Pound slumps to all-time low against dollar

[Scott]

Off-topic, troll post reported and removed.  

 

[baboon]

3 hours ago, JonnyF said:

Nobody forced her to do it. It was a political mistake. If there were a credible opposition it might have been costly.

 

Let's hope she learns from this before Labour become a serious alternative.

 

She's safe for now but if Starmer, Abbott, Lammy, Rayner etc. were replaced with competent, decent human beings it could become a real issue in terms of staying in power.

Well let her call a General Election right now before Labour become a serious alternative. Starmer, Abbott, Lammy, Rayner etc. can't possibly win, so let's go for it!

[kwilco]

We will see on Monday how the markets see the pound etc.

Hunt has been given carte blanche by the Tory nabobs and Liz Truss has been told to stand in the corner.....I expect Hunt may even officially become PM next week.

 

The problem is reflected in the value of the pond but regaining international respect will take a longtime.

in the mean time retirees  from UK in Thailand are not just facing a reduction in their income from UK but also the possibility that the pension funds they rely on may shrink or collapse..

Things considered rock solid may overnight turn out to be built on sand.

[kwilco]

2 hours ago, baboon said:

Well let her call a General Election right now before Labour become a serious alternative. Starmer, Abbott, Lammy, Rayner etc. can't possibly win, so let's go for it!

If the current polls were tuned into a general election right now the Tories would have 3 seats in the house of commons.

 

However, this would be a poisoned chalice for Labour who would then have to take the flack whilst trying to get out of this mess.

 

It would almost make sense for the Tories to walk away and let Labour take over, they would only last a couple of years at most and then the Tories could return.

 

Next week they seem to be betting on a Tory version of a "national unity" government- basically sideline Truss (very difficult to just boot her out) and have a "cabinet of all the talents".

 

in reality if the Tories were replaced by a coalition government, then confidence could be restored, but Labour are simply too arrogant to go into partnership with any other party especially when they could get such a huge victory for themselves.

 

so al expats on pensions and income from UK had better start tightening their belts and. make sure their savings don't drop below the minimum amount of baht required by immigration

 

[Chomper Higgot]

8 hours ago, JonnyF said:

Nobody forced her to do it. It was a political mistake. If there were a credible opposition it might have been costly.

 

Let's hope she learns from this before Labour become a serious alternative.

 

She's safe for now but if Starmer, Abbott, Lammy, Rayner etc. were replaced with competent, decent human beings it could become a real issue in terms of staying in power.

It wasn’t a mistake, it was series of deliberate moves culminating in the ‘Kamikaze Budget’.

 

1st the sacking of Sir Tom Scholar permanent secretary at the Treasury, to clear the decks for the idiocy to come.

 

2nd The refusal to accept a OBR impact analysis and lie about it not being available.

 

3rd The absence of a fiscal plan and then lying about it being available.

 

4th Announcing massive un costed tax cuts non of which were at all necessary that overwhelmingly benefitted the already wealthy and lying about it.

 

Non of this was a mistake, they were the actions of an idiot ideologue drunk on power.

 

The polls disagree with you on Labour.

 

 

 

 

 

 

[BritManToo]

3 hours ago, kwilco said:

The problem is reflected in the value of the pond but regaining international respect will take a longtime.

Pound was at it's highest for 3 months on Friday.

So if what you said were true, Liz has been an amazing success.

 

But I do agree, Liz and the Conservatives should just walk away and let Labour have a go.

See if they can do any better.

 

But I disagree on the cause ......... the cause was COVID shutting the country for 2 years.

And it's a cause that will sweep through all the western countries, as they all had the same problem.

 

Australia is also facing a collapsing AUD.

Not much being said about Europe, but the Euro is sinking fast as well.

Edited October 16, 2022 by BritManToo

[Chomper Higgot]

3 hours ago, kwilco said:

We will see on Monday how the markets see the pound etc.

Hunt has been given carte blanche by the Tory nabobs and Liz Truss has been told to stand in the corner.....I expect Hunt may even officially become PM next week.

 

The problem is reflected in the value of the pond but regaining international respect will take a longtime.

in the mean time retirees  from UK in Thailand are not just facing a reduction in their income from UK but also the possibility that the pension funds they rely on may shrink or collapse..

Things considered rock solid may overnight turn out to be built on sand.

Hunt can’t be made PM without going back to the reactionary and out of touch Conservative members who thought Truss was a good idea.

 

You are correct, the damage is done, the impacts are now set in motion.

 

The risk to pensions is of course a concern, and one that doesn’t have to come to stinking fruition to cause problems. Pensions are an essential part of financial planning for millions, life long commitments that people regard as their security in old age - A Tory Government has put that at risk, it will not be easily forgotten.

 

More immediately, mortgage interest rates are going up, notifications are already going out.

 

Apart from the obvious hit to family finances, and the knock on effect into the economy there is also increased risk of repossessions.- A Tory Government has put that at risk, it will not be easily forgotten.

 

 

What a mess, a totally unnecessary mess.

[Chomper Higgot]

9 minutes ago, BritManToo said:

Pound was at it's highest for 3 months on Friday.

So if what you said were true, Liz has been an amazing success.

 

But I do agree, Liz and the Conservatives should just walk away and let Labour have a go.

See if they can do any better.

 

But I disagree on the cause ......... the cause was COVID shutting the country for 2 years.

And it's a cause that will sweep through all the western countries, as they all had the same problem.

 

Australia is also facing a collapsing AUD.

Not much being said about Europe, but the Euro is sinking fast as well.

The pound is only one metric, and has been heavily protected by BOE quantitative easing, which is about to stop.

[BritManToo]

32 minutes ago, Chomper Higgot said:

The risk to pensions is of course a concern, and one that doesn’t have to come to stinking fruition to cause problems. Pensions are an essential part of financial planning for millions, life long commitments that people regard as their security in old age - A Tory Government has put that at risk, it will not be easily forgotten.

 

More immediately, mortgage interest rates are going up, notifications are already going out.

 

Apart from the obvious hit to family finances, and the knock on effect into the economy there is also increased risk of repossessions.- A Tory Government has put that at risk, it will not be easily forgotten.

I don't believe there is any real risk to pensions.

The government guarantees almost all private UK pensions (mine is guaranteed 80%).

And the private pensions are taxed at 20%, so I don't see that I have much to lose.

My private pension failing would make almost no difference to my income (after tax).

Most people with only state pensions get benefits to top their income up.

 

As for the mortgage rate,

Anyone who purchases a home without considering historical interest rates is a fool.

Edited October 16, 2022 by BritManToo

[Chomper Higgot]

4 minutes ago, BritManToo said:

I don't believe there is any real risk to pensions.

The government guarantees almost all private UK pensions (mine is guaranteed 80%).

And the private pensions are taxed at 20%, so I don't see that I have much to lose.

My private pension failing would make almost no difference to my income (after tax).

Most people with only state pensions get benefits to top their income up.

 

As for the mortgage rate,

Anyone who purchase a home without considering historical interest rates is a fool.

‘I’m alright Jack’.

 

The BOE disagrees with your assessment of the risk to pension funds.

 

Perhaps you should consider the impact of loading pension fund support onto the treasury. 

[BritManToo]

16 minutes ago, Chomper Higgot said:

‘I’m alright Jack’.

The BOE disagrees with your assessment of the risk to pension funds.

Perhaps you should consider the impact of loading pension fund support onto the treasury. 

Everyone is 'alright Jack'

If the private pension funds failed, the government would end up paying them (either as welfare or under the guarantee). So they won't fail as there is no benefit to the government in letting them fail.

 

Edited October 16, 2022 by BritManToo

[Chomper Higgot]

3 hours ago, BritManToo said:

Everyone is 'alright Jack'

If the private pension funds failed, the government would end up paying them (either as welfare or under the guarantee). So they won't fail as there is no benefit to the government in letting them fail.

 

You have a great deal more faith in Government than do I. 

[puchooay]

7 hours ago, Chomper Higgot said:

Pensions are an essential part of financial planning for millions, life long commitments that people regard as their security in old age - A Tory Government has put that at risk, it will not be easily forgotten.

It would also be put at risk if a Labour government levied windfall taxes on the oil companies, caved in to the trade unions asking for huge pay rises and, therefore, couldn't handle inflation so in turn would raise benefits in line with inflation. 

Edited October 16, 2022 by puchooay

[JonnyF]

7 hours ago, Chomper Higgot said:

It wasn’t a mistake, it was series of deliberate moves culminating in the ‘Kamikaze Budget’.

 

1st the sacking of Sir Tom Scholar permanent secretary at the Treasury, to clear the decks for the idiocy to come.

 

2nd The refusal to accept a OBR impact analysis and lie about it not being available.

 

3rd The absence of a fiscal plan and then lying about it being available.

 

4th Announcing massive un costed tax cuts non of which were at all necessary that overwhelmingly benefitted the already wealthy and lying about it.

 

Non of this was a mistake, they were the actions of an idiot ideologue drunk on power.

 

The polls disagree with you on Labour.

 

 

 

 

 

 

You are assuming that deliberate actions cannot be a mistake. 

 

As for polls, irrelevant. 2 years is an awfully long time in politics and ever since WMD Tony scurried off, Labour have always managed to screw it up just in time for a major vote. 

[JonnyF]

13 hours ago, baboon said:

Well let her call a General Election right now before Labour become a serious alternative. Starmer, Abbott, Lammy, Rayner etc. can't possibly win, so let's go for it!

Why would she do that? The Tories have 2 more years of power. Plenty of time to turn it around. 

[kwilco]

7 hours ago, BritManToo said:

Pound was at it's highest for 3 months on Friday.

THat's a "high" that is lower than the previous year's low! Wait until next week and see what the new PM - Hunt - will do.

[kwilco]

24 minutes ago, JonnyF said:

Why would she do that? The Tories have 2 more years of power. Plenty of time to turn it around. 

there's a difference between turning it round and stirring poop.

Liz Truss is in essence incompetent. The Tory party and commerce know this - they don't want to dismiss her, (they might have to) but until then she will be sidelined and others will run the country....the Main parties thought the 5 year rule would improve stability of governments but in practice i has done exactly the opposite.

Edited October 16, 2022 by kwilco

[Chomper Higgot]

1 hour ago, JonnyF said:

You are assuming that deliberate actions cannot be a mistake. 

 

As for polls, irrelevant. 2 years is an awfully long time in politics and ever since WMD Tony scurried off, Labour have always managed to screw it up just in time for a major vote. 

Deliberate actions are only a mistake after they are ‘found out by others’ or ‘exposed as the kind of idiocy that the Kamikaze Budget patently was’.

 

Your fixation on Labour is once again noted, but Labour are not, try as you may, the subject of this discussion.

[Chomper Higgot]

1 hour ago, JonnyF said:

Why would she do that? The Tories have 2 more years of power. Plenty of time to turn it around. 

Oddly, the BOE and major banks were all predicting an 18 month recession, and that was before Kwarteng opened his mouth and let the idiocy out.

 

Mind, if it’s ‘Growth, Growth, Growth’  Tess is. Promising by time of the next election (2.5% to be precise), she could try something that would absolutely produce growth.

 

Join a free trade group with the UK’s largest trading partners, who just happen to be geographically next door.

 

 

[Chomper Higgot]

1 hour ago, puchooay said:

It would also be put at risk if a Labour government levied windfall taxes on the oil companies, caved in to the trade unions asking for huge pay rises and, therefore, couldn't handle inflation so in turn would raise benefits in line with inflation. 

Imagining what else  might cause the problems that this Government has caused isn’t going to get this Government and supporters of this Government off the hook.

 

You are only offering imagined scenarios as whataboutary.

 

And once again, Labour are not the subject of this discussion.

[puchooay]

9 minutes ago, Chomper Higgot said:

Imagining what else  might cause the problems that this Government has caused isn’t going to get this Government and supporters of this Government off the hook.

 

You are only offering imagined scenarios as whataboutary.

 

And once again, Labour are not the subject of this discussion.

I've never even suggested the government will get off the hook. I believe a general election is a good idea.

 

A general election has been mentioned before on this thread. At that point, Labour become part of the conversation. Why else would any one call for one if it were not for a change? With Parliament as it stands, that change can only be a Labour government.

[Chomper Higgot]

6 hours ago, puchooay said:

I've never even suggested the government will get off the hook. I believe a general election is a good idea.

 

A general election has been mentioned before on this thread. At that point, Labour become part of the conversation. Why else would any one call for one if it were not for a change? With Parliament as it stands, that change can only be a Labour government.

Labour are not the topic of discussion.

 

This is a Tory mess.

 

Let’s stick with that reality.

[puchooay]

10 minutes ago, Chomper Higgot said:

Labour are not the topic of discussion.

Maybe not in your discussion. However, this is a public forum. 

 

Labour and elections have been mentioned several timed. Making them a valid point in this thread.

[placeholder]

10 minutes ago, puchooay said:

Maybe not in your discussion. However, this is a public forum. 

 

Labour and elections have been mentioned several timed. Making them a valid point in this thread.

The people raising the issue are those looking to make a deflection and discredit Labour. Your contribution above is a case in point. Here it is again:

"It would also be put at risk if a Labour government levied windfall taxes on the oil companies, caved in to the trade unions asking for huge pay rises and, therefore, couldn't handle inflation so in turn would raise benefits in line with inflation."

Yes, it's a public forum, but as you may have noticed, from time to time the moderators intervene when they judge that a thread has gone off track. Whether they will in this case makes no difference to your contention that this forum, being public, allows for deflections.

Edited October 16, 2022 by placeholder

[puchooay]

22 minutes ago, placeholder said:

The people raising the issue are those looking to make a deflection and discredit Labour. Your contribution above is a case in point. Here it is again:

"It would also be put at risk if a Labour government levied windfall taxes on the oil companies, caved in to the trade unions asking for huge pay rises and, therefore, couldn't handle inflation so in turn would raise benefits in line with inflation."

Yes, it's a public forum, but as you may have noticed, from time to time the moderators intervene when they judge that a thread has gone off track. Whether they will in this case makes no difference to your contention that this forum, being public, allows for deflections.

Conversations. We are having conversations. Within conversations it's always better to show different options, ideas, possibilities and opinions.

 

Some can open their minds to that. Some, as has been made apparent, cannot.

[placeholder]

10 minutes ago, puchooay said:

Conversations. We are having conversations. Within conversations it's always better to show different options, ideas, possibilities and opinions.

 

Some can open their minds to that. Some, as has been made apparent, cannot.

Not so much when they're designed to deflect the conversation away from the issue. Especially when they're framed in an invidious way.

[thaibeachlovers]

On 10/15/2022 at 1:38 PM, BritManToo said:

I found the COVID era boring rather than interesting.

Perhaps where you lived. Where I live nothing could make it more boring than what it already is.

I didn't find it "interesting" as much as annoying.

[thaibeachlovers]

6 hours ago, puchooay said:

Conversations. We are having conversations. Within conversations it's always better to show different options, ideas, possibilities and opinions.

 

Some can open their minds to that. Some, as has been made apparent, cannot.

Oh so very true!

[JonnyF]

15 hours ago, Chomper Higgot said:

Join a free trade group with the UK’s largest trading partners, who just happen to be geographically next door.

Actually we already tried that. It was going OK until power hungry politicians started empire building so we left the failed Federalist project following a Democratic vote to do so ????.

[JonnyF]

16 hours ago, Chomper Higgot said:

Your fixation on Labour is once again noted, but Labour are not, try as you may, the subject of this discussion.

You keep bringing up Labour, then when they are rightfully derided you want the subject changed ????.

 

If you don't want to discuss Labour, Brexit etc. then stop bringing it up.