Tag Archives: financial

Women in government pension trap are facing extreme financial hardship

WASPI protesters: it seems the government isn’t even bothering to engage with these ladies.

It must have been bad enough when the UK wasn’t in a Tory-created financial crisis, but now the strain on women who were born in the 1950s must be phenomenal.

These are women who weren’t properly informed that instead of retiring at the age of 60, as they expected, the government was raising the age at which they would receive a state pension to 66.

More than 200,000 women have died without receiving satisfaction from the government.

80 per cent of those affected have suffered financial hardship and 30 per cent are in debt. This could have been avoided if they had been properly informed of what was happening and its implications, according to campaigners.

One shocking aspect of this report is that the government hasn’t bothered to engage with campaigners since 2016.

Since then, the effects of Brexit, Covid-19 and the current inflation crisis have harmed millions of people across the UK – including these already-disadvantaged ladies.

But the Tory response is: can’t be bothered.

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Sunak refuses to apologise for turmoil caused by Truss

Rishi Sunak has refused to apologise for the economic turmoil Liz Truss’s government caused.

Speaking in Bali at the G20 summit, refused to apologise six times for the decisions his forerunner made, which caused severe financial turbulence that continues at the time of writing.

But he did acknowledge that “mistakes were made,” and said: “What I want to do now is fix them.”

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Sunak threatens the pensions triple lock – how can he still say he’s ‘compassionate’?

The triple lock ensuring that pensions rise by the highest of 2.5 per cent, average earnings, or inflation is in danger of being dropped by Rishi Sunak’s new Tory government.

It seems the new prime minister, whose personal wealth is greater than that of the King, is not keen to allow pensioners’ payments to rise in line with the cost of living; inflation currently stands at a 40-year high of 10.1 per cent, due to the failures of previous Tory administrations.

His press secretary has merely claimed that Sunak has a record of being “compassionate for the most vulnerable”. This Writer is not convinced that such a claim holds water.

It seems clear that the pensions triple lock – which was a Tory idea, let’s not forget – was never intended to allow payment increases of the kind being demanded now.

It was a lie intended to dupe senior citizens into thinking the Tories support them and therefore into voting Conservative at elections.

It was dropped during the Covid-19 crisis because wages, having fallen, then rose by eight per cent and Sunak refused to pay. That was a special case, though, because the triple lock did not take account of falls in wages; the rise in fact only returned wages to where they were before.

This is not a special case. The cost of living has increased enormously and richer-than-the-King Sunak is indicating that he wants pensioners to be unable to afford to pay their bills any more.

Oh – and Sunak won’t commit to raising state benefits in line with prices, either.

The decisions on these issues will come on November 17, in Chancellor Jeremy Hunt’s winter Budget that is replacing a statement that was due on Monday. Hunt has been given more than two weeks’ grace to find a way to make the situation work for pensioners and those on benefits.

Do you honestly think he’ll bother?

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New Tory economic plan delayed by more than two weeks

Jeremy Hunt: there is no urgency at all about his plan to restore the UK economy to its former glory. [image from last week when he dismantled Liz Truss’s economic plan. How long will it be until someone else has to do the same to his own?]

You didn’t really think Rishi Sunak and Jeremy Hunt were really going to make any announcement on the economy on October 31, did you?

I know the Tory leadership contest was said to be happening within a week so the statement could be made on Monday, but it seems clear now that this was just an excuse to rush Rishi Sunak into office without a proper election.

There doesn’t seem to have been an intention to bring any certainty to the lives of the UK’s more-than-68-million-strong population with any urgency at all.

What did you expect from Rishi Sunak – the MP who is richer than the King?

Jeremy Hunt has tried to sweeten the pill by saying the report, now to take place on November 17, will be a full Autumn Statement – a Budget. So he’s lazy. Rather than give an initial briefing on what the government will do – and getting on with it – then providing a full Budget, he’s combining the two and making us wait.

Pathetic.

Weak.

Treacherous.

In a statement to Parliament, Hunt said he has discussed his delay with the governor of the Bank of England, who “understands the reasons” for doing so. That’s not a declaration of support!

Hunt admitted there has been market turbulence, even in the last 24 hours: “The question is how you deal with that turbulence” and it is crucial to make sure decisions “stand the test of time”.

But a delay means market turbulence will continue. The BBC is reporting that the Pound is holding on to gains made in recent days, trading at $1.15 and a bit – just two cents up from when Liz Truss resigned last week.

Gosh. Catch me if I swoon.

It’s nothing. The Tories have deliberately – let’s not forget – presided over possibly the greatest devaluing of the UK economy in the history of our nation.

And now Jeremy Hunt and Rishi Sunak have announced that they can’t be bothered to do anything about it for more than half a month.

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Rachel Reeves destroys Liz Truss – as a sideswipe in criticising Jeremy Hunt

This is a thing to see.

Shadow Chancellor Rachel Reeves laid into the new Chancellor, Jeremy Hunt and his new austerity programme that will not help the UK in any way at all.

But this was just part of her attack; the main thrust was what should have been a sideswipe, in which she laid bare the fact of Liz Truss’s premiership – she is a prime minister who is in office, but not in power.

See for yourself. This Writer doesn’t like Reeves at all – but you can’t deny her words here:

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Jeremy Hunt’s financial statement – and Martin Lewis’s reaction [VIDEO]

New Chancellor Jeremy Hunt has made a statement reversing almost all the economic measures announced by the previous Chancellor, Kwasi Kwarteng.

Money Saving Expert Martin Lewis reacts to his words:

What do you think? How will this affect you – or have you not considered this?

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Hunt rips up Tory economic plan in new financial statement

Jeremy Hunt has ripped up the government’s previous financial plan.

Trussonomics – the idea that tax cuts should be a central pillar of government policy – is dead.

Hunt’s new plan is as follows – announced early in order to stabilise the markets:

Reverse almost all tax measures not already part of legislation.

Keep Income Tax at 20p in the pound, rather than cutting it to 19p.

These measures will raise around £32 billion.

The energy price guarantee will be reviewed, with a view to ending it next April. Hunt says the public finances should not be affected by price volatility.

He says government departments must redouble their efforts to find savings and some areas of public spending will need to be cut. So: more austerity, as predicted.

He says he’s determined to bring public debt down. This is a pointless aim; public debt is merely an indication of the amount of private money that is used to contribute to the UK economy. There’s nothing wrong with asking for, and using, this money.

And of course, £32 billion is not £73 billion – the amount we’ve been told is needed to plug the hole that Kwarteng opened up.

Is Hunt really planning to cut public services in a vain attempt to make that money back?

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Is Jeremy Hunt about to announce an end to the energy price cap?

Jeremy Hunt: is he really a serious Chancellor?

If he lays all the burden on the poor, we’ll know that Jeremy Hunt is not a serious Chancellor of the Exchequer.

But then, he wasn’t a serious Health Secretary either, if you consider the damage he did to the National Health Service.

He seems likely to end the energy price cap next April. That’s not necessarily a bad thing because the cost of gas is plummeting:

This change won’t be reflected in prices for a little while, but it should be by April. If prices don’t come down, then the government will need to take action to compel the energy firms to rein in their greed.

That will be fun to watch!

Other measures are expected to u-turn on more of the measures in previous Chancellor Kwasi Kwarteng’s ‘fiscal event’ in September.

But how is he going to fill the £70+ billion hole in the public finances that was created by Kwarteng?

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Truss government accused of creating ‘material risk to financial stability’ – by the Bank of England

When the government is accused of creating a “material risk to UK financial stability” by the Bank of England, you know things have come to a pretty pass indeed.

Watch the clip below to see how bad it really is:

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Labour demands investigation into legality of pound-shorting hedge fund profiteering

Tulip Siddiq: investigate possible insider trading that caused the Pound to collapse, she says.

Labour are urging the Financial Conduct Authority to investigate whether leaks of the mini-Budget allowed hedge fund managers to make huge profits by shorting the pound.

Shadow City minister Tulip Siddiq told the Evening Standard the FCA should examine reports that some hedge fund bosses had made “small fortunes” by betting against sterling.

She said:

Well, it’s good that someone in politics is picking up on what’s being said by commentators like This Site.

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Tag Archives: financial

Women in government pension trap are facing extreme financial hardship

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Sunak refuses to apologise for turmoil caused by Truss

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New Tory economic plan delayed by more than two weeks

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