Emergency action by Bank of England amid UK economic turmoil

As the economic storm clouds over the UK darkened further still, the Bank of England today staged a dramatic intervention - saying it will start buying up government debt in an effort to stabilise markets and protect pension funds.
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The surging cost of borrowing, sparked last week by the Chancellor's tax-cutting plans, had earlier drawn a stinging rebuke from the IMF - but the government says it's sticking to its guns, although departments will be asked to identify 'spending efficiencies'.
Labour says parliament should be recalled so the prime minister is held to account over the crisis.
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[@donaldwatson51]

Increased losses for portfolios this quarter are predicted by market drops, skyrocketing inflation, a major interest rate hike by the Fed, and rising treasury rates. How can I profit from the volatile market right now? I'm still considering whether to sell my million dollar bond and stock account.

[@andrewlogan7737]

Concentrate on two main goals. To start protecting yourself, learn when to sell stocks to reduce losses and maximize gains. Second, get ready to profit when the market recovers. I suggest having a conversation with a broker or financial advisor.

[@danieljackson87]

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[@michaelrenner3]

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[@danieljackson87]

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[@mikeharry96]

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[@britishrose9417]

I didn't know "Putin's war" started on Friday just as the Chancellor started speaking.

[@PrivateWalker]

😂👍👍👍

[@irieite9666]

Well they convinced you to vote for Brexit. Now there is war in Europe and the economy is sunk. They can't admit its because of Brexit. They'll tell you it's the lunar cycle before they admit the truth.

[@HuplesCat]

Putin funded the government and brexit so in a way it is his fault 🙂

[@stevenhull5025]

It has nothing to do with "Putins war" The pathetic enforced lockdowns during the "pandemic" and the hundreds of billions printed by central banks and the Federal reserve (from thin air) caused the inflationary mess we are all facing today. "Putins special operation" have indeed caused a spike in energy prices ( due to the EU and UK sanctions against Russia) so instead of taking full responsibility our politicians lie through their teeth.

[@GladysAlicea]

Good point. I'm across the pond and not a financial whiz, but Ms. Liz's massive turnaround from her campaign days is truly reckless and shameful. As always, the people will suffer the most, while the well-off and rather rich will benefit. Trickle-down has been proven time and again to be to the latter's benefit. It simply doesn't work, and its affects only worsen over time. Everything's more expensive, while wages remain stagnant, yet the US and UK are always on the same idiotic wavelength. We've all seen this movie before. Best of luck, cousin.

[@MatthewVinson]

With inflation currently at about 10% coupled with bad energy policy, bad foreign policy, bad regulatory policy , and insane fiscal policy. My primary concern is how to grow my reserve of £300k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings lying waste to inflation and my portfolio losing gains everyday, I need a remedy asap.

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[@Ammo-Hoarder]

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[@MIchaelGuzman737]

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[@Ammo-Hoarder]

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[@MIchaelGuzman737]

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[@alanleung1828]

The party had a choice between finance minister as PM, or foreign minister as PM. They can't possibly be surprised that their economic plan isn't working out when they rejected the finance minister.

[@Zizzy616]

In hindsight a terrible decision…

[@markwelch3564]

@@Zizzy616 quite a few people warned in foresight too, although I don't think anyone expected her to break everything quite as quick as she has!

[@soviet9366]

In what other job can you wipe out half a trillion pounds in a weekend and still be in post on Monday, flatly refusing to admit anything happened? These people take us for fools

[@wolfgangpreier9160]

In what other job can you be a prosecuted criminal and still rule the country? As long as the UK tramples their own laws and rules with their feet and does not want to bear the consequences nothing will change.

[@berndhoffmann7703]

well they take the electorate for fools and mind you no one went up to them when they have managed to dislodge 1 Trillion of assets. So why not continuing this path?

[@SnuggLeona]

Most tory voters are fools..... they repeatedly vote against their own interests

[@soviet9366]

@bina nocht No, that's lazy thinking. The UK electoral system gives massive political power to the winner, even though they have minority support in the country. The present Tory government only had about 43% of the vote, of a turnout of only 67% of the population.

[@8088I]

Tories are up to their dirty tricks again. They're setting up Britain for a massive Austerity 'Measure.'

[@Falconlibrary]

JOHNSON: No Prime Minister could possibly be more disastrous and incompetent than me. TRUSS: Hold my tea.

[@ABC-dw7pe]

I said at the time we may genuinely miss boris ... as peverse at it seemed

[@coppershark1973]

Hold my Panda Pop.

[@roseanncampbell7294]

hold my blonde hair rinse

[@dianebeckett7494]

Hahaha 🍵

[@grumpy-dad3701]

Hold my pork markets.

[@ZiggyMercury]

I don't understand much about the economy, but something struck me when I heard the new Chancellor delivering his speech on Friday. He said: "But *I am* not going to cut the additional rate of tax today, Mr. Speaker, *I am* going to *abolish it altogether*". Two things raise a red flag here even to a guy who understands nothing about the economy: first, that "abolish it altogether" phraseology sounds ridiculously theatrical to me - not something that really fits the job or the time. But more worrisome for me was the repeated use of "I am", as opposed to "we are". He is not even the head of the government, and yet he sounded like he sees himself as a god. The guy sounded absolutely megalomaniac, to a dangerous degree. Which is even more dangerous now, because I find it difficult to see a guy with such an inflated ego backtracking on a move that really seems to have been a huge mistake.

[@oneiljerry9460]

Times have changed and now stock market is all about pump and dump leaving retailers as bag holders. Bag holders turned to long term investors will still bag hold and stock might go to zero. There is too much news, too many analysts, too many factors, too many firms, insiders influencing the stock price. Retailer money is being sucked. With inflation currently at about 10%, my primary concern is how to grow my reserve of $300k which has been sitting duck since forever with zero to no gains.

[@claraclouse9086]

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[@bobbymainz1160]

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[@simonfes3770]

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[@bobbymainz1160]

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[@simonfes3770]

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[@jujutrini8412]

I remember when David Cameron and George Osborne won the election and saying to colleagues they are the worst PM and Chancellor of my lifetime. I felt vindicated by the end of their run in power. Then May and Johnson came along and showed how much worse things could be! Then I made the mistake of thinking no one could be worse than Johnson at running the country! Now I know that as far as the Tories are concerned there are no depths.

[@Mistabushi]

Please. Stop thinking the worst is past us, you are not doing us any favour.

[@andresmontana4466]

They are all terrible but none compare to Blair. He single handedly destroyed British culture.

[@4m4n40]

@@andresmontana4466 Are you a Russian bot?

[@vivo-audio]

@@andresmontana4466 What 'British culture' did Blair destroy?

[@abdulvallo2471]

And tories will still get a vote from the torie supporters

[@Jonpoo1]

How stupid does he think we are with that “Putin’s war” response?? The war’s been going on for half a year! An awful coincidence that this chaos should have waited until the government announced it’s own surprise special operation..

[@XTSu-sl1bb]

Am completely sick of these stupid Pre-prepared answers did they just keep saying over and over. It makes a complete mockery of the general public

[@FARISM13]

Woah it’s not just Putin’s war- a lot of the blame for this falls on Remainers. I can’t really elaborate why, but yeah, blame them.

[@alexkalish8288]

I think the blame goes to the British people who want a welfare state and a green new deal at the same time, the skill set of the population is being diluted daily by unskilled immigrants you cannot afford to support.

[@tomvandersteen5880]

The interviewer should just call it out and say “I’m sorry but that’s complete nonsense it doesn’t even make basic logical sense if you can’t take this interview seriously then we will have to end it there.” Sure they’ll lose their job when the government rings their editor 3 seconds later but they’ll have another one shortly when the public start clapping them as they pass by in the street.

[@tobymaltby6036]

Putin's War has actually been going on since around 2013....

[@philmitchellboxing8661]

They're shorting the pound on purpose for their hedgefund paymasters

[@neilsmith154]

So Sunak understood the risks. If Labour reverse the tax cuts they are back to Sunak’s tax plan. 2 months ago you could not find one person who supported his plan.

[@neilknightley4703]

The idiots are always louder u know . Sunak didn’t win cuz he is brown

[@mikethornton2497]

Rishi Sunak not attending the Conservative party conference to let Liz Truss “have her moment” is a textbook piece of British passive aggressiveness

[@J1122]

whos laughing now

[@Oluinneachain]

@@J1122 first prize is prime minister. Second prize is prime minister in recovery mode.

[@Jayantimaharaj]

Should he go and kiss her ... when she is clearly ruining the country??!! Prepare for a labour govt soon. She cannot win ANY election after this performance.

[@georgegraham7066]

...or cowardice.

[@user-wq2xu1rn2c]

@@georgegraham7066 did you even see his campaign ? He said all these things multiple times no one heard - now face it

[@radec1566]

How this country held dominion over the world is hard to imagine.

[@billcipherproductions1789]

Empires rise and fall. That’s why.

[@seandoyle2983]

@@billcipherproductions1789 that they do. Could America be next?

[@stevenhull5025]

You reap what you sow. It is now payback time.

[@radec1566]

@@stevenhull5025 Payback for what?

[@1963pyros]

Guns

[@PhilipMurray251]

Courage taught me: that no matter how bad a crisis gets, any sound investment will eventually pay off.

[@Robertgriffinne]

Sad thing is the very word millionaire itself may lose its meaning because inflation.

[@instinctively_awesome8283]

Paycheck to paycheck stimulates the economy more, if everyone saved then jobs would be lost... its not good

[@marianparker7502]

In order for us to prepare for the future we need to look into safer investment with good prospect . If you have the mindset of investing 5 years ahead and just keep DCA every time you get paid. My portfolio have accrued gains of about $130k under the guidance of my investment -Advisor "Stephanie Priscilla Bonillo" whose skills in portfolio diversification are unmatched and client-centered.

[@Patriciacraig599]

@@marianparker7502 The crazy part is that advisors are probably outperforming the market and raising good returns. I will give this a look, thanks a bunch for sharing this

[@liamdevine8063]

Very thin line between courage and idiocy.

[@RobertBernardoKim]

Since I watched all of Tory leadership hustings between Liz and Rishi, I already expected the current turbulence , because her commitment of tax cut was terribly sorry in the circumstance of current inflation stage. Tax cut causes borrowing by issuing treasury bonds and furthermore induces radical rise of market interest and loss of market confidence.

[@louloubrow2171]

You ain't from Britain!!! So mind your own business 👋👋

[@mainmain5303]

@@louloubrow2171 what?

[@tazzioboca]

Not only will I get a tax break, but the government will buy my bonds at basically any price I want them to pay? Christ, what a day to be upper class in Britain.

[@grahamturner1290]

😂

[@ssuwandi3240]

Wrong. Buying GOVERNMENT bond..not corporate bond. Meaning BOE is buying US Treasury Bills..

[@peterdoyle1591]

But we are upper-class auld chap. God save the King and all that. The rest of the people are just peasants and you should be serving your betters with a name like that.

[@williamkinkade2538]

It's good to be RICH!

[@iChillypepper]

Well you should have bought those bonds and unloaded all your pounds for euros just like Kwasi and his friends before announcing the mini budget 😂

[@philipvjones397]

So, in this programme, the Tories blamed Putin, the US and the BoE for this. They really must think everyone is as stupid as they are.

[@grahamturner1290]

And Starmer, somehow. 😏

[@juliekelly900]

I blame harry and Megan 🤣🤣🤣🤣🤣

[@einsteinscat1591]

Don't forget the unemployed who if they weren't so unskilled would be filling all those vacancies. Lazy idle, stupid bastards.

[@MiladyLondon]

They stopped buying CHEAP gas and oil from Putin and blame him for their stupidity, SANCTIONS kick your own back side badly, Putin is happy with his economy

[@saiyedakhtar3931]

Government: it wasn't us. It was the aliens from Beta Reticuli. 👽

[@filrabat1965]

I know I'm not UK (I'm US), but it seems laws or regulations forcing the pension funds to hold a certain amount of cash beforehand prior to the actual act of investing would have at least softened the blow. This is particularly true if they plan to borrow from banks. Not that the US has better financial regulations to stop this kind of stuff (we still haven't learned from the 2008 Financial Crisis, apparently)

[@j4v-cyberpunk-music]

A pension fund or font must not use borrowed money, because they are supposed to create a secure basis for future payouts and need therefore a save and secure strategy over activley managed investement fonts or ETFs.

[@annagettings4675]

Agreed. I am a UK citizen who avidly watches US affairs. Thank you for taking the same interest in us. 🙂

[@allip4226]

They used to have to do exactly that. Guess which party did away with that requirement as a part of deregulation, or, as they prefer to call it, “cutting red tape”? If you guessed the Tories, winner winner, chicken dinner!

[@jennil7797]

In two days, Truss and her crew have done more damage than has been done in the pass decade. Even diehard Conservative party members must be able to see thst the current duo in Downing Street blaming their disaster caused by their own ego trip policy on everything going on round the world rather than themselves makes no sense. They chose the wrong leader. Not only has she made a huge mistake in letting this maxi budget through, she is too blind to see, orto arrogant to accept the disaster it has brought about. Where is she hiding now??

[@hoogmonster]

The contempt these venal, self possessed ideologues have for real life in real Britain is frankly frightening. That the Bank of England is now at loggerheads with the government and is trying it's best to ameliorate Truss and Kwarteng's absurd mini budget is also strikingly confirming of the fact that this government hasn't just lost the plot, they've never been in possession of it at all.

[@georginaK21]

Thanks for your input Jordan Peterson.

[@kwanchan6745]

this is the pro-EU civil service at work scuppering a pro-brexit govt where were the civil service advisers when kwasi formulated his mini-budget ? "yes minister it will be fine, snigger"...the surprise on kwasi's face says it all, welcome to the backstabbing civil service traitors

[@kualabear]

Every government loses the plot at some point, it’s all proving, yet again to be a big scam. There’s no party and fewer individuals left to trust it seems.

[@rohanindra6401]

They’re cutting taxes in an inflationary environment its so dumb. Tories in 2010 had a clue where they successfully cut debt.

[@andrewhyde4708]

Well put.

[@denisdaly1708]

Its very clear. The labour government of 2052 is the problem here.

[@davidarchibald50]

You need a bit of humour, don't you. Kia kaha guys.🤣

[@margaretwilson8736]

Corbyn somehow did it. :(

[@martinmcdonald4207]

Or 1952! It`s all that Clement Attlee`s fault!

[@stephanieking4444]

😂🤣😂🤣

[@bennyboy2079]

🤣🤣

[@JamesScholes]

I don't think most people realise how bad things are going to get. The fact is the entire global financial system is slowly collapsing and everything's only going to get worse. If you study history you'll know dying countries/governments/empires always print their way out of it but it NEVER ends well. My advice to you is not to store your wealth in pounds and stock up on essentials like food etc while they're still cheap.

[@seanbrummfield448]

It's funny how they all keep blaming Putin's war in Ukraine but, this has been happening before that.

[@lloydnaylor6113]

What's been happening before the war in Ukraine?

[@seanbrummfield448]

@@lloydnaylor6113 Life's been getting expensive for the Working class everywhere.

[@lloydnaylor6113]

@@seanbrummfield448 worldwide!

[@andrewjones-productions]

Just goes to show that Rishi Sunak actually knew what he was talking about (at least in comparison with Thicky Trussy). He does after all have experience in the finance world and likely spoke from a certain amount of that experience. That in turn shows us how stupid and disconnected the membership of the Conservative and Unionist Party are that they decided that a complete and utter idiot would be better in the role of Prime Minister.

[@tanveerhasan2382]

So it seems, so it seems

[@ssuwandi3240]

Rishi inflated the public spending that was ended up in high inflation. Also he supported a wayyy too long of lockdown and economy shutdown and was seen having booze in midst of it.. are you really blind or just morally incompetent

[@mpcg102]

Yes but your glossing over the fact that it was a contest between a lady called LIZ or a a guy called RISHI and conservative members voted for Liz frankly I'm shocked

[@4m4n40]

The tories and diversity are like mixing water and oil.

[@J1122]

@@mpcg102 it was a race vote they didn't want Rishi

[@Christian988.]

Rishi: you can't borrow your way out of debt Liz that's not how money and finance works. *Liz: watch me* *Rishi: alright* 🙄 *The pound crumbles* *Rishi: hate to say I told you so but.. I told you so Liz you nincompoop.*

[@user-wq2xu1rn2c]

Everyone knew Rishi was tight and genuine - why was he allowed to loose ? Liz said all the good things without any understanding whatsoever and now see where we are

[@NineSeptims]

@@user-wq2xu1rn2c I swear women only feed misogynistic views.

[@orlaoto5794]

The Irish budget was a huge giveaway as well. Expanded health cover, childcare support, energy bill supports, business energy bill support, fodder support for farmers, extra welfare payments. They weren't taking any chances with a grumpy post covid society. Also, Sinn Fein are breathing down their necks.

[@gingerssmelllikecabbageand8708]

When your neighbours have gone nuts, you don’t have to do anything, just be grateful your not in that house.

[@maartenvandam344]

Isn't that supposed to be the other way around? Things happen, the Bank gives advice, the government does something? Not, the government causes an unprovoked crisis, the Bank has to intervene to stop the collapse of the economy. The UK has done that twice now, in recent history, 2016 and last Friday. This is not how that's supposed to happen.

[@georgebrowne5935]

Did John Redwood just call the British People Lazy again?? The same People that foolishly Voted for the Tories? OR didn't Vote at all, which is as bad. When will Ordinary British People ever learn??

[@vipeton.8927]

Never.

[@bl5752]

And we all thought BOJO was useless. Truss just couldn't wait to prove she was even more incompetent. Then, there are all the Tory minons trying to shift the blame onto others. This is only happening in the UK because Truss has tanked the economy.

[@helicoptergunship]

You're missing the point if you think they are incompetent and do not behave in a concerted attempt to plunder the treasury to enrich themselves.

[@samhartford8677]

No. This is because the ERG and the rest of the Tories ousted Boris for being a liar and not implementing this policy that Truss is now implementing. This was always the plan by the Brexiteers. They said they did not want to listen to experts, because they knew better. And they are trying to prove that they are smarter than the rest of the world.

[@philliusphoggwick8299]

@@helicoptergunship to be pedantic, I think they're incompetent as well. I genuinely don't think they have the intelligence, capability or experience to sit and work on the problems to be addressed, which require huge work, planning, collaboration and consultation, decisiveness and a strong moral compass and vision for the country. They are definitely incompetent, as well as being corrupt. The civil service should run the country, in other countries they would have a military coup, that's too far for us Brits, a nice sensible civil service coup would suit us fine.

[@leonardgoldberg2879]

Truss, like bojo and the other clowns are just a 'face' for the masses. The real control is the banks and mega corps.

[@DaBIONICLEFan]

It was already tanked you fool. Lockdown did that, but the markets weren't bothered, instead they clamoured for it. This manufactured crisis is down to globalist outrage at the UK taking a different tack than the rest of the world rather than clinging to a policy that has only seen decades of stagnation.

[@ShaunieDale]

Our country is being run by political children. There really must be a rule introduced that cabinet ministers have relevant qualifications/experience directly relating to the office.

[@titaniumsandwedge]

It was a panic this morning. The Bank of England saved the day. However, the antigen is still there and Downing Street needs to take back the tax cuts. All this would not have happened if England were still in the EU. But this ship has sailed.

[@lunaskye621]

All of this is like being in a car crash but in slow motion - The anxiety is much worse because of the delayed impact.

[@RandomUser25122]

And everyone in the car except the driver, are saying we need to take evasive action. Driver turns up the radio and accelerates more…..

[@matteightytwo]

And the worst thing is we're all stuck right in the middle of it, we're their crash test dummies

[@jennarose60monroe51]

@bina nocht What would you personally do, oh Wise One?

[@myleswillis]

And were crashing into a gas tanker, and were going to get trapped underneath it, and Kwartengs lighting up a cigarette.

[@aminulhussain2277]

@@jennarose60monroe51 Not cut taxes for one.

[@markcafferkey9230]

The complete lack of accountable is shameful.

[@Mithril_Antimarr]

they won't last long, wonder who the next PM will be

[@bobalot2]

This type of buffoonery is usually only seen in developing countries.

[@J1122]

scripted

[@Oluinneachain]

@@bobalot2 British exceptionalism 😂

[@philipmeisterl]

Its unbelievable how mush bs someone can talk in 3 minutes I love how he is talking about how the banks were at fault This dude was literally talking directly to the bank of england And then basically said people shouldnt get money if they are disabled and should go to work and that they will bring billions of new taxes

[@MrSkippingpig]

Why does the media always give these dangerous lunatics such an easy ride? The presenters are always so focussed on just getting to the next question on the list that they never bother to call out any of these evil, incompetent individuals on their lies.

[@danieleyre8913]

Remember everyone: Kwasi Kwarteng has been educated at Eton, Cambridge and Harvard 😂

[@thailandsnippets901]

That must be the answer then.

[@kirishima638]

Kwarteng is done. Resignation by next week. Truss will be facing a vote of no confidence by Christmas, major U-turns expected.

[@jonsimmons4150]

"Kamikaze" kwarteng Phd in "Tanking economics"

[@clareowen2047]

Their hubris will prevent the u turn - they will continue to screw us all

[@helicoptergunship]

He has just begun.

[@samhartford8677]

They did not stop Brexit even if anybody knew it was insane. Why do you think they would stop now? They are ideologues. They know better.

[@dy6682]

I am with u on this!

[@Salford_Chap]

Looks like Sunak was spot on with his tax cut predictions then

[@honeysugar1]

Ya think?! He wasn't elected because of the colour of his skin 🙄

[@Salford_Chap]

@@honeysugar1 who knows?!

[@sellisali974]

@honeysugar1 is right. UK is not ready for a coloured PM. (As a coloured person, my friends and I were amazed he got a decent chance for it, but being a billionaire probably helped a lot 😂)

[@jocondie2069]

@@sellisali974 The colour of a persons skin should not matter the ability to run the country for all the people of that country and not the elite few is what should matter I would have much preferred Rishi Sunak as pm He would have had my vote

[@sharlwoo]

@@jocondie2069 say that to the white and old Tory members who voted Truss in. We would not be in this mess it Sunak was elected.

[@bombast9866]

And we have the temerity and gall to lecture other nations 😂😢

[@joebournat]

The British public did not vote for this mess and certainly did not vote for Truss and her ideological madness. Expert after expert are saying this is not something that is down to events abroad yet Tory Minister after Tory Minister are blaming everybody except Truss and Kwarteng. This is an absolute disgrace and Tory back benchers must get a grip on their party by starting with sending in letters of No Confidence on Truss.

[@nathcryptoenthusiast8322]

Love it when a public servant can’t even be bothered to stop and answer a question. Just goes to show how arrogant and rude they are, an absolute disgrace to those they are supposed to be serving!

[@stevenhull5025]

Serving themselves you mean

[@J1122]

that public servant was briefed beforehand & had a prepared scripted answer.

[@Oluinneachain]

Please don’t malign public servants with politicians

[@braxxian]

The MSM don’t serve the public either. They are propaganda platforms.

[@electricaviationchannelvid7863]

The BB is a private bank...a public servant has no authority over it neither over stock market investors moving their thin-air-printed-no-real-value-backed-virtual-digital money...The only things that matter are the physical commodities that you have and that you can protect....

[@XTSu-sl1bb]

She’s only been in power two weeks 😂 thick Liz is completely useless

[@anthonysullivan3238]

so it's the bank of england's fault. nothing to do with truss or kwarteng. brilliant well done redwood you muppet

[@atlantawilsher3961]

I CANT EVEN WATCH IT! They all make me sick. Get rid of them all.

[@SicAltusIsVulnero]

Good to see at least Andrew Griffith is prepared to address everyone’s concerns. . . By lying so blatantly I’m actually insulted by the sheer audacity of it.

[@mrjohncharlesbrown]

What is astonishing is she is prime minister due to a small number of blue rinse Tories liked her, she's not an elected prime minister by the people they should ban such changes of prime minister, and have an general election for the people to decide, and I'm a conservative

[@goldenturd1155]

You spelt satanist wrong.

[@klaw7050]

@@goldenturd1155 ahah, good one.

[@Kira-ji5pr]

This is suppose to happen… Lizz just ripped the band aid clean…

[@Oluinneachain]

@@Kira-ji5pr 🤔

[@MrSamoDude]

How can they ban changes of prime minister when the people don't ever vote to elect a prime minister! We vote for an MP of a party who then jointly decides who will be prime minister. We don't have a presidency like the US where they vote for the person who'll lead their country.

[@rohanindra6401]

The UK economy is the casualty of Truss’s ego who wants her legacy to be known as Thatcher 2.0. Thus she has copied and pasted her policies in a wildly different economic environment just for her legacy. Leaders must have an ideology but obviously apply it according to circumstances. Thatcher worked for her time but they need a new playbook and seem out of ideas. In current environment taxes need to be raised otherwise inflation control will come in the form of painful rate hikes.

[@vonhellfinger7540]

Who is that lovable rogue? "That's Rusty" he has matured into such a fine noble minded Gentleman driven in the pursuit of unity, reason, compassion, logic and hope amongst other things....

[@Horizon344]

The Tories were finished the moment they put Truss anywhere near the PM's office. They deserve to be electorally wiped out. SUPPORT & VOTE UKIP

[@kennethlalla1779]

Agree but fools will undoubtedly vote for them

[@MrJenklns]

As an ex Lib dem She's doing all she can to get the Tories out

[@stevenhull5025]

The trouble is we will all be wiped out before we have the chance to vote them out.

[@Mithril_Antimarr]

sure they can find someone better

[@GladysAlicea]

I prefer flogged.

[@fuckbankers]

Why aren't the Tories blaming Corbyn?

[@MrJenklns]

The Ukraine war is getting the blame now, that's why

[@amandahunter4034]

because they know that if he was PM now, and John McDonnell Chancellor, none of this would be happening.

[@gavinreid9184]

some are blaming the next labour government!

[@coppershark1973]

Because they’re blaming Starmer. Oh! And remainers.

[@irieite9666]

And the remoaners

[@theheadshotstudio9254]

Surely Kwarteng knew this would happen - a lot of his mates in the city (including his ex boss) are making a lot of money betting against the pound. I wouldn't say its incompetence, its corruption.

[@omm.12]

You got it and everyone's in it are at it.

[@jimmorrison4291]

I don't know much but I can saw one thing...Rishi Sunak's loving this 😄 I imagine he started lining up his short sells on Sterling as soon as he realised Truss was going to win

[@GK-qc5ry]

Only can a politician cost the country billions......let me repeat that.....billions that the taxpayers have to pick up and still be in power.

[@ow3jyt548]

Half a trillion man

[@skycloud4802]

And that politician in power wasn't even voted as prime minister of the country by the people

[@jsm6136]

I agree, lockdown was a stupid idea.

[@ellenfaulkner7616]

Sounds similar to trump

[@vivo-audio]

The Royal family have done a similar thing over their lifetime.

[@leesmith-dennis4141]

It is a deliberate policy to enrich themselves and their paymasters as much as possible in the next 2 years.....

[@leeii337]

truth

[@edt6488]

Except the reality is the government has just made everyone in the UK poorer.

[@noldo3837]

Borrow money and ruin whole economy to give money to super-rich cocain-sniffing criminals...

[@jemhoare2105]

Always follow the money.

[@jdu2613]

What an effort from John R. to shift the blame to the Bank of England. He is just ridiculous!

[@broadleyboy2]

So you have a world where you have a recession and the BOE is trying to cool the economy with hikes, and on the other hand you have the Treasury that is trying to shield the economy from that recession and implementing fiscal measures that are inflationary.” for John Redwood fo say Bank of England’s planned sale of 8.9 Billion of the gilts it hold was the primary reason for the problems with gilts prices is ridiculous. The BOE held 895 billion of gilts and the sale of gilts was a tiny proportion of this holding . The fault for the volatility in the market lies with Truss her Chancellor and her cabinets idiotic mini budget.

[@itshim917]

IM 30 YEARS OLD HAVE NEVER VOTED IN MY LIFE BUT IM DAM SURE VOTING #LABOUR NEXT ELECTIONS THIS TORIES PARTY IS AN ABSOLUTE DISGRACE

[@marlonblade007]

They know they're on the outs so they're being even more corrupt.

[@stevenhull5025]

Labour which sold off 60% of the nations gold reserves for a pittance. Good luck

[@russelledwards001]

Stick with this lot then. Great.

[@b62boom1]

@@stevenhull5025 the gold was sold to save the economy. The Tories are collapsing it.

[@peacelily723]

@@russelledwards001 its because of these types, the country is in turmoil!

[@MrLoftusjj3]

Calling The UK An Emerging-Market Is No Longer A Joke The UK’s progression toward emerging-market status is moving so fast

[@mrhead8175]

submerging market more like

[@bond0815]

Sub-Merging market rather. "Emerging" implies an upward trajectory.

[@thebunit6492]

Crippled market.

[@kennethlalla1779]

Collapsing market

[@hyrdocomputing]

We've got a chancellor who looks the part!

[@damonturnbull5903]

What part of, you don't borrow money to give the rich tax cuts.

[@StimParavane]

Truss did exactly what the Billionaire class wanted her to do. Job done.

[@thecat4272]

Truss + Kami-Kazi have only been in the job a few weeks and they've been a ABSOLUTE DISASTER already.....

[@einsteinscat1591]

"Kami-Kazi".... brilliant! :-)

[@TheBillaro]

kami-kazi😂😂😂😂😂😂😂😂

[@martinmcdonald4207]

A few days!

[@buk3695]

2 weeks. The minimum amount to use the plural "weeks"

[@fuckbankers]

The silence speaks volumes

[@stevenhull5025]

Silence is golden.

[@GladysAlicea]

It definitely says she and Kwarteng are both elitist cowards.

[@methanedirigible]

@@stevenhull5025 All that glitters is silent

[@michaelgnit8476]

I remember my dearly departed brother saying British people and government never have contingency plans. It appears to be true.

[@lin90210]

Does Liz Truss not have advisors to warn her of what may and has happened by their every step? Thr tqx cut eill help people like her...high earners..but at what cost? Our next few generations have to pay higher tax to repay this debt we have inherited. That is if people have children.

[@runwiththerunners8152]

Before joining the then common market that matured into the EU the UK had the worst performing economy in Europe just in front of Ireland. Now we are out the EU and after the ridiculous Brexit it looks like we are heading back down there again. During the debate remainders were called scare mongers -re-moaners. 🤣

[@RoryMonaghan]

Now Ireland has one the strongest growths of all economies in Europe 👍🏻

[@runwiththerunners8152]

@@RoryMonaghan Exactly and companies are locating there to trade within the EU.

[@paulhank7967]

Spain, Italy and Greece are in a worse state than the UK.

[@paulhank7967]

This is nothing yo do with brexit. Covid pandemic and the 100s of billions paid out in furlough didn't help. Lockdowns have crippled economies worldwide. Including China, which is still locking down outbreaks.

[@RoryMonaghan]

@@runwiththerunners8152 including some funds like those of Jacob Rees Mogg, the dirty rat. I wonder how much of that fund is in dollars and euros and how much is in pounds.

[@IdaiMakayaPublications]

There's nothing quite like a politician. They'll blatantly say the sky is green, if it suits their narrative...

[@Kira-ji5pr]

Actually sky is black not blue… if u can call it blue, you can call it green as well😂

[@mikeandrews2782]

This is beyond your usual lying Tory. We’re into serious Trump territory now…

[@aidenjohns8248]

strange how they forget the bank bailouts not that long ago! all in line with the great reset!..

[@hektoriuz]

They have to protect the rich with the poor's money, like the good Ol days.

[@michealpallett5708]

They soon be bluiding workhouse for us

[@Mikeyc2k6]

It's insane that you can commit such obvious corruption and still be leader of the country. Its insane that its a job you essentially can't get sacked from

[@depralexcrimson]

who said you can't? just gather 300k ppl in london going absolutely bonkers till they fuckin crucify her if she doesnt resign

[@electricaviationchannelvid7863]

She is still looking for the Red-Button...

[@rv9497]

This is 10 years in the making it wasn't just the mini budget. That was just the removal of the piece in the Jenga

[@gabrieldomocos7570]

Lol that last guy: the BOE announced it would stop selling bonds for a while. Translation: the BoE is buying all the bonds as fast as it can for as long as necessary, causing hyperinflation in only a couple of months

[@MrThebigcheese75]

Love the defence of using the Ukraine war, when is Liz going there for her photo op? Maybe if we hadn't got rid of our gas storage facilities by the Tories then we could have been more sheltered from the energy market. Then we would've had less to borrow at least. This is just pain incompetence by trying to help their rich mates so they can profit from them later themselves. John Redwood, I don't think I've heard the boe say inflation will come tumbling down next year? Oh, and is also all their fault. Test and trace, didn't that line Dido Harding and her cronies to the tune of millions and be a screw up.

[@michaelkavanagh5947]

Reagan economics in a tiny country with no real tangible economic alliances. Madness!

[@j4v-cyberpunk-music]

The City and Westminster ain all the UK, mate

[@zekbaker4727]

Thatcher economics, the witch still haunts us. This time there is no family silver to pay for it and so deceive the UK public.

[@rohanindra6401]

Haha must have read Janan Ganesh’s column

[@rickerhart907]

Let me guess you weren't even around then. I was. I bought my first house when Carter was president and paid 16%. I remember when you can only buy gas on odd or even days depending on your plate number. I remember Carter giving a speech that telling us that the United States didn't have enough energy to keep your house warm. Inflation was as high as it is now. And then I lost my good Teamster job at a grocery warehouse because they closed three warehouses and 58 stores in my region of the country. Everybody was unemployed and struggling like they are now. All of It reversed after Reagan got elected and they lowered taxes. Businesses started back up, there was a hiring boom, and interest rates dropped back into a reasonable range. And you could buy gas whenever you wanted at a reasonable price. The problem Britain has right now is trying to recover from a borrowing and spending binge. And yes there will be pain, as any socialist country that is gone broke will tell you

[@patrickbateman783]

I don't think it's Reagan economics. Britain was the first Nation to combat Covid by using MMT. They monetize the debt without using the gilt market. Now what not being mention about this budget is the spending. You can't cut taxes and spend at the same time. The Mainstream Stream Media are just pointing out the "Tax Cut for the Rich" but. nothing about the large spending parts of the budget.

[@kevinhayes7830]

This government has got to go the market has totally lost confidence in the Tory government we need them all removed as soon as possible 🤬

[@888ssss]

its not the gov thats the problem, its the market.

[@kevinhayes7830]

@@888ssss the problem is people like you if you're not a bot 🤔

[@888ssss]

​@@kevinhayes7830 rates will have to be raised or pensions will be fried.

[@Oldtanktapper]

As an old teacher of mine was fond of saying: ‘in order to understand what is actually happening in politics, you must always ask yourself one question when listening to a politician speak: WHY is this person lying to me?’

[@anonymousanonymous1997]

Tories “Don’t believe you’re lying eyes” 🤦🏽‍♂️🤦🏾 These people are beyond redemption!

[@inlaw2outlaws]

think its a joke smirking as they are walking to the car while everyone suffers . someone needs to shake them all up . its not a game ffs

[@Sarfaraz30]

It’s a game for the tories tho

[@TruthTortoise81]

shake them? why not beat them savagely.

[@alkante2962]

When I think about my previous english neighbours who, for 15 years, never ceased to tell me how everything was so much better in England compared to France where they were currently living at the time - just for the weather and to obey a mundane dream of the british middle class... me now, if I were of their likes 🤣😜

[@KazeHorse]

This was written poorly.

[@valuetraveler2026]

Wait for the Euro collapse

[@Oluinneachain]

@@KazeHorse peut-être voudriez-vous répondre en français?

[@luisrodrigues1630]

@@KazeHorse made me laugh all the same 😂😂

[@haggis5803]

c'est mal écrit

[@chrisk1732]

It s the financial institutions who run the world .they are more than capable of breaking any country financially when the huge profit’s they are currently making are slightly / remotely threatened .

[@hayzed9491]

Pure gaslighting and talking past simple questions with inane diatribes. The way they blanked that reporter is a perfect example of the contempt they have have for the public and any scrutiny.

[@huwzebediahthomas9193]

Absolute froth, yep. Total bull he comes out with. Crazy! UK in deep trouble financially as it was, before last Friday. Now it's toast.

[@frankschlanker]

The general public are looking at this lot and agree, that these people don't know what they are doing!!

[@stevenhull5025]

Exactly. LOOKING. While they are looking they will freeze to death in their homes, starve to death because their food bills become unaffordable and will be thrown out into the street because their mortgage payments become unaffordable. That is what happens when one becomes a mere spectator.

[@aminulhussain2277]

Idiots will continue to vote conservative based on their dogma of all alternatives being worse.

[@valuetraveler2026]

The general public are stupid

[@frankschlanker]

@@stevenhull5025Exactly! Have you joined ENOUGH IS ENOUGH Steven?

[@squirrel9999]

These idiots will blame everyone for their failings, exactly like an abusive and manipulative spouse. Everything is your fault.

[@Killajmj]

WHEN UK'S FORMER COLONIES ARE NOW BETTER PLACES TO LIVE

[@beverlyhitchon4901]

To accuse Truss and the tories of being shallow, implies depth! 😒, the only depth is in their pockets! When are we going to be rid of this disastrous party! 🙄

[@b62boom1]

They absolutely detest the working class. Once again squeezing those with the least. They love the suffering. A day of reckoning is coming.

[@stevenhull5025]

Make it soon before its too late

[@generalbuttnaked7637]

"a day of reckoning is coming" sorry to disappoint you but I've listened to those exact words in the 70s, 80s and for the last 3 years. I don't believe that it's ever going to happen.

[@BezdomniakPL]

One solution, Revolution!

[@BezdomniakPL]

We need another bolshevik revolution in the 21st century

[@feeblewhip8225]

I was ready for Rishi. Now I have no idea what I'm ready for.

[@cancel5015]

LizExit

[@stevenreilly3963]

@@cancel5015 Truxit 😉

[@TruthTortoise81]

hope your ready for your rent or mortgage to go up by hundreds of pounds a month.

[@BezdomniakPL]

Get ready to revolt

[@timbobill7279]

The benefit bill isn't the issue nor the solution. Why on earth are we plagued with inept MPs running the UK? We've effectively had hard times since 2008 and very little useful progress. Benefits are a tiny outgoing. Why not stop focusing on house sales to inflate the GDP and invest in actual, for real plans to get the country into shape? Training is a joke in the UK now, access to higher education is out of reach for most and the UK has a massive skills gap, and yet still, we have these jokers piping on about failed programmes. Get with it.

[@baldrickscunningplan6154]

I am hoping that Liz launches an investigation into companies that grew their businesses aided by furlough payments. Many companies grew massively during the lockdowns and took furlough payments. Furlough was a safety net. It was not an investment in their companies. They should be forced to pay back every penny.

[@XTSu-sl1bb]

It’s criminal to keep interest rates so low when inflation is double figures

[@MrJenklns]

They should be at 7%

[@MrJonnyl123]

Our economy is a house of cars which can’t handle 5 percent interest rates without total collapse. It’s an economy that’s been addicted to cheap credit for years

[@northwestcoast]

Gotta keep them down due to huge mortgages

[@Chris-rp9df]

The country cant cope with tens of thousands of families defaulting on their mortgages and needing social housing

[@stevenhull5025]

Since when does the housing market control the whole UK economy? If homebuyers were so naive to take out large mortgages not realising interest rates have been kept artificially low they have themselves to blame. Just check interest rate history charts and the average is around 7%.

[@vmoses1979]

Can someone explain why pension funds are borrowing money to buy bonds? Pension funds are not supposed to be like leveraged hedge funds and other alternative asset managers.

[@benghiskahn3673]

They can borrow up to 50% net value.

[@nathansavage8692]

thats what i thought! how is even supposed to make sense? surely the interest on the loans is higher than the bond yield or everyone would be doing it!

[@mamboa1986]

"You will own nothing and be happy"

[@stevep9221]

This is crazy. How can we have a lower base rate than the US. I am dumb but realise if a particular bank is offering a 2% interest rate and another bank is offering 4% (100% more interest) then I will put my money in the 4% bank. Oh look... That is the same difference as bonds in the UK and the USA. We will have no-one left wanting our bonds unless interest rates go up 2% today. We are screwed if it stays like this. SIMPLES,

[@Rich.H68]

The Met Police now the Bank of England who else is in Tory pockets?

[@blist8329]

Trickle down economics has never worked. People tried to argue that it worked in America but they always forget federal law is what keeps minimum wage rising. If trickle down economics worked Walmart would be paying their employees a lot more

[@rohanindra6401]

Socialism doesn’t work either look al Latin America. Whats needed is a combination of the two. In the 80s deregulation and privatisation needed to occur but now theres no point of constant tax cuts if debt and inflation is rising. We probably need taxes to increase now, particularly on land.

[@digitaldemii4735]

Damn you Corbyn!!😭😂

[@garethevans9789]

No, the Britsh Pound dropped 5% in a single hour early Sunday morning (to 1.04). It has plummeted since April (from 1.30), it isn't just due to the USD. Much of this is Rishi's doing. Then Truss's headline policy to give a tax cut to those earning over 150K, the City has lost faith (it's bonkers). I couldn't be angrier with this government's ineptitude (Labour is just as bad).

[@simonthomas5367]

So all in all not a bad first couple of weeks in the job then……

[@CTN999]

Everything is blamed on Putin. This is about the management of the British economic wellbeing

[@user-nx4pq1ly5l]

I feel deeply sorry for British people for electing such short- sighted leader! May the passing Queen bless her people escape from such fiasco unharmed !

[@equinox95]

Liz Truss met the Queen for her confirmation, 2 days later the Queen was dead.....she obviously felt some kind of energy from Truss and that proved fatal.

[@jaschan2006]

I felt it was fishy the Queen dies not long after meeting Liz Truss