How is it that Britain seems unable to come up with normal, non extreme, reasonably talented Prime Ministers since David Cameron?Former US Treasury Secretary Larry Summers, speaking to Bloomberg Television, said the pound could even drop below parity versus the dollar for the first time in its history. (Its previous all-time low was just above $1.05 in 1985).
"It makes me very sorry to say, but I think the UK is behaving a bit like an emerging market turning itself into a submerging market," Summers said. "Between Brexit, how far the Bank of England got behind the curve and now these fiscal policies, I think Britain will be remembered for having pursuing the worst macroeconomic policies of any major country in a long time."
Liz Truss
Liz Truss
Not especially off to a good start is she?
I agree but you’re mistaken to give Cameron a pass. A decent man but weakly gave in to the anti EU wing of his party and needlessly offered them a referendum when, frankly, no one in the country was demanding one.
All of the UK’s ills since then (except covid of course) have been a reaction to or a consequence of Brexit.
All of the UK’s ills since then (except covid of course) have been a reaction to or a consequence of Brexit.
- springrain
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What a load of crap! Name them.Guest wrote: ↑Sun Sep 25, 2022 7:05 pmAll of the UK’s ills since then (except covid of course) have been a reaction to or a consequence of Brexit.
'History is a set of lies agreed upon.'
Attributed to Napoleon
Attributed to Napoleon
Larry Summers, top bloke. He was very interested in hearing about my time in Cambodia, he was keynote at an investors conference I helped organize last year.
And yes, I’m out on UK for the foreseeable future.
And yes, I’m out on UK for the foreseeable future.
"Those who can, do. Those who can't, teach. Those who can't teach, teach English."
Credit Jacked Camry & LTO
Credit Jacked Camry & LTO
How about the weakest currency in its history? Today the pound hit 1.04. It’s never been that low and before the Brexit vote it was around £1.50-£1.60. In other words U.K. imports are now 30-40 percent more expensive, which of course has a knock on exacerbating effect on the cost of energy and inflation.springrain wrote: ↑Sun Sep 25, 2022 8:12 pmWhat a load of crap! Name them.Guest wrote: ↑Sun Sep 25, 2022 7:05 pmAll of the UK’s ills since then (except covid of course) have been a reaction to or a consequence of Brexit.
And it’s not just a strong dollar - the pound has slumped against all currencies.
You may well argue this makes the UK’s export market stronger. Well it would yes, except we have imposed trade barriers against the largest free trading market in the world and one literally on our doorstep and the much promised FTAs with the rest of the world seem non existent, unless you count game changing deals with Faroe Islands and New Zealand. Liz Truss admitted just days ago that an FTA with the US is not on the cards for years - they haven’t even started talks with them.
One day Brexiteers will feel safe admitting what they already know - it has been a disaster and has reduced the UK’s global position to one of pitied laughing stock.
I hope you aren’t relying on a U.K. income over there guys. You’re about to get a lot poorer. Well done.
- Hanno
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And the government is about to ease one of the points of Brexit, the restriction on immigrant labour:
Truss to review visa policies
Hard to believe that there are people in the UK that still think Brexit was a great idea.
Truss to review visa policies
Hard to believe that there are people in the UK that still think Brexit was a great idea.
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"I realized that If I had to choose, I would rather have birds than airplanes."
Charles Lindbergh
Charles Lindbergh
- Bong Burgundy
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9m ago
09.14
Investors 'inclined to regard Conservative Party as a doomsday cult', says analyst
Investors seem inclined to regard the UK Conservative Party as a doomsday cult, according to Paul Donovan, chief economist of UBS Global Wealth Management.
In his morning comment, Donovan gives an absolutely blistering verdict on the government’s plans:
"The global signals from the UK’s mini-budget matter. Modern monetary theory has been taken into a corner by the bond markets and beaten up. Advanced economy bond yields are not supposed to soar the way UK gilt yields rose.
This also reminds investors that modern politics produces parties that are more extreme than either the voter or the investor consensus. Investors seem inclined to regard the UK Conservative Party as a doomsday cult.
Tax cuts are unlikely to give the UK a meaningful medium-term boost (the supply constraints in the UK economy are more about health and education). A short-term “sugar high” is likely but may be limited. A high-income earner’s rational response would be to increase savings in anticipation of future tax increases."
theguardian.com/business/live/2022/sep/26/sterling-record-low-tax-cuts-investors-kwarteng-truss-ftse-stock-markets-business-live?
09.14
Investors 'inclined to regard Conservative Party as a doomsday cult', says analyst
Investors seem inclined to regard the UK Conservative Party as a doomsday cult, according to Paul Donovan, chief economist of UBS Global Wealth Management.
In his morning comment, Donovan gives an absolutely blistering verdict on the government’s plans:
"The global signals from the UK’s mini-budget matter. Modern monetary theory has been taken into a corner by the bond markets and beaten up. Advanced economy bond yields are not supposed to soar the way UK gilt yields rose.
This also reminds investors that modern politics produces parties that are more extreme than either the voter or the investor consensus. Investors seem inclined to regard the UK Conservative Party as a doomsday cult.
Tax cuts are unlikely to give the UK a meaningful medium-term boost (the supply constraints in the UK economy are more about health and education). A short-term “sugar high” is likely but may be limited. A high-income earner’s rational response would be to increase savings in anticipation of future tax increases."
theguardian.com/business/live/2022/sep/26/sterling-record-low-tax-cuts-investors-kwarteng-truss-ftse-stock-markets-business-live?
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Bringing the news. You stay classy, nas, Cambodia.
Hanno wrote: ↑Mon Sep 26, 2022 2:06 pmAnd the government is about to ease one of the points of Brexit, the restriction on immigrant labour:
Truss to review visa policies
Hard to believe that there are people in the UK that still think Brexit was a great idea.
Of course, the irony about yet another u-turn by Truss, is that she wants to lift restrictions on immigrant labour, but not give residence. This means no right to stay, which logically means money earned in the UK will be sent home, at today's historic low rates.
Which - let's face it - is hardly a compelling argument to attract the needed low skilled workers.
It's ironic Truss has modelled herself on Thatcher. Love her or hate her, at least Thatcher was consistent. She was a conviction politician who believed in core principles. Truss was a Lib Dem, a Remainer, and she has now opportunistically turned all that around. Just six weeks ago she vehemently opposed handouts; now she is bankrupting the country. She is not a conservative. She's a radical opportunist.
There are, but when you consider some of them like springrain also believes the world is run by reptilians, that a New World Order controls us all, and god knows what other nonsense, you'll see how far the country has descended.
The UK is no longer a sensible place. It is a laughing stock.
Do the UK's problems have more to do with Brexit or the energy crisis? The German and French economies don't seem to be doing too well either and they are in the EU.
- Hanno
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And another U-turn just announced: the scrapping of the 45p tax won't happen after all.
"I realized that If I had to choose, I would rather have birds than airplanes."
Charles Lindbergh
Charles Lindbergh