TheAuthority Posted October 9, 2022 VT Supporter Share Posted October 9, 2022 14 hours ago, blandy said: I think the alleged perp may have abused his elevated position. Well life is full of ups and downs. Link to comment Share on other sites More sharing options...
Rds1983 Posted October 9, 2022 VT Supporter Share Posted October 9, 2022 Link to comment Share on other sites More sharing options...
Rds1983 Posted October 9, 2022 VT Supporter Share Posted October 9, 2022 2 1 Link to comment Share on other sites More sharing options...
Genie Posted October 11, 2022 Share Posted October 11, 2022 (edited) The BoE having to step in again to put out the fire created by Truss and Kwarteng Quote The big news is that the Bank of England has been forced to unveil more measures aimed at calming markets - warning of a "material risk to UK financial stability". It's going to extend its purchases of government bonds (also known in the UK as gilts) to stave off worries about a collapse in their value. Bonds are effectively IOU notes which are bought by investors - with pension funds especially reliant on buying them. The backdrop is last month's mini-budget delivered by Chancellor Kwasi Kwarteng, which shook market confidence in the UK The BBC running a live ticker on it today so expect lots of twists and turns. “Material risk to the UK financial stability”, You could have dragged people off the street and put them in charge and caused less carnage. I’m just waiting for the PM to criticise the BoE for “playing politics” as they like to do each time their **** ups get a lot of attention from outsiders. Edited October 11, 2022 by Genie 2 Link to comment Share on other sites More sharing options...
ml1dch Posted October 11, 2022 Share Posted October 11, 2022 (edited) It's going to be fascinating to see which path they take. If they carry on without changing anything then the markets will continue to f*** them. If they announce the estimated £60bn cuts to public services needed to make their sums add up the opinion polls will continue to f*** them. If they u-turn on the whole thing then everything will continue to f*** them, and they'll have set fire to the ideology they've been desperate to try for the last thirty years, and it'll never be seen again. It's hard to see what they do without making everything considerably worse for themselves. (and us, obviously) Edited October 11, 2022 by ml1dch 2 Link to comment Share on other sites More sharing options...
Genie Posted October 11, 2022 Share Posted October 11, 2022 15 minutes ago, ml1dch said: It's going to be fascinating to see which path they take. If they carry on without changing anything then the markets will continue to f*** them. If they announce the estimated £60bn cuts to public services needed to make their sums add up the opinion polls will continue to f*** them. If they u-turn on the whole thing then everything will continue to f*** them, and they'll have set fire to the ideology they've been desperate to try for the last thirty years, and it'll never be seen again. It's hard to see what they do without making everything considerably worse for themselves. (and us, obviously) The PM remains committed to the plan* apparently. *doesn’t include the parts of the plan she’s already abandoned. 1 Link to comment Share on other sites More sharing options...
tinker Posted October 11, 2022 VT Supporter Share Posted October 11, 2022 Will be fascinating if the pound collapses, were looking at an economic collapse that could mimic Greece's. My guess is cuts will be to the disability allowance type benefits, pension age increased to 70 for anyone 60 years or older. Maybe the NHS will be restructured. Tbh the best thing they could do is call a general election. 1 Link to comment Share on other sites More sharing options...
ml1dch Posted October 11, 2022 Share Posted October 11, 2022 11 minutes ago, tinker said: Will be fascinating if the pound collapses, were looking at an economic collapse that could mimic Greece's. My guess is cuts will be to the disability allowance type benefits, pension age increased to 70 for anyone 60 years or older. Maybe the NHS will be restructured. Tbh the best thing they could do is call a general election. It would almost certainly increase market confidence, but it doesn't really change the underlying problems. A massive Labour majority (as one would probably expect at the moment) will still be governing a country that has been wrung out economically. Link to comment Share on other sites More sharing options...
tinker Posted October 11, 2022 VT Supporter Share Posted October 11, 2022 1 hour ago, ml1dch said: It would almost certainly increase market confidence, but it doesn't really change the underlying problems. A massive Labour majority (as one would probably expect at the moment) will still be governing a country that has been wrung out economically. We was wrung out before Truss started her experimental economics that caused a £60bn buy up of bonds. If vultures continue to pick on the £ and government bonds, the markets see these two as weak and incompetent, they have to go to stabilise the situation. Link to comment Share on other sites More sharing options...
PaulC Posted October 11, 2022 Share Posted October 11, 2022 3 hours ago, tinker said: Will be fascinating if the pound collapses, were looking at an economic collapse that could mimic Greece's. My guess is cuts will be to the disability allowance type benefits, pension age increased to 70 for anyone 60 years or older. Maybe the NHS will be restructured. Tbh the best thing they could do is call a general election. They cant cut disability benefits like PIP. They have to increase inline with inflation. They can make it harder for people to claim but that would take years to implement as there is massive backlog. Pension age they will no doubt increase but thats long term as well. For instance anybody born before 1960 will not have their pension age raised from 66 to 67. I expect Truss will make a lot of Uturns or she will be out of a job before the winter is out. 1 Link to comment Share on other sites More sharing options...
Ingram85 Posted October 11, 2022 Share Posted October 11, 2022 If they increase the pension age to 70 then there will be even more protests. Life expectancy has shrunk under the Tory bastards and I don’t fancy working longer and dying sooner. I wish the conference hall had collapsed on all of them last week. Link to comment Share on other sites More sharing options...
tinker Posted October 11, 2022 VT Supporter Share Posted October 11, 2022 She has to make sacrifices now to save money and that has to come from somewhere, obviously the NHS is a big spender but it's hard to cut too aggressively there. There's only a few options and pensions and benefits claims are the go to options, maybe housing benefit, 2nd home taxes? I was born in the late 60's, due to collect state pension at 67, I bet I'm 70 by the time I can claim but that's a saving for the future they need to save now. I can only see people who are due to retire in the next 2-3 years been immune from the cuts. Link to comment Share on other sites More sharing options...
Xela Posted October 11, 2022 Share Posted October 11, 2022 I'm not even considering the state pension. I'll class it as a bonus if I get it when i'm 68. 2 Link to comment Share on other sites More sharing options...
Popular Post Genie Posted October 11, 2022 Popular Post Share Posted October 11, 2022 33 minutes ago, tinker said: She has to make sacrifices now to save money and that has to come from somewhere, obviously the NHS is a big spender but it's hard to cut too aggressively there. There's only a few options and pensions and benefits claims are the go to options, maybe housing benefit, 2nd home taxes? I was born in the late 60's, due to collect state pension at 67, I bet I'm 70 by the time I can claim but that's a saving for the future they need to save now. I can only see people who are due to retire in the next 2-3 years been immune from the cuts. Windfall tax on gas and oil producers. 5 Link to comment Share on other sites More sharing options...
ml1dch Posted October 11, 2022 Share Posted October 11, 2022 23 minutes ago, Genie said: Windfall tax on gas and oil producers. That fills around 12% of the hole. Only 88% of it left to find. Link to comment Share on other sites More sharing options...
PaulC Posted October 11, 2022 Share Posted October 11, 2022 (edited) 1 hour ago, tinker said: She has to make sacrifices now to save money and that has to come from somewhere, obviously the NHS is a big spender but it's hard to cut too aggressively there. There's only a few options and pensions and benefits claims are the go to options, maybe housing benefit, 2nd home taxes? I was born in the late 60's, due to collect state pension at 67, I bet I'm 70 by the time I can claim but that's a saving for the future they need to save now. I can only see people who are due to retire in the next 2-3 years been immune from the cuts. Theres no way they can cut benefits as well as housing benefits. They did that under the Cameron government. They might not increase UC inline with inflation like Sunak promised, which in itself will be a cut. They will have to backtrack on windfall tax and make cuts to the civil service. The NHS they can streamline. The other way is that the economy starts to grow, grow, grow and the anti- growth coalition dont win Edited October 11, 2022 by PaulC Link to comment Share on other sites More sharing options...
Genie Posted October 11, 2022 Share Posted October 11, 2022 (edited) 6 minutes ago, ml1dch said: That fills around 12% of the hole. Only 88% of it left to find. I’d rather 12% comes from billions of unexpected profit than stripping more services out of the NHS, sacking civil servants or cutting benefits than none at all. Edited October 11, 2022 by Genie 2 Link to comment Share on other sites More sharing options...
Delphinho123 Posted October 11, 2022 Share Posted October 11, 2022 What’s all this about pensions? Link to comment Share on other sites More sharing options...
tinker Posted October 11, 2022 VT Supporter Share Posted October 11, 2022 4 minutes ago, Delphinho123 said: What’s all this about pensions? They need to save money , cut costs , and pensions are an area they can cut significant costs. They are already under review to see if they can raise retirement ages inline with the average age of death. Link to comment Share on other sites More sharing options...
ml1dch Posted October 11, 2022 Share Posted October 11, 2022 11 minutes ago, tinker said: They need to save money , cut costs , and pensions are an area they can cut significant costs. They are already under review to see if they can raise retirement ages inline with the average age of death. I wonder whether he's talking about this: 1 Link to comment Share on other sites More sharing options...
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