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UK Politics- A Taxing Transition


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That took no time at all from taking office: everyone from Bank of England to both parties are demanding they retract policy and / or step down NOW.  They say They will not.  Sheesh.  These are authoritarian me only = the state dictators.

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16 hours ago, The Anti-Targ said:

1)b) Truss and Kwarteng received extremely bad economic advice from treasury officials (who in theory are supposed to be politically neutral and give advice based on sound economic principles).

1)c) Truss and Kwarteng did not seek any advice from officials.

You may not have heard, but Truss sacked the most senior treasury civil servant a couple of weeks ago in a widely condemned move. While complaining about "treasury orthodoxy". So I would tend towards thinking that she and Kwarteng got good advice from treasury officials but that they really did not want to listen to it


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13 minutes ago, Zorral said:

These are authoritarian me only = the state dictators.

No they aren't. Sheesh.

What they are is grossly incompetent. This has so far been a house of cards clusterfuck that seems even wilder to imagine than we all thought when Truss got in. I thought she would just be inoffensively bad, a bit of a walking meme but for it to go so scarily bad in such a short amount of time is quite a thing.

The thing with the interest rate is that this is a can that been kicked down the road for years, so many people seemed to be under the illusion that 0% interest rates were the new normal, that we could all borrow whatever we liked forever, infinite money printing, that house prices would continue to rise and were at an appropriate level. It took a series of big shocks to make that illusion start to come crashing down. 

Of course there is a possibility that this all calms down in a couple of weeks, these shocks sort themselves out and we stop talking about it. There is also the possibility, however remote, that Truss and co are correct and this is the best way to move the country forward.. but almost nobody agrees.

But rising interest rates with higher energy costs is going to fuck a lot of people. The issue with both of those things is they were always going to happen at some point. We've been stupidly complacent with our energy policy for years, and everyone has had their fingers over their ears about low interest rates too.

It just took the dregs of the Tory leadership to make both happen at the same time. 

I do have some hope that maybe this will be some sort of rebalancing of the housing market, which I see as one of the key issues this country faces, as housing costs are ludicrous for most people, especially renters. A housing price crash has been something I've been hoping would happen for years, especially being priced out of it and knowing I didn't buy something 20 years ago.


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