So it begins….. Streeting resigns

ronib

How close is this country to having the IMF take over? Gilts are at an all time high?

Nowhere near at all. Gilt yields may be high, but the interest paid on them remains the same as when they were first issued (unless they were index linked). So it would only be a cost to the government if it started selling gilts at a higher interest rate.

The 'yields' are those applying to gilts bought and sold on the secondary market, the government doesn't see a penny of these transactions.

Government bonds/gilts are initially purchased because they are a secure instrument for saving, unlike any other investment. The secondary market is the place for speculators. Successful ones make money, unsuccessful ones lose it. The state of the yields is only of concern to the market participants.

The time to worry is if there are no purchasers for initial bond/gilt issues but that seems unlikely when bond auctions are always oversubscribed and the imminent prospect of a global depression caused by Trumps illegal war sends people to safe investments; none safer than Treasuries.

The UK cannot go bankrupt because it has its own sovereign currency, which it is able to issue at will. Talk of the IMF is nonsense.

Casdon

I think it’s all speculation regarding the seat. The sitting MP hasn’t actually handed in his resignation to prompt a by election. If Burnham gambles his own future on an unsafe seat, he is a fool.

AI thinks that he would only have to give up the Mayoralty if he became an MP. Though the examples it gives are from the other direction, MPs who have given up their seats when elected as metro Mayors.

Clearly, if Burnham lost he would lose a lot of kudos, but it appears that he wouldn't lose his current job.

I can only add to the general consensus...I took am sick of politicians.

Talk about Burnham hedging his bets!

Browncow I just wish there was a coalition to put this country back in its feet at the moment it is so divided and there feels no hope

Such optimism MaizieD. 1976?

Clearly, if Burnham lost he would lose a lot of kudos, but it appears that he wouldn't lose his current job

So, this man supposedly really wants to lead this country because he cares about us all … but might be able to hang on to his mayoral job if it all goes ti** up at the by-election.

All he’ll lose will be kudos; much higher stakes for the rest of us.

Oh well, as long as he’ll be OK when the rest of us are suffering the depravity of a Reform government😡

MaizieD

Casdon

I think it’s all speculation regarding the seat. The sitting MP hasn’t actually handed in his resignation to prompt a by election. If Burnham gambles his own future on an unsafe seat, he is a fool.

AI thinks that he would only have to give up the Mayoralty if he became an MP. Though the examples it gives are from the other direction, MPs who have given up their seats when elected as metro Mayors.

Clearly, if Burnham lost he would lose a lot of kudos, but it appears that he wouldn't lose his current job.

That’s interesting, I wonder if that’s behind his thinking, if he’s got nothing to lose apart from his street cred.

His slate can hardly be called clean , for starters he is the protege of Mandleson, I’ve read some of his tweets that are on X atm, they are unpleasant and some down right violent, he must be very annoyed they have resurfaced and will bite him in the bum. I’m fairly sick of the lot of them, as for Burnham, his history is hardly laudable, encouraging the hormone medicating of children and refusing to back inquiry into grooming gangs despite the pleas of many victims and children. A General Election may well be in Oder.

Was he? I hadn’t noticed. He is good at capitulating to the BMA. Starmer is not a bad man but he lacks action. I was more interested in the letter Jess Phillips submitted tbf.

ronib

Such optimism MaizieD. 1976?

Optimism about what?

Not a voters in the last GE because there was no one worth the walk. But if Rupert Lowe can get it together by the next GE I will actually shuffle to the polling station armed with a pen to vote!!!

MaizieD

ronib

Such optimism MaizieD. 1976?

Optimism about what?

Oh, the rush to the IMF.

!976 was entirely different from now in that we had only recently finally come off the Gold Standard, which theoretically gave our currency its 'value', but the government didn't understand the implications inherent in have a free floating sovereign fiat currency.

As I understand it, the IMF loan was barely used anyway and soon repaid. (Chatgpt agrees with me)

Thank you, eazybee, for your clarification re the Attorney General. I've been worried about our present Prime Minister and his unelected familiars. Not exactly democratic, is it?

fancythat

Allira

Somehow Farage popped up on my FB feed today. Why? He was complaining about a Guardian journalist outside his house and saying this is why he needs a protection officer.
He courts publicity then complains when he gets some.

Be careful, posters, he's getting in everywhere. Is it because I sometimes look at the Guardian online?

What can or should he do though, in reality?

Stay off my Facebook page uninvited for a start.

Cossy- I'm not surprised nor sorry Streeting has gone, he's a snake thinking only of himself whilst putting some distance between himself & Starmer. If Starmer appears to be a lame duck, woe betide us with Streeting as PM. He has the personality & authority of a fly & should shuffle off & join the Tory party where he'd fit right in.

LizzieDrip

^Clearly, if Burnham lost he would lose a lot of kudos, but it appears that he wouldn't lose his current job^

So, this man supposedly really wants to lead this country because he cares about us all … but might be able to hang on to his mayoral job if it all goes ti** up at the by-election.

All he’ll lose will be kudos; much higher stakes for the rest of us.

Oh well, as long as he’ll be OK when the rest of us are suffering the depravity of a Reform government😡

If Reform gained Makerfield then they would have a total of nine MPs.

Hardly enough to form a Government.

If Andy Burnham wins, I think he will give Wes a Cabinet position. Streeting has come out in support of Burnham winning his seat, and I think this is a clever political ploy. Let's face it, both Street in and Burnham are taking a political risk. Burnham may not win his seat and Wes has a very narrow majority in his constituency.

Betony

Thank you, eazybee, for your clarification re the Attorney General. I've been worried about our present Prime Minister and his unelected familiars. Not exactly democratic, is it?

It’s important to have an Attorney General with integrity. Johnson appointed Braverman to help him evade scrutiny and we all know where she stands politically.

The explanation of the £5m donation to Farage is not going away either. Heaven help us if Reform gets into power, though I think for the next three years lots can change. Voters have only to look at what Trump is doing to America. Is the UK ready for a Trump style of government?

What a mess.
Streeting doing a good job, economy on the up and Starmer delivering in spite of stupid errors early on. They were elected with a huge majority have had barely two years to try and make up for the catastrophic under investment of the past 15 years. Give them the chance they deserve and stop this opportunistic personal ambition and disloyalty. The rebels are handing the country to vile, cheating racists taking their lead from Farage. Frightening and shameful.

Babsbada

What a mess.
Streeting doing a good job, economy on the up and Starmer delivering in spite of stupid errors early on. They were elected with a huge majority have had barely two years to try and make up for the catastrophic under investment of the past 15 years. Give them the chance they deserve and stop this opportunistic personal ambition and disloyalty. The rebels are handing the country to vile, cheating racists taking their lead from Farage. Frightening and shameful.

I totally agree with you. Voters must be careful what they wish for. MAGA voters in the US are wallowing in regret now.

Whitewavemark2

Bloody fools.

I’ve lost patience with them.

Streeting had better have a slate that is whiter than white because if he hasn’t the right wing press will have him for breakfast. Likewise all the potential PMs.

"whiter then white"? Streeting was in bed with Mandelson so to speak and his "holier than thou" resignation letter was a snivelling attempt to rubbish Starmer to prepare the ground for a coup.

Allira 15:15

I’m thinking about the next GE which, if Reform (with media help) can manipulate things, may be closer than we think.

Farage has already said there’ll be a GE earlier than 2029. Ignore him at our peril!

All this chaos, changing PMs, division in the Labour Party plays straight into the hands of Reform.

It reinforces their message that Labour & the Tories are two cheeks of the same ar** … so vote for the nice Mr Farage if you want something different!

Yes, I'm afraid you're right LizieDrip

Let's hope they get hoist by their own petard between now and then.