Tory Leadership contest 2022

[cupid_stunt]

Expect a strong persuasion for Sunak from the Tory media.

Andrew Pierce, the Mail's consultant editor, speaking on the Sky News Press Review last night, said they haven't backed anyone yet, when they do it will certainly not be Sunak, and he clearly thinks it will end-up being a race between Sunak & Mordaunt.

Dm has gone full Truss but the telegraph looks Mordant.

Whilst the front page leads with Truss' appeal to the right of the party, the rag hasn't yet declared who they are backing, they are fence sitting and are likely to do so until the final two are decided, no point backing someone that isn't on the final ballot paper. Judging by their leader column the only problem they have with Mordaunt is over trans rights, which is not going to be a deciding matter in this.

They probably want Truss, but if it's a choice between Mordaunt and Sunak, they will be backing Mordaunt.

 

[bimble]

Andrew Pierce, the Mail's consultant editor, speaking on the Sky News Press Review last night, said they haven't backed anyone yet, when they do it will certainly not be Sunak, and he clearly thinks it will end-up being a race between Sunak & Mordaunt.


Whilst the front page leads with Truss' appeal to the right of the party, the rag hasn't yet declared who they are backing, they are fence sitting and are likely to do so until the final two are decided, no point backing someone that isn't on the final ballot paper. Judging by their leader column the only problem they have with Mordaunt is over trans rights, which is not going to be a deciding matter in this.

They probably want Truss, but if it's a choice between Mordaunt and Sunak, they will be backing Mordaunt.

Nah have a look at it, they aren't fence sitting they're very clearly still trying to make truss happen but will shift as soon as they accept that isn't going to work and move to next best non-sunak thing.

 

[Artaxerxes]

Penny pinching the logo

 

[existentialist]

Point taken. Not sure though that newspapers have the same impact - less impetus and insistence, so not necessarily going to override preferences.

Who is Rothermere's preferred candidate?

Johnson

 

[MrCurry]

Truss has always looked brainless, but borrowing more to finance tax cuts when the country is already deep in the red thanks to 400 Billion of covid costs is approaching Trumpian levels of thick:

From the spectator (sorry) article: Liz Truss on taking on Sunak and what she's do in No. 10

Her pitch for No. 10 is simple: to be the most convincing tax-cutter in the contest and the person who can beat the former chancellor. ‘I opposed these tax rises from the start and I spoke out against the tax rises at the time. So I’m not a Johnny-come-lately to this agenda,’ she says when we meet again this week in her parliamentary office. ‘I’m a low-tax Conservative. I believe that the right thing for us, in the very difficult global economic situation we face, is to not be raising taxes.’

What sets her apart from the other Tory hopefuls pledging tax cuts is her plan to pay for them. ‘Covid was a one-off crisis. The debt that we accumulated as a result of that, the £400 billion we spent, should be seen as a long-term debt – like a war debt – and needs to be longer-term,’ she says. ‘I don’t agree with the Treasury orthodoxy of immediately seeking to pay that back and balance the books and damage economic growth.’

In other words, she would borrow to finance her tax cuts. Borrowing, she says, that would spur extra growth (and, by extension, tax receipts). She would cut the size of government too.

 

[kabbes]

Yes, much of this stuff on taxes is not really being pushed by capital. Which is not to say that capital won't take advantage of any cuts but (i) its Tory members dreams driving this nonsense (ii) its going to much easier to talk this shit then enact it.

Likewise with much of the environmental stuff. For various reasons large parts of capital has been moving this way for some time.

I’m going to really put paid to any urban credibility I have left now and say that I know Adair. He is a great example of somebody running boards in the heart of capital that is a passionate believer in the need for business to take a lead in tackling climate change and being socially responsible. Of course, it’s all from a deeply liberal perspective with all the limitations that implies. But it still backs up what you’re saying — capital itself wants a secure and sustainable environment that allows it to make predictable profit, and it wants a world that is comfortable and nice to live in. It wants workers that don’t create headaches but are properly educated and have housing and services. It wants a regulatory environment that provides consumer confidence and stability. It really doesn’t mind paying tax if the tax is paying for these things — not least because to pay tax, you first have to make profit and if you’re making profit then you’re happy. The halls of capital despaired of Johnson and despises most of his potential successors. That’s why all these comfortable London boroughs are threatening to turn LibDem

 

[Smokeandsteam]

Truss has always looked brainless, but borrowing more to finance tax cuts when the country is already deep in the red thanks to 400 Billion of covid costs is approaching Trumpian levels of thick:

From the spectator (sorry) article: Liz Truss on taking on Sunak and what she's do in No. 10

To be fair to Truss borrowing to invest is exactly the right approach. I also think her understanding of covid costs is correct. But the idea that you borrow from the market to hand money to capital in the form of corporation tax cuts and lower taxes is insane, and is 100% guaranteed to increase inflation. Another fuckwit

 

[bimble]

Stupid but just now is when I learned that when the gov borrows money it does it largely from pension funds, giving them iou bonds in exchange for cash, why do the pension funds agree to it though? If I had a pension I probably wouldn’t lend it to liz tbh.

 

[SpookyFrank]

Stupid but just now is when I learned that when the gov borrows money it does it largely from pension funds, giving them iou bonds in exchange for cash, why do the pension funds agree to it though? If I had a pension I probably wouldn’t lend it to liz tbh.

The logic of money as we understand it breaks down completely at this scale. Pension funds aren't losing anything in this exchange, just swapping one liquid asset for another. Not like lending your mate a tenner, where you can't then go to the bar and get yourself a couple of pints on the strength of that bloke over there owes me a tenner and soon as I get it back it's yours mate.

 

[platinumsage]

Stupid but just now is when I learned that when the gov borrows money it does it largely from pension funds, giving them iou bonds in exchange for cash, why do the pension funds agree to it though? If I had a pension I probably wouldn’t lend it to liz tbh.

Pension funds are required to hold a certain amount of government bonds, because they are very low risk and this helps ensures the funds can meet their liabilities. The requirement is not without debate in financial circles though.

 

[kabbes]

Stupid but just now is when I learned that when the gov borrows money it does it largely from pension funds, giving them iou bonds in exchange for cash, why do the pension funds agree to it though? If I had a pension I probably wouldn’t lend it to liz tbh.

Pension funds need a stable, predictable, secure source of income to pay to their existing pensioners, whose pensions are known quantities. Government bonds provide that.

 

[platinumsage]

Pension funds need a stable, predictable, secure source of income to pay to their existing pensioners, whose pensions are known quantities. Government bonds provide that.

Except when the bonds have a negative rate, although that is now apparently a thing of the past.

 

[kabbes]

Except when the bonds have a negative rate, although that is now apparently a thing of the past.

We never really got there in this country, although there was a huge amount of hand wringing over it during the last few years. I have no doubt that no lessons will be learnt from the near miss and we will now just carry on regardless.

To be honest, I think in truth that pension schemes have no business buying low yield government bonds and should instead be concentrating on a mix of investment quality, high yield and equities. But that doesn’t sit well with modern day mark-to-market balance sheet valuations so here we are.

 

[platinumsage]

Lord Frost dissing Mordaunt this morning, coming out for Truss

 

[Supine]

Lord Frost dissing Mordaunt this morning, coming out for Truss

I’ve just seen him described as Shit-Midas which made me grin.

 

[billy_bob]

Stupid but just now is when I learned that when the gov borrows money it does it largely from pension funds, giving them iou bonds in exchange for cash, why do the pension funds agree to it though? If I had a pension I probably wouldn’t lend it to liz tbh.

At that level, money is made up: it doesn't really exist. It's only the fact that everyone continues to abide by the rule that you can't just add as many noughts as you want to the end of your bank balance that keeps us from the complete global collapse of the financial system.

 

[billy_bob]

 

[philosophical]

That Truss is on the television in front of me. It is surreal just how shit she is.
Seriously shit squared, appalling, like hearing a speech from a vacuum.
At least a vacuum has interesting scientific properties.

 

[two sheds]

abhorred by all things natural

 

[platinumsage]

She wants to get farmers to grow food.

 

[A380]

Penny Mordant is wearing Submariners' Dolphins in a few pictures. They don't normally give those out in cornflakes packets. Not that she isn't still tory scum or anything but she must be a bit competent at something. Any naval (or wider military) urbs know more?

 

[platinumsage]

Isn't she a naval reserve?

I think Tom Tugendhat is the only one with serious military experience, he speaks Arabic and got shot in the chin in Iraq, and has done lots of stuff on the ground in Afghanistan with military intelligence.

 

[SpookyFrank]

Isn't she a naval reserve?

I think Tom Tugendhat is the only one with serious military experience, he speaks Arabic and got shot in the chin in Iraq, and has done lots of stuff on the ground in Afghanistan with military intelligence.

FAO Iraqis: please aim higher in future.

 

[cupid_stunt]

Isn't she a naval reserve?

I think Tom Tugendhat is the only one with serious military experience, he speaks Arabic and got shot in the chin in Iraq, and has done lots of stuff on the ground in Afghanistan with military intelligence.

Yes, and for some reason a honorary captain.

 

[A380]

Isn't she a naval reserve?

I think Tom Tugendhat is the only one with serious military experience, he speaks Arabic and got shot in the chin in Iraq, and has done lots of stuff on the ground in Afghanistan with military intelligence.

Yes, she is a naval reservist. I didn't know that about Tugendhat.

 

[SpookyFrank]

As for military intelligence in Afghanistan, not sure I'd be putting that on my CV tbh. Unless he was working for the Taliban in which case he's clearly played an absolute blinder.

 

[platinumsage]

FAO Iraqis: please aim higher in future.

He was shot by British forces from a helicopter who thought he was Iraqi because he was in disguise.

 

[teuchter]

Penny Mordant is wearing Submariners' Dolphins in a few pictures. They don't normally give those out in cornflakes packets. Not that she isn't still tory scum or anything but she must be a bit competent at something. Any naval (or wider military) urbs know more?

View attachment 332221

There's something a bit "Hunger Games" about this photo.

 

[spitfire]

Penny Mordant is wearing Submariners' Dolphins in a few pictures. They don't normally give those out in cornflakes packets. Not that she isn't still tory scum or anything but she must be a bit competent at something. Any naval (or wider military) urbs know more?

View attachment 332221

Lots of speculation and guesses on this thread but it is opaque to say the least.

 

[ska invita]

Lead story on Sky News - ugly on so many levels this - what a shit fest - not new but the fact this is now going to be how they try and bring Penny down and the press compliant is yet another disgrace

Conservative leadership race: Penny Mordaunt suffers first setback of campaign as MPs attack her stance on trans issues

One supporter of rival contender Suella Braverman is said to have been enraged over a bill that replaced the word "woman" with "pregnant person".

news.sky.com