First major U-turn

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.

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.

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

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

Oh good the poor can breath again

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

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

Oh dear

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.

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.

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

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

Of course.

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.

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.

^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.

“No damage done, just a few billion written off the markets, minor credit rating downgrade, teensy loss of confidence in the city and a glimpse of our true colours to everyone who hadn't noticed yet. Other than that, I'd say the mini-budget has been a triumph.”

I may be misremembering the exact wording, but what Sir Keir said still stands. Don't forget, don't forgive.

Whitewavemark2

vegansrock

Truss threw Kwarteng under the bus by saying it was his decision as if she hadn’t been consulted and it was all a surprise to her - really?

Truss has been forecasting tax cuts throughout her bid for leader - the whole summer is all we heard.

Kwarteng was her mouthpiece.

Yes, she was. While Sunak was opposed to them.

She might be knowledgeable in certain areas but is utterly lacking in intelligence and common sense. Common sense that should have told her cutting taxes for the wealthy at a time when there is a distinct rebellious mood in the country where months of upheaval after Brexit, a pandemic, and an expensive war, have caused hardship for so many who were already only just surfacing (if they indeed were) from years of Austerity - was not a good move. And intelligence should have informed her that her party, her MPs, desperately wanting to remain in power, were going to be acutely tuned-in to the mood of the electorate and any threat this might pose for them and their coveted positions. Borrowing so much to fund these unnecessary giveaways without costing them was bound to cause consternation in the markets. Her belief that digging up trickle-down economics was going to save the country was naive and reckless. Defending her policy by channelling her inner Thatcher and declaring that she was prepared to be unpopular was egotistical bravado. She is a programmed robot and as such is abysmal when she is forced to go off-script. She is a liability to the UK.

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!

“This has become a distraction. Let’s move on and talk about growth”

The PM and Chancellor have realised that threatening to remove the whip from those MPs who were likely to refuse to vote through the decrease of 5p for top earners was not enough to get this approved.

I am pleased it has been revoked as I was never in favour of it in the first place.

Long term she’s toast. So flakey.

The damage is done.

oldnproud undoubtedly - and as you say it will have zero impact on 99.9% of people in this country.

The spinners will be out in force.

I'm pleased, but:

The u-turn is on the measure that would have had the least impact, either positive or negative, on the average person.

While being forced to ditch it so quickly is a huge embarrassment for T&K, doing so seems unlikely to immediately lose them further support either within the party or outside of it.

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.

Have they and their fellow Tories started spouting the 'this shows that we listen' line of positive spin on this yet? If not, I bet we'll have heard it countless times by lunchtime!