“Dear oh dear…”
God Bless King Charles
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This is unprecedented.
Whilst Truss and Kwasi have rather ineptly tried to push a growth agenda, and are copping the flak for the current economic turmoil, in reality what they have done is just bring forward the day on judgement on an economy gorged on low interest rates and QE
This was always going to happen
And it’s going to happen everywhere
The US mortgages are quoted at 7% and JP Morgan is predicting recession
The Eurozone has shite inflation / debt and will be hamstrung by rising interest rates and a stand off between Club Med and the Northern pact
We have got first mover disadvantage thanks to the botched budget
The BoE and pension regulators and FCA have to take some blame here - how can we be in a position where a 1.5% movement on Gilts fucked the pension market.
Interest rates are back and 4 to 5 % isn’t high - it’s normal or at least it was. Trouble we have is there are too many people over leveraged, be it housing, buy to let or corporate.
What Liz did was to pull out the last supporting block from our shitty financial Jenga tower. And because she is shit l, she is changing her mind daily and making it worse
More like stumbled into it like a pissed parent at a kidddies party.
Embarrassing
That being said, you seem to be trying to switch the blame from the Tories.
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Not really - this has happened on their watch
I suppose my point was, it matter not who won the Tory race - they were going to get this land in their lap
Would Sunak have started dishing out the tax cuts in the name of growth like some demented Santa Claus?
I guess, but they’ve made such a car crash of the situation and made it much worse than it ever needed to be. The country is almost, if not already, on its knees through Tory mismanagement.
Probably not, but the jenga tower was still going to fall on him at some point this year - our economy has been screwed by an addiction to low interest rates and QE
The former has led to people / companies borrowing more than they can afford and the latter has led to inflation which needs higher interest rates to counter
Old Lizzie isn’t pulling U turns - she is doing donuts in the car park
What exactly is going to be left of her first amuse Bouche budget
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Kwarteng sacked.
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Wait for the U turn speech.
“Yes of course I had only been PM for 3.5 minutes and a new economic policy had been widely trailed by me. But then my newly appointed Chancellor ran off and did his own thing without my knowledge. It’s all his fault. Honest, it was all him. Boo hoo”
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This is text book CEO blame passing strategy
The primary purpose of a CFO is to carry the can when the CEO stuffs up
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the one on the left has seen better days
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Hate to say i told her so!!
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I think we now know what a “shambles” really looks like
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Breathtakingly Trumplike. 
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I thought this quote is particularly perceptive
“If as prime minister you remove a lightning rod, don’t be surprised if rather more flashes of it end up striking you instead.”
People only borrow what others are prepared to lend to them. No-one - individuals or companies - borrows money and factors in what may happen if rates rise at some point in the future, otherwise very little will ever be borrowed or lent. And very few would ever take a chance.
Inflation rises have primarily been driven by supply side shortages following the pandemic shutdowns and supply chains fragility afterwards, when demand picked up quickly. And the opportunistic fuckers like oil / energy companies profiteering off the back of it. And that cunt Putin.
We used to. We were used to rates going up and down like fiddlers elbows before 2008. We were more cautionary then. This seems to have been forgotten.
I have more sympathy for young people who all they have ever known is 2% mortgages. I have very little sympathy for companies who leverage themselves to such an extent that even a small bump in the road scuppers them
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