Liz Truss’s time is up

[Pickman's model]

Would like to understand this too. There’s obviously a big serious sudden disaster that they’re scrambling to avert but I don’t really get what it is. Maybe BOE couldn’t bail them or banks out if the gov borrowing rates go impossibly high.

something to do with their portfolio of shares, which could then affect lots of companies' shares.

 

[LDC]

Ramping up VAT is always an option. Not a good one. But an option.

He's going to suggest he raises billions by running one of those village fête chuck a sponge at Truss in stocks things on Parliament Square.

 

[cupid_stunt]

He's going to suggest he raises billions by running one of those village fête chuck a sponge at Truss in stocks things on Parliament Square.

The would raise more by letting people throw tomatoes at her.

When still in their tins.

 

[bimble]

something to do with their portfolio of shares, which could then affect lots of companies' shares.

I think it’s also that pension funds own a lot of the government debt (gilts) which if that becomes something nobody believes will get paid back it’s worthless, so suddenly no pensions for retired people.

 

[moochedit]

Has she resigned yet?

 

[Petcha]

I mean, I know I've got a warped sense of humour. But this is actually quite funny. Labour doesn't even need to do or say anything. My dog could win the next election if she ran.

Labour is ahead of the Conservative party on 14 out of 15 policy areas, when voters are asked who would tackle them best, according to Ipsos polling for the Evening Standard.

As Nicholas Cecil reports in his story, Labour is even ahead on managing the economy for the first time since 2007. He says:

Labour is seen to have the best policies on managing the economy over the Conservatives for the first time since September 2007. Sir Keir Starmer’s party is on 34 per cent, up eight points since April, with the Tories on 21 per cent, down 11 points and a gap now of 13 points.

 

[Smokeandsteam]

No, she won't. Like Boris she'll be dragged out of there kicking and screaming. I assume the Tories will be changing their leadership election rules after the Boris/Truss debacle where most of the parliamentary party quite reasonably wanted Sunak but ended up with 80,000 absolute idiots voting for an absolutely idiot. It would all be quite funny if it was fucking the country.

Unlike Johnson she a) hasn't won an GE b) does not have an organized group within the HoC backing her c) isn't neck and neck in the polls and d) has actively antagonized numerous powerful factions. She might not go this week but she isn't going to see in Christmas in Downing Street.

 

[Petcha]

Unlike Johnson she a) hasn't won an GE b) does not have an organized group within the HoC backing her c) isn't neck and neck in the polls and d) has actively antagonized numerous powerful factions. She might not go this week but she isn't going to see in Christmas in Downing Street.

The Party will need to change its rules I think to get rid of her that quickly?

 

[ska invita]

Unlike Johnson she a) hasn't won an GE b) does not have an organized group within the HoC backing her c) isn't neck and neck in the polls and d) has actively antagonized numerous powerful factions. She might not go this week but she isn't going to see in Christmas in Downing Street.

she'll always have this photo and those woke bankers cant take that away from her

 

[cupid_stunt]

From the political editor at The Times.



ETA -



From HERE.

 

[Petcha]

she'll always have this photo and those woke bankers cant take that away from her

Those are quite optimistic Christmas lights she's got up there!

 

[Chz]

All these news alerts that JH will "issue a statement". sigh
I expect him to state that he now "rules Bartertown" and would like to be addressed as "Master Blaster".

 

[kabbes]

Listening to this statement, I can only say: lol

 

[cupid_stunt]

So, basically almost all the tax cuts announced in the mini-budget are gone, except both the NI & stamp duty cuts, as they have already been passed by parliament.

Cuts to dividend tax rates, the IR35 tax changes, VAT-free shopping for tourists, the alcohol duty freeze, and cut in the basic rate of tax, are all gone.

The big thing is that the 'energy price guarantee' will only last until April, instead of 2 years, with a review of what to do going forward.

 

[kabbes]

I am also watching the live market ticker as Hunt talks. Nothing. I guess either it already got priced in or it has yet to be digested. Take your pick.

 

[Petcha]

IR35 is back

 

[Throbbing Angel]

gbp:usd price onscreen went from $1.312 - $1.316

and down to $1.304

See below

 

[kabbes]

gbp:usd price onscreen went from $1.312 - $1.316

That’s just normal volatility though.

(ETA: …and five minutes later, it’s now 1.1304. These are typical ups and downs)

 

[Throbbing Angel]

That’s just normal volatility though.

Ah
Fair enough, then.

 

[Supine]

IR35 is back

Oh ffs!!!

 

[Petcha]

Oh ffs!!!

Yup. Omnishambles doesn't quite do this lot justice. I'm imagining my feed on LinkedIn is melting down.

 

[bimble]

i did a prediction that wasn't entirely wrong! tbh i think that makes sense, giving everyone the same energy price cap for 2 years regardless of whether they needed the help or not sounded nice but yeah, was a bit eat out to help out, if it really was going to cost 150 billion quid better to change that (& destroy the very last bit of truss's 'agenda').

 

[ska invita]

Those are quite optimistic Christmas lights she's got up there!

its a photo from last christmas when she gave us her heart...you know how the rest of the song goes

 

[kabbes]

It was always preposterous to not cap the energy support. Not capping it means you’re giving enormous subsidies to rich people in huge detached houses with swimming pools, stables and so on. Why would you do that?

 

[bimble]

It was always preposterous to not cap the energy support. Not capping it means you’re giving enormous subsidies to rich people in huge detached houses with swimming pools, stables and so on. Why would you do that?

Yep.

 

[Petcha]

Yep.

I agree. It's like that entire 'mini-budget' was dreamed up while the two of them were off in their faces. Nothing at all about it made sense, including that.

 

[gentlegreen]

It was always preposterous to not cap the energy support. Not capping it means you’re giving enormous subsidies to rich people in huge detached houses with swimming pools, stables and so on. Why would you do that?

Yes - and of course all suggestion of green energy has gone out the window with the proposed windfall taxing of the industry ... probably some sort of escalating tariff- with provisions for those with low income but high energy needs...

 

[Buddy Bradley]

Has he called it a 'conscious unbudgeting' yet?

 

[xenon]

there isn't a vote winning alternative. but the question for the tories is do they want sufficient members after the next election to form a shadow cabinet without having to double up portfolios?

Oh I know. Were I acursed enough to be one of them, I'd see the only way to act now is to get rid of Truss ASAP. But they're not united on this. Many been in the media calling for unity, getting behind the government, stop the plotting now. Group dynamics, who's backing whom, talking to the press etc. = inertia.

Course if she's gone by Friday, I'll look like a bit of a wolly but that's oK.

 

[bimble]

I can’t even spell 150 billion in numbers, but if that’s really what her energy cap promise was costed at and most of that would obviously have gone to subsidise big houses with orangeries then yeah that seems completely mad, I was away but don’t think there was a big reaction at the time saying it was wrong?