Pound falls below $1.10 for first time since 1985 following mini-budget
Sell-off as investors take fright at prospect of surge in government borrowing to cover huge tax cuts
www.theguardian.com
UK Politics Thread 🇬🇧
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www.theguardian.com
Has Liz Truss handed power over to the extreme neoliberal thinktanks? | George Monbiot
The prime minister is in hock to rightwing lobbyists who are themselves indebted to oligarchs and corporations, says Guardian columnist George Monbiot
www.theguardian.com
ADevilYouKhow
Rhyme Reason
British pound plunges, bonds sink after government announces tax cuts
The embattled British pound fell more than 2% against the dollar, after the new U.K. government announced a radical economic plan in a bid to boost growth.
www.cnbc.com
Really running the country into the ground with their tax policies and the ideas I’ve seen the Tories propose the last few days aren’t far from your stereotypical corruption schemes
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Liz Truss promised chief of staff next Tory election campaign in exchange for No 10 job
Exclusive: Senior Conservatives warn ‘quid pro quo’ arrangement with Mark Fullbrook spells ‘electoral doom’
www.theguardian.com
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I got a bad feeling about this. When the UK economy, pound, and gov't finances hit the wall, they can blame the negro holding the wheel.
that was quick ...
Pound plunges to an ALL-TIME low of 1.03 against dollar: Pressure on BofE for emergency interest rate hike with fears of fresh inflation surge - as Tories blame Kwasi Kwarteng for 'schizophrenic' Budget
- The pound dropped to an all-time low of $1.035 against the US dollar today before rising slightly to $1.06
- Markets opened following the weekend and after Chancellor Kwasi Kwarteng's mini-Budget slashed taxes
- His pledge to cut £45billion of taxes and increase borrowing spooked markets amid fears over UK growth
- US dollar is also strengthening against other world currencies. But pound has also dropped against euro
The Pound was 'absolutely hammered' in trading early this morning, dropping to just $1.0327 - even below the grim 1985 baseline of $1.0545.
Although much of the ground was clawed back, that appeared to be partly due to expectations that the Bank of England would need to bring in an emergency interest rate hike. Because many key commodities are priced in dollars, a weak pound drives inflation up further.
Markets are now pricing in the headline rate reaching 5.5 per cent next year, heaping more misery on families.
Ministers have refused to comment on currency moves, but allies of Kwasi Kwarteng were blaming 'City boys playing fast and loose with the economy'. Labour accused the government of putting the UK on the 'highway to hell'.
And there are signs of Tory disquiet, with former chancellor George Osborne warning that it is 'schizophrenic' to try and have 'small-state taxes and big-state spending'.
Treasury committee chair Mel Stride swiped at Mr Kwarteng for insisting yesterday that there are more tax cuts to come on top of the huge £45billion package announced on Friday.
'One thing is for sure - it would be wise to take stock of how through time the markets weigh up recent economic announcements rather than immediately signalling more of the same in the near term,' the Tory MP said.
Analysts warn Bank of England could hike interest rate to 5.5%
The pound was 'absolutely hammered' in trading early this morning, dropping to just $1.0327 - even below the grim 1985 baseline of $1.0545.
Pound will probably worth less than the dollar by Christmas. Tories are a fukking joke
DrBanneker
Space is the Place
JFC this fall has been fast. It was 1.32 USD/GBP back in January...
At this rate London going to be flooded by NY shoppers, stag parties, and creepy Passport Bros by Christmas
Tory MPs ‘already sending no-confidence letters in Liz Truss’
‘Liz is f*****’, says former minister in Boris Johnson government
www.independent.co.uk
DrBanneker
Space is the Place
Tory MPs ‘already sending no-confidence letters in Liz Truss’
‘Liz is f*****’, says former minister in Boris Johnson government
QEII had a dream after meeting this chick and was like, peace out. Man what a rapid fall from grace. Who is going to clean the mess up though? Like the USA, it's structural to a large extent.
Labor. Then there will be a scandal and the cycle will begin again
the artist known az
Hail the victors
I would like to reiterate:
They interviewed a guy who went to school with Liz Truss. They asked him if he thinks if she'll do a good job and he replied, no, she's gonna be terrible
Virtuous_Brotha
Superstar
So it looks like Kwasi Kwarteng will be tapped as chancellor of the exchequer if Liz wins. UK brehs are you proud?
I got a bad feeling about this. When the UK economy, pound, and gov't finances hit the wall, they can blame the negro holding the wheel.
