Material Risk To U K Financial Security

[FatticusInch]

Warns the Bank of England.

Or Kwasi Kwarteng as he’s more commonly known.

https://news.sky.com/story/material-risk-to-uk-financial-stability-continues-bank-of-england-warns-12717772

Should be interesting in the HoC this week?

https://www.independent.co.uk/news/uk/kwasi-kwarteng-government-citi-bank-of-england-labour-b2199900.html?amp

[Gromit]

The BoE had already spent £65Billion to calm the market after Kwarteng’s car crash mini budget.
It has now committed to a further £10 Billion every day until Friday. We don’t have £100Billion+ spare, so yet another raid on the magic money tree.

And now he is desperately trying to find

[FatticusInch]

Do you feel ‘assured’?

https://news.sky.com/story/therese-coffey-says-britons-should-be-assured-by-uks-finances-as-bank-of-england-makes-second-intervention-in-two-days-12717775

Can’t say I do!

[FatticusInch]

Yet here, she’s not aware of what goes on in Cabinet?!
This is the Deputy PM fcs!
Maybe they ought to interview Larry instead.
Farcical.

[Zacs-Master]

You should be please that the fiscal statement is being brought forward though, Fatti, surely?

[youngmafbog]

//The BoE had already spent £65Billion to calm the market//

Except it hasnt has it? Nowhere near in reality.

It said it would spend UP to 65Bn.

[Gromit]

Ymb,
Thank you for the correction.
On 28 September the BoE said it was prepared to spend £5Billion a day for 13 days. Then it didn’t.
14 days later it is saying it will spend £10Billion a day for 4 days.

We don’t really know what amount they have/will spend.

[jno]

it's spent about £5bn so far but it wants to smooth the end of the scheme.

I think it was the Bank's willingness to spend that convinced investors that someone was in charge, rather than the actual amount spent.

[FatticusInch]

Zacs-Master
//You should be please that the fiscal statement is being brought forward though, Fatti, surely?//

Pleased why, exactly?
The damage has already been done, nobody trusts them and they’re having to backtrack or u-turn on everything.
Even their own wise heads gave told them they can’t go ahead with the benefits cut and that they have to rise in line as they always have.

Their whole operation is totally disjointed, they’re always looking to throw someone else under the bus and sending out all the wrong signals.
They’ve basically been told to bring the announcement forward, it’s certainly not of their own volition.
So in short, it makes no odds to me whatsoever, judgement has already been passed on them.