Jesus lads, 'tis looking like BREXIT!

[Stacky]

@RichardJMurphy

It rather looks like the financial markets noted what the Bank of England said this morning, breathed in for a moment, and then carried on with the upwards rate movements, as before. This suggests the issue may not be pension fund liquidity but something much more serious.





The Bank of England is protecting their financial system from the British Government.

“Two interventions in 24 hours is pretty extraordinary,” said Sandra Holdsworth, UK head of rates at Aegon Asset Management, adding that the BoE’s steps show how the problem in the pension industry is “much bigger than anyone thought a week ago.”

This is just not sustainable.

 

[BoggyRoad]

But the pork markets are gonna be ok right!

 

[Stacky]

Ben Nabarro “Total Uk trade 25 to 30% below its pre Brexit trend”. Especially big loss of high value professional service exports to EU. This is a big drag on the economy.

 

[How bad boy]

https://twitter.com/x/status/1579782733060263940

2 year rates were below 1%, 5 year rates at 1.3% at the start of this year

 

[Stacky]

https://twitter.com/x/status/1579782733060263940

2 year rates were below 1%, 5 year rates at 1.3% at the start of this year

Higher mortgage rates + high inflation negates all the 45 billion tax cuts.

Now they have to find 62 billion in spending cuts.

The whole thing may collapse on Friday.

John le Carré, letter of 29 July 2017, on Brexit: "Yes, we are betrayed. Not by our country, which voted for a lot of things it didn’t want or understand, but by a handful of jingoistic adventurers and imperialist fantasists, backed by a lot of dark money and manipulation."

 

[Stacky]

So it begins.............................

BREAKING: IMF criticises Kwasi Kwarteng again saying govt’s tax cuts and energy support package has made Bank of England’s battle against inflation more difficult.

The longest-maturity UK government bond has now crashed worse than bitcoin over the past year or so.

 

[Bandon Langer]

Nice move from labour to get the talk of an election to "when" and not "if"

https://www.breakingnews.ie/world/starmers-chief-of-staff-out-as-party-moves-to-election-footing-1375705.html

 

[How bad boy]

Probably worth tempering some of the stuff on disaster Britain and blaming it on the tories and brexit* with the latest updates from the IMF, the UK is no longer the worst laggard, Italy and Germany are now forecast to do significantly worse than the UK this year

https://twitter.com/x/status/1579836179922718725

*only a little, they're both still epically shit.

 

[Stacky]

Probably worth tempering some of the stuff on disaster Britain and blaming it on the tories and brexit* with the latest updates from the IMF, the UK is no longer the worst laggard, Italy and Germany are now forecast to do significantly worse than the UK this year

https://twitter.com/x/status/1579836179922718725

*only a little, they're both still epically shit.

Germany and Italy have not placed economic sanctions upon themselves though and British politics is just going barking mad like the U.S.

The U.K. are in a worse position due to BREXIT and low growth on top of low growth next few years.

The IFS, Chief Economist of Citibank, Benjamin Nabarro, nailed it - Brexit has been a disaster. "The UK is an economic laggard...the only economy not to have recovered its pre-pandemic level...total UK trade remains 25-30% off its pre-Brexit trend

 

[MrFadedGlory]

Higher mortgage rates + high inflation negates all the 45 billion tax cuts.

Now they have to find 62 billion in spending cuts.

The whole thing may collapse on Friday.

John le Carré, letter of 29 July 2017, on Brexit: "Yes, we are betrayed. Not by our country, which voted for a lot of things it didn’t want or understand, but by a handful of jingoistic adventurers and imperialist fantasists, backed by a lot of dark money and manipulation."

Why do you say by Friday?