In the news

when those are announced he expects to see the market calm

Haven't they said that's not going to happen until the 23 of November or something.

Kwarteng is going to ask bankers to stop betting against the pound.

Problem solved guys!

So he is effectively admitting the 8 weeks of chaos in the meantime are a conscious decision…

apparently the chancellor had the banks in yesterday to explain the next set of supply side changes to make and the when those are announced he expects to see the market calm

The result of those explanations will presumably be seen in the various market indicators out today. I'm no expert but it's not looking that much better today

Kwarteng is going to ask bankers to stop betting against the pound.

But this is interfering with the free market…

Kwarteng is going to ask bankers to stop betting against the pound.

That's not very free market. Sounds like an interventionist government to me.

yet more deregulation

Not sure our rivers/beaches can take any more shit. But, hey-ho, it's not summer any more.

UK exports have declined compared to several years ago.

Machinery and chemicals exports are strong, small business exports to the EU are screwed.

Some business sectors will be helped by a lower £ but am pessimistic about good jobs / rent and mortgages / food prices. Because 40% is imported and there still is no good food strategy to address that.

I doubt the extra exports can offset all those downsides by generating some more jobs.

They aren't blaming the EU for a change? ;)

BRAWNDO!

Is what I feel like shouting.

BOE announce government bond buying programme to strengthen the market.

I'm not smart enough to know why this is a bad idea but I'm sure I'll find out soon.

Grim reading:

https://twitter.com/RichardJMurphy/status/1575036159176089600

Seems more likely they are adopting a 'won't be bullied by the international money markets' approach. That's certainly the message sent by the BoE statement regarding rate rises.

BoE has gone the other way and is planning to buy gilts at the long end of the curve (pushing 30Y yield down 4o bps). Hard to see how that doesn't put more pressure on the GBP.

Assume Kwarteng has been in Bailey's ear - "You can't raise rates, but do something to make it go away for a bit", or something?

So, 'weak pound is good for exports' used to be a handy covering statement at times like this.

It will also stop people buying a lot of imported goods which had to happen.

Thank god we don't rely on imports to produce our exports.

Peston suggests it is bad?

https://twitter.com/Peston/status/1575068194175594496

I think, from a quick read in a few places, it's just kicking it down the road or QE 3.0.

They'll probably cut public services even further come November too.

Looking forward to co-pay health insurance by EOY.

Chris Giles, economics editor at the FT thinks its bad too.

That is very depressing. Let's hope Tory MPs seeing that will force a u-turn/get rid of Truss/Kwarteng over the next 8 weeks.

Don't forget to get vaccinated against COVID. Or your kids against polio.

Before funding for them gets pulled.

And still no government minister anywhere to be seen...

The AV referndum was also where Cummings and others first dipped their toes in targeted misinformation. AV will kill babies for example.

The Lib Dems really have so much to answer for

Check the fridge.

The Lib Dems really have so much to answer for

But at least they got their 5p plastic bag tax through.

and, you could argue, was the event that gave Cameron the idea to offer one on EU membership as it was a non-event with very low turnout

Absolutely right - Cameron himself said as much in the recent BBC doc. Two "successes" (AV and Scotland) emboldened him for the big one.