Pound crashes to all-time low as UK chancellor hints at more tax cuts

Chancellor Kwasi Kwarteng was today forced to quell growing market unease over his low-tax, high borrowing strategy with a promise to set out more details in November, along with independent costings.
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The Bank of England put out a statement too, saying they wouldn't hesitate to hike interest rates at their next meeting, but neither intervention seemed to reassure city markets.
The pound slid once again this evening, having hit a historic low against the dollar earlier in a rollercoaster day.
And amidst the turmoil - the cost of government borrowing shot up too.
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[@markcaven9289]

Good going Liz. You kiĺled the Queen and the pound all in 20 days:)

[@paullacey2999]

🤣🤣🤣

[@senanur1983]

Queen meeting Liz was the last hint she needed to leave this rotten country. RIP.

[@shamiso15]

😂😂

[@Nox1234567891011]

hahahahhahahahah

[@dy6682]

I had to smile reading ur comments. Respect

[@Robotron5000Deluxe]

How can the Conservatives make such massive policy changes to what people voted them in to power on, they have no mandate from the public to do this. We need a general election immediately.

[@TheRadFactor]

Of course they have the mandate. And no, we can't have elections because YOU want it. As they say, Democracy is the dictatorship of the majority.

[@PRINCESSGEMINI1987]

Needed one months ago.

[@solidus784]

Ever hear the phrase never trust a Tory? The English electorate are only surpassed for political ignorance by the Americans

[@nightwi5h959]

Yeah good luck with that

[@2012richj]

there's no point in an election we have no good people to vote for 🤣🤣 all as bad as each other

[@afgor1088]

remember this next time they tell us we can't have public services because they're soooo concerned about the debt

[@colinhill9439]

The debt they made to make themselves and their friends wealthier when they are already too wealthy.

[@afgor1088]

@Peter Hicks no they won't. they don't care if people vote or not, why else would they allow voter turnout to get so low

[@thecaptainz]

Liz's (corporates) tax free funds are credited to pana accounts 😅😂😂...

[@afgor1088]

@Peter Hicks why do you think they care about your signs of no confidence? also you're confusing the stock market with the exchange rate

[@slackersurf]

I can’t believe the media still has the nerve to talk to Corbyn like that after everything that has happened and is happening.

[@jakien]

He was right about pretty much everything and has been wholeheartedly vindicated imo

[@fka_the_body1542]

Yea corbyn was right all along

[@jonkayl9416]

Corbyn is part the problem. This is why the Tories are in power.

[@Jmcinally94]

The guy even had a fully budgeted manifesto, sure covid would have derailed it but it's better than anything the Tories have done.

[@jakien]

Just remember it was the labour right that did him in too. Constant attacks, leaks, coups. Not like voting for them is any better

[@federicoprice2687]

After 43 years of voting Tory, first, I humbly apologise for having aided and abetted them, and secondly, I hereby vow never, ever, to vote for them again.

[@russelledwards001]

Too late mate the damage is done. How could you be so ignorant?

[@davidjmaggs]

You me both, though I am not sure what alternatives there are. Labour have always been fiscally irresponsible, the Liberals are a joke and the rest are too small to be of any use.

[@50_Pence]

To late

[@helicoptergunship]

Thanks, your warm apology will heat my home this winter

[@Top10sKpopMVs]

It took you 43 years to realize you f*cked up? YIKES!... Self-awareness really isn't your strong point. If only apologies fixed things, but they don't and never will. This mess resides on the obstinance of people like you.

[@martinbeirne1371]

I grew up in a Conservative stronghold, my parents voted Conservative and I always had. Then I started asking myself what they are actually offering me as a self employed tradesman. The answer is basically zero. Time to give Labour a go they cannot do a worse job than this lot, it isn't possible.

[@barbarajaszczuk4426]

why either labour or conservative? it's time to move past this dualistic reality

[@martinbeirne1371]

@@barbarajaszczuk4426 you are probably correct, but realistically are Liberal democrat's going to be elected?

[@maestissimanoctem3649]

Labour is by far worse. Its not either conservative of labour. How about giving other parties a go with clever young people full of ideas rather than the labour-conservative partners in crime? I don't get it

[@helicoptergunship]

Yes, give Labour a go now. Then when Labour disappoint you after a couple of years back in power, give the tories a go again. Then Labour, then tories, then Labour, then tories, then do the fucking oakie kokie, and shake it all about

[@Cyderpunk]

@@barbarajaszczuk4426 because of first past the post. We need pr

[@natashaseiben1048]

After the market's Significant gains in the last few years after the worst pandemic , officially entered a new bear market earlier this year, but .My greatest concern is how to recover from all these economic and global troubles and stay afloat especially with the political power tussle going on in the US.

[@charlottedavis8047]

Why Understanding investor psychology is essential to getting through a downturn, plus more insights that may help investors get through this bear market with minimal damage.

[@AlsaadUthman1063]

At the moment, the market appears to be pricing in a 5% terminal rate. But the stubborn inflation becomes, the more the terminal rate projections could shift and impact the market. as with an my big financial decision, it’s important to keep your guard’s up for economic risks. However ,smart planning, time management and seeking advise from a financial adviser can help keep you and your money safe.

[@emilyharts5693]

@@AlsaadUthman1063 If Inflation keeps easing, While the economy can keep modestly growing, the market can keep climbing and I See any market condition as an opportunity.

[@kellymeghan4667]

@@emilyharts5693

[@emilyharts5693]

@@kellymeghan4667 wow, damn impressive and how do I reach out to Elizabeth ?

[@bl9150]

I left the UK after living there for my whole life and moved to Australia in the middle of Covid. Two years later I still find it strange to be in a country where the economy isn't a complete mess. Yes, everywhere has it's problems but the UK is on another level. Anyone 30 or under (like myself) has only ever known recession, budget cuts, pound's value going down, austerity, tuition fee rises etc. And, for what? There are no 'good old days' to think of since this is all we've ever known. It's only after leaving the UK it became clear how overworked, underpaid and badly run the UK is. I hope one day things get better, I love my country.

[@philwww800]

That's the GET VACCINATED or getr shot Australia

[@peterg6344]

II agree with you and this is why Truss is so refreshing. We need the UK to get much better and much happier, so let's hope her changes achieve this. Enjoy Australia - my wife's from Adelaide.

[@teresawilliamson9377]

While you are in Oz, make sure you campaign for equal rights for the indigenous population. 😔

[@lestrem11]

Australians here on holiday say their politicians are idiots. People complain about politicians the world over. Grow up.

[@ScribbleAnimations.]

@@peterg6344 well didn't that age well hahaha

[@fumanchu9701]

“If the pound keeps falling, then the prices of a lot of essentials will go up” - that’s another way of saying this country doesn’t produce anything. The UK is a paper based country (financial services). The manufacturing has long gone.

[@sc1338]

Same thing in the US to a much lesser extent but still

[@millicentgranger6035]

The end goal of the capitalist globalist cabal ...started a long time ago but in its current form continues from Reaganism and Thatcherism

[@lilacbookshelf1909]

Finance has been a cornerstone of the British economy, even before Thatcher gutted manufacturing and companies moved their labour to the developing world. It changes slightly depending on how it's calculated, but Britain is about 6th largest exporter in the whole world. Cars, medicine, fuel refinement, alcohol. Britain is one of the world's highest performing and productive economies. The real question is, where does all that money go, and why isn't it primarily used to make our lives better?

[@margaretwilson8736]

@@sc1338 True- both the US and UK have inflation rn, too. Different ways of approaching it for sure tho

[@B-A-L]

@@sc1338 America hasn't lost any manufacturing whatsoever. It still has a massive car, plane, train and ship building industry and these are the industries that Britain threw away in the 70s and 80s. People in America complain that China has taken all their manufacturing jobs but it isn't true. All China has done is take over mass manufacturing of small items such as iphones because it has a huge readily available workforce. America would have to embark on a program of mass migrant workers in order to compete and that will never happen.

[@mannypacquiao7]

Times are hard enough without this self-inflicted pain. Kwasi Klown has exceeded all expectations with his incompetence. Nobody thought that a Truss government would be anything other than a disaster but to be proved right so soon.......

[@googleit7444]

This is why the queen died from shock after speaking to truss for 40mins about what she is going to do.

[@Dom-lp8cl]

@@googleit7444 Yeah that's my theory too.

[@matt76716]

Yes, I thought she would be a disaster...but not this quickly. The last thing you need, at a time of circumstances that would be very challenging for any government, is an incompetent and immoral one.

[@googleit7444]

@@Dom-lp8cl Yep. A 96 year old can't handle news like this.

[@StratsRUs]

They planned it so they can blame the next Labour government

[@elgringo1893]

I'm literally sat in my living room with numb toes because I'm terrified of paying to use the central heating. That sounds really silly but honestly it's genuinely true.

[@davidashton2361]

Me too, mate. I'm a pensioner.

[@escapegoat2212]

Honestly this is awful, just awful. Absolute blundering incompetence. Despite knowing fully who they are and what they stand for, they still manage to astound me!

[@escapegoat2212]

@@davidashton2361 I'm in my mid-30s. Don't know how you've lived through all these total screw ups over decades!! I wish you well.

[@davidashton2361]

@@escapegoat2212 Thankyou for your comment. When I was a kid, my father worked abroad in the oil industry, mainly in Iraq. This was before the revolution and the everyday cruelty I saw to animals has made me immune (to a certain extent) to mans inhumanity. I don't believe in a higher being and even as a kid I found the concept of 'God' an alien phenomenon. I could regale you with stories of cruelty, injustice and incompetence but I wouldn't inflict that on you. Sometimes I think about ending it all but I'm too much of a coward to do that. Greed is one of the main driving forces behind it all. ☹

[@death_parade]

@@davidashton2361 Imagine throwing a hissy fit at the concept of Gods just because you see suffering and "God not answering the prayers of mankind". Forget religion, anyone looking around can see this is the work of some higher power. I've transitioned all the way to agnosticism and back to being religious but never have I ever stopped believing in a higher power, even when I was in complete disbelief of the scriptures.

[@LogicPak]

I remember not long ago, we were getting almost 2.08 dollars for a UK 1 pound. I flew out to New York in late 2007 and bought a MacBook laptop, stayed there for 5 days too .. it was cheaper to do that then to buy one in England.

[@Sur-Ron]

Ahhh the good old days

[@trevortaylor6634]

In 2007 that would be the Labour party good job they're on there way back

[@mortalkombat2645]

@@trevortaylor6634 his current policy is close to the plan that labour had during 1974... You might be a little young to remember but it's extremely similar and the pound lost value back then too. It's plan was acquire debt to push growth and let the bank of England deal with inflation. The plan ironically worked but in 79 we had the fuel crisis which wasn't factored in. This time around we already have that. That's why this country is stuck in a two party system because people vote for a favourite team and not the policy. Over the last decade the conservatives have recycled so many old labour policies and yet people still see them as a right wing party because people can't actually see the difference but rather like to pass the blame from themselves.

[@philwww800]

I remember in the 60's petrol was 7/6 a gallon . That's 38 pence today.......O dear how times have changed.🤣

[@philwww800]

@@trevortaylor6634 Yes and their going away present was....." Spent all the money...country in terrible debt...Oh and Gordon has given all our gold reserves away....." BUT we now have another million bed managers working in the NHS.....didn't we do well....unemployment at 4 million.....

[@GeneralGrizzy]

Don’t worry, we’re in a “new age of leadership”. It’s been going on for 12 years but it’s different this time.

[@dj_cakes]

& Our new leader is Lizz Truss. Its so hard listening to her speak as she cobbles sentences together as though she's in a job interview. She talks like someone suffering from shock after escaping a serious traffic accident. Poor sod

[@StratsRUs]

Britannia is Unchaining

[@buk3695]

12 years yet still blaming labour like they left office yesterday and left the country in the mess we have today

[@8088I]

Tories are setting up Britain for Extreme Austerity Measures!

[@denisebutler5938]

@@buk3695 Every cycle of politicians repeats the same thievery and tyranny against their “subjects” in UK / “slaves” in US, and so on! No politician can or will stop this madness, it’s prophesied what Satan’s children will do and ARE doing!

[@tyranitararmaldo]

All this to fill the greedy pockets of hedge fund managers. This is probably the most bonkers case of insider trading I have ever seen.

[@christophermaley6822]

think that Pippa Middleton is married to some poncy, wimpy hedge fund manager....... just useless people ?

[@m.woodsrobinson9244]

FINALLY! SOMEONE GETS IT! 💯

[@pandapalace9003]

Spot on. Truss and Kwattang are not stupid. This was deliberate. Only thing is that this mess will take generations to fix.

[@Grrrr3FKAGrrrrGrrrrGrrrr]

Crispin Odey

[@jamesdenton6370]

Nice to hear from Jeremy, he is a good man who was masacered for SOME policies that would be incredibly helpful right now.

[@michaels8638]

I’m a trader and by no means qualified economist, yet everyone I know, knows the £ has been struggling against the $ over the last year, 9 days before the mini budget the £ slid 4% so right at the moment the market is looking for stability and fiscal transparency the government deliver a mini budget with no transparency and no plan on how to pay for the increased debt, the budget delivered, and in one day we lost 3.5% of value , the chancellor was reckless and inept. If the chancellor was working for a bank and lost 4% of the banks £ holdings in a day due to his plan they would be dismissed for gross misconduct

[@agustinarcusa7696]

What are you talking about, in investment banking happens all the time. Markets are volitile, you should know it...

[@michaelmouse4024]

One month ago it was 'Go Liz!' Now it's 'Please, Liz... Just go'

[@googleit7444]

The MPs knew she wasn't trusted and that was why the majority didn't back her. Those who did just wanted cabinet positions after the polls predicted her to win.

[@lk-bf2yp]

🤣

[@stephanie6851]

💀💀💀💀

[@eyesoneternity1735]

It shows how foolish we are by believing our fellow fallen creatures and we refuse to listen to God.

[@bonnaud_dowell]

Kudos to ed Miliband. He could have quit after standing down but no. And frankly I think he’s better than ever . Articulate and convincing

[@guleiro]

I agree with you. And he has more charisma than Starmer.

[@hasbulla2012]

Much more personable now too

[@AB-C1]

Great Woman in Italy!! Great demonstration in London!! * Copy and Paste ** KZbin keeps Deleting this FACTUAL comment!!! They're killing off the ENGLISH People, Culture, Population, Country, Heritage, and "Gene pool"!! They're diluting us down to NOTHING! BECAUSE WE ARE A GREAT RACE! HENSE THE NAME! "Great Britain"!! We MUST ALL STAND UP AND FIGHT FOR OUR COUNTRY OUR FREEDOMS OUR PARENTS GRANDPARENTS GREAT GRANDPARENTS Fought FOR LOST THEIR LIVES FOR!! - WE MUST FIGHT TO STOP THIS WEF NEW WORLD ORDER PUPPETS SUCH AS LIZ TRUSS and the Rest of Klaus Schwab's puppet leaders NOW!! SHES ALREADY SAID HER suggestion is WE NEED MORE MIGRANTS!?!? WTF!!?? God HELP US ALL! THE ENGLISH PEOPLE THE ENGLISH RACE! GOD SAVE BRITAIN AND GOD SAVE THE KING! 👍💪👊🏴󠁧󠁢󠁥󠁮󠁧󠁿🇬🇧 "You WILL own NOTHING AND BE HAPPY" KLAUS SCHWAB WEF/New World Order at Davos 2016 and every year since!! ALL the Top politicians and our PM and Global PMs Chancellor's Presidents and Leaders are ALL MEMBERS/PUPPETS OR KLAUS SCHWAB WEF!!! "NEW YOUNG LEADERS BUSINESS SCHOOL" (GRADUATES) THAT'S A FACT! AS WAS SUNAK! Whoever got in PM WAS WEF PUPPET! & WHERE THE FCUK CAN WE GO!? NOWHERE! CANT EVEN GO AUSTRALIA NEW ZEALAND AMERICA SO WTF ARE WE LETTING EVERYONE HERE!!? 🏴󠁧󠁢󠁥󠁮󠁧󠁿🇬🇧

[@bonnaud_dowell]

@@hasbulla2012 yes, I think he genuinely seems happier

[@nattyco]

He should not have stabbed his brother in the back. I won't forgive him for doing that.

[@bigbang7897]

Truss shook hands with the Queen and killed her now she is going to finish off the rest of us

[@kennethsoshi03]

*"Why is that if you take advantage of a tax break, and you're a corporation, you're a smart businessman... But if you take advantage of something that you need to not be hungry, you're a moocher." - Jon Stewart*

[@phily8716]

I'm not a conspiracy theorist but I wonder how many of those private members who voted for Truss had shorts on the pound? 😶

[@erbil2011]

All of them!

[@sarahnakato9057]

The same people will kick her out before Christmas 🎄.

[@benbanks6880]

Mad lizzy will 100% be gone by 2023

[@keiranmorrisart]

I know I do 😁

[@justsayen2024]

I would like to see a review on that.. When you see the graph you can see where people were buying the pound anticipation I got all excited and then a crew of villains in the know pull the rug out from underneath everyone. Definitely shorted

[@lemongoose1210]

It is stupid to cut the top band tax in this time! Please change it. Sinking Pound is increasing the inflation too😢

[@magburner]

We need to cut it lower. You want the rich taxed, well let's get more rich people in here, and tax them. Tax the many less, not the fewer more.

[@ZiggyMercury]

@@magburner Right, so you think that the extra 157 pounds a family making 20,000 pounds a year will now get that's gonna make them rich? I guess you're counting on them spending it on the lottery (and winning...).

[@ml497]

@@magburner Yeah, we'll all be millionaires because the pound will be worth nothing.

[@colors6692]

It won't affect your dole Lemongoose!

[@Bradford41350]

@@freko106 the rich will take their money elsewhere, you will go from 50% to 0% rather quickly. The solution to this is not solely increasing tax to people that are succeeding in life, incredibly insular thinking.

[@Powerofhelp]

I am watching from the US. The journalist did a good job with her line of questioning. The Conservatives seem to have a particular knack for being heartless toward poor and middle class. I don't know all about British politics, please let me know if I am wrong. Noel from Seattle

[@goldlotus7831]

This chancellor does not know what he is doing. UK leaders are becoming more and more incompetent. First the Brexit ,now this. Too distracted .

[@problemsolverthinktank859]

We NEED a GENERAL ELECTION 🗳

[@edwardbernthal160]

sorry, we can't afford one.

[@seanpittaway5341]

The cost of one funeral and war says otherwise! We are being lied to!

[@heliotropezzz333]

I hate to say it, but Tory supporters need to feel the pain before they come to their senses and change their allegiance.

[@suzyqualcast6269]

They know that's coming, and that they're gonna cob it, so they're making as much giveaway as they can to their bloods in the time left. Greeedy fks.

[@problemsolverthinktank859]

@@heliotropezzz333 mabye your right! They need to see what things like brexit have done!

[@pixeljauntvr7774]

Thanks Liz. Literally worse than Boris.

[@buk3695]

It is somewhat of an achievement, i never thought there could be someone worse than Boris. I was wrong.

[@jocondie2069]

@@buk3695 nor did I 😪😪

[@MrThebigcheese75]

Never say never, aren't there some pork farms that need opening in Beijing Liz?

[@Al_Pollock]

2 things about this worry me…. 1) After 2 years of record borrowing and money printing the UK entered this financial crisis it is in and I don’t see how more of the same can solve the problem. 2) The USA did a very similar thing and has made their financial crisis worse.

[@m.woodsrobinson9244]

Do you think the problem is more acute in the UK because of Brexit?

[@Al_Pollock]

@@m.woodsrobinson9244 no. I think the problem is worldwide because of the health crisis that occurred. Every major western country printed money like it was going out of fashion and they are all going through this at a very very similar pace. The USA and the EU can’t possibly be the fault of Brexit although some people will gladly argue over a percentage point or 2 that Brexit is effecting the uk worse, but when the uk is a percentage point or 2 behind it’s because of the world wide crisis.

[@dufus7396]

I remember the devastation of that Friday afternoon downward adjustment of the pound in 91..sooo many peoples hard won savings hitched to an overvalued sterling..I think the joke going was the Germans did more damage in that afternoon than years of war

[@vinodr4911]

Well, Truss was chosen over Rishi by conservative members. Majority of the MPs predicted this and supported Rishi

[@Adam-zd2bk]

@@peterstone2332 This is caused by Boris pissing around so much

[@googleit7444]

@@peterstone2332 Boris can only blame himself for that. Rishi was definitely the better option for the economy and MPs backed him for these reasons.

[@adamknight7041]

@@peterstone2332 The People's PM?....Lol 🤣🤣🤣

[@metasploit5660]

Rishi is no better but pound go down when rishi gone he is laughing at all the craps who know nothing

[@robertjames6640]

I suspect Truss, who was once a committed Liberal, by the way, will go the same way as Thatcher and Johnson.

[@weegie558]

As a unionist this really makes me worry about my future arguments against independence come the next Scottish referendum. I've always thought we're better together in the UK but decisions like this really make me start to wonder.

[@hoggybhoy1967]

💡

[@roofpizza1250]

START? lolz.

[@jayc342009]

considering the shetland islands and orkney isles want to remain in the union, i think scotland leaving will actually be a good thing for the union.

[@hoggybhoy1967]

@@roofpizza1250 Got to start somewhere. Hopefully looks more into it and makes a more informed choice the next time,

[@seaghan6412]

@@jayc342009 Orkney & Shetlands want their own independance. If that is being sung as Unionism, you are looking down a tunnel.

[@StockMarketAristocrat]

Look at the currencies of some Gulf countries such as Kuwaiti Dinars, UAE Dirhams, Saudi Riyals. They are up around 30% against GBP YTD

[@TEAMMAURICE]

Kazi has managed to make everyone in the UK poorer overnight

[@m.woodsrobinson9244]

Not everyone. Just the bottom 95%!

[@roofpizza1250]

Time to print new notes with the King on them, gonna be called the 1/2 pound.

[@herrglotzenschnitzengruber1510]

The Quarter Pounder

[@jboyd9062]

👑 with 🧀

[@kenh3344]

We used to have 1/2 pound notes. Called 10 shillings or 10 Bob notes. But took em of us. Gave us 50p coins. Then they took the pound note of us and gave us the pound coin. That's left us with the 5 pound note smallest note. So every body will spend lose change. More reluctant to change a note. But they make a lot of money with us spending our change. Con. Us out of our money. They are Robin hood brothers Robin bas----- s.

[@Grrrr3FKAGrrrrGrrrrGrrrr]

Half a pound note won't be worth the paper it's printed on, better to draw an extra zero on the notes we have now

[@JWHarris........]

A new £1 note would be wicked!! 😆

[@ericconnor8419]

Still hoping for the Brexit dividend, any day now.

[@robertjames6640]

Vote in Labour with a promise to rejoin the EU after spitting out the crow.

[@russelledwards001]

So Rees mogg is a lying toad? What a surprise!

[@marcopalazzo9349]

@@robertjames6640 Britain has no chance joining the EU for a very long time. Single Market yes but full membership is a no go for a generation or two if either are still around then lol

[@killforkylie]

This could all have been a really sticky situation if we had not taken back control.

[@juancarlosalonso5664]

killforkylie You’re… kidding right? This all wouldn’t have happened in the first place.

[@MrMusicbyMartin]

Respect for Milliband - the energy companies should have been windfall taxed and the money invested in developing and rolling out renewable energy. The top-rate tax money shroud have gone this way. It’s like a householder saying “we need to invest in the house to ensure it’s fit for our grandchildren, but I’m going to ask my boss to pay me less in the hope that he voluntarily picks up the improvements to my house”

[@DAHQatar]

are you a bot?

[@Burnersforvanlife]

Wrong. Utilities need to be owned by us, like they use too.

[@DAHQatar]

@@Burnersforvanlife ow you are definitely a bot with that response?

[@philwww800]

@@Burnersforvanlife When they were owned by us they were useless unproductive monoliths for lazy arsed people who couldn't be bothered to work ..... SOCIALISTS

[@MrMusicbyMartin]

@@DAHQatar I’m going to say ‘no I’m not a bot’ - but how can you be sure? Ey? Hmmm? Will you be able to judge whether or not I’m a bot by this answer? Well?

[@PaulAlexander-tokyomagic]

One of Labours many tactical failures post Blair/Brown was picking Ed Miliband as leader over his brother. He wasn't ready at that time, but dear lord he has been crushing it the past few years. He was leader of the party at the wrong time in his career.

[@allandavies1642]

Picking up the pieces after this terrible Tory government will be a huge challenge for any alternative government. It will take a generation to recover from this debacle,if at all.

[@dorbid]

Well that’s alright then because Tories won’t be back in for generations. Millennials have been betrayed by them and they’re coming up to 40.

[@joansparky4439]

Not really.. the economy will be in shambles and plenty people with demands for product and ability to make them.. it's a growth wonder to happen - one just need to get rid of a few key elements that will hold this back otherwise it will need REAL destruction of assets and infrastructure to get this working with the current set of 'tools'.

[@allandavies1642]

@@dorbid That is not neccessarily how it will play out. Just remind yourself of how the infiltrators from the right within the Labour Party can f...things up not only for Corbyn and the hundreds of thousands who supported social policies that he had advocated for the general public of this country. Dirty tricks supported by our disgraceful main stream media run by the oligarchy will always ensure this to be an ongoing struggle as it has been ,even to have maintained what we had in the 5o's60's70's and 80s.Now most all of it lost to the neoliberal forces of conservatism.

[@jonkayl9416]

yes, I think this country is new screwed. this tory run of power has killed this country.

[@patrickbonney8082]

As we all sit in the cold and dark listening to all this.

[@kenwetherell9025]

As we sit in the cold and darkness this government we in the warm and lights and they as they don't care about us normal people the only care about their own and the super rich

[@niciolamyelwee6646]

With BBC government agents banging on your door demanding money for their government propaganda stations, that sadly to many watch news wise.

[@russelledwards001]

Yep it’s cold this evening,

[@stayhappybetrue]

lolol tories don't care about the working class never did

[@kenwetherell9025]

@@stayhappybetrue they only care about themself and the rich people

[@mingboat]

Fair play to Ed Miliband, answered clearly and decisively.

[@bazzacuda_]

The markets no longer believe the Bank of England is independent of Government. Loss of credibility is about the worst thing that can happen to a central Bank.

[@bazzacuda_]

Edited typo. Lots should have been loss.

[@patrickbonney8082]

You do know they aren't working for the people.

[@jamiepaget9466]

They never have. Not once. Anyone who thinks Tories care about ordinary people are very very misled, or deranged.

[@intergalacticspacecanoe4659]

oh but they are. it is just that the silent, unspoken part of the scenario is that the people they´re working for has never been the sorry losers that keep voting for them.

[@paulhoskin3286]

Its kwazi modo economics .can you hear the bells

[@mareksieczko7329]

Reminder that our current chancellor is a consultant for a company actively shorting the pound.

[@roanbeckley4031]

"I'm not going to give a comment now" Wow! Incredible how neither he or Liz Truss suddenly have anything to say to help the pound from sliding further. On Fri she said she's not afraid to make difficult decisions, its Wed now and she has clearly decided to say nothing! She is not a leader. End of.

[@somthingbrutal]

almost like they planned it so their mates could make more money shorting the pound

[@keiranmorrisart]

Short the economy ride the wave

[@martinvickers7349]

Certainly impossible to see any rational reason

[@colinhill9439]

This was definitely planned during the summer recess for them and behind the scenes of the queens funeral. This is co ordinated and targeted by the very rich and this government.

[@Grrrr3FKAGrrrrGrrrrGrrrr]

Kwarteng used to work for Crispin Odey, the Tory and ukip donor who called his bets against UK bonds "the gift that keeps giving"

[@justsoup2460]

Our political system allowed all this to happen….The next manifesto should focus on holding 30years of politicians accountable for oppressive policies. British democracy isn’t fit for purpose!

[@chandanece8662]

Lol Brit democracy more like oligarchy

[@kevinmcconnell3641]

Trickle down economics has never worked, it just moves profits up. It’s been 40+ years the USA has been practicing trickle down economics, and flow down of money has always been more of a slow drip drip drip, but definitely not a trickle down. You wanna drive an economy, you put dollars in the hands of consumers and let them tell industry what they need to produce, and how much. Nobody expands their business because they got a tax cut, unless their business was choking because they weren’t big enough, and if a company has a market big enough to pay the bills, they’ll borrow the money almost in spite of the taxes on extra profit.

[@hansweissmann_xviii6754]

Many thanks, Liz! The world's view of you is so painfully clear......

[@FGC-replays]

I honestly believe we let the best chance slip, Jeremy Corbyn may been the prime minister we needed. But then the rich, the bankers wouldn't allow that to happen, would they.

[@cjheeley]

Well said. Those underhand slimy bastards spread lies about him and ruined it.

[@ossiaigbedo7223]

Football Analyst have literally determined that the British Media is the most powerful tool in the world. More than anything it can inflate players sale price exponentially, it can start wars, it can make you hate a country you’ve never step foot in, it csn make you VOTE for someone who literally doesn’t care about you and just wants to fill their pockets. It’s not even politicians anymore. They’re doing bad things. Unless the media actually gets people off their asses to protest, then there’s no hope.

[@kurez677]

It’s true and I fell for them

[@leem7222]

Corbyn as prime minister 😂😂😂

[@roberthorne9597]

@@kurez677 sorry.

[@albert21able]

So the 1p Income Tax cut is going to produce a spending spree...Insane

[@Bfg12327]

But if we increase wages we would have an inflation wage spiral?? (Edit- Sarcastic question!)

[@albert21able]

@@Bfg12327 , But Wages.are not going up, Wages have been going down in real terms since the late 70s

[@Bfg12327]

@@albert21able my sarcasm font was off.. This nonsense is actually Insane. Nothing makes any sense!

[@amayastrata4629]

@@Bfg12327 so at least the huge inflation rate would have some actual reasoning. At the moment who’s benefiting? Not those who need a salary to pay for the increases caused by the companies who are making huge profits.

[@Bfg12327]

@@amayastrata4629 the tories only benefit themselves or their donors. Us workers are expendable.

[@joestraughan3944]

It appears that Rishi Sunak has been asked to step in to calm markets! Thank goodness! As he spoke previously about fiscal prudence, we would not be in this current mess if he were in charge. Hopefully, markets will respond positively to his intervention! News is that a huge number of votes to remove Truss received by 1922 committee. Seems like they have realised that they are fucked at last!

[@jandenijmegen5842]

The pound also fell from 1,21 to 1,11 to the Euro in 6 months. It is not just the strength of the dollar. Going to the (euro) continent will buy you about 10 % less. On the other hand my euro will buy me more beer in the pub.

[@marksimons8861]

I expect base rate will be 4% by Friday......just to get the country through next weekend.

[@markjones4704]

so does some mortgage lenders who have pulled there low fixed rate deals

[@jag6696]

@@agnosticevolutionist3567 that's depressing hope your wrong for everyone's sake

[@A4Gaming]

Yeah fuel is going to sky rocket. Most brutal recession is coming thanks to three dirty tory dogs

[@shaaddhillon3819]

Tories have always worked for their rich mates, not the common man

[@jamiepaget9466]

@Gammons Trout Yes they did. I knew, right then, when David Cameron lied through his teeth, that "we are all in this together" and it has always been so very clear, that with a Tory government, that we are most definitely not, all in this together. I don't expect Liz is worried about whether she will be hungry or cold, this winter. Probably a million miles from her mind. This country is almost ruined, and I fully expect it to happen.

[@silverlakeas]

We truly are living in an age of stupid & incompetent MP’s , selfish, self serving, narrow minded lining their own pockets before their downfall but ensuring that the most vulnerable in society stay there. This really is a horrific Government…….

[@subcitizen2012]

That entire tax burden just fled the country...

[@richardvelthuis8001]

I always thought it was “the left” to be so-called irresponsible when it came to spending. Did I miss something?

[@captainmakai]

Yeah, missed the last 12 years.

[@Melissa.Garrett]

@@captainmakai Haha, you beat me to it!

[@Honking_Goose]

Thats because the right completely control the narrative so you are conditioned to believe left = bad economically and right = good economically

[@James_Doyle83]

Proven wrong when it's the right to be so called irresponsible when it comes to spending

[@f.d.6667]

Kinda depends on what you spend on and what the conditions are. Reversing taxes that cause nothing but greenflation might be painful an unpopular with the "Guardian" and "BBC" crowd but the only way out of a delusional concept in which paying for salvation in a made-up quasi-religion was sold to the voters as a "motor" of the economy. Only that this "motor" was never able to generate real value.

[@redalert2834]

The Kwarteng-Truss alliance is clearly modelling itself on the K-T extinction event.

[@stayhappybetrue]

it's boris problem

[@andrew300169]

😂😂

[@robertjames6640]

She is acting like a Trumpist.

[@FullMetalFeline]

Didn't expect a paleontology reference in these comments lol

[@harshdev753]

That's a Geological Explanation.

[@sharlwoo]

We wouldn't be in this chaos if the old Tory members voted for Sunak instead of Truss. We need Sunak as PM.

[@russellingram589]

Feels like the political system has become very adept at keeping the choice of leadership out of the publics hands.

[@leswhynin913]

I am baffled by top bracket tax cuts during an inflationary time with serious pressure on working class and the poor, but maybe I dont understand UK context since I am Canadian.

[@sgbsvw]

No, you do understand perfectly correctly. We're just now run by 'think tanks' and ex hedge fund managers who enjoy fucking with the market for their own monetary gains.

[@nattyco]

You don't understand how nasty and uncaring the Tory Party can be, coupled with a gullible English electorate driven by racism and xenophobia.

[@Ahdok1]

Oh that's easy, the policy is based off the fact that all the Tories' friends are in that top bracket.

[@robertjames6640]

She right wing conservative governments hold power in any country, regular families suffer. The rich do not.

[@glennmorrison7328]

Canada is the largest banana republic in the world.

[@janealivekickin5302]

What gives these people the right to make so many peoples lives a misery, the poor will be cold, hungry and no doubt very angry. Get these Thacher clowns OUT.

[@stayhappybetrue]

agree

[@brianlaudrupchannel]

You think the left solve poverty?

[@brianlaudrupchannel]

Only way to get out of poverty is to look after yourself and get the government out of everyone's pocket

[@janealivekickin5302]

@shisiki - Enough is Enough Join and fight back

[@jonahallen4867]

God , i can just imagine that last speaker barking " hurry up your dinners going cold"

[@MikeStillUK]

Bitcoin fixes this.

[@heliotropezzz333]

The Chancellor puts his foot in it, and then puts his foot in it again.

[@richarddave410gmail6]

Hello 👋 i hope you're safe over there? I hope this year brings happiness prosperity love and peace 💞❤️🕊️🕊️ all over the world 🙏🌍 I'm originally from Australia currently living in Ohio 🇺🇲☀️☀️☀️☀️and you where are you from if i may ask?💭💭

[@osirisofthesouth2853]

And spinning twist

[@lateo74]

Taking back more control…. 😂

[@heliotropezzz333]

Handing the wheel to a maniac or a child.

[@TheThreeMountains]

There should be a new law allowing "the common people" to vote online on what the members of Parliament want to introduce in the UK! This way, we will have "true democracy" where all people decide on what's best for the UK! And all members of Parliament should volunteer to propose laws, give up their salaries as "MP's" and be truly the voice of the people! Instead, nobody cares for the population who is struggling to heat their homes and feed their children! True interest in people's wellfare comes from the heart not from a pocket full of money!

[@LondonSteveLee]

We are on an island sitting on coal gas and oil - and we have fishing waters - and yet all four of these things are more expensive here than in other countries that don't own these resources - the political establishment - all of them - have been selling us out for decades.

[@jameshiggins8329]

Seems that the trickle down is from mortgage payers to bankers. The increase in mortgage payment well in excess of any cash not taxed. Lunatic in No 10, Brain Transplant Donor in No 11.

[@colinhill9439]

And workers to billionaires, and pensioners to billionaires this is flooding up economy where the very wealthy are about to soak up everything from below.

[@lj6079]

😂😂😂😂😢😢😢😢😢😢

[@jonkayl9416]

Trickle down does not work. Page 3 of GCSE economics. I blame the Voters for having them there for 12 years and Corbyn for letting them stay there. The Left have allot to answer for.

[@Risingphoenix888]

Kwasi fricking modo. Just pushed the self destruct button on the pound and the economy. I think an a level economics student would be more competent. It’s mind blowing and most of the uk haven’t got a clue what’s in store for us all.

[@phpn99]

Nickname of the year. I'm pissing myself 😂

[@pandapalace9003]

He knew what he was doing. He worked as financial analyst at JP Morgan and Chase. It was deliberate. He leaked his plans to his friends in finance to bet against the pound and redirected huge sums of public money that was borrowed in our name into private pockets. The Tories did this too throughout Covid. 12 years and they've used every one of them to enrich themselves at the detriment of the nations prosperity. The UK will resemble a developing world economy soon. The Financial Times was already reporting people in Slovenia are better off than us.

[@familykalappurackal18]

Mr Sunakan might be thinking now, "I said so"

[@janiekcarney5482]

I’m glad the Queen didn’t live to see this. The shock would have killed her.

[@fritsgerms3565]

The new chancellor seems to think he understands economic theory better than those that work with it. Such an opinion can only be formed by the world's cleverest person (where something uniquely is understood that no one else understands) or by a fool. Which is the most likely? And the jury is out.

[@g0801215]

Well, he did win University challenge and has a PhD in economic history.

[@stayhappybetrue]

it's boris johnson mess liz and kwazi cleaning it up

[@fritsgerms3565]

@@g0801215 true. which is a blight on his university. so he learned economic history but then seems to take the opposite lessons from it. Economy theory is based on a very long history - which levers to pull or release depending on the economic crisis - and why. As humans we often get the timing wrong - with drastic consequences. but the basic levers are known. Another point is that being brilliant means little for being right about things - because of biases. It's one of the first things one learns during critical thinking/logic courses. E.g. If someone has a religious belief in something, it matters not how smart they are - to sway them is nearly impossible.

[@jimbojimbo6873]

Mock him all you wants but the man is clearly smarter than you fella

[@Itsmargarine]

@@jimbojimbo6873 this is not a relative game. We want the most able looking after the national assets. His actions have just doubled the cost of living crisis for all but the top 1%. It will cost you and me £thousands over the next year and all you can say is that?

[@benjiviews4300]

Wow Ed Miliband is smashing it

[@plumduff3303]

Well done Ed 👏

[@Rascallucci]

I checked yesterday, today my time in the morning and now, this is no joke as it is still dropping. If this keeps up I will absolutely have to start shopping on Amazon UK.😎 Yesterday was 1 GBP to HK$8.52, then this morning went down to HK$8.46 and now is HK$8.39. I think is safe to say Liz Truss and Kwasi Kwarteng pretty much screwed up big time.

[@marksimons8861]

Brexit's been great so far, hasn't it?

[@neil2k2]

Haha wonder if any of the leavers will EVER admit they've made a mistake

[@AB-C1]

Great Woman in Italy!! Great demonstration in London!! * Copy and Paste ** KZbin keeps Deleting this FACTUAL comment!!! They're killing off the ENGLISH People, Culture, Population, Country, Heritage, and "Gene pool"!! They're diluting us down to NOTHING! BECAUSE WE ARE A GREAT RACE! HENSE THE NAME! "Great Britain"!! We MUST ALL STAND UP AND FIGHT FOR OUR COUNTRY OUR FREEDOMS OUR PARENTS GRANDPARENTS GREAT GRANDPARENTS Fought FOR LOST THEIR LIVES FOR!! - WE MUST FIGHT TO STOP THIS WEF NEW WORLD ORDER PUPPETS SUCH AS LIZ TRUSS and the Rest of Klaus Schwab's puppet leaders NOW!! SHES ALREADY SAID HER suggestion is WE NEED MORE MIGRANTS!?!? WTF!!?? God HELP US ALL! THE ENGLISH PEOPLE THE ENGLISH RACE! GOD SAVE BRITAIN AND GOD SAVE THE KING! 👍💪👊🏴󠁧󠁢󠁥󠁮󠁧󠁿🇬🇧 "You WILL own NOTHING AND BE HAPPY" KLAUS SCHWAB WEF/New World Order at Davos 2016 and every year since!! ALL the Top politicians and our PM and Global PMs Chancellor's Presidents and Leaders are ALL MEMBERS/PUPPETS OR KLAUS SCHWAB WEF!!! "NEW YOUNG LEADERS BUSINESS SCHOOL" (GRADUATES) THAT'S A FACT! AS WAS SUNAK! Whoever got in PM WAS WEF PUPPET! & WHERE THE FCUK CAN WE GO!? NOWHERE! CANT EVEN GO AUSTRALIA NEW ZEALAND AMERICA SO WTF ARE WE LETTING EVERYONE HERE!!? 🏴󠁧󠁢󠁥󠁮󠁧󠁿🇬🇧

[@jayc342009]

Oh god the remoaners just won't let it go will they haha

[@manic2360]

@@jayc342009 Brexiteers keep destroying the country ..haha

[@ericconnor8419]

@@jayc342009 No because you damaged the country and it is not getting any better. We will stop when what you promised comes true.

[@Setinmywaysalways]

Well made sure I have got the candles in & sharpened my saw and into the woods for Logs for the Winter

[@ohitsustu1835]

Smells like Wef. The gov knows that the change to digital controlled currency will see national debt negated?

[@paulrouth5997]

Pretty good interviews between the two. Thought she was a bit harsh with the first person but then she was just as sharp and prepared with the second guy.

[@b0rme]

I would agree with this

[@AG-ni8jm]

Cool now it'll be cheaper to visit the UK (what'll be left of it, anyway)

[@ramdev9578]

Who wants to go there? To watch people doing namaz on the streets? Or to visit the British Museum which looks like an ongoing crime scene?

[@TheMagicJIZZ]

@@ramdev9578 we will return to colonisation

[@entropy8634]

And y'all voted for them right? Voted for brexit as well, right? This means that it's all your fault, right?

[@tiermacgirl]

A small proportion of the electorate are card carrying Tories. They select the leader of their party. Most of us get no say

[@lunaskye621]

I looked on Google and saw 1 usd is equivalent to 0.94p GBP. I've don't remember a lot from the 2008 financial crash as I was still in school but wow. It's a shock. Also want to add that Corbyn was so hard done by the Labour Party and the voting electorate.

[@ro55do]

The rich ones earn £10.000 extra due to her plans. The poorest earn £23 extra in a YEAR !!! It must be a blind economist who made these plans.

[@chocol8milk]

Time to start getting family heirlooms and old paintings/dishes/quilts appraised at the Antiques Roadshow.

[@googleit7444]

Make sure to sell in dollars.

[@wlsn77]

Truss/Kwarteng would rather let the pound fall than admit they got this wrong or let BoE rise the base rate to 5%+, a run on the housing market will be worst for them and their Tory constituencies.

[@ianworley8169]

They didn't get it wrong. They planned this massive transfer of wealth to the rich. Massive cuts to Corporation Tax, abolishing the highest rate of tax, issuing licenses to explore gas fields in the North Sea, fracking, abolishing environmental controls. And by no means least, encouraging shorting against the pound as it plummets in value. They're doing everything humanly possible to enrich themselves and their backers as quickly as possible. Everything's going to plan.

[@annarichardson7794]

They dont care. They only care about the super rich who dont have to borrow anything. Probably they will be able to snap up a few more cheap assets when the crash comes.

[@cup1966wow]

I mean you don't just change policies immediately because of a market reaction. Markets get things wrong all the time. If someone did that then I wouldn't want them in power. Hopefully the house market doesn't come down. It's wait too inflated but the government won't let it happen. House prices will be pushed up because of the stamp duty change.

[@linmac1686]

And the rest of the stories. At Least Rishi got it right and any other with common sense, not even a economist and they want to take control of the Bank of England. Remind which school she went to.

[@wlsn77]

@@cup1966wow they have boxed themselves in with Truss's promises. (A) if interest rate goes up, a lot of middle earners won't be able to keep up with their mortgage; (B) if interest rate doesn't go up, sterling will continue to fall, and we will all be a lot poorer in real terms; like you said, it will be hugely embarrassing for this Government to make a U-turn on its policies, so I don't really see any other option. Personally, I hope the Tories will see sense, and call for a vote of no confidence.

[@madcatladyshirl6899]

Let's just rub salt in the wound a bit more. Bullcrap going on as usual. I fear the future especially for our senior citizens 😢

[@cestraig]

Before everyone starts to criticise the new chancellor and Prime Minister, we need to first of all review our corporation tax rate and compare it with Irelands. Their tax rate is low and has the highest growth rate out of every European country. I think Ireland has something like a 10% growth rate, so we need to give this a lot more time for everything to bed itself down. But corporations also need to have confidence that the UK isnt going to increase the corporation tax as soon as labour or another Chancellor and Prime Minister take office next. We can only see positive growth if confidence can be restored between companies and government. And this is the bit that i feel will ruin any chance of this working.

[@naxieysadventures5506]

Concervatism at its finist! lets look after the rich no matter the consequences.

[@batcollins3714]

The British people gave the Tories an 80 seat majority, maybe you should have thought about it first, but no, the Tories saved a few flags and bingo! the fools fell for it.

[@juancarlosalonso5664]

Bat Collins It was over the moment they allowed their media to be completely owned by activist right wing billionaires.

[@BrianJ1962]

Re-nationalise the Bank of England - that'll put a stop to the 'raise interest rates to deter government borrowing' antics and wrest control of our economy away from the bankers who've just had the cap on their bonuses removed.

[@WAKEUPTOZOG]

The only sensible comment on here , I would have said something like this . But of course none of my comments ever get seen ..The Rothschilds steal £200 million pounds per day from this country in interest alone . If our so called government printed the money it would be interest free .

[@siadali7673]

Labour on the way fantastic 👏

[@Ev-kl6wb]

The British public are to blame for it specially tories. Choosing a leader who hasn't had any idea about economics over a guy who is master on it was massive cluster. Mps and tories voters are to take responsibilities of this disaster🤯🤯

[@whataquirkyguy]

Absolutely incredible that JC's economic policies sounds more sane than the right

[@juancarlosalonso5664]

JC’s policies were actually what was needed, sadly the british media owned by right wing activist billionaires has done a good job of convincing people like you of the contrary.

[@keiranmorrisart]

His policies made sense

[@lilacbookshelf1909]

After all that ridicule it seems the tories found his "money tree"...and gave it to the wealthy.

[@martinvickers7349]

They always were but vested right wing self interested vile and dishonest propaganda fooled many

[@pritapp788]

Incredible only for those who believe the Tory claims about competent economic management!

[@taffingtonboathouse5754]

Oof prepare for the great depression

[@thabo5799]

Alreay there mate

[@deusvlad2.083]

It's been depressing since 2018

[@P.G.Wodelouse]

@@thabo5799 unfortunately i don't think we are quite there yet mid 23 is my prediction of it peaking.

[@erwinmulder1338]

That interviewer isn't biased at all. Excellent display of 'whataboutism'. Comparing actual policy to plans of the opposition for a time where we don't even know the situation yet. Total fair comparison. ... right.

[@alexandraathay]

But surely most of those homeowners saved their free furlough money whilst sat at home on their backsides knowing that the economy was going to collapse after the pandemic, or did they help fund Amazon's CEOs retirement plan? 🤔

[@sachin2842]

Rishi was too rich to win and color made him lose but he was straight about economy he was right.

[@PRINCESSGEMINI1987]

💯

[@LordBeauchamp1994]

How can someone be chosen to run for a seat in parliament being brown but not chosen to be PM...so they would rather have a white woman over a British born brown skinned man??

[@nattyco]

@@LordBeauchamp1994 Yes.

[@LordBeauchamp1994]

@@nattyco and your proof of that is coming from where

[@sachin2842]

@@LordBeauchamp1994 being PM is far out weighs being MP/Finance minster. Also lizz looks good and all but not fit for PM she is controlled by industrialists and elites.

[@marc123909]

Anyone else notice that there’s a crisis every 3 couple of months 🤔

[@afrovarangian]

As if this was predicted as far back as 1845.

[@alexcoleman589]

Because the Conservatives are in power. They are horrible at governing.

[@m.woodsrobinson9244]

It's called Disaster Capitalism. Jacob Rees Mogg's daddy wrote a couple of books about it. His son is a committed disciple to that philosophy.

[@HAPPY-kv1fs]

I love it when a plan comes together.

[@michaelketley876]

Imagined conversation : Kwasi : I feel unwell and have just pooped in my pants Truss : oh dear. What do you think caused it ? Kwasi : I think I ate something bad Truss : What are you going to do ? Kwasi:. Eat some more of that food