Genie Posted September 26, 2022 Share Posted September 26, 2022 The Tories treat their leaders like Chelsea treat their managers. She got in into power on the immediate cutting of taxes. Now it has (as predicted) tanked the economy the people who voted for her are pointing the finger. Maybe that other guy with his sensible approach to paying down the debt before giving out free money to people who don’t need it was right? 1 Link to comment Share on other sites More sharing options...
The Fun Factory Posted September 26, 2022 Share Posted September 26, 2022 16 minutes ago, sidcow said: Well in my opinion the only way out of this now is to vote in some extreme right wing fascists, someone who would scare the shit out of even Rees-Mogg. It's the only logical thing to do. Is that the Italian approach? 1 Link to comment Share on other sites More sharing options...
ml1dch Posted September 26, 2022 Share Posted September 26, 2022 It's all going frightfully well. Link to comment Share on other sites More sharing options...
Stevo985 Posted September 26, 2022 VT Supporter Share Posted September 26, 2022 3 minutes ago, ml1dch said: It's all going frightfully well. As someone currently contemplating buying a house, this is just so **** confusing. Should I buy now to lock in a lower rate? Should I wait because the interest rates will cause house prices to drop? Will waiting just make things worse? If I buy will I end up in negative equity because of a crash? 1 Link to comment Share on other sites More sharing options...
Genie Posted September 26, 2022 Share Posted September 26, 2022 5 minutes ago, ml1dch said: It's all going frightfully well. You can currently get a £250k mortgage on a £300k house over 20 years at £1500 @ 4%. As I said before, I think this thread is the wrong place for discussing interest rate rises tbh. It’s not a Tory thing, it’s BoE and the Tory’s are actually subsidising it for anyone paying tax. Link to comment Share on other sites More sharing options...
Genie Posted September 26, 2022 Share Posted September 26, 2022 (edited) 7 minutes ago, Stevo985 said: As someone currently contemplating buying a house, this is just so **** confusing. Should I buy now to lock in a lower rate? Should I wait because the interest rates will cause house prices to drop? Will waiting just make things worse? If I buy will I end up in negative equity because of a crash? The house builder by me has been progressively putting their house prices up every 3 months for over 4 years. About 2 months ago they cut their prices (£20k off the most expensive £600k houses) then over the weekend cut another £20k off them. Some houses that were showing as reserved on the website have become available again. During the last stamp duty holiday they immediately added the stamp duty saving to their purchase price. That makes me think that the stamp duty reductions aren’t going to offset the other concerns of the economy and prices might start falling across the board. Also, this time of year is always a bit slow as people don’t want to complete around Christmas time. If you’re putting offers in then I’d go in very low. Edited September 26, 2022 by Genie 1 Link to comment Share on other sites More sharing options...
tinker Posted September 26, 2022 VT Supporter Share Posted September 26, 2022 1 hour ago, Genie said: Higher interest rates are needed to bring down the record inflation. That’s a must and everyone is doing it. Only here have those with massive mortgages been given a massive handout of cash to help pay it. They should be thanking this government, not slating them. Nobody else would do it. The pound dropping against the dollar and the Euro after the mini budget, tax cuts, means inflation will rise despite any interest rate rises, it's a right mess made worse by his interview yesterday when he stated further tax rises leading to the pound plummeting to its lowest rate ever against the dollar and not far away from the Euro. Demonstration on Sunday in Birmingham could get rather lively especially if fuel prices rise in proportion to the pound devaluation. You can add to that to the extra the government needs to borrow to cap the energy prices as well, been as there priced in dollars. Truss is like an economic answer to Putin's foreign policy. Link to comment Share on other sites More sharing options...
Genie Posted September 26, 2022 Share Posted September 26, 2022 1 minute ago, tinker said: The pound dropping against the dollar and the Euro after the mini budget, tax cuts, means inflation will rise despite any interest rate rises, it's a right mess made worse by his interview yesterday when he stated further tax rises leading to the pound plummeting to its lowest rate ever against the dollar and not far away from the Euro. Demonstration on Sunday in Birmingham could get rather lively especially if fuel prices rise in proportion to the pound devaluation. You can add to that to the extra the government needs to borrow to cap the energy prices as well, been as there priced in dollars. Truss is like an economic answer to Putin's foreign policy. Absolutely, the BoE have an obligation to get inflation down towards 2% so they were always going to continue to increase interest rates (as other major economies have done). They’ve been doing it for 6 months now. Higher mortgage payments were a given regardless of what the UK government did. The mini-budget is absolute madness. In the short term it’s helping people on variable mortgages pay the new higher rate. Long term it’ll either make inflation worse, or at least reduce the effectiveness of the BoE increasing their base rate. Link to comment Share on other sites More sharing options...
choffer Posted September 26, 2022 VT Supporter Share Posted September 26, 2022 1 hour ago, bickster said: Shouldn't take too much to work out who this is Sky News Blog Operation Big Dog resurrection underway. Link to comment Share on other sites More sharing options...
bickster Posted September 26, 2022 Moderator Share Posted September 26, 2022 13 minutes ago, choffer said: Operation Big Dog resurrection underway. Well they can try that if they want to but I don't think the electorates memories are really that short Link to comment Share on other sites More sharing options...
Straggler Posted September 26, 2022 Share Posted September 26, 2022 The tax cuts help almost no one. The amount saved in tax is dwarfed by the negative impact on the economy. The tanking of the pound plus all the already known problems of Brexit, inflation, fuel prices etc make this tax savings evaporate even as they are implemented. The only people who are doing well out of this are the people who bet against us on the markets. For the maths to work out in your favour you already have to have so much money that you wouldn't notice the difference anyway. Link to comment Share on other sites More sharing options...
bannedfromHandV Posted September 26, 2022 Share Posted September 26, 2022 Alleged votes of no confidence being prepared already, what a fantastic start to Truss’ premiership. Almost as laughable as it is predictable. 1 Link to comment Share on other sites More sharing options...
bannedfromHandV Posted September 26, 2022 Share Posted September 26, 2022 3 minutes ago, Straggler said: The tax cuts help almost no one. The amount saved in tax is dwarfed by the negative impact on the economy. The tanking of the pound plus all the already known problems of Brexit, inflation, fuel prices etc make this tax savings evaporate even as they are implemented. The only people who are doing well out of this are the people who bet against us on the markets. For the maths to work out in your favour you already have to have so much money that you wouldn't notice the difference anyway. Or in other terms, be an average Tory party member. Link to comment Share on other sites More sharing options...
bickster Posted September 26, 2022 Moderator Share Posted September 26, 2022 Truss going for two records at once. Shortest time as leader of the Tories and shortest time as PM. If she does it, it will be an absolutely magnificent achievement 1 Link to comment Share on other sites More sharing options...
Genie Posted September 26, 2022 Share Posted September 26, 2022 3 minutes ago, bickster said: Truss going for two records at once. Shortest time as leader of the Tories and shortest time as PM. If she does it, it will be an absolutely magnificent achievement About 75% of her time in charge has been downtime / mourning too. She’s only really had 2 big events since getting the job. 1) She got absolutely owned talking about her plan for energy and 2) the mini-budget is causing the economy to crash. It’s an incredible achievement. Link to comment Share on other sites More sharing options...
ml1dch Posted September 26, 2022 Share Posted September 26, 2022 16 minutes ago, bickster said: Well they can try that if they want to but I don't think the electorates memories are really that short If they were bothered about what the wider electorate thought about things, they wouldn't have taken the decisions that they did over the summer. Link to comment Share on other sites More sharing options...
Davkaus Posted September 26, 2022 Share Posted September 26, 2022 It had been a little while since the last once in a lifetime economic crash, good to see things back to normal. Link to comment Share on other sites More sharing options...
Genie Posted September 26, 2022 Share Posted September 26, 2022 They’re gonna make Brexit look like a minor blip. 1 Link to comment Share on other sites More sharing options...
Genie Posted September 26, 2022 Share Posted September 26, 2022 There’s talk the BoE might put interest rates up again TODAY to offset the run on the currency caused by the mini-budget on Friday. Bad news for your wealthy friends @ml1dch Link to comment Share on other sites More sharing options...
Straggler Posted September 26, 2022 Share Posted September 26, 2022 If they do ditch Truss a GE has to be the next step. This cannot go on 2 Link to comment Share on other sites More sharing options...
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