In the news

Kwarteng getting door step yesterday by a BBC reporter was funny, gone was his bluster of the markets will do what they do or, yeah and there's more to come etc.

He sounded like he was bricking it, 4 days into the shit hitting the fan and he couldn't even muster some holding platitudes when he was the one that flung the shit and placed the fan.

I think Truss will have to sack him to head off the MPs revolting and u turn on the top rate of tax at least.

Either that or they will double down for Austerity 2.0 to try to pay for some of it.

I can't see how Truss can sack her chancellor in month 1 and not have her premiership bleed out.

Fucking hell, the mental gymnastics required for that. WAC

If she sacks him, she has to go too I think.

I think Truss will have to sack him to head off the MPs revolting and u turn on the top rate of tax at least.

The Guardian are reporting it's Kwarteng who wants to u-turn but Truss was the one resisting.

I don't imagine he can u-turn on this, he's meant to be the Chancellor but it'd be such a massive admission that he didn't know anything about the markets that he'd have to resign.

Yeah, this. Completely batshit crazy. If what they have done is good, then why would the markets react to the expectation of a Labour govnt. Makes no sense at all - see also lefty hedge funds and remainer elites shorting the £.

It's also the fact that Sunak basically said this would happen that makes them look doubley incompetent.

Personally I'm not sure what the issue is with sacking Kwarteng, blaming him and getting the new Chancellor to make the u-turn. Hasn't Truss been in hiding anyway?

Or maybe it's because they can't find anyone to do the job.

Or maybe it's because they can't find anyone to do the job.

Rish... oh wait...

Or maybe it's because their personal relationship clouds their judgement?

Ftfy?

Because they're worried that Starmer will get in and undo all the tax cuts obviously! Sell the rumour and buy the news.

Try re-reading it whilst squinting and believing harder. Then it will make perfect sense.

Well I guess Liz is gonna have to strap one on and go in dry.

Personally I'm not sure what the issue is with sacking Kwarteng, blaming him

Because Truss has bought into the shitshow fully. By some accounts, Kwarteng wanted a partial u-turn and Truss refused, which would obviously be made very public if she sacked him. She would be (even more) fatally damaged by it.
Going completely invisible isn't really helping her cause. Will be interesting to see how the inevitable doubling down will go down during the Tory conference - she's not exactly a rousing speaker at the best of times. Will probably be a car crash.

Personally I'm not sure what the issue is with sacking Kwarteng, blaming him and getting the new Chancellor to make the u-turn. Hasn't Truss been in hiding anyway?

I think the bigger issue is how much advice Truss and Kwarteng ignored to get this through. Including sacking a treasury advisor who objected. i don't think Truss can just pretend that its all Kwarteng's fault.

That's definitely one of the problems many countries face, companies can withdraw, problems are global, the whims of global currency markets, money being siphoned off...

Even so local taxation and education policies can make a change, but I'm worried Labour is still thinking only of the basics and things have changed a lot the past 30-40 years.

It's hard to go it alone now, unless you are huge. But the UK leaving the EU, as much as I think that was a shit idea, does mean you can experiment more with monetary policies etc.

Just wish it wasn't done this way.... ;)))

Maybe this monumental fuck up is what we need to finally exorcise the idea that the Tories are the party that is good for the economy. Decades of slowly ruining things followed by throwing it all down the shitter and people who bring up the old Gordon Brown there's no money left bullshit can go sit on this spiked dildo of tanked economy. Labour can ride in and save us all, or at least stop fucking shit up and maybe do a couple of decent things at the same time with a decent stretch in charge. I only hope the fallout is quick and as painless as possible for the actual people of the country and the opposite for the Tories.

I mean it's not where I'd choose to start from, but I can't help but feel that the past few years have shown you can just chat shit and deny things ever happened.

That said I guess you risk fucking off both the normies and the nutters.

Are you referring to Sir Tom Scholar? Because he was a bit more than a Treasury adviser, he was the Permanent, i.e. the most senior civil servant in the Treasury.

And the most experienced in crisis management, wouldn't be needing anyone like that would they

And the most experienced in crisis management, wouldn't be needing anyone like that would they

Only for chaos with Ed Milliband. Obvs.

Really hoping for a screeching U turn - not like they aren't used to doing it, and knowing full well the papers will forget about it after a few days if things go somewhat back to 'normal' because of it.

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.

Basically 'hold the line' ride out the storm and start from ground zero. What's the worst that could happen kind of thing.

Worth remembering that despite this being a really awful strategy that we will all have to pay for. We were not a complete basket case economy before Brexit, there is some underlying value and industry in the UK. This kind of thing hamstrings the businesses that generate income but it takes a while to completely destroy them.

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.

It's hard to go it alone now

You can only go it alone if you have all the money, which we don't. We just have debts

Don't see the U-turn coming, 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

Supply side changes is a euphemism for yet more deregulation, at a time when it’s crystal clear that that is more harmful to everyday life for the vast majority of people. They really are a cult now, aren’t they?