Liz Truss’s time is up

[Petcha]

Well he understands how the markets work at least

 

[Kaka Tim]

Are we really extrapolating a leadership challenge on the back of some sweary anonymous briefing to journalists hungry for your clicks. Again.

A lot of tory mps are clearly pretty horrified. the talk of letters is a warning shot to truss to change course. Its not irrelevant.

 

[cupid_stunt]

Still ultimately lead to his down fall - and we're literally talking about a regime that's basically only been in power 1 week if you subtract the dead lizzy period!

It didn't really, it took bad council election results followed by the more serious Pincher scandal and further lies about that, to finally force them to kick him out.

 

[killer b]

A lot of tory mps are clearly pretty horrified. the talk of letters is a warning shot to truss to change course. Its not irrelevant.

Two tory MPs have trash talked (anonymously) to Sky.

 

[Pickman's model]

While it's fucking depressing to see what this gross incompetence is going to cause us all, it's also slightly amusing they've left a highly skilled Chancellor on the backbenches while this shitshow of 'talent' grapple with basic economics. And will surely finally lead to the end of the Tories for now

I have the (mis)fortune to work with financial analysts quite a lot and they can't believe what they're seeing. Fuck knows what Sunak is saying from up the back. Totally bonkers. We're now trading as a third world nation with a Chancellor who doesn't even understand the word 'recession'.

Dr Kwarteng is a man I might listen to on economic history, as I might listen to Dr Coffey discourse on tungsten. But they're both fools out of their subject and quite possibly in their subject too

 

[Jeff Robinson]

It didn't really, it took bad council election results followed by the more serious Pincher scandal and further lies about that, to finally force them to kick him out.

Yeah, but he was a deadman walking by that point, already fatally wounded by his slim victory in the no confidence vote. Pincher was the straw that broke the camel's back.

 

[gosub]

she might see it as proof of strength of character to ram the iceberg to shove it away

If the PM strips the MPC of its powers, she's boat happy

 

[killer b]

Anonymous briefing to journalists by a handful of disaffected MPs isn't an indication of a crisis in the leadership - it's an attempt to create a crisis.

 

[MickiQ]

Anonymous briefing to journalists by a handful of disaffected MPs isn't an indication of a crisis in the leadership - it's an attempt to create a crisis.

Still cheering them on though

 

[kabbes]

Anonymous briefing to journalists by a handful of disaffected MPs isn't an indication of a crisis in the leadership - it's an attempt to create a crisis.

Can you recall it happening to any other PM within three weeks of them taking charge?

 

[Jeff Robinson]

You know it's game over when Mick Hucknall is calling for a general strike.

 

[killer b]

Can you recall it happening to any other PM within three weeks of them taking charge?

I remember it happening to Jeremy Corbyn within days of him taking charge of the Labour Party

 

[MickiQ]

You know it's game over when you lose the confidence of Mick Hucknall.

So long as he doesn't start singing

 

[kabbes]

I remember it happening to Jeremy Corbyn within days of him taking charge of the Labour Party

I don’t recall him being PM?

 

[Rob Ray]

Bank of England data going back to 1772 shows that this level of deficit has only been exceeded on three occasions, each of them during the second world war. In simple terms, the British people have become poorer without enjoying the benefits of a more competitive currency that the textbooks promise. And they are more reliant than ever on the kindness of strangers.

Kwasi Kwarteng has shaken investor confidence in the UK

Market sell-off on ‘fiscal event’ was as bad a verdict as any chancellor could fear

www.ft.com

This is pretty indicative of the FT recently - they've been absolutely roasting Truss and Kwarteng. T&K seem to have managed the trick of crafting a budget, intended purely as a sort of manifested fan fiction about big business, that big business itself is completely bemused and alarmed by. It's quite the effort to spook both the ruling and working class simultaneously.

 

[killer b]

I don’t recall him being PM?

No, but he was elected to the leadership of his party by the membership against the wishes of the majority of the parliamentary party, so it's a comparison which could give some clues as to why this is happening with Truss when it didn't with May or Johnson.

 

[Karl Masks]

So long as he doesn't start singing

 

[Jeff Robinson]

Kwasi Kwarteng has shaken investor confidence in the UK

Market sell-off on ‘fiscal event’ was as bad a verdict as any chancellor could fear

www.ft.com

This is pretty indicative of the FT recently - they've been absolutely roasting Truss and Kwarteng. T&K seem to have managed the trick of crafting their budget intended purely as a sort of manifested fan fiction about big business that big business itself is completely bemused and alarmed by. It's quite the effort to spook both the ruling and working class simultaneously.

The barbaric Truss clique's attempt to ingratiate themselves with wealthy investors reminds me a bit of this fan's attempt to impress Alan Partridge.



"I'm going to level with you Kwasi, I'm really scared"

 

[kabbes]

No, but he was elected to the leadership of his party by the membership against the wishes of the majority of the parliamentary party, so it's a comparison which could give some clues as to why this is happening with Truss when it didn't with May or Johnson.

There’s a huge difference between being made the leader of a group trying to get into government and being made the leader of a group that’s actually in government. When somebody becomes PM, their party will generally give them space for a while because it’s in all their interests to show their party as capable of governing.

 

[Petcha]

This whole shit probably needs its own thread. But Kwateng vaguely alluding to more tax cuts to come over the weekend on the media rounds. I mean, wtf. Every word a Chancellor says is highly analysed.

 

[Pickman's model]

There’s a huge difference between being made the leader of a group trying to get into government and being made the leader of a group that’s actually in government. When somebody becomes PM, their party will generally give them space for a while because it’s in all their interests to show their party as capable of governing.

You clearly think the opposition doesn't need to show itself capable of governing

 

[magneze]

Two tory MPs have trash talked (anonymously) to Sky.

Johnson and Sunak presumably

 

[pseudonarcissus]

it's also slightly amusing they've left a highly skilled Chancellor on the backbenches while this shitshow of 'talent' grapple with basic economics. And will surely finally lead to the end of the Tories for now

I’m not sure Gordon…err..bats for their team

 

[Ted Striker]

So long as he doesn't start singing

 

[gosub]

I’m not sure Gordon…err..bats for their team

GB was too in awe of Greenspan imo. It was Alistair Darling that had the tough job 2008. Saw him coming out of Wishart one night, love that his wife calls him Alastair. He must of hated black adder4

 

[Ranbay]

6% interest rates by March !!!

 

[killer b]

There’s a huge difference between being made the leader of a group trying to get into government and being made the leader of a group that’s actually in government. When somebody becomes PM, their party will generally give them space for a while because it’s in all their interests to show their party as capable of governing.

I don't think this stuff isn't noteworthy - I just don't think it means we can expect a leadership challenge imminently. And it's worth thinking about the rolling news / twitter / maneuvering MPs feedback loop drama that this stuff is usually a part of, and how often that actually intersects with reality.

 

[Jeff Robinson]

I don't think this stuff isn't noteworthy - I just don't think it means we can expect a leadership challenge imminently. And it's worth thinking about the rolling news / twitter / maneuvering MPs feedback loop drama that this stuff is usually a part of, and how often that actually intersects with reality.

Perhaps a better indication of the mood of tory MPs at this stage is looking at what they're not saying. Failure to publicly endorse this "mini" budget can more or less be taken as opposition to it, or at the least, hedging one's bets about whether to support the barbaric Truss clique. Would be interested to see what percentage of the government are not promoting it...

 

[pseudonarcissus]

GB was too in awe of Greenspan imo. It was Alistair Darling that had the tough job 2008. Saw him coming out of Wishart one night, love that his wife calls him Alastair. He must of hated black adder4

I hadn’t realised he was still there..I assumed he’d been cleared out. Are there any other Major era veterans left? (Redwood excluded)

 

[Petcha]

It appears to be open warfare between the exchequer and the BoE now. Just fucking sit down and calibrate you dickheads.

The two-year gilt yield hit the highest level since the height of the financial crisis in 2008 while the 10-year yield hit the highest since April 2010. Investors will be compensated more for holding government bonds, which have become riskier, given the elevated levels of unfunded borrowing that has been mapped out by the Chancellor to pay for his tax cuts.

On top of that the market is pricing in an increased probability that the Bank of England will move more quickly to raise interest rates, also lifting yields and punishing bond prices.