And As Expected Down Goes The Market

[youngmafbog]

 

The pound sank and traders dump UK bonds.

And this is the budget the economically illiterate on here were praising.

Yes, its the DM as its a free link.  Information is in other sources too before the usual start.

https://www.dailymail.co.uk/news/article-14028747/Rachel-Reeves-jittery-markets-Chancellors-tax-raising-Labour-Budget.html

[ToraToraTora]

Yep it's a status quo all right....

 

[curlyfries81]

Jesus, what are these pernicious, avaricous swines going to do to this country by the end of their tenure? I absolutely dread to think. 

[curlyfries81]

^^typo - avaricious

[dave50]

They must think they are doing the right thing because obviously they will be after re election on 5 years. They must be hoping everyone forgets about the nightmare budget by then.

 

 

[youngmafbog]

It isnt the end davebro, the respects (and impartial) economists are saying at least 9Bn almost immediately and more over the next fove years.

The country will be bankrupt.

[vulcan42]

We will always remember those who gave their lives for this country. We won't remember, or forgive, those who gave this country for themselves.

[New Judge]

Yup. The 10-year gilt yield is now touching 4.5% - higher than it was following the “catastrophic” Truss Budget announcement. The only difference between 2022 and now is that inflation was a lot higher then. The difference between the two budgets is that the Truss version was largely a “finger in the air” but with incentives which may have seen considerable growth in the wealth creating sector. This latest version is what is laughingly described as “fully funded”, but that funding comes from a huge hike in taxes on employment and an enormous sum in additional borrowing. The probable effects of that on the wealth creating sector are now being properly considered by the money markets. Unfortunately that consideration was not made before Ms Reeves got to her feet two days ago (or it was, nobody particularly cared).

Asked by Sky News if it would impact workers, Mr Jones [the Chief Secretary to the Treasury, who I glimpsed on “Question Time” last night, behaving like an eleven year old at a birthday party] said: “Yes, but the question in the manifesto, the promise in the manifesto, was not to increase the rate of tax that employees pay in their payslip.

It says that we make a promise to working people, that’s people who go to work and get a payslip, that we will not increase income tax or national insurance.

So that’s alright then. Rather like promising somebody that you won’t cave their skull in with a lump hammer, but go on to slash their throat with a carving knife. At least you kept your promise.

What a bunch of bloody charlatans.

[gulliver1]

Vulcan 13.21 We won't remember, or forgive those, who gave  this country for themselves ,,for 14 years. Thank god Labour has liberated the UK at last.

[Spungle]

Which country has Labour liberated- Albania?

[youngmafbog]

Gulliver, please go and play somewhere else, preferably the middle of the road, and leave this to the grown ups.

[gulliver1]

"As expected down goes the Market"...                                               Has Liz Truss been re- elected I noticed lettuce had gone down in price.

[youngmafbog]

// The 10-year gilt yield is now touching 4.5% - higher than it was following the “catastrophic” Truss Budget announcement.//

Anything to say on that Gulliver?

You need to be careful referencing Truss now, this has become on a par with hers.

[Untitled]

the public sector also generates wealth. 

[Canary42]

This is the same City who were so supportive of Liz Truss.

Ho ho ho ho.

[newmodarmy]

I'm not sure what point you are trying to make, canary. People seem to forget the Truss budget proposals were never implemented, so any market reaction was only temporary and should have been reversed back to underlying levels prety quickly.  This budget, unlike the Truss one, will be passed by the HOC and the financial markets have made their judgement. The only similarity is that both Truss and Reeves spooked the markets.

 

[youngmafbog]

//the public sector also generates wealth. //

Good God.