Peter Stefanovic of the CWU has been describing government rhetoric as “bollocks” for a long time now.
I wonder if he’s delighted that his description is catching on.
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Nadhim Zahawi, challenged to apologise for the economic chaos his Conservative colleagues Kwasi Kwarteng and Liz Truss caused with their cack-handed ‘fiscal event’, tried everything he could to avoid saying a simple word: “Sorry.”
He failed.
He tried to say that prime minister Liz Truss had retracted her plan to end the top, 45p, tax rate.
He tried to say – to hilarity from the BBC Question Time audience – that Vladimir Putin would benefit from the UK being divided (as if that was any kind of moral reason to support a wrong decision by his bosses).
But in the end, he had to accept the inevitable:
It isn’t an apology from Truss or Kwarteng.
But is that yet to come?
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So there you have it: it’s all the fault of the social media.
I’m glad we’ve cleared that up.
Of course, he doesn’t mean mass-market sites like Facebook, Twitter, Instagram, TikTok or whatever, so they won’t be getting taxed properly, even now – he means sites like Vox Political, with our tiny (in comparison) audiences.
I never knew we were so influential.
Or do you think – is there a teeny, tiny, ever-so-slight, possibility that he might be mistaken?
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It’s a tried and proven maxim that if a government can’t manage its national economy, it will lose elections.
After Kwasi Kwarteng’s “fiscal event” last Friday, the UK economy tanked. The Pound has now hit its lowest-ever level against the Dollar.
It seems likely Liz Truss will lose the next election because of these choices. And letters may have started trickling in to the 1922 Committee already.
Is her time up already? Watch:
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Truthbombs abound in the latest clip from Jonathan Pie.
“The economy is in a worse state than my gusset after a nasty follow-through!”
Laugh – and learn:
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Easy money: it’s not quite a backhander for bankers who supported Liz Truss to have made fortunes “shorting” the pound in anticipation of its fall during and after Kwasi Kwarteng’s financial statement.
It is being reported that
Liz Truss-supporting investors made “small fortunes” as the value of the pound plummeted following the radical Conservative budget announced on Friday.
This is deeply concerning because it suggests corruption – that these businesspeople who helped Truss become prime minister may have been given knowledge of what Kwasi Kwarteng was going to say and advised to bet that the value of the pound would drop (also known as “shorting”).
An anonymous source quoted in the Sunday Times told the paper they had attended a dinner with hedge-fund managers who were said to have won big betting against the pound last week.
They were quoted as saying: “They were all supporters of Truss and every one of them was shorting the pound.”
The paper added: “Several made small fortunes on Friday betting against the currency.”
Seems straightforward enough, doesn’t it? Well…
Responding to speculation the traders were given insider knowledge of the budget before it was announced – which would be illegal if it were used for their financial gain – Tim Shipman, who co-authored the piece, said: “It’s not fraud, it’s just a bunch of city people having a view and betting on it. It wasn’t a Tory dinner where the mysteries of the budget were secretly conveyed over the canapes.”
Do you believe it?
A lot of people made a lot of money and they were all Tory-supporting backers of Liz Truss, but it was entirely innocent?
Some people have doubts:
Truss/Kwarteng lifted the cap on bankers' bonus.
Few days earlier they met hedge-fund managers "and every one of them was shorting the pound".
It crashed after the budget. They made millions without producing anything, will collect big bonus & tax cuts.https://t.co/rykE0iD8nL
Any MP who shorted the pound with their prior knowledge of its collapse should be prosecuted for Insider Trading.
— Sir Norman of Nowhere, KBE, CSE.🏴☠️ (@Normanjam671) September 25, 2022
Say what you like about Universal Credit claimants, but last time I checked, none of them made millions of pounds shorting sterling ahead of the mini-budget
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The value of the pound crashed as Kwasi Kwarteng delivered his mini-budget speech on September 23.
That’s a staggering indictment against the Chancellor, his prime minister Liz Truss, and their government.
Any money saved by the measures in the budget is wiped out by the extra costs the crash will incur.
Watch:
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We’ve had everybody else’s point of view on Kwasi Kwarteng’s “fiscal event”, so let’s have Labour’s.
This Writer isn’t fond of Rachel Reeves but she really doesn’t mince her words here. It’s a bit of a tour de force:
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For information, from the Money Saving Expert, who’s probably a lot more reliable on it than our muttering, giggling Chancellor of the Exchequer:
Oh! Here’s a clip by someone who thinks Kwarteng has scored a very bad ‘own goal’:
And here’s another perspective:
What do you think?
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Kwasi Kwarteng says he wants to boost economic growth with a seismic series of policies – but will he simply tip the nation into enormous, unmanageable debt instead?
And, if Liz Truss is expecting to lose a future election, are the Tories planning to use this against a possible future Labour government, as they have with any number of false accusations in the past?
Here’s what Kwarteng has announced, according to the BBC:
– The basic rate of income tax will be cut by 1p to 19p from April 2023
– The 45p tax rate for top earners over £150,000 will be abolished, also from April next year
– The level at which house-buyers begin to pay stamp duty is doubled from £125,000 to £250,000
– First-time buyers will pay no stamp duty on homes worth £450,000, up from £300,000
– Planned rise on corporation tax from 19% to 25% is scrapped
– A 1.25% rise in National Insurance to be reversed from 6 Novemnber
– Cap on bankers’ bonuses, which limited rewards to twice the salary level, is axed
– Cost of subsidising both domestic and business energy bills will cost £60bn for the next six months
-Strike action: unions will be required to put offers to members during pay talks
– UK to introduce sales tax-free shopping for overseas visitors
“Money Saving Expert” Martin Lewis was among the first to raise concerns, describing the Chancellor’s statement as “staggering”.
He tweeted: “That really was quite a staggering statement from a Conservative party government
“Huge new borrowing at the same time as cutting taxes.
“It’s all aimed at growing the economy. I really hope it works. I really worry what happens if it doesn’t.”
If it doesn’t, the UK will be plunged into a huge amount of debt because it will not be able to support the amount of borrowing Kwarteng is proposing.
Campaigners and charities have described the mini-budget measures as a ‘hammer blow’ to the poor.
Becca Lyon, head of child poverty at Save the Children, said:
The prime minister said she would deliver on the cost-of-living crisis. Instead, the UK government has delivered tax cuts to help the richest and a hammer-blow to low-income families.
The chancellor has prioritised bankers’ bonuses over helping vulnerable children through the cost-of-living crisis, whose hard-working parents face impossible choices.
Today’s announcements overwhelmingly benefit the country’s wealthiest households, meanwhile almost four million children risk going cold and hungry this winter.
Alison Garnham, chief executive at the Child Poverty Action Group, said:
Today was a vital opportunity to provide reassurance and support to those who need it the most – but instead the Government risks a collision with reality, and the four million kids currently living in poverty in the UK will be forced to pay the price.
Imran Hussain, director of policy and campaigner at Action for Children, said:
If the new chancellor has money to spend on tax cuts for those who are relatively better off, then he has the money to spend throwing a lifeline to low-income families who are desperately struggling with the cost-of-living crisis. Many now face a bleak Christmas.
Whilst the energy price guarantee will help offset the near apocalyptic rises that had been predicted, it doesn’t address the mounting pressures families face with food, fuel, housing and other costs that continue to climb.
And Mark Russell, chief executive at the Children’s Society, said:
Changes to the tax system right now are barking up the wrong tree … We need to see far more direct support for families bearing the brunt of the cost-of-living crisis.
Still, what can you expect from a Chancellor who was seen muttering to himself and grinning like a drug-addled fool at the Queen’s funeral on Monday?
I was 20 years in the rock n roll business & I know high when I see it.
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