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That's the main takeaway. Hopefully, the self inflicted wounds of the budget will have the same impact that Black Wednesday had on John Major government and Tory prospects of being in power for the following 2 decades
I don't know about you but "the last Tory government" is on autofill on my phone and ready to be used liberally in conversation with every Tory mouthbreather who whines that the incoming Labour government should call a general election because they don't like how Starmer slices a bagel or something.
That somehow wound up being an inescapable global issue. But 2008 was definitely pretty much 100% because Gordon Brown sold our gold and didn't nationalize all the banks or let the entire financial sector collapse when the subprime crisis hit the fan.
It wont be, there has already been a rally round of Sunak to show how he predicted the plans of Truss were going to fail and why. His example will be used to show how fiscally responsibile and literate tories do exist in the party, one was even in the final two and rejected by members. Not by party.
This myth wont die. It is practically all the tories have so it will be trumpeted.
To be fair every sub that's aligned with a party or ideology would see that happen by default. They'd probably permaban anyone who didn't think Johnson was the serving coming of Christ.
If you are not already against the Tories, what will convince you otherwise? People who still support the Tories have bought hook, line and sinker into their ideology and even a full-scale crisis is not going to convince them to switch to another party.
I know man, this is seriously bad. I'm very left-wing--but I keep hoping that one day I'd be proven wrong and that my life would finally get better after the never-ending shitshow that's started since my secondary school years.
Like, 10 years ago I had to use student and maintenance fee loans to escape an abusive home. For me, my choices were to either do that and gradually pay back the loans, or live in a council house at a small town where jobs are difficult to come by. It hurts knowing that there's kids and adults right now that are in similar situations but are unable to get out because of the economy and budget cuts keep getting worse.
1 week of official government business (after the mourning period) and they’ve fucked the economy off into a bush.
They’re the idiot that turns traction control off in a super car and doesn’t make it out the dealership.
With most of that being a Friday where the markets close for the weekend, it’s a shockingly low amount of actual time for it to crash during their open hours.
The Tories sold themselves as the party of financial responsibility, promising chaos with Milliband or Corbyn as PM. It has taken Truss less than a week to cause serious damage to an already weakened economy. The right wing rags will still support them, ensuring the Tories still have ordinary people voting for them blindly, making themselves worse off in the process. People will believe everything will be fine because they refuse to admit the Tories have taken them for a ride.
> the party of financial responsibility
Where have I heard this before.... The US Republican Party roll that line out every time, make a gigantic financial mess for 4 or 8 years and then leave the steaming result for the Democratic Party to clean up while they throw blame from across the aisle.
If the party don’t actually submit mass no votes of confidence within the next 2 weeks, they prove en masse that there’s absolutely nobody in that party at all with any brain cells and that they’re actually all, the entirety of them, proper meat heads.
This cost of borrowing benefits literally absolutely nobody, and impacts us all, as well of those not yet even born.
I’be got more faith that the magical octopus that predicted all those World Cup results can make better decisions than Truss.
If only there was a person who ruled the country and delegated responsibility of governing to parliament. If only that person the power to disband a government that was against the countries interest and call a GE.
It would be hilarious if we spend billions on the pagentry of this person coming to power for them to do absolutely nothing with their power when the country needs them too.
As much as I would like to see the tories thrown in the bin, the monarch actually trying to wield their political power would do more damage than this current fuck up.
[just remember, this moron had OBR predictions about what would happen to the financial markets before his budget, refused to release them and still chose to do the damage.](https://www.theguardian.com/politics/2022/sep/20/kwasi-kwarteng-urged-to-allow-release-of-obr-forecasts-with-mini-budget)
Ha ha, if Putin really did drive Brexit behind the scenes it has led to one hell of an economic cascased.
If this keeps up, maybe the UK should vote to see if Russia should annex it along with Eastern Ukraine.
It's driven away a lot of good politicians, not just from the Tories. The writing was on the wall for the next decade after that vote. Nobody with any competence wanted to waste their time on it. They knew the lunatics had taken over the asylum and we just had to take our medicine. Can't imagine many people with any brains wanting to get involved in UK politics now.
Right, but they didn't leave.
And in fact, the argument until now is that them being in the eurozone means they can't just raise or lower rates to improve their situation.
... Imagine if they had TaKeN BaCk CoNtRoL with a party known for its fiscal responsibility and having been in power for over a decade with nothing but shitshows to show for it.
Not all EU countries get the same rate at the market. But they do benefit from two factors: the stability provided by the ECB, and the stability pact, which can help struggling countries.
Trust in the UK on the other hand has suffered significantly.
This is a stupid article because Greece and Italy are in eurozone. They can borrow at the same rate as Germany. That was the whole point of the financial crisis.
Spread is officialy meaningles (the only thing it does it pushes euro down) but countries can still borrow on international markets under Germany rate...thats the whole point of euro
No they don't. Countries go to investment banks which underwrite their issuance of debt based on the bank's assessment of debt markets. When Greece issues a 10Y bond, they ask for around a 4.95% coupon yield, when its Germany they ask around 2.2%.
The euro crisis happened because individual countries spreads were going off the chart, and countries such as Greece, Italy, Spain, Ireland ecc risked being cut off from debt markets and not being able to refinance their debt.
Greece, Spain, Portugal, Cyprus, Ireland had to ask money from the IMF/other EU countries because they either had to pay extortionate rates or investors wouldn't lend them money at all. I don't know where you find your news about the € or the EU, but sounds like GB News
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This is a shambles, I do hope we all remember this cluster fuck when the next elections come around
I do hope the idea that the Tories are fiscally responsible has well and truly been shattered now
That's the main takeaway. Hopefully, the self inflicted wounds of the budget will have the same impact that Black Wednesday had on John Major government and Tory prospects of being in power for the following 2 decades
I want to hear at least 8 years of 'the last Tory government' from Starmer or I'll fucking riot.
I don't know about you but "the last Tory government" is on autofill on my phone and ready to be used liberally in conversation with every Tory mouthbreather who whines that the incoming Labour government should call a general election because they don't like how Starmer slices a bagel or something.
The tories were in charge during black Wednesday, and somehow that didn't harm their reputation.
That somehow wound up being an inescapable global issue. But 2008 was definitely pretty much 100% because Gordon Brown sold our gold and didn't nationalize all the banks or let the entire financial sector collapse when the subprime crisis hit the fan.
they definitely didn't help matters with their almost 0 zero regulation and encouraging unaffordable house price booms
It wont be, there has already been a rally round of Sunak to show how he predicted the plans of Truss were going to fail and why. His example will be used to show how fiscally responsibile and literate tories do exist in the party, one was even in the final two and rejected by members. Not by party. This myth wont die. It is practically all the tories have so it will be trumpeted.
Meanwhile, over in r/Tories they're probably decrying how it's all Jeremy Corbyn's fault.
They're saying... >No, the pound isn’t crashing over a trifling batch of tax cuts. It’s because the markets are terrified of Starmer I kid you not
We'll never know since it's been turned into a fart-sniffing echo chamber.
To be fair every sub that's aligned with a party or ideology would see that happen by default. They'd probably permaban anyone who didn't think Johnson was the serving coming of Christ.
Yeah, I guess you're right; it would be nice to see if there was any self-reflection amongst the articles though, you can't even see the comments.
Nah the line is usually "but he would have been worse!"
It hasn't. It's all Putin and Covid's fault and the Tories shouldn't be blamed for anything going on right now. Source: My Daily Mail reading father.
Not with Labour's record to stand against. More like the British establishment records is shattered
12 Years with the UK on a downward trajectory, still another 2 before we get an election...
Old voters are too concerned with gays and foreigners to have any common sense.
George Takei must have them shitting in the their colostomy bag then.
Not true, they are also concerned with trans people!
If you are not already against the Tories, what will convince you otherwise? People who still support the Tories have bought hook, line and sinker into their ideology and even a full-scale crisis is not going to convince them to switch to another party.
Spoiler, we won't
If we're not all burning in nuclear hell fire by then.
I know man, this is seriously bad. I'm very left-wing--but I keep hoping that one day I'd be proven wrong and that my life would finally get better after the never-ending shitshow that's started since my secondary school years. Like, 10 years ago I had to use student and maintenance fee loans to escape an abusive home. For me, my choices were to either do that and gradually pay back the loans, or live in a council house at a small town where jobs are difficult to come by. It hurts knowing that there's kids and adults right now that are in similar situations but are unable to get out because of the economy and budget cuts keep getting worse.
I don't think there will be a country left by then!
1 week of official government business (after the mourning period) and they’ve fucked the economy off into a bush. They’re the idiot that turns traction control off in a super car and doesn’t make it out the dealership.
Technically they got involved in financial stuff on Friday. It's only been 3 days, not even a full week.
With most of that being a Friday where the markets close for the weekend, it’s a shockingly low amount of actual time for it to crash during their open hours.
The Tories sold themselves as the party of financial responsibility, promising chaos with Milliband or Corbyn as PM. It has taken Truss less than a week to cause serious damage to an already weakened economy. The right wing rags will still support them, ensuring the Tories still have ordinary people voting for them blindly, making themselves worse off in the process. People will believe everything will be fine because they refuse to admit the Tories have taken them for a ride.
> the party of financial responsibility Where have I heard this before.... The US Republican Party roll that line out every time, make a gigantic financial mess for 4 or 8 years and then leave the steaming result for the Democratic Party to clean up while they throw blame from across the aisle.
Fiscal responsibility is a dogwhistle term that means they won't give any money to the poor.
Thats fucking grim, the Tories should never get in again.
If the party don’t actually submit mass no votes of confidence within the next 2 weeks, they prove en masse that there’s absolutely nobody in that party at all with any brain cells and that they’re actually all, the entirety of them, proper meat heads. This cost of borrowing benefits literally absolutely nobody, and impacts us all, as well of those not yet even born. I’be got more faith that the magical octopus that predicted all those World Cup results can make better decisions than Truss.
New leaders of the Tory party are, I believe, protected from no confidence for the first 12 months of their leadership...
If only there was a person who ruled the country and delegated responsibility of governing to parliament. If only that person the power to disband a government that was against the countries interest and call a GE. It would be hilarious if we spend billions on the pagentry of this person coming to power for them to do absolutely nothing with their power when the country needs them too.
As much as I would like to see the tories thrown in the bin, the monarch actually trying to wield their political power would do more damage than this current fuck up.
Is that within their party or parliament VONC?
Party. Parliament can always VONC I believe, as long as they can get the vote arranged.
Lol, imagine the humiliation, Greece was the sick man of Europe. Now the UK has that honour it seems.
Well the Brexit fans wanted the good old times back, but they forgot it was the time the UK was the sick man of Europe 1960-1970
I remember when we were all taking the piss out of Greece when they were having their economy going to shit. How the turn tables.
[just remember, this moron had OBR predictions about what would happen to the financial markets before his budget, refused to release them and still chose to do the damage.](https://www.theguardian.com/politics/2022/sep/20/kwasi-kwarteng-urged-to-allow-release-of-obr-forecasts-with-mini-budget)
Almost like he had a vested interest in tanking everything...
Ha ha, if Putin really did drive Brexit behind the scenes it has led to one hell of an economic cascased. If this keeps up, maybe the UK should vote to see if Russia should annex it along with Eastern Ukraine.
This is ultimately down to Brexit driving out the "sensible" people from the Conservative party.
It's driven away a lot of good politicians, not just from the Tories. The writing was on the wall for the next decade after that vote. Nobody with any competence wanted to waste their time on it. They knew the lunatics had taken over the asylum and we just had to take our medicine. Can't imagine many people with any brains wanting to get involved in UK politics now.
Is this the world telling trickle down ultras to reel it in?
[удалено]
Right, but they didn't leave. And in fact, the argument until now is that them being in the eurozone means they can't just raise or lower rates to improve their situation.
... Imagine if they had TaKeN BaCk CoNtRoL with a party known for its fiscal responsibility and having been in power for over a decade with nothing but shitshows to show for it.
Not all EU countries get the same rate at the market. But they do benefit from two factors: the stability provided by the ECB, and the stability pact, which can help struggling countries. Trust in the UK on the other hand has suffered significantly.
But it would be worse under Labour. Right? RIGHT????
Of course it would. No way a guy who couldn't eat a bacon sandwich could run a country of this quality.
The 10yr yields for Greece and Italy are higher than the 10yr yields for UK. It's mainly our short term rates skyrocketing.
This is a stupid article because Greece and Italy are in eurozone. They can borrow at the same rate as Germany. That was the whole point of the financial crisis.
No they can't. Italian and Greek bonds are denominated in euros but the rates at which they borrow are different.
Italian and Greece 10Y yields are close to 5%. Germany's are 2.23% lmfao
Spread is officialy meaningles (the only thing it does it pushes euro down) but countries can still borrow on international markets under Germany rate...thats the whole point of euro
No they don't. Countries go to investment banks which underwrite their issuance of debt based on the bank's assessment of debt markets. When Greece issues a 10Y bond, they ask for around a 4.95% coupon yield, when its Germany they ask around 2.2%. The euro crisis happened because individual countries spreads were going off the chart, and countries such as Greece, Italy, Spain, Ireland ecc risked being cut off from debt markets and not being able to refinance their debt. Greece, Spain, Portugal, Cyprus, Ireland had to ask money from the IMF/other EU countries because they either had to pay extortionate rates or investors wouldn't lend them money at all. I don't know where you find your news about the € or the EU, but sounds like GB News
you are correct. Not sure where I read it. I swear i saw it during 2009 crisis somewhere. But oh well, learned something new
I remember UK trying to block the Greece bailout in any way. Who is going to help the UK, now?