Bank of England steps in…

[Borchester]

I wouldn't mind betting some people not a million miles from the Cabinet will make a fortune at our expense.

And hopefully I will be one, although I am thinking more in terms of beer money than mega bucks.

[Sheepy]

I predict a George Soros clone will make a fortune at our expense

The UK is under attack and it certainly isn't by the Russians. 

[Nick]

Probably. In fact, unless the pound continues to fall, it will be very difficult for a lot of folk not to make money out of this nonsense.

Most of my business ATM is being invoiced in Euros, and each invoice is up by 7% which is alright by me. 😉 

[cromwell]

Truss in me she said and a quasi economic expert fiddles whilst the UK burns.....Well not if you're rich though only the plebs suffer.

[HDQQ]

I predict a George Soros clone will make a fortune at our expense

I wouldn't mind betting some people not a million miles from the Cabinet will make a fortune at our expense. 

[Borchester]

I predict a George Soros clone will make a fortune at our expense

Probably. In fact, unless the pound continues to fall, it will be very difficult for a lot of folk not to make money out of this nonsense.

[johnofgwent]

I predict a George Soros clone will make a fortune at our expense

[B0ycey]

Has anyone ever asked these folk like Truss, Kwatang, and all their millionaire backers, if they are so certain that their economic policies will make the UK great and rich in the coming years, are they prepared to put all of their own personal wealth and that of their families on the line for it by moving it all into assets that are dependent on UK economic growth and UK currency values?  Also to provide proof that they have done this?

Until they do this I wouldn't believe a single word they say.

They know its a big con Javert. Liz Truss had to go in big to become PM and her donors expect to be paid. The nation going bankrupt doesn't both them. She promised tax cuts for the rich and she was just delivering on that. That is why the Tories have got to go. They are an economic liability.

[Javert]

Has anyone ever asked these folk like Truss, Kwatang, and all their millionaire backers, if they are so certain that their economic policies will make the UK great and rich in the coming years, are they prepared to put all of their own personal wealth and that of their families on the line for it by moving it all into assets that are dependent on UK economic growth and UK currency values?  Also to provide proof that they have done this?

Until they do this I wouldn't believe a single word they say.

[Streetwalker]

That's another piss-take, right?

Dont know but Hannan isnt really known for his humour  

If, like me, you'll chance a bet, putting money on Truss being the shortest serving ever PM seems attractive, as does there'll be an election before next April...

On Truss depends how the weekend goes , there was a suggestion (daily Mirror ) the letters are being handed in already . On an election I cant see it with the polls in Labours favour .

[patman post]

Government stoking inflation — Bank of England fighting inflation.

What would make anyone think the UK has lost its senses once again...?

[patman post]

Its is ,obvious that is . Not because of anything that Truss has done but a fear in the City of a Labour government which would lead to higher taxes ,higher spending and a weaker economy .

Fears of a Labour government caused market turmoil, claims Tory peer | Clydebank Post

That's another piss-take, right?

If, like me, you'll chance a bet, putting money on Truss being the shortest serving ever PM seems attractive, as does there'll be an election before next April...

[Streetwalker]

I doubt the markets are wondering why the BoE is getting involved it is obvious why.

Its is ,obvious that is . Not because of anything that Truss has done but a fear in the City of a Labour government which would lead to higher taxes ,higher spending and a weaker economy .

Fears of a Labour government caused market turmoil, claims Tory peer | Clydebank Post

[papasmurf]

https://www.ft.com/content/756e81d1-b2a6-4580-9054-206386353c4e

The possibile collapse of millions of people's pension funds seems to of been more likely today that it ever should be.

" "It would appear the government was unaware or did not do enough research to understand the impact on pension funds and pension members in the UK, with these developments potentially impacting many, many people,""   That is situation normal for the Tory government they stopped doing impact assessments a long time ago.

[Nalaar]

"That market turmoil heaped pressure on pension funds to sell bonds to stave off concerns about solvency. Thousands of such groups had faced urgent demands for additional cash from investment managers to meet margin calls after the collapse in UK government bond prices blew a hole in strategies to protect them against inflation and interest-rate risks.

The BoE's intervention followed days of intense pressure on the UK pension schemes that manage savings for millions of Britons. Over the long term, higher yields are helpful for pension schemes as they help them to harvest higher returns. But in the short term, the collapse in UK bond prices has hammered the so-called liability-driven investment (LDI) strategies that many use to shield themselves from adverse moves in inflation. Between £1tn and £1.5tn of the liabilities held by final salary pension funds are covered by LDI strategies, which are backed by collateral such as equities, corporate bonds and gilts. But the value of those gilts has cratered, leaving pension schemes racing to sell assets to top up stashes of collateral.

Some schemes have sold government bonds to meet those demands, creating a vicious circle of bond price declines. "It is the speed of the rises," said Dan Mikulskis, investment partner at LCP, an actuarial consultant advising pension schemes. "You have had multiple record moves in yields on successive days, you have had a year's worth of yield rises in just a few days. The size of [collateral] buffers has been based on historical moves in gilt yields."

Simon Bentley, head of solutions at Columbia Threadneedle, an LDI provider, said there appeared to have been "no real consideration" by the government of the impact of its tax cut and borrowing plan on the different parts of the market. "It would appear the government was unaware or did not do enough research to understand the impact on pension funds and pension members in the UK, with these developments potentially impacting many, many people," he added.

Additional reporting by Katie Martin, Josephine Cumbo, Chris Flood and Tommy Stubbington

https://www.ft.com/content/756e81d1-b2a6-4580-9054-206386353c4e

The possibile collapse of millions of people's pension funds seems to of been more likely today that it ever should be.