No, Liz Truss Did Not Crash The Economy

[Borg Refinery]

We do not know what would have happened had they stayed the course.

It's possible she would have enacted a Milei type agenda, which some say has worked well and others are completely against, it's not what I'd rather do but to say she crashed the economy as many did is counter-factual and that's the point the article in OP makes quite well.

I don't usually post Institute of Economic Affairs thinktank pieces, which is what it is, but they do have a point here and I will defend those I disagree with when they are right

[Unlucky4Sum]

Sunak/Hunt went back to embracing the office of Budget Responsibility and she'd already been forced to reverse her 'borrow more money for tax cuts for her mates' plan of that idiot mini budget.

She didn't crash the economy but she and Kwarteng set it at speed towards a solid brick wall. A crash was averted, just.

[Nick]

So her and her sidekick saying they were disregarding the office of budget responsibility while simulataneously creating a government deficit black hole just to reward their rich mates had no effect at all on the bond and subsequent interest rates?

Of course it did and the only reason she didn't crash the economy was the rapid U Turn on the daftest parts of her plan and the market recognition that the lettuce was going to outlast her.

Had that self selving vacuous dimwit stayed in power much longer then it would very much have crashed.

Sunak followed the exact same fiscal strategy when he came into power, no body batted an eyelid. 

[Borg Refinery]

Well then she didn't crash the economy, many people said she did

No one said she had no effect on the economy either, just that she didn't crash it.

There's no proof she would have crashed the economy if allowed to stay in power either, she may have turned the ship around for all we know

And all those remarks about her apply to me not her, I am far worse than those remarks in fact; much worse than being simply dimwitted, vacuous and self-serving

She isn't self-serving, vacuous, or dimwitted at all. She has answered many difficult questions and been quite good in interviews. She graduated from Oxford with a degree in PPE and was president of her student union

She should not be attacked for trying to fix the country.

[Unlucky4Sum]

She didn't spook the markets at all, they used it as an excuse to make some money cause they are crooks.
You do realise that's how the markets make money, by manipulating the markets and feeding off others misery?

So her and her sidekick saying they were disregarding the office of budget responsibility while simulataneously creating a government deficit black hole just to reward their rich mates had no effect at all on the bond and subsequent interest rates?

Of course it did and the only reason she didn't crash the economy was the rapid U Turn on the daftest parts of her plan and the market recognition that the lettuce was going to outlast her.

Had that self selving vacuous dimwit stayed in power much longer then it would very much have crashed.

[Borg Refinery]

Intervening to stop harm to consumers more quickly
The FCA has continued to improve how it detects problem firms and individuals, which helps earlier intervention. For example, it doubled the cancellation of firm authorisations in 2023 to 1,261 and used its powers to intervene against 34 firms, who caused serious concerns, up 68% on 2022. 

[papasmurf]

Why would I be joking?

https://www.fca.org.uk/news/press-releases/fca-improved-performance-set-to-help-uk-finance-sector-thrive

Not improved by much.

[Borg Refinery]

Why would I be joking?

https://www.fca.org.uk/news/press-releases/fca-improved-performance-set-to-help-uk-finance-sector-thrive

[papasmurf]

They don't prove that the financial sector is bad. They don't prove the majority in it are bad, flawed people did some bad things and paid for it, the problems were rectified. That doesn't prove anything.

The problems rectified?  I assume you are joking.

[Borg Refinery]

They don't prove that the financial sector is bad. They don't prove the majority in it are bad, flawed people did some bad things and paid for it, the problems were rectified. That doesn't prove anything.

[papasmurf]

IIRC you said personal experience counts for nothing in another thread, only hard evidence matters

The national scandals involving the sector over the last few decades  are not my personal experience they are well documented and public domain.

https://business.leeds.ac.uk/departments-accounting-finance/dir-record/research-projects/2244/financial-fraud-and-scandal-lessons-from-history

Key findings
The project quantifies financial crime in the UK using three centuries of data. It demonstrates how financial fraud and scandal vary according to systematic economic and institutional arrangements. In doing so, it retells the history of British capitalism, from the mercantilism of the eighteenth century to the financial capitalism of the twenty-first century, illustrating the often negative consequences of economic ideology, policy and structure. It identifies periods when fraud has been less problematic and contrasts these with times when it has surged.

Twentieth and early twenty-first century evidence shows that economic freedom, including the degree of financial development, the availability of credit, the relative importance of the financial sector, international capital mobility and secrecy, and banking stability, contribute to the prevalence of fraud and scandal. Financial repression explains a generalised reduction in a 25-year period after the Second World War. Conversely, economic liberalisation from 1979 onwards has increased the incidence of fraud and financial scandal.

The variation of outcomes reflects the balance of power between the state, industrial and financial sectors, the provision of credit through risky lending, and the effectiveness of audits. "Rogue traders" and other flawed individuals are frequently the focus of blame narratives constructed with the intention of deflecting comprehensive systematic reforms.

[Borg Refinery]

IIRC you said personal experience counts for nothing in another thread, only hard evidence matters

Lloyds Bank Foundation's upcoming funding for Deaf and Disabled People's Organisations. As part of Lloyd Bank Foundation's 2022-2026 strategy, Building a Better Future, they are launching a new funding programme for Deaf and Disabled People's Organisations (DDPOs) in summer 2023.

https://www.inclusionlondon.org.uk/news/lloyds-bank-foundations-upcoming-funding-for-deaf-and-disabled-peoples-organisations/#:~:text=Lloyds%20Bank%20Foundation's%20upcoming%20funding%20for%20Deaf%20and%20Disabled%20People's%20Organisations,-Lloyds%20Bank%20Foundation's&text=As%20part%20of%20Lloyd%20Bank,(DDPOs)%20in%20summer%202023.

[papasmurf]

I'm always a complete idiot and wrong and stupid and often accused of being a troll and being naive at once, I am both and much worse, but the fact is that the majority in the fiscal sector are good, hard-working people and don't deserve to be attacked like I do

Frankly based on a lifetime of experience and scandal after scandal involving the fiscal sector my personal opinion is the entire sector is rotten.

[Borg Refinery]

I'm always a complete idiot and wrong and stupid and often accused of being a troll and being naive at once, I am both and much worse, but the fact is that the majority in the fiscal sector are good, hard-working people and don't deserve to be attacked like I do

[papasmurf]

There's no proof that's true

Please do not get me started on that subject. Frankly I can't work out if you are naive or trolling.