£ crashing against $
Unfunded tax cuts
Interest rates climbing
Inflation at 10%
Make it easier to frack
Fair to ask what narrative would be if this were happening with a Labour govt in power
That really was quite a staggering statement from a Conservative party government
Huge new borrowing at the same time as cutting taxes.
It's all aimed at growing the economy. I really hope it works. I really worry what happens if it doesn't.
When you listen to the Chancellor today, try to imagine how the Conservative Party would react if - with debt and interest payments at their current level - a Labour government announced a package of tax cuts targeted at *its* core vote paid for by a big increase in borrowing...
A UK gov ‘budget’ that benefits wealthiest over poor/middle income earners, tanks the £, pushes up the cost of (v substantial) borrowing, and is castigated as reckless.
And yet Tories (& right wing commentators) will demand that @scotgov
blindly follows suit. Mmm…
Women! That's who this hurts. Women are more likely to work part time. If Chancellor had to pay the billions of pounds of free labour women do he would be borrowing even more dangerous amounts.
The chancellor is increasing borrowing by £72.4bn. I’ve never known such an irresponsible and reckless approach to public money. We have poor growth, high taxes, colossal borrowing and a recession because of Tory decisions.
Well it’s just wild, unleashed greed now. Wealth worshipping. A cost of living crisis and unprecedented govt borrowing so that the super rich, the bankers and the corporations can slosh about in money and the rest can just bloody cope. What a corrupt, divisive and dangerous mess.
I worked on some 60 fiscal events over 31 years. I can't remember any generating as strong a market reaction as to today's. The £ is currently down over 3% v $, 1.8% v € and 2.5% v ¥. And the cost of borrowing up 40bp at short end and 20bp at long end. #justsaying https://t.co/EeVWcWAscB
Trickle-down economics Kwarteng style:
- get taxpayers to underwrite massive government borrowing
- give that cash to top earners
- wait for it to trickle down in donations to the Tory party
2: then we also have Earned Academic Allowances that had been lingering since. FG not Buhari has made payment to both accounts. That is Revitalization Fund and Earned Allowances without BORROWING from TETFUND. So anyone praising N200bn should know that it was a LOAN.
When it was Corbyn, ppl were asking “where’s the money coming from for that!!!!” — now Liz and her sideman are borrowing to oblivion, it’s crickets. Interesting.
"It's not just the Conservative Party is not working for ordinary families, it is actively working against them"
Shadow chancellor Rachel Reeves says the Conservatives have chosen to shield windfall profits of energy giants and shift costs onto borrowing
Pound has just fallen to 20+ year lows
Government borrowing cost has just climbed to 10+ year high
Serious investors deserting the UK at the fastest pace in British history.
Here's what the OBR might have said. Borrowing well over £100bn a year into the medium run. This breaks all the government's own fiscal rules and is unsustainable.
Not so odd, perhaps, that no OBR forecasts with today's statement. https://t.co/76kNihMq5J
'The interest rate on 10-year government bonds is currently running at 0.5 percentage points higher than on Thursday morning. A sustained increase in the cost of government borrowing of this magnitude would add £5 billion a year to borrowing' https://t.co/fkGFteV0tB
Borrowing money that your kids will have to pay down to cut taxes for higher earners, which has crashed to £ and sent government borrowing through the roof is the @Conservatives
Has #Putin ordered @trussliz @KwasiKwarteng
to do this?
Imagine borrowing your friend your car to attend a concert and the next thing you see him coming back walking 😂
Everyone: “Can we have some functioning public services please? An NHS that isn’t underfunded to the point of killing us, perhaps?”
Tories: “No because we’d have to borrow and borrowing is bad.”
Tories: *borrow £70bn to give tax cuts to already extremely wealthy cunts*
DeFi verticals such as Lending, Borrowing, CDP, GameFi, stablecoins grew bright with retail in 2021.
But one market that is yet to take the spotlight is Fixed income/Yield Token markets
Labour complaining about Govt borrowing lol couldn't make it up, it is Labour borrowing that caused the problems for last 12 years.
You're borrowing at excessive interest rates to fund tax cuts for the wealthy and we'll be getting charged for it for generations to come. Stop lying. You're taking money of our pockets and giving it to the already rich.
@SteveBakerHW @KwasiKwarteng @trussliz
We are borrowing billions and billions of pounds to make very rich people even richer. How will that make this a better country in which to live, Steve?
In 2007 Kwarteng criticised Gordon Brown, in @newstatesman, for increasing borrowing by £8bn: "Brown boasts of his relationship with Prudence, but is not embarrassed by increased government borrowing."
Today Kwarteng increased borrowing by… 9x as much. https://t.co/Y1jXeGvqnS
Kwarteng in 2007: "Borrowing, as every economist knows, will eventually be paid for by more taxation.”
Kwarteng today: Announces £72bn in new borrowing in 25 minutes.
I bought my first car in the late 80s at a 12% borrowing rate. Today's rate hikes are challenging for some but not unprecedented. We've been here before and the world did not end. Clearly.
This budget is annoying just the right people, as long as borrowing doesn't go out of control policies like this will win us the next election
The Pound has tanked. Already demolished by Brexit and now investors are freaked by huge tax cuts and borrowing.
1 GBP now buys 90 Euro cents.
These Tories are ruining our country.
We're screwed with Covid & the economy.
Tax cuts for the wealthy. Benefit cuts for the poorest: https://t.co/AFq3QfQStj