What Tory MPs are saying about Kwasi Kwarteng's future »
Democracy is an illusion! It’s become a political system fostered by the élite, for the élite, in order to fool the people that they have a stake in the system. In actual fact, they have virtually none. The whole political system in the modern era, despite having noble beginnings, is now used to benefit the few at the expense of the many. – Mark Alexander, June 29, 2018
Showing posts with label mini-budget 2022. Show all posts
Showing posts with label mini-budget 2022. Show all posts
September 29, 2022
September 26, 2022
British Pound Touches Record Low as Investors Dump U.K. Assets
THE NEW YORK TIMES: The market’s resounding rejection of the new British government’s plans for tax cuts and borrowing continued Monday as the pound briefly fell to its weakest level against the U.S. dollar on record.
After a historically bad day on Friday, the British currency plunged as low as $1.035 in the early hours of Monday morning, before recovering to about $1.08, down 0.5 percent for the day. It also weakened slightly against the euro.
On Monday, prices for British government bonds plummeted, and yields surged, sending borrowing costs to new highs. The 10-year yield, which influences mortgages, business loans and other types of debt, hit its highest level in more than a decade. It traded at around 4.15 percent on Monday, double where it was a month and a half ago.
As traders dumped British assets, analysts have said the government’s plan to quickly grow the economy through deregulation and tax cuts, which will require tens of billions of pounds in additional borrowing at a time of rising interest rates and high inflation, was a gamble. » | Eshe Nelson | Monday, September 26, 2022
Clearly, Kwarteng’s voodoo economics has failed to impress the markets! – © Mark Alexander
After a historically bad day on Friday, the British currency plunged as low as $1.035 in the early hours of Monday morning, before recovering to about $1.08, down 0.5 percent for the day. It also weakened slightly against the euro.
On Monday, prices for British government bonds plummeted, and yields surged, sending borrowing costs to new highs. The 10-year yield, which influences mortgages, business loans and other types of debt, hit its highest level in more than a decade. It traded at around 4.15 percent on Monday, double where it was a month and a half ago.
As traders dumped British assets, analysts have said the government’s plan to quickly grow the economy through deregulation and tax cuts, which will require tens of billions of pounds in additional borrowing at a time of rising interest rates and high inflation, was a gamble. » | Eshe Nelson | Monday, September 26, 2022
Clearly, Kwarteng’s voodoo economics has failed to impress the markets! – © Mark Alexander
September 24, 2022
The Guardian View on the Tory Trickle Up Policies: Redistributing to the Rich
THE GUARDIAN – EDITORIAL: Kwasi Kwarteng thinks Britain needs to give millionaires huge handouts and concrete over the country. He’s wrong
Kwasi Kwarteng came to the Commons determined to bury the politics of redistribution. But the Conservative chancellor revived it with a “ mini-budget” that attached rocket boosters on to bankers’ pay, gave millionaires a £40,000 handout by abolishing the top rate of tax and cut levies for businesses and buy-to-let landlords. It is in a cost of living crisis that Mr Kwarteng has chosen to show his true colours. Ordinary families are choosing between heating and eating. The nation’s public services are falling apart. The chancellor’s medicine for such ailments is to shower money – and to loosen regulatory safeguards – on the City, energy companies and housebuilders. » | Editorial | Friday, September 23, 2022
Kwasi Kwarteng came to the Commons determined to bury the politics of redistribution. But the Conservative chancellor revived it with a “ mini-budget” that attached rocket boosters on to bankers’ pay, gave millionaires a £40,000 handout by abolishing the top rate of tax and cut levies for businesses and buy-to-let landlords. It is in a cost of living crisis that Mr Kwarteng has chosen to show his true colours. Ordinary families are choosing between heating and eating. The nation’s public services are falling apart. The chancellor’s medicine for such ailments is to shower money – and to loosen regulatory safeguards – on the City, energy companies and housebuilders. » | Editorial | Friday, September 23, 2022
Labels:
Kwasi Kwarteng,
mini-budget 2022
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