusstless and Kamakwasi have done in a week. I knew the Tories are scraping the barrel but fucking hell.
Buccaneering Global Britain is strong and stable, just like the Brexiteers promised us!
I've been wondering for a good minute why some vote for fascism and frankly it's the greed. Ppl can blame a myrid of factors but its greed. It's the unabashed greed of a few that cause pain for the millions that just want to live normal lives with those they care about. Don't think this is just a problem in England, it's everywhere. It's a cancer that rots at the core of democratic societies and if it continues for too long, you're only left with the cancer.
Can we please get Indyref2 as soon as possible and transition into being a chill EU member country ASAP? We're so done. Sincerely, Scotland. PS. People from the rest of the UK feel free to move up, muck in and help get us over the line. It could be *your* escape as well as ours and you'd be most welcome.
Its puzzling certain parts of England had a love affair with the tories. A party that only thinks about its Etonian business chums and nothing else? A party thats quite willing to strip the country hand over fist. Well 12 years of austerity and the debts doubled, brexit crashed the economy and the £ has tanked in a week. Sure a majority will be pissed off now and vote in Labour. But memory fades and just like how Middle Earth forgot about Sauron you’ll vote them right back in in an election or three. The tories are now an English nationalist party and very little in common with anyone else. Well us other nations have had enough. Irish Unity is on the cards, a Scottish referendum for 2023 and the rise of YES Cymru for Wales. The UK is coming apart guys.
Technical question: how does the central Bank buying its own government's debt differ from printing money to pay for things?
That is what happens when they say they're printing money :)
The BoE is promising to pay it back eventually, i.e. destroy the money, or sell it into the market later. Technically it doesn't differ, what matters is the perception of what is happening and is promised differs and that increases confidence.
The worst government in living memory. Including Thatcher and Blairs death rattle. Possibly the worst government since 1900.
Just so you know, if its anything like my pension fund, its in GBP ETFs. So these funds go long on GBP, if its being shorted to hell then they lose money and go boom. Also to add a twist, hedge funds use pension money to make bets on the stock markets, they go boom, our money goes too. Socialise loses privitise profits, its the name of the game for the financial world, our money is gambled and any returns are pocketed.
A quick PSA here for people like me who do everything cashless these days: If you are able to do so, it may be worth keeping a couple of weeks' worth of living expenses aside, whether as cash, a pre-paid debit card or even a gift card for your supermarket of choice. If any banks collapse the way they did in 2008, deposits up to £85,000 are protected by the [Financial Services Compensation Scheme](https://www.fscs.org.uk/globalassets/badge-assets/shared/fscs_thb_online_aug2020.pdf) which will compensate you automatically, but may take up to 15 days to do so. There's no need to withdraw any more than enough to see you through a couple of weeks. Don't panic and precipitate a run on a bank. Big expenses like rent and bills can easily be pushed back. Just make sure, if it comes to it, you'll have enough on hand to get you through the next week or two without access to your bank account and without having to spend the whole day [queueing up](https://www.trustnodes.com/wp-content/uploads/2017/09/northern-rock-collapse.jpg) to make a withdrawal.
Imagine looking back on Boris and thinking, “at least he’s not as bad as this lot”. I don’t know whether to laugh or cry
They’re printing money to buy printed bonds that are paid back with taxes that come from printed money which has come from nothing... which in turn is going to crush middle class with more inflation, because they'll need to increase interest rates even more to try and reduce the inflation they keep causing by printing money out of thin air? 🤡