UK economy.

[Frnc]

No 10/11 has slapped Mogg down over that.

"today, Liz Truss’s official spokesperson said the prime minister had full confidence in the OBR’s ability to forecast accurately.

The spokesperson also said that the IMF – which came in for another tongue-lashing from Mr Rees-Mogg – played an “important role”, which was valued by Mr Kwarteng."
Indy

[Frnc]

So, I'll take the totally apolitical position of our King

“Dear, oh dear. Anyway.”

Lol, this is a classic

Your Majesty, great to see you again,” she says.

King Charles, smiling, replies: “Back again?”

To which Ms Truss responded: “Well, it's a great pleasure.”

The King replies: “Dear, oh dear. Anyway.”

[Frnc]

You couldn't make this stuff up.

"Indian trade deal in peril after Suella Braverman migrant comments"

"Liz Truss’s flagship trade deal with India is on the “verge of collapse” after Indian ministers reacted furiously to comments by Suella Braverman criticising migrants from their country."

The Times

[Frnc]

Paywall, so headlines only, all FT

"Sterling and gilts rally as pressure mounts on Liz Truss to ditch tax cuts"

"The only way out of the UK’s fiscal impasse is backwards"

[Frnc]

Sounds like there will be an announcement on corporation tax by Monday. Kwarteng said nothing would be announced until 31 October, which is the date he brought forward his statement to from late November. But BoE gilt buying stops today I think, and pensions etc are still shaky. Restoration or partial of the corp tax rise planned by Sunak will settle things a bit more. Kwarteng returns from America late today.

The problems are not just the volume (£ tens of billions unfunded tax cuts) and cost (high gilt yields means debt payments are greater, and the BoE has has to spend £ tens of billions propping up gilt prices to keep yields down and pensions stable) of UK government debt, and the resulting pension fund instability and mortgage rate rises. The government has for no reason backed itself into a corner where the markets don't have faith in it. Not just the terrible decisions, but the way they were done, ie saying the OBR and IMF aren't important. It looks very reckless. OBR is supposed to give a forecast for the Chancellor to take into account before delivering a budget.

[Frnc]

Today

[jennyjj01]

You couldn't make this stuff up.

"Indian trade deal in peril after Suella Braverman migrant comments"

"Liz Truss’s flagship trade deal with India is on the “verge of collapse” after Indian ministers reacted furiously to comments by Suella Braverman criticising migrants from their country."

The Times

If you saw Braverman's conference speech, you would not be surprised.

[Frnc]

You couldn't make this stuff up.

"Indian trade deal in peril after Suella Braverman migrant comments"

"Liz Truss’s flagship trade deal with India is on the “verge of collapse” after Indian ministers reacted furiously to comments by Suella Braverman criticising migrants from their country."

The Times

If you saw Braverman's conference speech, you would not be surprised.

I actually saw some of it on Sky News. Ironic considering her parents are immigrants and of Indian origin.

[Frnc]

Truss has sacked Kwarteng. Press conference this afternoon.

[jennyjj01]

Truss has sacked Kwarteng. Press conference this afternoon.

No political comment from me.
All that I care about is the market reaction and effect on my finances.
https://www.bbc.co.uk/news/business/market-data

Can I laugh that Kwarteng was just called an 'escape goat' by some guy on twitter. It's Scape goat, silly. Not 'escape goat!'

https://twitter.com/UkImmigMagazine/sta ... 7937526785