In the news

If it was the EU’s fault how come I can get a drink so much cheaper on the continent?

Is the grin because he's landed a shit ton of money from directing policy to his benefit, whilst simultaneously fucking the environment?

https://www.theguardian.com/environment/2023/jul/31/rishi-sunak-approval-100-new-north-sea-oil-and-gas-licences-fossil-fuel-climate-crisis

https://twitter.com/artteachjess/status/1686499204514848770?s=20

Wtf? Pint's changed, he is exactly the same.

Oh it's fake:

https://twitter.com/MattLCapon/status/1686652504447094784

they probably wanted to fix the womans expression. most of the image is a perfect match

1 Attachment

hah

Brilliant. Top cunt.

Unless you drink wine, spirits or at home then almost everything has gone up. Duty on wine over 11.5% is up 20% or 44% depending on ABV.

https://www.thedrinksbusiness.com/2023/08/brewing-sector-hits-back-at-sunaks-pr-stunt-at-beer-festival/

error.

Borderline wtaf thread tbh

https://www.bbc.co.uk/news/uk-scotland-66374767

“…Rossi maintained he was the victim of mistaken identity - and said he had been tattooed while he was lying unconscious in hospital in an attempt to frame him.”

A failed bank is one that can't meet its liabilities. Doesn't mean its assets are zero - they may not be liquid (tradeable in short term) enough. And so shares aren't necessarily worthless.

Look at RBS, shares fell a lot further after government purchase (yes they were overpriced due to disastrous acquisitions). Still held billions in mortgages.

Compare company insolvency, wind-up and sale due to cash flow problems.

Also, those calling for retail banks to be allowed to fail surely don't understand what that would mean to them personally.

Perhaps start here: https://en.m.wikipedia.org/wiki/Nationalisation_of_Northern_Rock

Government didn't guarantee bank deposits until then.

Yeah, I just realised I was talking bollocks when I suggested equity would be zero when share price was zero.

Does having liquidity problems doesn't necessarily mean that liabilities outstrip assets? In your example of a company facing insolvency because of cash flow problems, isnt it possible for the company have a healthy balance sheet, and even be profitable, but cannot get their hands on cash (because credit problems or whatever). Which is sort of what happened to Northern Rock.

That's exactly what I'm saying.

Ultimately regulator/government make the rules about the amount of reserve assets banks must have in relation to liabilities, taking liquidity and risk into account (see 'capital tiers') and so they determine if 'outstripping' and thus failure has occurred, by monitoring and testing.

In general in 2008, UK banks had profitable retail businesses swamped by disastrous investment businesses - they were not sufficiently separated ('ring-fenced').

(redacted because I’ve decided to be less negative)

When you read the impact of the cuts to the foreign aid budget, its pretty grim that we are using the money to pay for prison ships
https://www.theguardian.com/global-development/2023/aug/02/womens-health-at-risk-from-uk-aid-cuts-foreign-office-warned

The Venn diagram of “stop the boats” and “cut the aid” is just a circle.

And the government are going with that (and other “motorist” wedge issues) as they had no ideas in the first place and they are all out of those ideas.

Perhaps start here: https://en.m.wikipedia.org/wiki/National­isation_of_Northern_Rock

Government didn't guarantee bank deposits until then.

FSCS came into existence in 2001 apparently, according to wiki.

They are talking about the govt. standing behind an entire banking operation without limit, rather than the limited consumer guarantee.

This whole mp pulling a pint thing is so old.

“I’m just like you really”

I have never pulled a pint in my life - am I in some kind of elitist minority?

Fucking what?!

As someone who works for a pseudo-bank, these organisations do not deserve any protection.

Yea, quite.

am I in some kind of elitist minority?

I mean, let's be honest....

(I too have not pulled a pint, well once for a laugh... but not properly like as in for money or trying to get elected)

I’ve pulled loads of pints.
But not for years.
Hardest game in the world.

They are talking about the govt. standing behind an entire banking operation without limit, rather than the limited consumer guarantee.

No, they are not. I thought I'd been careful to bring up retail vs other, ringfencing etc. You and @rhowe can stand down. I guess I need to revise the history of the FCFS limits. [Edit: they were about £30,000 before NR collapse, which is a lot more than I thought]