No Margaret Thatcher? UK PM Truss's tax cuts trigger market mayhem • FRANCE 24 English

There is a run on the pound and panic in the markets over the UK's biggest tax cut for the rich in half a century. New Prime Minister Liz Truss is taking the concept of "going for broke" to a whole new level, with an almighty gamble that the deficit will take care of itself once all the investment pours in.
##LizTruss ##UKeconomy ##PoundSterling
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[@Not_really]

I can just see Rishi Sunak quietly laughing his head off at Truss and her cabinet. He did warn against this sort of tax cut, didn't he ?

[@seandoyle2983]

He did.

[@ZER0--]

Yes he did.

[@digitalqueen167]

@@ssuwandi3240 seriously. What twaddle. They had it in their power to do anything and they shat all over it

[@davajohn7151]

Rishi had warn during campain

[@duhaneyparkclassics7484]

He totally did.

[@fbenbow2197]

Sorry for writing so much but her statements make clear that she does not understand the backbone of society, which is not investors but people living in dignity and being able to share what they know.

[@stormytempest6521]

Spot on.

[@janiekcarney5482]

Britains traded Boris for this???! What is a few parties compared to your economy crashing???? I bet Boris is glad he is out.

[@geraldhewing2076]

@@KevinThomas-kxtphotography Truss received approximately 80,000 votes from Conservative Party members, and Sunak approximately 60,000. Where does your figure of 120,000 originate?

[@BB-jf9yr]

Rishi sunak was right 👍👍👍👍

[@janstaes2172]

he is laughing his socks off, i think i read somewhere. that rishi said i m going to let Liz have her moment :)🤣

[@evelbsstudio]

This is what I have been saying another Margaret Thatcher, she's also cutting funding for farmers etc

[@Not_really]

Sorry, but the farmers have a lot to account for in inflicting this Tory government on the nation.

[@miakeogh6844]

MSD Whitehall and or the English government is not and never was a democracy I feel for the poor Scots and Welsh

[@chingadapistolero]

@MSD Group 3 prime minister's 1 election if this is democracy I would settle for Mugabe's government

[@chingadapistolero]

@MSD Group not sure if parry is a typo ? So Singapore is like an elected monarchy then ? I think I would settle for the continuity of that than the revolving door of imbeciles we have in the uk at the moment it appears the Egyptians have a better grasp of democracy than the UK currently

[@Cordycep1]

I knew she would take the easy way when PM said she wants to control the BOE during pre-election, so BOE had to intervene.

[@playingmantis6570]

I think they forgot UK need EU not other way around.

[@malfy8369]

We do need our European cousins always have, we have been going backwards since brexit. Worse thing to happen to the UK.

[@janiekcarney5482]

Cutting taxes is not the same as helping with bills. The rich won’t invest their money in Britain. They will invest in American oil.

[@SeeLasSee]

And pay taxes is Britain.

[@MKK520]

Tax cuts are a big start. Left is making world crisis after crisis.

[@MrMonero]

Spoken like a true lefty. No clue about finance. We need bigger tax cuts to encourage pong term growth. They also should not have capped energy bills. That decision will make it all so much worse down the road as it has now created more inflation in the future. Honestly some people have no clue how the economy works. 🤦🏼‍♂️

[@harukrentz435]

@@SeeLasSee lol 😂😂😂 no. They will register their company in some tax heaven country, the brits will get nothing in taxes.

[@SeeLasSee]

@@harukrentz435 Ja Voll. I had heard of tax havens. Tax heavens though sound better still.

[@andyhoude4647]

Cutting taxes means government has less money on hand for emergencies, yanno like people not being able to afford heat and food ? Ask Sri Lanka how cutting taxes in this economy went

[@integragemi7234]

Queen knew it. UK is fnished.

[@janiekcarney5482]

Britain is not attractive right now. I won’t even take a vacation there. The railroad may stop running. Who knows what will happen next??! I would be afraid of getting sick while there. Not enough doctors and nurses.

[@explorer0213]

Where are you living.?

[@well-blazeredman6187]

Janie, I'm guessing that you're American. Come on over and base yourself in London for a couple of weeks. You can use your legs if the Tube is on strike. And your fear over our hospitals is over-blown.

[@springchicken893]

You are right to be frightened to get sick here!

[@chingadapistolero]

@Philosophy_First I haven't managed to see a gp since 2004 Egyptian healthcare is more readily accessible not better just accessible

[@geraldhewing2076]

The contribution that claimed there had been a decade of reasonable growth before the pandemic is nonsense, unless you wish to applaud failure. The UK was trailing its international competitors, and continues in the same vein, exacerbated by the ideologues in control who claim that the failure is the result of insufficient zealotry.

[@PauldeBrem]

Super interesting. Thanks France 24, you do a great job 👍

[@digitalqueen167]

I can't see them surviving. 2 years is an eternity.

[@KevinThomas-kxtphotography]

A week is a long time in politics 😂

[@fbenbow2197]

In a recession you have to invest in infrastructure as long as you can. Everything you need to be able to remain strong enough to get out of the recession with bruises but not heart failure. As long as there are global monopolies that pay nearly no taxes and exploit workers, there will be no sustainability. No point in working if you can't afford to live. There is no way that you can keep a society civil if you don't help others have the same chances you had. There is no way to do that except for redistributing from the strong to the weak, i. e. taxes. There is no point paying taxes if good health care and good education is not free of charge.

[@markmarkmark1821]

The bankers like their bonuses rather than higher wages Because they are not taxed on their large bonuses

[@markmarkmark1821]

@@robhills2613 I worked for one of the richest men in the UK He had worked in Banking He told me that he didn't pay any tax on his bonuses

[@hochentis]

Tax cuts stimulates spending which contradicts inflation reduction effort (plus and minus get you nowhere); Truss doesn't seem to know the basic

[@billyhgunn]

Inflation reduction act prints money with nothing backing it, This is is exactly what causes inflation, When you inflate printed money with n product to back it the price on the prooduct will inflate as well.

[@falloutboyisitachi]

@@billyhgunn Found a confused bot, thinks a video about the UK is instead about the US.

[@billyhgunn]

@@falloutboyisitachi If you havent noticed the establisment liberals in America and UK are one in the same. Economics is economics no matter the type of currency.

[@billyhgunn]

@@falloutboyisitachi Inflation is basically tax, Instead of being taxed where gov goes into your wallet and takes money, they leave the money in there but take the value out of the money. So when you use to have 10 dollars and it could buy you 3 gallons, now you still have 10 dollars but can only buy 2 gallons. Hence post ww2 germany using wheel barrels of marks to pay for a loaf of bread, the currencty became inflated because it lost its value.

[@billyhgunn]

What causes inflation? Inflation rises when the Federal Reserve/Bak of England sets too low of an interest rate or when the growth of money supply increases too rapidly - as we are seeing now, says Stanford economist John Taylor.

[@taniakeen4375]

When miss truss never wears an outfit twice and Teresa May offered her free negotiating skills in parliament, you should have known what CEO you were installing.

[@anou2076]

Bottom line have no direction on economic and follow US foot steps support Rich and forgo the workings classes🤔

[@janiekcarney5482]

Confidence is important. Britains have lost it.

[@sirrodneyffing1]

Of people like you? That hardy matters mate.

[@noldo3837]

Really? Since Brexit British pride and exceptionalism has skyrocketed

[@fbenbow2197]

When will you learn that rich people are usually selfish and don't see why they should give back to their teachers or anything else, such as a stable society, that helped them be successful. It simply is not capitalistic logic. The system needs to curb exploitation of the capitalistic system without stifling creativity and ingenuity, knowledge sharing and motivation.

[@stevelam5898]

Johnson's role model was Churchill, Truss' role model is Thatcher, I wonder whom the role model of the next conservative PM would be (whenever that is). Major? Cameron? Johnson(haha)?

[@oilnfire]

Benny Hill!

[@Annie-qp5iu]

@@oilnfire 😂😂

[@springchicken893]

Coco the clown

[@chingadapistolero]

Sideshow bob

[@ChamPain1]

Eden?

[@julianbiggs2220]

A windfall tax on the huge (quarterly 50 Billion)undeserved profit of energy companies would have provided the financial support to attract investment in infrastructure that the country needs to improve productivity and help the energy supply problem. This would not negate Liz Truss's mantra to be a low tax country. But it would have avoided freaking everyone with huge borrowing, at rising rates, No brainer! Is that right Ms Truss??

[@davidwilliams-xt7pe]

Brilliant plan cut taxes for the wealthiest to help the economy and the people not struggling

[@sangeetaforkin2712]

Please oh please someone do something to stop these 2 gamblers from crashing UK economy , from ruining all our livelihoods. Pleae stop Truss madness!

[@noldo3837]

Cut taxes to super-rich, remove cap of bankers bonuses, and tighten strike laws.. thats simply a one huge FU to all the not-super rich.

[@belfasta]

Aunt Sally should retire with Wurzel gummidge

[@TheEmmaLucille]

Conservatives: We will NOT spend money to help the poor! Also Conservatives: We will borrow to cut the tax of the rich! Us : Huh?

[@robwilton9539]

Come Spring, no one will want to invest in a UK on fire with rioting.

[@Robin-cf9ts]

It's ok Liz don't worry it's just the free market 😂

[@mitulparikh9132]

Very soon Liss Truss gone resign from Prime minister post , countdown has already started.

[@martin3203]

Can’t spell and doesn’t know grammar. 🤦‍♂️

[@cagliari5984]

​@@martin3203 He's clearly not English though upon reading his name? Grammar*

[@vinay7397]

@@martin3203 Kamikwazi can't count obviously. Grammar wrong but his prediction will most likely happen.

[@san-chil]

@@cagliari5984 It’s not about grammar it’s about numbers. You need to be able to count …

[@schannks5018]

The UK urgently needs an intelligent PM. Call for a vote of no confidence against the Liz Truss government. Get rid of clueless flipflopping Lizz and her career politicians before they cause irreparable damage to the country. #BringBackRishi

[@MyWissam]

22:16 "the Mandarins" ... funny

[@Mike-qm7ry]

Ha. What's the definition of "rich?" Why are people mad? More money in the People's pocket and not the government. 🤷🏿‍♂️

[@davidwilliams-xt7pe]

Liz cut regulations and decentralize to stimulate business and growth. Cut the sanctions and reduce energy prices by returning supply from Russia

[@johnerichoare7732]

It is past the time the British Union of Northern Ireland, Wales, Scotland, and England ran and owned their energy Company and ALL the domestic Utilities as they used to in years past. Without investing in foreign input and Without Ofgem. Those who held the foreign companies are in the red, which is as they should be, out of business. The British must not invest in foreign Utilities but those owned and operated by British companies as a now independent British Union without the European Union. Britain has the strength to succeed and must not currently be carrying foreign-owned Utility companies. John Eric Hoare, British Brexiteer and British Deep seamen.

[@hlainghtut]

Thank

[@MyWissam]

This is starting to sound like Trump discrediting and delegitimizing all institutions.

[@you-know-who9023]

This is not funny it is tragic!

[@kevingrant7098]

Boris Johnson Brexit Liz Truss when will this nightmare ever end 🇬🇧🇪🇺🇪🇺🇪🇺🇪🇺

[@san-chil]

When the little kids see their presents disappear from under the Christmas tree, that is when hell breaks loose. Brits need to escort this odd couple out if they are to celebrate a normal Christmas this year.

[@T61APL89]

"But the idea that you could resurrect Margaret Thatcher in 2022 is... is dangerous" I'm imagining a godzilla sized silhoutte looming over London, Thatcher - the modern Prometheus

[@davidnyc487]

Thank goodness the UK left the European Union 🇪🇺 😊

[@stopdeforestation]

Those of u in the UK that don't like Liz, protest in the streets on days that u are able.

[@wilfredosaruwmense8566]

50/50

[@wilfredosaruwmense8566]

2020

[@phil20_20]

Let's give it a chance. The opposition is making hay.

[@wivory81]

Everyone knew Truss would be a disaster as PM, only it’s happening faster than could have been imagined. Ultimately inflation lies at the door of the BOE, who pumped excess money into the economy and did not reduce this quickly enough, and did not raise interest rates fast enough and more aggressively. Also when lending for mortgages, banks made borrowing far too easy, basing the amount which could be borrowed on low interest rates, not looking at the impact on peoples budget if rates were to rise. It’s idiotic to believe interest rates could stay at a record low for ever, plus low interest rates are not the signs of a healthy economy, before authorising mortgages, peoples finances should have been stress tested versus interest rate rises to say 5%, I would hazard a guess that most applications would have been rejected. House prices have risen in an unrestrained way for over 20 years, pushing the ability to get on the housing ladder for many people. I believe the economy will crash, there will be a run on the banks, and the U.K. will need a bail out from the IMF. Sad really, but that’s what 12 years of inept Tory Governments bring.

[@bg1616]

The advice given out is usually you should add 3% to the interest rate to test affordability. Mortgage brokers do test this and make recommendations

[@jeffperteet2327]

this is why most major economies should invest and listen to powerful A.I. over political emotion on economic manuvering.

[@jip230]

I'm an American- I miss intelligent political debates like this. American politics have become about entertainment where one side is trying to 'smack down' the other or 'own' the libs or republicans or whatever. It's farcical and sad and pushed out as 'entertainment' instead of trying to have an intelligent debate on things. There are a few bright spots in the US political landscape, but it's bleak. I've been following this nightmare in the UK just to see an intelligent and balanced debate and presentation of the issues.

[@chrisbennett6260]

Why has it become that way in the US

[@invivo9845]

When they say equality, do they mean equality amongst crown subjects?

[@niveusgaius]

Trickel down has never worked and will not work now.

[@parthasdasgupta]

What is very funny in British system that their PM is not selected by MPs. But by some elites. Even in India the PM is selected by MPs of lower house. ( only by MPs elected by general election) So the PM knows whom to please ! But what type of Democracy is it ?

[@superskyron19]

I really can’t believe this

[@janiekcarney5482]

America needs good workers. We have lots of job openings. We need quality immigrants. Come on over.

[@ladyink77]

When pitting the Races against each other doesn’t work……. Now it’ll be Rich vs Poor! In the long run the *Entire Nation suffers*!

[@kathyinwonderlandl.a.8934]

Like how he introduced the only woman on the panel last.

[@jimbojones101]

A whiff of WEF anyone?

[@ItIsGonnaGetWayWorse]

Remember this as Europe freezes and starves this winter: - Europeon "green" policies reduce fertilizer; thus reduce food production - Europeon govs are attacking farmers with bureaucracy - Germany continues to shut down nuclear plants in a energy crisis - Switzerland is considering jail time for residents who heat their homes past a certain amount - "New europeons" are not only getting treated better than you in hotels, but they live off your tax money; all while skyrocketing crime aginst businesses and your children - The police protect these "new europeons" by complacency and enable crime - The police will jail you for opinions and speaking out - The police will protect the elite - The upper class will not suffer with you and do not follow the same rules

[@pragmapoint7951]

🤣🤣🤣, no Margaret Thatcher for sure.

[@xionglin2009]

I mean what do u expectsge takes magret thatcher as role model how can anyone take her seriously lol

[@elizabethpointing]

We need liz struss to step down. Parliament should have full elections

[@alanle1471]

If investment pours in, then she would look like a genius. If not it will be regarded as one of the greatest financial blunders of the last 50 years.

[@jc.1191]

I'm having to cash out my gains on English securities. Not that it's much, but the currency translation to dollars is becoming unfavorable.

[@quantumcomata105]

You tell 'em! You can play future footage from tomorrow; but don't you dare play yesterday's footage!

[@sangeetaforkin2712]

Truss/kwarteng budget had lost UK credibility and they say there will be more investment and growth. Really?they dont even understand the basics that without credibilility, lack of confidence how can there be investment?

[@terintiaflavius3349]

She is no Margaret Thatcher for sure.

[@fuckbankers]

Trickle Down economics has never worked

[@well-blazeredman6187]

Truss is right to depart from the high-tax policies of Johnson. Where she and the over-promoted Kwarteng have made a mistake is in not 'war-gaming' the policy choice before implementing it. The spending to assist households and businesses with their energy bills is unavoidable - partly because Kwarteng was such an enthusiastic proponent of Green energy lunacy.

[@testingcsr]

She want companies to invest in London and not in Paris

[@sirrodneyffing1]

And they will.

[@jedturner9173]

Iv never voted for the Labour Party ..that’s going to change

[@shanti888]

This discussion isn’t biased at all. LOL !

[@janiekcarney5482]

Bring Boris Back!!

[@julianbiggs2220]

Tory party members... maybe you should have backed Rishi

[@davidwilliams-xt7pe]

Dizzy Lizzy strikes again.

[@raymondwebb4179]

Some are saying the turmoil is caused by the the worry that labour could win the next election,

[@malfy8369]

No Tories tactics they never take accountability.

[@oldman2800]

The lower the pound the more Britain can export again

[@harukrentz435]

Export of what exactly aside of rolls-royce engines?

[@sirrodneyffing1]

You just have no absolutely no idea what you're looking at in the Truss Govt. You'll be smirking on other side of you face sooner rather than later.

[@philsharp6120]

Low tax makes economies more efficient and competitive. Be independent with free market capitalism. Low pound will attract international investors as companies retain more profit to grow. Rebound of pound will futher enhance returns. UK has energy supplies that will help. I believe it will work, just stop unions stuffing country again.

[@Andrew-rc3vh]

It's clear what the problem is in the UK. What a load of load grade academics. I've just listened to 16m of this twaddle and none have any idea about how the economy is likely to react to this. Will it cause growth or what?

[@jusmeetsingh1907]

Surely, Rishi Sunak would have been much worse. So atleast one has that consolation.

[@qqglobal]

2 minute of silence for 'great' Tories who selected such a 'great' PM candidate who sold them the idea of 'great' in a 'great' way. Liz is just a stalmate of rich and corporate world.

[@hanjianwar7189]

🎯

[@dormoisjean-pierre1436]

Peter Zeihan (The End of the World is just the beginning) is right: F24 debates are much better than DW (Conflict Zone)

[@janiekcarney5482]

Bring Back Boris. Oh, he doesn’t want to come back. I don’t blame him. Half of British want to leave.

[@dustykashifeathers858]

Nigel Hawthorne for Prime Minister ✨ no liz truss ain't no Thatcha✨

[@bobkelly3162]

Finally an honest report from a western media source. Well done, there is hope for you guys yet!

[@PanglossDr]

You must only listen to UK reports then.

[@raywhitehead730]

I remember Margaret Thatcher. You should have heard them scream then. Worse then now.

[@i.m.gurney]

Classicism's loss of ideological direction is in my view a result of a misguided defence of classical spiritual methodology, hence the desire to return to the focus being on the nation state. The problem with this is, thanks to the continuing enlightenment of our species, spiritualism has also lost an ideological direction, none of the religious have the courage to update/replace their guiding light, the bible. The same is true for the Tora & Koran.

[@i.m.gurney]

note:- I was a Remainer in the UK's Brexit referendum.

[@i.m.gurney]

The things the religious will do to defend the indefensible....

[@paultaylor7947]

Non non non

[@franklinbrown5625]

Tory fatigue

[@JohnJuma]

Brexit still means brexit lol

[@jonsimmons4150]

Japan trades freely the world over, japan doesnt pay into a standover committee in a foreign land to do so, Japanese visa and immigration system isn't overridden by a standover foreign committee for 27 countries on the back of its international trading arrangements, giving 27 countries citizens unfettered access to Japanese jobs, welfare, healthcare,and housing and paying billions of yen for the privilege.. ~Its "Project Reality" ~its how the rest of the world works in 169 countries

[@thugslife111]

On the lizz truss bull wen she’s was talking

[@hanjianwar7189]

🎯🎯🎯🎯🎯🎯🎯🎯🎯🎯🎯🎯🎯🎯

[@charlesdang4670]

Does this mean King Charles will pay no inheritance taxes.... hahaha... I like it... :)

[@davidwilliams-xt7pe]

Until energy is cheap and plentiful there will be no growth in UK and Europe. Period. Truss should know this and end sanctions for the sake of her citizens. People need energy and food obviously.

[@goletra]

You mean it's not all about Ukraine?

[@MsWagons]

Boris anyone?

[@juliarichter6987]

Sorry, but 🤣.

[@lw1zfog]

6uild 6ack 6etter pogrom

[@alyanton6490]

This BS TAX plan 🥶 already once before and richer riches 😂😅🤣 🌀money 💰moving to offshore bank 🏦 congratulations 🎊🎉 Endgame for England 🏴and borrow more money forever ♾England 🏴a cartels Bank 🏦 one stop ✋