The IMF has stepped in to warn the U.K. government

I think that is exactly what it is, growstuff - an experiment.

It's a terrifying way for a Chancellor of the Exchequer to behave.

I doubt if Kwarteng had a brainstorm moment. He co-authored a book in 2012 "Britannia Unchained" with Truss and others, advocating what he is doing now. They've spent ten years waiting for this moment to carry out their ghastly experiment.

I run several online shops and almost all my trade is international. Ive had to raise my prices across the board and hope my customers will not notice. However my shops are closed for vaction until end September so it was a good time to do it. Increased costs have to be passed on to end users.

So, if the Bank of England hadn’t stepped in some pension funds would have crashed. And some Tory supporters/ MP’s are saying everyone’s over reacting

@BestforBritain tweeted this yesterday

Best for Britain
@BestForBritain
·
19h
“Senior gov't officials warned the PM and the Chancellor that [the Budget] would trigger market volatility and cause a shock to the economy. Officials who advised against Friday’s plans included civil servants in the Treasury and Downing Street, as well as Simon Case.”

Apparently he done a PhD in Economic History at Cambridge?
62Granny his thesis was on:

"Political thought of the recoinage crisis of 1695-7"

Perhaps he's wanting to make his name to go down in economic history. The sooner the better it would seem!

This is getting more and more frightening as the day goes on , you wonder if Kwarteng actually got some guidance from the The Bank of England or anybody else or just had a brainstorm moment and thought any of this was a good idea? ? Apparently he done a PhD in Economic History at Cambridge? I think he may go down in history as the chancellor who made the Biggest economic gaff in history.

Would you believe it...Dozy D Ross leader of the Scottish branch of the con ..servatives wants Nicola Sturgeon to give the same tax cuts to Scots ......lol .Our tax was restrucured to benefit people who need it not high earners .

Dougie 3 jobs Ross needs to understand that the Scottish public are the people who VOTE the SNP into power because we trust then not to get us into the mess that Westminster has specialised in for a very long time

CvD66

Love the way the very few Tories daring to put their heads above the parapet, are blaming Labour! As one Tory spin doctor says: there's nowhere else to turn!

Remainers seem to be getting some blame, too.

Love the way the very few Tories daring to put their heads above the parapet, are blaming Labour! As one Tory spin doctor says: there's nowhere else to turn!

Redwood is a headbanger. Like most of the Brexity tory MPs.

Tbh it may have made matters worse, right hand/left hand etc.

The markets have no trust in anything now it seems.

I see Redwood says we should ignore market reaction and the IMF.

Good luck with that?

Whitewavemark2

Richard Murphy
@RichardJMurphy
·
6m
It looks as if the Bank of England's intervention in the market this morning has failed - which is hardly surprising since it was riddled with absurd contradictions, almost as bad as those Kwarteng managed. The pound has fallen again....

Those were my thoughts. (And I hadn't read Murphy's comment first)

Especially if the BoE haven't acted with the approval of the government.

Grayling1

Haven't had to think about about this seriously before but wondering if private pensions will be affected with dire economic position? I depend very much on my late DH's at the moment.

That’s one if the reasons the BoE has stepped in.

Haven't had to think about about this seriously before but wondering if private pensions will be affected with dire economic position? I depend very much on my late DH's at the moment.

Esspee

I cannot be alone in being stressed beyond measure at what our country has become.
There is a surge on Twitter of people committing to vote for any party to get the Conservatives out by tactical voting.

Good to know that Espee Tactical voting against the Tories is the best way to beat them as long as we have FPTP

MerylStreep

I’m not defending anyone but the IMF don’t always get it right.
Although a long time ago this was one of their spectacular failures.

www.heritage.org/europe/report/russias-meltdown-anatomy-the-imf-failure

Good to have a balance??

I’m not defending anyone but the IMF don’t always get it right.
Although a long time ago this was one of their spectacular failures.

www.heritage.org/europe/report/russias-meltdown-anatomy-the-imf-failure

I cannot be alone in being stressed beyond measure at what our country has become.
There is a surge on Twitter of people committing to vote for any party to get the Conservatives out by tactical voting.

Richard Murphy
@RichardJMurphy
·
6m
It looks as if the Bank of England's intervention in the market this morning has failed - which is hardly surprising since it was riddled with absurd contradictions, almost as bad as those Kwarteng managed. The pound has fallen again....

I think there are no words strong enough to express the distressing state of things. If we thought it was bad before, this is an all time low.
We have self serving narcissists at the head of government. Absolutely clueless. Liz Truss is a woman possessed.... with an obsessive need for attention and power... at any cost to the 4 countries.
I despair!
With a conservative government we have slowly but surely declined and we are on course to be the poor relation, not to mention a laughing stock, on the international platform.

I imagine a block of butter will be costing £5 before long!

MaizieD

^The BoE has stepped in to try to calm the markets by buying government bonds.^

And they are stopping for the time being their 'reverse QE'

I wonder if the BoE is doing this with the agreement of the Chancellor and PM, as it will be lumped in with the rest of the deficit as '/borrowing', or is the BoE doing it off its own bat?

Although the news story says that they intend to resell the bonds once the markets have calmed (in October) I'm wondering if either of those things will happen (calm or resale)

news.sky.com/story/bank-of-england-takes-action-to-restore-orderly-market-conditions-after-mini-budget-panic-12706827

I bet it is off it’s own bat. Still QE should help. I just hope if Kwarteng is still around in November, he doesn’t repeat the tax cuts as he is threatening to.

The most likely scenario will be to plunge the U.K. into austerity again. Like it helped so much during the first decade of Tory rule!

The BoE has stepped in to try to calm the markets by buying government bonds.

And they are stopping for the time being their 'reverse QE'

I wonder if the BoE is doing this with the agreement of the Chancellor and PM, as it will be lumped in with the rest of the deficit as '/borrowing', or is the BoE doing it off its own bat?

Although the news story says that they intend to resell the bonds once the markets have calmed (in October) I'm wondering if either of those things will happen (calm or resale)

news.sky.com/story/bank-of-england-takes-action-to-restore-orderly-market-conditions-after-mini-budget-panic-12706827

Oh dear, Truss and Kwarteng have managed in a matter of a few days to destroy the union. Scotland will be off, and I don't blame them.

One thing that the BoE is worrying about are the pension trusts which are under enormous pressure.