Today’s Mini Budget.

Fleurpepper

Bloomberg reporting the U.K. has lost £500 billion since Truss and Kwarteng announced their ‘fiscal event’.
That’s over 13 Dido Hardings.
Or 250 Mars missions.
Or about 30 years’ membership of the EU.
Or enough to buy free school lunches for every primary school pupil in the country for 100 years.

And they said 'chaos with Ed Miliband' - or even, Corbyn!

Liz Truss was wooden on this morning's interviews and simply didn't answer the question she was asked.

Those figures are surely going to get through to those for whom politics is not their first, day to day thought.

It sounds as if Tory MPs know they could not replace their PM but would have to have a GE. That could well put them off getting rid of her.

Remember Cameron 'It's either stability with me, or chaos with Ed Miliband'

I dream of that sort of chaos, please.

Goodness me...

Bloomberg reporting the U.K. has lost £500 billion since Truss and Kwarteng announced their ‘fiscal event’.
That’s over 13 Dido Hardings.
Or 250 Mars missions.
Or about 30 years’ membership of the EU.
Or enough to buy free school lunches for every primary school pupil in the country for 100 years.

And they said 'chaos with Ed Miliband' - or even, Corbyn!

Callistemon21

^It works in Australia, but I don't think it can affect those currently on pensions^

It would take a generation to achieve if that is their intention. Any assets are taken into account in Australia but the state pension, if awarded, is higher than that in the UK.

It was their intention when they started the workplace pension Callistemon. We heard a lot about Australia at the time.

I know my son thinks it is a good system for them, but they have had time to pay in and it seems to have some flexibilities about what you pay the required amount into that I have never heard mention over here. It is difficult to know how it leaves those on a lifetime of low income. I assume they still be eligible for a state pension.

Any system can work and be generally fair, but the Conservative governments seem to have moved well away from those you could trust, whatever the system. To be honest, they remind me of a bunch of wide boys.

varian

Truss and Kwarteng are acting like members of a mindless domesday cult.

There is no point in presenting them with facts or evidence that they are seriously wrong. They are true believers and will not listen.

Their views are neither right nor wrong Varian, although may would disagree with them. They are the views some hold and there are arguments for a market-led economy.

They are, however, totally deceitful. They knew they would not get a majority for this in the country and probably not in their party. So they obscured their aims, with unclear and sometimes unintelligible descriptions of what they would do.

That, following a previously deceitful leader, should put people off voting Conservative for many a long year.

It works in Australia, but I don't think it can affect those currently on pensions

It would take a generation to achieve if that is their intention. Any assets are taken into account in Australia but the state pension, if awarded, is higher than that in the UK.

Whitewavemark2

No promise to uplift benefits in line with inflation, although pensions seem ok at the moment.

The poor are being ground down even further

I doubt they will do more than they have to with state pensions if Truss is left in place. Their natural path would be to work towards an income-related benefit as the only one the state pays with others paying into a marketplace pension scheme.

It works in Australia, but I don't think it can affect those currently on pensions. It has taken years to bring it about in AU. We have already had half-hearted attempts with Workplace Pensions.

He's still smiling ?

Truss and Kwarteng are acting like members of a mindless domesday cult.

There is no point in presenting them with facts or evidence that they are seriously wrong. They are true believers and will not listen.

Whitewavemark2

The OBR has suggested that Kwarteng was less than truthful over the suggestion by him that the OBR were not ready with their analyses of the so called mini budget .

They said the they had told Kwarteng that they were totally prepared but he declined to use the information.

If that’s true Kwarteng did not like what was in the report and they've been sent away to write another

Whitewavemark2

I’ve just seen this on twitter and praying that it is entirely wrong.

“Crash the economy and then suggest the only solution to save the country, sell the one thing of massive value that could generate an enormous cash payoff but would at any other time be unacceptable.

Sell the NHS”

They won't put it like that, but I do believe that would be their logical path when you think how extreme they are in their belief in the market economy.

I wonder how many letters are in?

No promise to uplift benefits in line with inflation, although pensions seem ok at the moment.

The poor are being ground down even further

Nothing would surprise me Whitewave. The insurance companies are waiting eager and ready.

I wonder what advice the Permanent Secretary at the Treasury gave to Kwarteng before he was sacked.

The OBR has suggested that Kwarteng was less than truthful over the suggestion by him that the OBR were not ready with their analyses of the so called mini budget .

They said the they had told Kwarteng that they were totally prepared but he declined to use the information.

Ever since 1979 we have had governments "selling off the family silver". There's not much left.

I’ve just seen this on twitter and praying that it is entirely wrong.

“Crash the economy and then suggest the only solution to save the country, sell the one thing of massive value that could generate an enormous cash payoff but would at any other time be unacceptable.

Sell the NHS”

Governments on a trajectory of failure often use extreme methods to get out of the mess but usually they have public support. This mini-budget is political suicide. whether it works or not is politically immaterial; the Tories will now reap the harvest of that ridiculous Brexit; appointing a populist charlatan and installing, with about 86.000 votes ,a woman of little consequence. Cause and Effect.

Whatever you call it it’s not going to get voted down, the best we can expect is a early statement on funding and I wouldn’t bet on that. There will be a few questions in the Tory Party Conference next week, they will be carefully selected to send the message they want.

Parsley3

I am in a Pollyanna mood today so am brimming with the optimistic hope that this disgraceful mini budget won't be voted through by right thinking MPs. If my MP was a Conservative I would bombard him with emails urging him to vote against it. It would actually do the PM a favour as it was painful to hear her struggle to defend it on those local radio interviews today.

It doesn't need to be voted through Parliament because it wasn't a proper budget.

The government don’t get to vote on it as it wasn’t a “Budget” do they?
Indeed varian. ssh! no b****t.

We are not supposed to call it a "budget" or even a "mini budget". Our government has told us this is a "fiscal event"

In Russia you are not allowed to talk about "war" in Ukraine or use the word "invasion". The Russian government has told its people that this is "a special military operation".

You can tell something really bad is going on when we are forbidden from speaking its name.

I am in a Pollyanna mood today so am brimming with the optimistic hope that this disgraceful mini budget won't be voted through by right thinking MPs. If my MP was a Conservative I would bombard him with emails urging him to vote against it. It would actually do the PM a favour as it was painful to hear her struggle to defend it on those local radio interviews today.

According to Reuters, July 5th 2022 Germany’s renewable energy was 49% up by 6% for the first half of the year. The parliament has agreed a massive expansion of renewable energy.