The Truss Government Sep-Oct 2022 (49 days)

KUMB's 24-hour rolling news channel. The Forum in which to discuss non sport-related news and current affairs, including politics.

Moderators: Wilko1304, -DL-, Rio, bristolhammerfc, the pink palermo, chalks, Gnome, last.caress

Post Reply
User avatar
Samba
Posts: 20060
Joined: Mon Apr 03, 2017 3:36 pm
Location: David Sullivan's least favourite fluffer.
Has liked: 1816 likes
Total likes: 600 likes

Re: The Truss Government 2022-

Post by Samba »

old fart wrote: Tue Sep 27, 2022 1:09 pm She appears to be keeping a very low profile and letting Kami take all the flak
Just as well, I'm already sick of hearing her extremely patronising voice, droning on.
Wonder if it's worth lumping on 'shortest Premiership in history'..
User avatar
sendô
Posts: 40269
Joined: Thu Nov 10, 2005 12:41 pm
Location: in the pessimistically optimistic camp.
Has liked: 1226 likes
Total likes: 1111 likes

Re: The Truss Government 2022-

Post by sendô »

119 days is the record, so she'll have to get past Christmas.

Realistically the only way she gets removed is if the Tories remove her so I can't see that happening. They'd be a public laughing stock removing two leaders in quick succession, a GE would surely get forced on them in which they'd get resoundly trounced.
User avatar
smuts
Posts: 30681
Joined: Sun Jan 28, 2007 9:28 am
Location: East, East, East London
Has liked: 849 likes
Total likes: 779 likes

Re: The Truss Government 2022-

Post by smuts »

There's no way the Tories will kick off another leadership contest as they would know the clamour for a general election would be deafening and who in their right mind would want to take over at the moment? Sunak for example would be better off sitting on the sidelines with a "I told you so" look on his face while Truss and Kwar-tank get all the stick.
Last edited by smuts on Tue Sep 27, 2022 6:52 pm, edited 1 time in total.
User avatar
EvilC
Posts: 16641
Joined: Sun Jul 25, 2004 5:54 pm
Location: In the street as the cold wind blows, in the ghetto...
Has liked: 1633 likes
Total likes: 639 likes

Re: The Truss Government 2022-

Post by EvilC »

User avatar
Johnny Byrne's Boots
Posts: 27594
Joined: Mon Jun 05, 2006 5:19 pm
Location: Care home dodger
Has liked: 633 likes
Total likes: 938 likes

Re: The Truss Government 2022-

Post by Johnny Byrne's Boots »

OBR forecast could force Kwarteng U-turn
In the market turmoil on Monday, a highly consequential move was missed.

In the Bank of England's statement seeking to reassure investors, it welcomed "the role of the Office for Budget Responsibility (OBR) in its assessment of prospects for the economy and public finances".

The OBR provides independent forecasts of the impact of government's plans on the economy. My understanding is that the Bank - at the very least - made a forceful suggestion to the Treasury that it needed to embrace the OBR as a means of earning back lost credibility with the financial markets.

....................

All the costings for the tax cuts revealed by the chancellor will now be refined - and very possibly changed.

The borrowing numbers will be calculated and revealed.

The even higher costs the government now faces to borrow money - taking up even more of the UK budget - will have to be factored in. And all that will have to add up within eight weeks when Mr Kwarteng sets out his medium-term fiscal plan on 23 November.

It is difficult to see how this will work while sticking to current plans.

Either some of the tax cuts will be rolled back, slowed down or U-turned on entirely, or expect massive spending cuts. The spending cuts would have to be of a size that will be politically fraught at a febrile time.

And yet the Treasury said in a statement on Monday that the existing Spending Review totals set until 2024-25 will be adhered to.


more...
A possible lifeline for him when he comes to his senses?
User avatar
Oldun
Posts: 7143
Joined: Mon Apr 11, 2005 9:59 am
Location: living in the past and loving it.
Has liked: 37 likes
Total likes: 260 likes

Re: The Truss Government 2022-

Post by Oldun »

Looks like the Iron Weathervane will have to turn again .
User avatar
smuts
Posts: 30681
Joined: Sun Jan 28, 2007 9:28 am
Location: East, East, East London
Has liked: 849 likes
Total likes: 779 likes

Re: The Truss Government 2022-

Post by smuts »

Didn't take them long to realise what a huge cods up they've made.

Apparently they had recruited about 14,000 new coppers to replace the 20,000 they axed previously so a lot of them will still be on probation and easy to get rid of when they announce spending cuts...
User avatar
EvilC
Posts: 16641
Joined: Sun Jul 25, 2004 5:54 pm
Location: In the street as the cold wind blows, in the ghetto...
Has liked: 1633 likes
Total likes: 639 likes

Re: The Truss Government 2022-

Post by EvilC »

Johnny Byrne's Boots wrote: Tue Sep 27, 2022 4:04 pm OBR forecast could force Kwarteng U-turn



A possible lifeline for him when he comes to his senses?
Or alternatively, any credibility he had has already gone before he has even sat down.
User avatar
Tenbury
Posts: 7569
Joined: Wed Apr 13, 2016 3:28 pm
Location: Too near Kidderminster
Has liked: 337 likes
Total likes: 462 likes

Re: The Truss Government 2022-

Post by Tenbury »

However complex the economic arguments may be, and whichever side you come down on, (IMO) a society where working people exist to serve an 'economy', rather than the complete reverse, is morally bankrupt.
User avatar
old fart
Posts: 5687
Joined: Wed Jan 15, 2003 11:31 am
Has liked: 28 likes
Total likes: 91 likes

Re: The Truss Government 2022-

Post by old fart »

EvilC wrote: Tue Sep 27, 2022 5:36 pm Or alternatively, any credibility he had has already gone before he has even sat down.
Give him a break they've only been in power for 21 days
User avatar
EvilC
Posts: 16641
Joined: Sun Jul 25, 2004 5:54 pm
Location: In the street as the cold wind blows, in the ghetto...
Has liked: 1633 likes
Total likes: 639 likes

Re: The Truss Government 2022-

Post by EvilC »

Tenbury wrote: Tue Sep 27, 2022 6:19 pm However complex the economic arguments may be, and whichever side you come down on, (IMO) a society where working people exist to serve an 'economy', rather than the complete reverse, is morally bankrupt.
What does this actually mean? Nobody works to “serve the economy”, at least I don’t think I know anyone that does. They largely do it to put food on the table.
User avatar
DrVenk
Posts: 3680
Joined: Thu Jan 04, 2007 8:30 pm
Location: Lost in Hampshire
Has liked: 227 likes
Total likes: 273 likes

Re: The Truss Government 2022-

Post by DrVenk »

EvilC wrote: Tue Sep 27, 2022 7:24 pm What does this actually mean? Nobody works to “serve the economy”, at least I don’t think I know anyone that does. They largely do it to put food on the table.
If I may, I think what Tenners is driving at is how systems create functions rather than how people make individual choices. So there's a level of analysis split here - Tenners is operating at a higher level of abstraction and offering systems based thinking rather than focusing on individual level choice. In wanky academic terms, it would be the difference between structural functionalism and rational choice theory.

That people work to put food on the table says very little about the terms of relations between employees/employers, between employees themselves, between the state and the individual, and between humans and the environment. The current economic mode is one where higher GDP is seen as an end to achieve within its own right, ergo, the economy is seen as exogenous and prior to society. Politicians hang on that stupid, misleading stat and do all they can to drive it upwards. Then we look at the current economic mode through the prism of extractive capitalism and we can see how that is truly f*cking over the planet. I would offer further thoughts on the meaning and value of work in a largely service based economy where money rules, but will save that for my meeting at the docks later :winker:
User avatar
EvilC
Posts: 16641
Joined: Sun Jul 25, 2004 5:54 pm
Location: In the street as the cold wind blows, in the ghetto...
Has liked: 1633 likes
Total likes: 639 likes

Re: The Truss Government 2022-

Post by EvilC »

Higher GDP per capita tends to represent a higher standard of living. Whilst it obviously doesn’t measure a lot of things that contribute to your standard of living, it is easy to be dismissive of it - until you go somewhere poorer, then you realise it is quite important.
User avatar
DrVenk
Posts: 3680
Joined: Thu Jan 04, 2007 8:30 pm
Location: Lost in Hampshire
Has liked: 227 likes
Total likes: 273 likes

Re: The Truss Government 2022-

Post by DrVenk »

EvilC wrote: Tue Sep 27, 2022 8:02 pm Higher GDP per capita tends to represent a higher standard of living. Whilst it obviously doesn’t measure a lot of things that contribute to your standard of living, it is easy to be dismissive of it - until you go somewhere poorer, then you realise it is quite important.
Oh yeah, if it measured economic activity that meant something, I would agree. But what was/is on my mind, and has been for years now since I started reading up on Richard Werner's work, is that I believe the 'real economy' to be infinitely smaller than the financial economy. We are living through a time where economic growth is mostly credit funded and consumer directed. The real turning point for this was back in the 80s.

I posted this years ago, but this sums up my problem with GDP and the way we think about the economy. It captures economic transactions where there is no actual value added anywhere in economy.

User avatar
EvilC
Posts: 16641
Joined: Sun Jul 25, 2004 5:54 pm
Location: In the street as the cold wind blows, in the ghetto...
Has liked: 1633 likes
Total likes: 639 likes

Re: The Truss Government 2022-

Post by EvilC »

Cheers - I will hold my nose at it being from RT and take a look.
User avatar
DrVenk
Posts: 3680
Joined: Thu Jan 04, 2007 8:30 pm
Location: Lost in Hampshire
Has liked: 227 likes
Total likes: 273 likes

Re: The Truss Government 2022-

Post by DrVenk »

Sh*t yeah!!! That video was recorded when some viewed RT as an 'edgy' reliable check on Western media. Of course it never was and never will be. But, that particular show was very good, and Richard Werner is generally a good egg.

Should have dug out a non-RT source. It's worth holding your nose though mate. Some real insights that make you re-think how we frame and measure economic growth. Well, they did for me anyway!
User avatar
sendô
Posts: 40269
Joined: Thu Nov 10, 2005 12:41 pm
Location: in the pessimistically optimistic camp.
Has liked: 1226 likes
Total likes: 1111 likes

Re: The Truss Government 2022-

Post by sendô »

EvilC wrote: Tue Sep 27, 2022 7:24 pm What does this actually mean? Nobody works to “serve the economy”, at least I don’t think I know anyone that does. They largely do it to put food on the table.
We should work to live, not live to work.
User avatar
EvilC
Posts: 16641
Joined: Sun Jul 25, 2004 5:54 pm
Location: In the street as the cold wind blows, in the ghetto...
Has liked: 1633 likes
Total likes: 639 likes

Re: The Truss Government 2022-

Post by EvilC »

sendô wrote: Tue Sep 27, 2022 8:41 pm We should work to live, not live to work.
Go ahead.
User avatar
sendô
Posts: 40269
Joined: Thu Nov 10, 2005 12:41 pm
Location: in the pessimistically optimistic camp.
Has liked: 1226 likes
Total likes: 1111 likes

Re: The Truss Government 2022-

Post by sendô »

It's not for want of trying mate.
User avatar
Junco Partner
Posts: 10696
Joined: Wed Aug 22, 2007 11:03 pm
Location: You wanna play mind-crazed banjo On the druggy-drag ragtime U.S.A.?
Has liked: 303 likes
Total likes: 442 likes
Contact:

Re: The Truss Government 2022-

Post by Junco Partner »

Utter humiliation for Truss & Kwarteng

IMF statement:- “We’re closely monitoring recent economic developments in the UK and are engaged with the authorities. Given elevated inflation pressures…we do not recommend large and untargeted fiscal packages at this juncture.”

“...the nature of UK measures will likely increase inequality. The Nov 23 budget will present an early opportunity for UK government to consider ways to provide support that is more targeted & reevaluate the tax measures, especially those that benefit high income earners.”

For the IMF to publicly rebuke a G7 member for being idiots is very rare, Truss & Kwarteng have really screwed up, likely the biggest miscalculation since Suez, and a humiliating climbdown is their only option.
Post Reply