UK General Discussion: Rishecession

[EastAnglianLefty]

The convention is that you keep a low profile during the opposing party's conference. That said, she's not a great respecter of convention.

[Property Representative of the Harold Holt Swimming Centre]

A lot going on this morning.

https://twitter.com/SamCoatesSky/status/1575064989324279809?s=20&t=TmrwFV8jF...

https://twitter.com/SamCoatesSky/status/1575068642617995264?s=20&t=TmrwFV8jF...

https://twitter.com/SamCoatesSky/status/1575073764572008448?s=20&t=TmrwFV8jF...

[Property Representative of the Harold Holt Swimming Centre]

Oh, and the pound is crashing again.

[Filuwaúrdjan]

I hope we're all looking forward to Liz Truss's big speech at the Conservative Party Conference next week!

[If my soul was made of stone]

Oh, and the pound is crashing again.

how i pity the me of a decade ago scared away from buying from the uk by the pound being like $1.65

[Logical]

Petition to rename the thread to "Venezuela on Thames"

[Silent Hunter]

This is the Truss government's ERM moment isn't it?

[Tintrlvr]

how i pity the me of a decade ago scared away from buying from the uk by the pound being like $1.65

What a blast from 2005 that video is! Yatta pretty accurately describes the moment though.

[CumbrianLefty]

Tories also when Corbyn was leader never went below 38%.  By contrast most polls put them in low 30s and a few even below 30%.  Would be shocked if they get under 30% but getting less than 1 in 3 voters is pretty bad for Tories

Um, erm, that's not actually true is it.

In fact, they recorded their lowest ever poll score when he was still around.

[Blair]

It is quite a skill to produce a budget that is both politically unpopular and which crashes the markets- which stops your supporters from arguing it was actually alright.

Also worth noting no-one is talking about the energy bills support- this is why this stupid west wing ‘4 policies in 4 days’ blitz was made.

Boris Johnson was never fully a part of the very right wing IEA/Adam Smith set- they have now got everything they broadly want and have no real excuse if it all falls apart.

The plan seems based around the idea that there will be huge levels of growth and well the market reaction today shows that things could collapse very quickly.

Didn’t Ted Heath try this in the 1970s and then have to retreat massively?

Wonder how long till the retreat.

[Property Representative of the Harold Holt Swimming Centre]

Main sub headline on the BBC right now: "Our experts are answering your questions as the government's tax-cut plans send the UK economy into turmoil."

Just what you want isn't it?

[Torie]

Does Truss not read The Economist? Why is she doing this to herself? It just doesn't make any sense. And now the US is going to slide into a significant recession, so it is not as if she can surf on a wave of prosperity elsewhere.

https://www.economist.com/leaders/2022/09/22/liz-trusss-selective-reaganomics-wont-work

[JimJamUK]

Errr…

https://twitter.com/edconwaysky/status/1575128310740389889?s=21&t=7-GH7t0gSX...

[Torrain]

Errr…

https://twitter.com/edconwaysky/status/1575128310740389889?s=21&t=7-GH7t0gSXZKOTyW_3MDiQ

How the hell has Truss crashed the economy and investor confidence this fast? When Cummings referred to Truss as a human hand grenade, he was right on the money.

[Filuwaúrdjan]

How the hell has Truss crashed the economy and investor confidence this fast? When Cummings referred to Truss as a human hand grenade, he was right on the money.

Cummings on Truss has turned out to be the ultimate case of... well..

[Torrain]

As you'd imagine, this absolute charade has had a detrimental effect on Tory unity. And, far from the discipline we've seen from Labour over the past week, most Tory MPs seem to either be venting their anxiety on Twitter, or briefing against the PM to their local journalist.

A small selection:

• Backbench MP Simon Hoare has directly compared the situation to Black Wednesday (the last run on sterling, for those playing the home game), ending with "This inept madness cannot go on."
• Former Chief Whip Julian Smith has responded to Lord Frost (a brexiteer ally of the PM) downplaying the crisis by screaming into the void.
• Government ministers are briefing that Kwarteng is about to be fired.
• Party Whips are calling around to see if they can get any Sunak supporters to attend party conference

Anonymous hot-takes from the backbenches:

• "Politically this is extinction level for us. It's all over"
• "There's a vacuum of leadership and empathy"
• "This is like 2008 but worse. We’re messing with the very fundamental principle of providing a home for your family. That’s why it’s different: it’s real stuff"
• "It is actually incredible that the UK central bank has had to step in to protect the UK from the actions of the UK's own government! I mean, just think of that for a moment!"
• "I don't think is sustainable. I predict the Chancellor will get the sack and it will unravel from there."
• “We are just a protectionist racket right now - a gang of marauding ambition - not a serious party”.

And Truss hasn't spoken publiclly in six days. Can't believe I thought things would settle down once Johnson resigned.

[Blair]

The funny thing about party unity is that sudden and brutal acts of fighting can sometimes lead to much greater stability; TIG forming in 2019, Boris kicking the anti no-deal Tory MPs out etc.

But there is a very dangerous situation where you can’t get the genie back in the bottle and all people know how to do is to brief and panic and plot; it is imho what would have happened if Brown was deposed in 2009.

It seems we’re in the latter…

[MABA 2020]

I took a week off and then come back to all this chaos, is the Truss government really imploding already?

[Property Representative of the Harold Holt Swimming Centre]

https://twitter.com/JasonGroves1/status/1575142490000302080?s=20&t=3QmQ2yPXS...

[afleitch]

https://twitter.com/JasonGroves1/status/1575142490000302080?s=20&t=3QmQ2yPXS...

The Queen is more likely to rise from her grave and comment.

[NewYorkExpress]

The IMF went after the Truss monetary package hard.

LONDON — The new economic measures laid out by the U.K. government “will likely increase inequality,” the International Monetary Fund said in a rare statement.

While the fiscal package — which included hefty tax cuts for Britain’s highest earners — aims to help families and businesses handle the energy shock, the IMF does “not recommend large and untargeted fiscal packages at this juncture,” a spokesperson said in a statement late Tuesday.

[Property Representative of the Harold Holt Swimming Centre]

https://twitter.com/MajorTomSavage/status/1575058625558618112?s=20&t=n6HiIxl...

[Cassius]

I believe we’re watching the political equivalent of Ney’s cavalry charges at Waterloo right now.

[mileslunn]

Tories also when Corbyn was leader never went below 38%.  By contrast most polls put them in low 30s and a few even below 30%.  Would be shocked if they get under 30% but getting less than 1 in 3 voters is pretty bad for Tories

Um, erm, that's not actually true is it.

In fact, they recorded their lowest ever poll score when he was still around.

True but only when Brexit party surged into 20s.  I guess should have said combined right as combined right pretty much always was over 40% when he was leader not low to mid 30s like now.

[Swedish Rainbow Capitalist Cheese]

Hey guys, do you all remember four weeks ago when people were discussing whether Truss would use her honey moon bounce to call an early election and ensure five more years of Conservative rule...