How disappointing

[B0ycey]

The fault here isn't the U turn, it was the massive tax giveaway to the very richest in the first place at a time when the rest of us are already struggling. That was the problem. Questionable economics but infinitely worse politics.

If it was unfunded giveaways to those who needed it the most that sent the markets into a tailspin you'd have been all over it. But it seems that uncosted borrowings to give vast sums to the richest is fine by you and when it becomes politically impossible you are disappointed.

In doing what it has done, your chosen party has managed what until now I regarded as utterly impossible. Gifted Labour a 33 point lead, .

I also note that everything Rishi Sunak said would happen as a result of Truss's policies - a collapsing pound and rocketing interest rates - has come to pass, which suggests that it was the one who lost who actually knew what he was talking about.

Rising interest rates are going to hit everyone with any debt, including mortgage payers. The average mortgage deal being offered now is already at 6%. People are going to struggle, some will lose their homes, there will be fewer first time buyers and house prices will begin to fall. Landlords will seek to recover their costs by increasing rents so rental costs will increase as well as mortgage costs. Most will lose far more to this than they gain from any tax cuts, the lion's share of which still accrue to the better off.

And the collapse in confidence of the markets in the government was so great that the costs of servicing the national debt went through the roof to an all time high. At one point the interest rate on it was higher than that paid by Italy and Greece.

All this achieved by a government that ignores economic realty in pursuit of ideological obsessions, in the process shredding the Tory reputation for economic competence. I fear you have gifted a majority to Labour come the next election, which is actually not what I want at all. The gloating "I told you so's" of Blairites and centrists would be too much to bear.

Great to see you back Steve. Don't piss off next time. Of all the weeks to ask for a ban, you chose the week the Tories went on a full meltdown.

[srb7677]

Once more the tail is wagging the dog. Conservative MPs have forced a U-turn on their new leadership and this really doesn't bode well going forward. Those in other parties might feel smug but this is a trend that seems to be invading the whole of Parliament.

Dare I suggest that this is not just a policy rebellion but a democratic one, led by those who really would prefer Sunak as leader? Gove the proverbial turncoat has apparently led this rebellion and of course we can assume that having achieved this they will now work to deter further policy decisions. 

I would see this as a shot across the bows. Having followed their own rules Truss was elected. They made the decision to oust Boris and perhaps a disgruntled Sunak is not above disrupting from the back benches.

Beware you opposition supporters in that what one set of MPs will display will only too soon be replicated in other parties. I had hoped that Parliamentary discipline had been repaired after the Brexit/Bercow fiasco but apparently not. Labour beware - nothing is certain Westminster has become ungovernable and that's without even looking at the electorate.

The fault here isn't the U turn, it was the massive tax giveaway to the very richest in the first place at a time when the rest of us are already struggling. That was the problem. Questionable economics but infinitely worse politics.

If it was unfunded giveaways to those who needed it the most that sent the markets into a tailspin you'd have been all over it. But it seems that uncosted borrowings to give vast sums to the richest is fine by you and when it becomes politically impossible you are disappointed.

In doing what it has done, your chosen party has managed what until now I regarded as utterly impossible. Gifted Labour a 33 point lead, .

I also note that everything Rishi Sunak said would happen as a result of Truss's policies - a collapsing pound and rocketing interest rates - has come to pass, which suggests that it was the one who lost who actually knew what he was talking about.

Rising interest rates are going to hit everyone with any debt, including mortgage payers. The average mortgage deal being offered now is already at 6%. People are going to struggle, some will lose their homes, there will be fewer first time buyers and house prices will begin to fall. Landlords will seek to recover their costs by increasing rents so rental costs will increase as well as mortgage costs. Most will lose far more to this than they gain from any tax cuts, the lion's share of which still accrue to the better off.

And the collapse in confidence of the markets in the government was so great that the costs of servicing the national debt went through the roof to an all time high. At one point the interest rate on it was higher than that paid by Italy and Greece. 

All this achieved by a government that ignores economic realty in pursuit of ideological obsessions, in the process shredding the Tory reputation for economic competence. I fear you have gifted a majority to Labour come the next election, which is actually not what I want at all. The gloating "I told you so's" of Blairites and centrists would be too much to bear.

[johnofgwent]

Didn't the chancellor sack the senior adviser who'd be the person to appraise him of the reception the mini budget proposals would get?

Taking note of comments coming out of the Tory conference, it seems like the PM and the chancellor are taking more notice of Sir Graham Brady than listening to a wider audience. Any resulting U-turns are probably more aimed at re-election than helping people who are hurting...

They sacked someone.

who they were and what they did I'm not entirely sure.

When was the last time the civil service did anything other than try to derail government policy ?

[Scott777]

No, it is something ADDED with the intent to speed it up.

An accelerant is something that COULD be used to accelerate a fire, but that doesn't imply intent.  So, petrol is an accelerant, and if it happens to be accidentally present in a burning house, it must still be an accelerant, without any intent.

[Nick]

No need. I'm happy just telling you.

Comfortably numb!!

[B0ycey]

I'll leave you to ring the OED and tell them they're wrong 😆.

No need. I'm happy just telling you.

[Nick]

Well your wrong and the definition doesn't help you out here. An accelerant is something that spreads a fire. It doesn't need to be added by an individual. I think the word you are thinking of is arson perhaps?

I'll leave you to ring the OED and tell them they're wrong 😆. 

[patman post]

The problem is fairly simple, the chancellor failed to read the mood of the people who did not work for him at the treasury.

The REAL problem is the Standard and Poor Junk Ratings Agencies have now smelled blood and seen that they can force U turns.

The 45% tax rate brings in a few billion. The rest of the mini budget cost over forty. The pressure will now be on to U turn that.

Didn't the chancellor sack the senior adviser who'd be the person to appraise him of the reception the mini budget proposals would get?

Taking note of comments coming out of the Tory conference, it seems like the PM and the chancellor are taking more notice of Sir Graham Brady than listening to a wider audience. Any resulting U-turns are probably more aimed at re-election than helping people who are hurting...

[B0ycey]

I thought the difference was that now both sides have to agree to call an election where before the governing party could call it to suit themselves. The 5 years term is when it happens regardless of preference.

No opposition party is going to stop an election and certainly not with the current administration. Although for an election to be called it needs 2/3rds MP approval and you would know that if you can remember the May administrations big F@@@ up.

[B0ycey]

No, it is something ADDED with the intent to speed it up.

Well your wrong and the definition doesn't help you out here. An accelerant is something that spreads a fire. It doesn't need to be added by an individual. I think the word you are thinking of is arson perhaps?

[Javert]

I thought the difference was that now both sides have to agree to call an election where before the governing party could call it to suit themselves. The 5 years term is when it happens regardless of preference.

The theory behind it was that there should only be an election every 5 years.  In practice the only thing it really prevented was the PM calling an election unilaterally even if their own party didn't want one.  However it didn't stop both TM and BJ from calling elections before the 5 years was up because in practice, the parliament is unlikely to vote against an election that the PM has decided to advocate.  

[Nick]

An accelerant is something that speeds up the spread of the fire Nick. It could be petrol, but it could be wood. It could be oil from a chip pan. It could be a number of things and yet you would ignore it all and let the house burn it seems.

No, it is something ADDED with the intent to speed it up. 

[T00ts]

Not sure how you work that one out - Teresa May didn't seem to have an issue calling an election when she wanted to, and the election in 2019 came after less than the fixed term.  The fixed term act was a waste of paper from the start.

I thought the difference was that now both sides have to agree to call an election where before the governing party could call it to suit themselves. The 5 years term is when it happens regardless of preference. 

[Javert]

Well fortunately (and not spotted by me at the time, the disaster that was Cleggs Fixed Term Parliament Act is no more, so the opposition can no longer force a zombie parliament to remain in office. If by some miracle Truss's measures actually work she can choose to go to the country at a time of HER choosing subject to the five year maximum

I'm not sure it will do her any good, but it does give back to the prime minister a power they should never have been deprived of and the denial of which was gratuitously abused by the opposition which accounted in large measure for their humbling defeat in 2019

Not sure how you work that one out - Teresa May didn't seem to have an issue calling an election when she wanted to, and the election in 2019 came after less than the fixed term.  The fixed term act was a waste of paper from the start.

[B0ycey]

Ignorant? I think the only ignorance is your knowledge of what an accelerant it. An accelerant is something added to a fire to speed up the rate of burning, so why would someone try and put a burning house out after they've just added fuel 🙄.

An accelerant is something that speeds up the spread of the fire Nick. It could be petrol, but it could be wood. It could be oil from a chip pan. It could be a number of things and yet you would ignore it all and let the house burn it seems.