First major U-turn

^I fear that their backtracking on this almost universally-criticised measure could well be enough to buy them the support and the time needed to push through the much more harmful policies that really are going to hurt a very large number of people.
In fact, having had time to think about it, I'm almost more worried now than I was before the u-turn.^

Totally agree Oldnproud! It’s feels like something very wrong is going on here.

The thing is, they haven’t back tracked because it is wrong. They did it because they weren’t going to be able to get it through parliament. And Kwarteng now knows that Truss will happily push him under a bus to save her own skin.

LizzieDrip

What a complete sh** show! Of course the mantra this morning is ‘We get it. We have listened.’ People will now be thanking and praising the government for NOT doing something - classic gaslighting once again! The country has been scammed by Truss and Kwarteng. Just in time for the party conference. Look out for the standing ovation for Kwarteng today - the chancellor who ‘gets it’ and ‘listens’ WE NEED A GENERAL ELECTION!

Excellent post! Spot on.

It is all about losing seats - not about the country isn’t it?

Of course.

I wish she’d resign, but I don’t suppose she will.

NannyJan53

As Whitewave says, it is all about MP's being worried about losing seats, not concern for the country. They have a cushy number and do not want to lose it.

It has been a fiasco and provided firm proof (as if we needed it) that these people are coming from a bad moral place and are wholly incompetent.

But in a way, the MPs' concern not to lose their seats has some democratic merit - it means that there is a shred of people power. I think the point of democracy is for those representing us to know that they are our servants and if they go too far we will not vote for them. Until we get a proper voting system this will be a mere shred of power - but it is at least something.

I bet there is some agitation among the Tufton Street Network and TPA. They'll be checking the media headlines rather than their property portfolios with the morning coffee.

WWM2- absolutely: and don't forget , the Bad Idea wasn't the PM's. A bad boy did it, and he ran away, as they say in playgrounds.

Does this mean that the poor won’t get any trickle down money?

Oh dear

Ah, the removal of the cap on the bankers' bonus still stands. Phew.

Oh good the poor can breath again

They will need it as Kwarteng has confirmed 18bn cuts for public services.

Interesting thought that if they’d removed the whip from all their dissenting MPs they’d no longer have a parliamentary majority.

Can anybody explain to me how the unrestrained bankers’ bonuses will trickle down to us peasants? I could do with a few bob to cover all the rising prices.

Agree with OldnProud. I was quite disappointed when I heard about the U-turn. Until then, I felt it was only a matter of time before Liz Truss and KW were turfed out.

Now, people will be prepared to give her the benefit of the doubt, and she will stay, and probably do even more damage.

What sort of people are they that it took almost universal outcry for them to 'get' that cutting taxes for the richest at a time many are struggling is a bad thing?

RichmondPark1

What sort of people are they that it took almost universal outcry for them to 'get' that cutting taxes for the richest at a time many are struggling is a bad thing?

The point is they don’t believe it is.

They will simply retreat to produce the rabbit at a later date, trying to be more clever next time.

If they get a chance.

Blossoming

Can anybody explain to me how the unrestrained bankers’ bonuses will trickle down to us peasants? I could do with a few bob to cover all the rising prices.

You're right Whitewavemark2. Truss already said that the problem with the mini-budget was that they should have 'laid the ground better'. Not that it was fundamentally wrong, but that they didn't spin it correctly.

Wrong 'uns.

Blossoming

Can anybody explain to me how the unrestrained bankers’ bonuses will trickle down to us peasants? I could do with a few bob to cover all the rising prices.

I have read that it is to do with the lower rates of taxation for higher earners in the Financial Sector New York and Singapore (I believe it’s 36 -37%). By removing the cap London should in theory attract the brightest and the best.

The Eu is reportedly looking into removing or at the very least adjusting the cap in its member States.

Caroline Lucas
@CarolineLucas
·
20h
So Liz Truss has just dished out a peerage and trade minister job to a multi-millionaire Tory donor... who co-founded Jacob Rees-Mogg’s fossil fuel-tied investment fund

She has absolutely no shame, does she?

Presumably the Kwarteng premium on mortgages will remain?

What about the 40% devaluation on pension pots?

Defending her policy by channelling her inner Thatcher and declaring that she was prepared to be unpopular was egotistical bravado.

In a way I wish she'd heeded Mrs T more and stood at the Party conference and said "You turn if you want to - this lady's not for turning".

Then we might have got rid of them sooner.
Whilst people heave a sigh of relief, other parts of this mini-Budget may go through unchallenged.

M0nica

The reality of government has hit home! When you are foot loose, fancy free and running for leader, you can make all sorts of unrealistic promises and really believe in them

Then you get elected leader and rush into putting all your best ideas in action - and, pow, reality strikes. The markets react massively, negatively, to what you are putting in place, the electorate never wanted it anyway and even your most loyal voters turn away from you. You were warned this would happen, but didn't believe it in those cloud cuckoo days.

I have come to the conclusion that the problem with leadership in both party's is that they let their party members have the final say. In the Conservative party, the last two leaders have been ones the parliamentary aprty did not want: Johnson and Truss. In the Labour party meber voting gave them Corbyn and now Starmer.

I know Starmer is riding high at present, but it isn't because he is a good leader, it is because the last two Conservative leaders have been so truly and magnificently incompetent, that a hamster with a Labour party rosette can be guaranteed to be a better leader than Johnson and Truss, because he says nothing.

I totally agree with this.

To paraphrase Jeremy Clarkson from yesterday's S.T. (yes I know but he is funny);

We have to thank 600 batty old ladies in Bournmouth who didn't fancy an Indian PM so voted for Liz Truss.

I think the trickle down policy is just sheer incontinence; remember the 7 'Ps'?

I fear we're stuck with her for the next 2 years. Never, in a month of Sundays, did I ever think I'd find myself agreeing with Gove.

Why is Jeremy Clarkson blaming women? Two thirds of Tory party members are men.

www.ft.com/content/1454fe21-5b2e-459c-966c-65fd48d52f8f