Young ones don't remember the three day week !!!

[JohnD]

It's interesting to reflect that Conservative Chancellor Phillip Hammond, the man who oversaw the lowest slump in the British Pound for 31 years, has suggested that a Labour victory in the next General Election might crash the pound and cause shock inflation.

Hammond’s ludicrously evidence-free prediction stands in stark contrast to his own record of literally crashing the pound and causing shock inflation.

The Chancellor was responding to Labour’s Shadow Chancellor John McDonnell admitting that Labour had been “war-gaming” a variety of situations for being in Government. These included preparing plans to deal with a run on the pound, should international markets attempt to pressure a Labour government into devaluation.

Admittedly Hammond’s comments make sense for the Conservative party. Having failed to plan for winning an election, for losing a referendum, or even losing an election, it would be a total reverse in Tory policy to actually prepare for possible futures.

Of course, the Tory Chancellor might have benefited from some of McDonnell’s foresight.

 

[transam]

Yep he could have benefited from McDonalds foresight

his little red book he always carries around , and advice from his And Corbyns Venezualan friends about economic policy

 

[IWalkLikeHimaMartian]

Yep he could have benefited from McDonalds foresight

Fries with that, sir.

 

[Notch7]

It's interesting to reflect that Conservative Chancellor Phillip Hammond, the man who oversaw the lowest slump in the British Pound for 31 years, has suggested that a Labour victory in the next General Election might crash the pound and cause shock inflation.

Hammond’s ludicrously evidence-free prediction stands in stark contrast to his own record of literally crashing the pound and causing shock inflation.

The Chancellor was responding to Labour’s Shadow Chancellor John McDonnell admitting that Labour had been “war-gaming” a variety of situations for being in Government. These included preparing plans to deal with a run on the pound, should international markets attempt to pressure a Labour government into devaluation.

Admittedly Hammond’s comments make sense for the Conservative party. Having failed to plan for winning an election, for losing a referendum, or even losing an election, it would be a total reverse in Tory policy to actually prepare for possible futures.

Of course, the Tory Chancellor might have benefited from some of McDonnell’s foresight.

Well done for completely misrepresenting the facts:

your link text says:
'the man who oversaw the lowest slump in the British pound for 31 years'

The actual heading you link to says:
Pound hits another 31-year low as Hammond launches Wall Street charm offensive –as it happened


The Guardian heading gives no connection of blame for 31 year low to Philip Hammond

 

[JohnD]

Well done for your deliberate misrepresentation of the facts.

Are you claiming that the pound did not tumble to a 31 year low?

Or are you claiming that Hammond is not Chancellor?

It would be interesting to know which you think is wrong.

 

[Doggit]

Come on John. you know you always try and twist the facts to suit your agenda. Yes, Hammond was in chancellor at the time, and yes, the pound hit a 31 year low, but was it Hammond's fault as you try and imply, no. So, you really wanted to be a politician or a Labour spin doctor did you; never tell the truth when you can twist the facts to suit your purpose.

And I suspect that you really feel that it's okay to do that, and that's the really sad part.

 

[JohnD]

So you don't think that Hammond, as Chancellor, oversaw the fall in the pound?

Do you think he was a top member of the government in power?




BTW you both need to go to Specsavers and tell them you have a vision defect that causes you to hallucinate the word "fault" when it is not present. Whether or not a government can be considered to be responsible for the results of its actions is a much easier question to answer, but we can deal with it another time. I gather you think not.

 

[SirGalahad]

Come on John. you know you always try and twist the facts to suit your agenda. Yes, Hammond was in chancellor at the time, and yes, the pound hit a 31 year low, but was it Hammond's fault as you try and imply, no. So, you really wanted to be a politician or a Labour spin doctor did you; never tell the truth when you can twist the facts to suit your purpose.

And I suspect that you really feel that it's okay to do that, and that's the really sad part.

There are two points here.

First, the reaction of the markets. When you said fault - then someone or something was to blame because there was a negative outcome. So the actions of the currency traders were not at fault - they were simply reacting to new information.

Second. Hammond was simply the Chancellor when this all went down.

 

[noseall]

Hammond was simply the Chancellor

Does that mean he is just a kinda tea boy where UK financial wellbeing is concerned. Surely he wields some power?

 

[Doggit]

I think I've got to agree with supposition there Noseall.

See John, spin, spin and more spin. I said "fault" because that what you were trying to imply. You really missed your profession didn't you. You just gotta twist everything anyone says, basically, because you have nothing genuine things to say. You bring nothing of value to the discussion whatsoever, yet think that makes you look clever.

 

[SirGalahad]

Does that mean he is just a kinda tea boy where UK financial wellbeing is concerned. Surely he wields some power?

There was realistically nothing he could or should have done. Sometimes you have to let the markets as irrational as they are to play out.

 

[JohnD]

I said "fault" because that what you were trying to imply.

You don't mind Chancellor Phillip Hammond doing it in his anti-labour smear, which is what I was commenting on?

It's interesting to reflect that Conservative Chancellor Phillip Hammond,has suggested that a Labour victory in the next General Election might crash the pound and cause shock inflation.

"Hammond warns of Labour sparking ‘crash in the pound’"
https://www.ft.com/content/35433193-06e8-3ae5-88c8-59cb68289582

Even the FT commented that:

"The Conservative party may be able to offer Mr McDonnell some advice, having had recent real-life experience of dealing with such an event; sterling plunged to its lowest point in 30 years in the immediate wake of the Brexit referendum. The currency has still not regained the heights of $1.50 seen immediately before the vote, trading at around $1.34 now.

Partly as a result, inflation rates have swept higher and real wages have begun to fall, as the chart below demonstrates. The annual inflation rate rose to its joint highest level in five years in August."

Stones, glass houses, shouldn't throw, people.

 

[JohnD]

If and when there is an economic problem under a Labour government, I look forward to you saying

Yes, X was chancellor at the time, and yes, the pound hit a 31 year low, but was it X's fault as you try and imply, no.

 

[transam]

Blimey under Labour

even the grave diggers went on strike , rubbish was not collected because the binmen went on strike

every one went on strike because Callaghan tried to rein in the unions

AND than they got thatcher & that was the beginning of the end for the trade unions

serve em right tbh

 

[EFLImpudence]

every one went on strike because Callaghan tried to rein in the unions

No. He went one step too far with wage control.

A bit like now, actually.