Kwasi Kwarteng

[wellyfish]

All of this is what happens when you choose front row politicians because they're a poster boy for the CRE and to humour nut jobs like Ex Himmy.

I'm guessing all the recent turmoil could have been avoided if the Tories chose Sunak?

What's actually happened isn't that dramatic at all.

. Pension funds found themselves on the wrong side of swaps they entered into to manage their liabilities
. They were margin called and didn't have the readies to cover their margins.
. They began selling their safe assets - Gilts.
. Prices dropped as supply outstripped demand
. More problems for pension funds.
. BoE stepped in to sort it out - that's their job.

If you can find a better argument against privatising pension provision I'd like to see it.

Sunak probably wouldn't have promoted the same policy as Truss/Kwarteng, he's more your head-on austerity type i.e. "balance the books", "fiscal responsibility" etc.

What Truss should have done is said something like "In 3/6/12 months we will stop issuing Treasury Bills and Gilts, deal with it." but, as ever, the backers made her buckle; they didn't want to give up all that free, guaranteed money.

 

[Deleted member 294929]

….Corbyn?

Hunt

 

[noseall]

Revolut are maybe not the best example for your argument. They applied for and received a Lithuanian banking licence in 2018, their application for a UK banking licence is still pending, and looking unlikely to be granted.

No!
Surely not!
Tell me Revolut (who tf are they?) aren't moving databases around because the UK aren't in the EU!

Yes, your mistake. Who cares where Revolut store their data?

Brexit benefits you say? I guess I'll just have to keep on looking, lol.

Brexit - utter pile of shizzle.

 

[fillyboy]

Brexit benefits you say? I guess I'll just have to keep on looking, lol.

Brexit - utter pile of shizzle.

Nosy, even if we were still in the EU, Revolut would require a UK banking licence to operate as a bank in the UK, even if we were still in the EU, obtaining a UK banking licence is not a pushover.
Let's just rejoice in the fact that in Lithuania the requirements for a banking licence are more suited to companies like revolut.

 

[noseall]

Nosy, even if we were still in the EU, Revolut would require a UK banking licence to operate as a bank in the UK, even if we were still in the EU, obtaining a UK banking licence is not a pushover.
Let's just rejoice in the fact that in Lithuania the requirements for a banking licence are more suited to companies like revolut.

this isn't about Revoult, you dolt, it's about the absence of ANY Brexit benefits. Zero. Zilch. Nada.

 

[fillyboy]

this isn't about Revoult, you dolt,

Then why illustrate it as a case in point, you dolt.

 

[Pat ex]

All of this is what happens when you choose front row politicians because they're a poster boy for the CRE and to humour nut jobs like Ex Himmy.

I'm guessing all the recent turmoil could have been avoided if the Tories chose Sunak?

What has the Christian Resources Exhibition got to do with anything?

 

[noseall]

Then why illustrate it as a case in point, you dolt.

What, the lack of Brexit benefits?

Brexit - utter pile of tosh.

 

[Notch7]

I simply try not to get involved in discussions I know SFA about

Please your own advice then and don’t get involved in discussions about monetary theory, as you clearly know nothing beyond googling the tiny number of economists who actually don’t it’s a load of hogwash.

 

[Notch7]

IMO, there is big money, if not ALL money, against Brexit. Every FTSE company I can think of benefits from unchecked immigration into the UK: banks and insurers: more accounts, more insurances sold - retailers: hugely increased footfall - house builders: more houses - oilers: more cars more lorries - the list goes on. More people in the UK more money for them. I find it amazing Brexit went through at all... I mean we have all witnessed the blatant attempts at sabotaging it on every turn. Boris did the right thing and sacked a few MPs but then he screwed up later.

And I fear the next government will have us back into the EU, cap in hand for the mess we have made of our country... I doubt the pound will survive when this happens. It will equalise with the euro and will be just a typicality for the remainers in the BoE to hand over to Germany

You Might want to believe all that, but it’s not true.

most Ftse companies didn’t want brexit because of the massive trade barriers.

 

[transam]

Tis the enemy with in that has caused all this chaos

the hard core anti democratic remoaners , sabotaging the economy them and foreiners

well thats what my neighbour said this morning any way .

and I will go along with him

 

[wellyfish]

Please your own advice then and don’t get involved in discussions about monetary theory, as you clearly know nothing beyond googling the tiny number of economists who actually don’t it’s a load of hogwash.

Hey Notch, any update on this yet?

Magic Money Tree you say ... so , tell me then Oh Wise One, once the Supply and Appropriation Bill (Main Estimates) and later the Supply and Appropriation Bill (Anticipation and Adjustments) Bill are passed (there's no debate) what, in your opinion can stop the spending in both/each?

 

[noseall]

sabotaging the economy

That would be Brexit and the latest shower of Tory barrel scrapings.
The UK was in comparatively fair nick before the idiots got hold of the country.

 

[blup]

It doesn't help that the new chancellor is strongly against fracking, does that make him part of the anti growth agenda his PM speaks against?

Blup

 

[Notch7]

Hey Notch, any update on this yet

Yes.

MMT is still wrong, modern monetary theory has a flawed model of inflation that overestimates the importance of economic slack.