The fall of the Tory party

It's spot on - you'd have thought that she'd have made sure that practically any shade of green would have been purged from her warderobe already.

you'd have thought that she'd have made sure that practically any shade of green would have been purged from her warderobe already.

This is Liz Truss 🙄

Can someone lettuce up her green screen dress like people did to the queen a few years back?

"I crashed..." Should be "the tory party crashed ..." but it's beating a dead horse/lettuce at this point. Truss was enabled and endorsed by the whole party.

If you say that the Tories did it, that gives her an out by being able to pin the blame on the establishment who she was trying to overturn.

Assuming they're refering to her mini-budget I think it works better in this instance to put the blame entirely on her.

y'all just hating on Liz's brat summer

That was twat summer.

I'm no fan of Liz truss or the conservatives but I do find the whole Liz Truss crashed the economy/Thanks to Liz truss my mortgage is £500 higher thing funny. Maybe if you were unlucky enough to have remortgaged during the 6 month period after the mini budget there is a chance you paid 0.5% to 1% more on your mortgage due to the sentiment of the mini budget.
I've heard it too many times now from intelligent people, if someone wants prove me wrong i'm happy to hear the arguement but in my mind its just people bleating on what they've been told by the media.

You are wrong. Just look at the graph on this page.

https://www.statista.com/statistics/386301/uk-average-mortgage-interest-rates/

The spike in Sep 2022 was a direct result of Truss' mini-budget. Mortgage rates have only slowly dropped since then.

The Bank of England reacts to situations in the economy. High inflation following the huge capital injections as a result of covid loans and the pent up spending from lockdowns meant raising interest rates was inevitable. But the mini budget tanked the pound which wouldn't have helped to cool down price increases, and damaged the standing of the UK globally increasing the cost of government debt. The BOE reacted in response to the budget a "significant monetary policy response" which spooked the lenders, removing products from the market and driving prices up.

tldr it probably was going to happen anyhow, but the mini budget made it worse, particularly in the short run.

As I understand it, there was a spike caused by the mini budget but there was also a shift in global interest rates. So she made things worse, but the idea we'd still be on rock bottom interest rates without her is not really supportable - she just accelerated the shift to the new higher rates that would have happened anyway

We were the some of the unlucky ones timing wise. Went from a 1.6% fixed to a 4% fixed. £300 a month extra.

Same, we were trying to sell our house when she did what she did. Instead we took it off the market and had to suck up the extra costs on our mortgage as ours jumped from 1.74% to 4.58% fixed.

1.7% to 6.4% here…

We were also in the US when it was near enough 1:1 £ to $, fun times.

People at work said this to me - that it was going to happen anyway and her individual effect was short lived. I don't know if this is true (I'd have to seek out UK IR plotted next to other European ones I guess to assess). If anyone happens to have those plots I'd be interested...

Mine went up 20% (~£300). You could tell me it wasnt completely her fault, but trying to tell me it didn't happen will be trickier

I think you can tell by looking at graphs of interest rates for any other major economy - e.g. US rates went up at a similar time, same shows in a graph of any other country I've tried to Google (France, Sweden, us so far)

Edit: Fred's graph shows this pretty neatly

Didn’t something happen in 2020

Thanks. It looks like it's probably unreasonable to blame truss for continuing high interest rates, as they'd have likely happened anyway, but it's probably reasonable to say that she precipitated something here sixth months earlier than it would have happened in Europe.

My girlfriend that was in the process of getting a mortgage at time will happily have a word with you.

Did we grow the pie though?

Yeah but what's your point?

I think it's also that it was one of the first things she did (other than meet the Queen...) and it was so bad that they closed her laptop and walked her out of the building. Imagine if she had been in charge during the recent riots.

As was I, Mortgage rates had been on a steady rise months before the mini budget. We historically follow the Feds rates, do you think Liz crashed the US economy too? As people have said here she certainly didn't help in the short term but what has been happening had been baked in for years. In addition the billions pumped into economies worldwide while everyone sat at home was the cherry on the cake. There are many more people to blame for the current climate than Liz Truss.