Pound slumps to all-time low against dollar

[GinBoy2]

As frikkin bizarre a turn of events this is.

 

I worked in the UK for a few of years back in the 1990's, and I was tracked down out of the blue by the UK tax folks to tell me they owed my £620 in a tax rebate.

 

I think at the time that was worth $750. 

 

At this rate I'll be lucky to get $620, but thats all dependent on how long it takes me to figure out how they are going to pay me.

 

They sent me a UK check which is worthless since I can't cash it here in the US

[OneMoreFarang]

9 hours ago, Phil1964 said:

Truss was elected by 88,114 people.

Now she has just rewarded them for their crosses on the ballot paper, by giving them a massive tax cut in exchange and while stiffing the rest of us in this fast declining country.

 

But let's not forget that in the 2019 general election about 14 million people voted for Boris. What did they expect?

Looking at what Truss does in a general election at least 90% should not vote for her and her party again. But somehow I don't imagine that is what will happen. It's sad to see people vote against their own interests. 

[ourmanflint]

16 hours ago, realfunster said:

A warm "good evening" to the Islington brigade, who appear to be out in force using this issue as a stick with which to beat the current Tory government.

 

Whatever you think of the Tories, Labour haven't had a serious chance of winning a general election since Blair went...it's simply easier to be a virtuous sideline whinger and not have to deal with the realities and practicalities of government.

 

It's a shame Blair, as the most successful Labour leader of the last 50 years, ultimately left a tarnished legacy of himself and his party for the longer-term, which ironically, in cannibalistic fashion, was gleefully supported, rather than rebutted, by certain elements of the Labour Party.

 

After Milliband and Corbyn, Starmer is a step in the right direction to potentially make Labour electable, but a lot of work still to be done to get in power. As Blair realised 25 years ago, UK is now firmly an aspirational and "middle class" country, as reflected by an 8:3 election count in the Tories favour since 1979. All 3 Labour wins being under Blair.

 

You simply must appeal to this middle-class group, whom in particular, were alienated by Corbyn. The old "class war" politics from the 70s/80s and currently employed in the US, simply don't work with the modern UK electorate.

 

Until Labour can present a serious, credible and electable alternative government, gripes about the Tories are just background noise...

 

 

Looks like you really understand UK politics!

[ourmanflint]

21 hours ago, Mac Mickmanus said:

Wouldn't that be illegal ?

Do you have some evidence to back that claim up ?

Sorry, does google not work anymore in Thailand?

https://fortune.com/2022/09/26/short-the-pound-uk-government-liz-truss-kwarteng-budget-hedge-funds-george-soros/

[Mac Mickmanus]

18 minutes ago, ourmanflint said:

Sorry, does google not work anymore in Thailand?

https://fortune.com/2022/09/26/short-the-pound-uk-government-liz-truss-kwarteng-budget-hedge-funds-george-soros/

Your link says "and now may face investigation over whether they were leaked information the rest of the market never received. " you made the claim that it was a fact .

     You did make the claim that the Government leaked the info and  your link said that it "may" be investigated .

     It was common knowledge the Pound would likely fall in value , and investors wouldn't need to have inside information to have that knowledge .

   So, you do not have any evidence to back up your claim that the Government leaked info to the money markets 

[RayC]

8 hours ago, Mac Mickmanus said:

OK, I didn't realise the government could give different tax rates to individual people 

I replied with sarcasm of my own. 

 

Bit of role reversal now. I'll play the pedant ????. The government could create tax bands which included only one individual. 

 

(This is not a serious proposal).

[placeholder]

4 hours ago, Mac Mickmanus said:

Your link says "and now may face investigation over whether they were leaked information the rest of the market never received. " you made the claim that it was a fact .

     You did make the claim that the Government leaked the info and  your link said that it "may" be investigated .

     It was common knowledge the Pound would likely fall in value , and investors wouldn't need to have inside information to have that knowledge .

   So, you do not have any evidence to back up your claim that the Government leaked info to the money markets 

I've read the article. If what it reports is factually true, that counts as evidence. Whether it's enough evidence by itself to bring charges is a different question. But that's what investigations are for.

[Denim]

Current news coming in is that the pound has rallied somewhat. 

 

To what degree and for how long will soon be known.

[DaveE13]

On 9/27/2022 at 3:31 AM, GinBoy2 said:

As frikkin bizarre a turn of events this is.

 

I worked in the UK for a few of years back in the 1990's, and I was tracked down out of the blue by the UK tax folks to tell me they owed my £620 in a tax rebate.

 

I think at the time that was worth $750. 

 

At this rate I'll be lucky to get $620, but thats all dependent on how long it takes me to figure out how they are going to pay me.

 

They sent me a UK check which is worthless since I can't cash it here in the US

Send it to me. I know a few places to cash it. I tell em I Dave Ginboy

[RayC]

On 9/27/2022 at 4:31 AM, GinBoy2 said:

As frikkin bizarre a turn of events this is.

 

I worked in the UK for a few of years back in the 1990's, and I was tracked down out of the blue by the UK tax folks to tell me they owed my £620 in a tax rebate.

 

I think at the time that was worth $750. 

 

At this rate I'll be lucky to get $620, but thats all dependent on how long it takes me to figure out how they are going to pay me.

 

They sent me a UK check which is worthless since I can't cash it here in the US

Surely a bank in the US could process it? 

 

However, you're probably correct in saying the cheque is worthless. The way sterling is going, you might end up not being able to cover the commission charges!

[Chomper Higgot]

On 9/26/2022 at 9:08 PM, realfunster said:

A warm "good evening" to the Islington brigade, who appear to be out in force using this issue as a stick with which to beat the current Tory government.

 

Whatever you think of the Tories, Labour haven't had a serious chance of winning a general election since Blair went...it's simply easier to be a virtuous sideline whinger and not have to deal with the realities and practicalities of government.

 

It's a shame Blair, as the most successful Labour leader of the last 50 years, ultimately left a tarnished legacy of himself and his party for the longer-term, which ironically, in cannibalistic fashion, was gleefully supported, rather than rebutted, by certain elements of the Labour Party.

 

After Milliband and Corbyn, Starmer is a step in the right direction to potentially make Labour electable, but a lot of work still to be done to get in power. As Blair realised 25 years ago, UK is now firmly an aspirational and "middle class" country, as reflected by an 8:3 election count in the Tories favour since 1979. All 3 Labour wins being under Blair.

 

You simply must appeal to this middle-class group, whom in particular, were alienated by Corbyn. The old "class war" politics from the 70s/80s and currently employed in the US, simply don't work with the modern UK electorate.

 

Until Labour can present a serious, credible and electable alternative government, gripes about the Tories are just background noise...

 

 

‘Appeal to the middle class group’.

 

That’s the people who are about to get hammered with mortgage interest payments, on top of 10% (and climbing) inflation.

[transam]

2 minutes ago, Chomper Higgot said:

‘Appeal to the middle class group’.

 

That’s the people who are about to get hammered with mortgage interest payments, on top of 10% (and climbing) inflation.

I can remember 11% on my mortgage, think it was 1978, I believe it went much higher too........????

[Chomper Higgot]

6 minutes ago, transam said:

I can remember 11% on my mortgage, think it was 1978, I believe it went much higher too........????

That’ll be comforting to people who can’t afford to pay their mortgages as the UK economy heads into recession.

[transam]

1 minute ago, Chomper Higgot said:

That’ll be comforting to people who can’t afford to pay their mortgages as the UK economy heads into recession.

Wish I had had a mortgage at 2.25%....????

[hotandsticky]

9 minutes ago, transam said:

I can remember 11% on my mortgage, think it was 1978, I believe it went much higher too........????

Interest rates had gone from 17% in 1979 down to 9% in 1982, and were back to 14.88% in October 1989.

 

 

https://thinkplutus.com/uk-interest-rate-history/

[placeholder]

7 minutes ago, transam said:

I can remember 11% on my mortgage, think it was 1978, I believe it went much higher too........????

And since then have home prices trailed the inflation rate, kept pace with the inflation rate, excerded the inflation rate moderately, or exceeded the inflation rate in a big way?

[transam]

1 minute ago, placeholder said:

And since then have home prices trailed the inflation rate, kept pace with the inflation rate, excerded the inflation rate moderately, or exceeded the inflation rate in a big way?

No idea, but I do remember getting near $2 to the pound in 1989....????

[John Drake]

BOE announcing intervention in the bond market. UK Pound is about to become the Turkish Lira.

 

https://www.bankofengland.co.uk/news/2022/september/bank-of-england-announces-gilt-market-operation?sf170940617=1

[Chomper Higgot]

14 minutes ago, transam said:

Wish I had had a mortgage at 2.25%....????

In 1978 the maximum mortgage permitted was 2.5x salary.

 

In 2022 very many mortgages are at multiples of that and the borrowing has been based on very low interest rates.

 

The millions unable to afford to eat regular meals are about to be joined by millions more who can’t afford their mortgages.

 

And all because somebody thought it a good idea to borrow money to hand tax cuts to the already wealthy.

 

Truss hasn’t even been in the job a month yet.

 

What a mess she’s making.

[transam]

Just now, Chomper Higgot said:

In 1978 the maximum mortgage permitted was 2.5x salary.

 

In 2022 very many mortgages are at multimedia that and the borrowing has been based on very low interest rates.

 

The millions unable to afford to eat regular meals are about to be joined by millions more who can’t afford their mortgages.

 

And all because somebody thought it a good idea to borrow money to hand tax cuts to the already wealthy.

 

Truss hasn’t even been in the job a month yet.

 

What a mess she’s making.

So your analysis is on a month in control..Hmmmmm.

 

Now I recall Liz saying it will be 2 tough years to sort stuff out, not a month, chap....????

[Chomper Higgot]

5 minutes ago, transam said:

So your analysis is on a month in control..Hmmmmm.

 

Now I recall Liz saying it will be 2 tough years to sort stuff out, not a month, chap....????

She hasn’t got two years.

 

She’s got two weeks to the Tory Party conference and a few days after that until Parliament resumes.

 

 

[transam]

5 minutes ago, Chomper Higgot said:

She hasn’t got two years.

 

She’s got two weeks to the Tory Party conference and a few days after that until Parliament resumes.

 

 

Think you have forgotten what she said before she was voted PM to get the inflation etc back in shape, it was a tough 2 years.

 

But as you don't watch videos, I won't search for it....????

[placeholder]

8 minutes ago, transam said:

So your analysis is on a month in control..Hmmmmm.

 

Now I recall Liz saying it will be 2 tough years to sort stuff out, not a month, chap....????

I remembe when not so long ago after Boris Johnson won his last vote of confidence that his supporters were claiming that it was an absolute victory and the  subject was closed. Truss seems determined to invite a vote of confidence even earlier in her term.

[placeholder]

1 minute ago, transam said:

Think you have forgotten what she said before she was voted PM to get the inflation etc back in shape, it was a tough 2 years.

 

But as you don't watch videos, I won't search for it....????

There's a rumor going around that the news media also use written words.

[Chomper Higgot]

10 minutes ago, transam said:

Think you have forgotten what she said before she was voted PM to get the inflation etc back in shape, it was a tough 2 years.

 

But as you don't watch videos, I won't search for it....????

It’s not been a month and she’s already got the Bank of England using foreign currency reserves to buy UK Government Bonds in order to protect Sterling against the consequences of her idiocy.

 

I look forward to the Conservative Party Conference almost as much as I look forward to the next PM Questions time.

 

Remind me, it was you rooting for her to win the PM slot and crowing when she did?!

 

She’s a gift to the opposition, at terrible cost to the nation.

 

What a mess.

[placeholder]

Just now, Chomper Higgot said:

It’s not been a month and she’s already got the Bank of England using foreign currency reserves to buy UK Government Bonds in order to protect Sterling against the consequences of her idiocy.

 

I look forward to the Conservative Party Conference almost as much as I look forward to the next PM Questions time.

 

Remind me, it was you rooting for her to win the PM slot and crowing when she did?!

 

She’s a gift to the opposition, at terrible cost to the nation.

 

What a mess.

Sunak would have been more than bad enough  to assist Labour. 

[metisdead]

A post with a trolling image and the replies have been removed.

 

Some off topic posts and the replies were removed.

[kickstart]

46 minutes ago, transam said:

I can remember 11% on my mortgage, think it was 1978, I believe it went much higher too........????

I was paying 16% on a mortgage, as was my sister in 1978 .

Now history is repeating its self ,back then the banks and building society were not giving any new mortgages ,ie me I was with the Abby National at the time ,they said no ,the Halifax, one of the few  said yes,they said interest rates were all over the place.

Wind forward to yesterday ,Virgin Money and the Skipton BS ,plus one other said they were not giving any new mortgages ,they said interest rates not stable .

And today the IMF said last week's budget was not thought out ,they said it was more like what an  emerging economy would do ,not a member of G7 and a shear holder in the IMF.

Someone on the radio said it was something a country like Turkey would do ,and their economy is almost a basket case.

Will the UK be keeping the IMF phone number handy ?

 

[placeholder]

24 minutes ago, kickstart said:

I was paying 16% on a mortgage, as was my sister in 1978 .

Now history is repeating its self ,back then the banks and building society were not giving any new mortgages ,ie me I was with the Abby National at the time ,they said no ,the Halifax, one of the few  said yes,they said interest rates were all over the place.

Wind forward to yesterday ,Virgin Money and the Skipton BS ,plus one other said they were not giving any new mortgages ,they said interest rates not stable .

And today the IMF said last week's budget was not thought out ,they said it was more like what an  emerging economy would do ,not a member of G7 and a shear holder in the IMF.

Someone on the radio said it was something a country like Turkey would do ,and their economy is almost a basket case.

Will the UK be keeping the IMF phone number handy ?

 

The great economist once wrote "There's a great deal of ruin in a nation." His ironical point being that people cry ruin too easily at an unfortunate turn of events. But Truss seems determined to prove that while there may be a great deal of ruin in a nation, if a policy is bad enough, a nation can be ruined.

[RayC]

2 hours ago, transam said:

I can remember 11% on my mortgage, think it was 1978, I believe it went much higher too........????

' Afternoon/ ' Evening Trans, I was wondering where you were? Been anywhere nice?