We can no longer afford the Tories

Another fiasco yesterday.

The markets were t exactly ecstatic about Hunt replacing Kwarteng, nor Truss’s speech, the market finished 2 cents down on the day. Much more will need to be done.

Fleurpepper

Current poll shows Tories at 19%.

One estimate suggests the Tories would win less than 50 seats.

WOW!

I saw somewhere that they would be left with 4 seats???

Current poll shows Tories at 19%.

One estimate suggests the Tories would win less than 50 seats.

WOW!

The first qualification for a politician is to have a skin as thick as a rhinoceros, with Liz it extends somewhat further.

Truss's distinguishing characteristics seem to be passing the buck (learned from Johnson), total lack of empathy and a really incredibly thick skin.

When she said she didn't mind being unpopular she might have meant it but how unpopular is it possible to be? At the last count only 9% of voters supported her.

Very good news about Kwarteng. I hope the Tories find the bottle to get rid of Truss as well. She should not be allowed to save her political skin simply by throwing her friend under the bus.

It was indeed, even if she does choose a credible chancellor, will it be enough to save her own skin?. As we saw with Braverman her team are very poor performers, PMs question time is going to be hell for her, she is just not up to the job.

Katie59

Who saw this coming.

Well many of us didn’t like the Truss/Kwarteng combination
But nobody expected a Conservative chancellor to announce an extreme budget without any justification, that what spooked investors

It was Truss’s policy though

Who saw this coming.

Well many of us didn’t like the Truss/Kwarteng combination
But nobody expected a Conservative chancellor to announce an extreme budget without any justification, that what spooked investors

This best thing would be for no one to take it on and then they have to face where they are. Sadly, there will always be someone - won't there?

How on earth can she survive? She has sacked him for her policies.

Jaxjacky

Kwarteng has gone.

They said that on Sky News just now!

Kwarteng has gone.

Allister Heath has written a very good article in Thursdays Telegraph. Yes, I know it is a Tory paper but his analysis is worth reading. He points out the many failings of everyone- for which Liz Truss is now being blamed. The hypocrisy of the opposition, the Civil service passing the buck for the crisis in our pension funds that it created, the financial institutions that created and sold the liability- driven investments, the pension funds, the Treasury and its staggeringly over- rated mandarins, the regulators, the Bank of England, Kwartengs predecessors as chancellors. He asks ‘ why did no one see this coming? Why did so few people see this coming? Will the tax payer have to pick up the bill? What is the point of stress tests if they can’t cope with a classic deflation of a gigantic unsustainable bubble?’
I am no economist (unlike Allister Heath) but he explains this con trick as a tall Jenga tower - where we have been removing all the bottom bricks and now the tower has collapsed.
What happened is dispiriting in the extreme he says. They had the misfortune of precipitating and accelerating the day ooh reckoning. They were outmanoeuvred by better, more ruthless players and are now incorrectly blamed for all that is wrong with the economy while the real culprits get off scot-free.
Kwartengs mistake was one of presentation and context. They moved too quickly. Instead of a zombie economy based on rising asset prices and fake, debt- fuelled growth - their mission was to encourage Britain to produce more real goods and services, to work harder and invest more by reforming taxes and regulations.
He goes on to say that there are ‘now too many zombies with too much to lose - over indebted companies, too many homeowners and buy to let investors whose lifestyles, tragically, are only sustainable on 1 to 2 per cent interest rates, too many car buyers who thought that cheap credit would be available forever
. There is even more of a sense of entitlement to cheap debt, especially among the middle classes than Truss realises and they all blame her for their pain, even though mortgages are now nearing 7 per cent in the States.’
I can remember interest rates of 17 per cent in the 1970’s when we were struggling to buy a house with 3 young children. Life was tough. Only one of us was working - I went back to teaching as soon as possible - the job market wasn’t good.
Enough anyway- the sun will shine again but I think we’re in for a frosty time - it was ever thus.

Many decisions are not taken in Cabinet but in small committees or bilaterals. Looks like Truss is beginning to think she can't afford Kwarteng!

Whitewavemark2

Say she sacks Kwarteng - who on earth will be prepared to a-line themselves with Truss?

If one goes both go, as others have said who would want to work with Truss now she is proven hopeless, not only a puppet but a lame duck puppet, surely she must realise that.

Say she sacks Kwarteng - who on earth will be prepared to a-line themselves with Truss?

I bet it will just be more of the same.

Only how can they survive if they reverse their budget? They have no other plan except laissez faire and that isn’t ever going to work.

GrannyGravy13

It’s all over Twitter that the PM and Chancellor are to hold a press conference later today.

???

Crikey!

It’s all over Twitter that the PM and Chancellor are to hold a press conference later today.

???

I trust that everyone gets the correct wording even if the site doesn't!!!

Best outcome?
In future NO ONE minister/chancellor can make these damning decisions unilaterally.evry major change/budget issue that doesn't fall under the OBR umbrella has to be aired and discussed in cabinet with a vote on accepting the change for the country's good.
New leadership requires general election withing 12 months maximum to ensure that the country is till behind the new broom and their new direction
Alternatively if a leader is basically sacked for gross incompetence it will trigger general election anyway as government breakdown has obviously occured!!
And they all loved happily ever after
Goodnight children???

The list of failures and Uturns is excruciating. Braverman starts all smiles and quickly can't look up. It's like she had no idea of the scale of her incompetence and failure until someone pointed it out to her.

If this is the level of self knowledge and self awareness within the party then no wonder we are seeing the debacle we are.

I've spent the morning wondering what kind of people the current Conservative membership are to chose the current PM and Chancellor when seems even Tory MPs wouldn't have chosen them. I can come to a conclusion that is kind.

WOW -did Braverman actually walk out?

Yvette Cooper is just brilliant.