Would be an incredible achievement to be elected leader of your party, become Prime Minister, kill the queen, tank the pound and get fired all within one menstrual cycle. Unreal girlbossing. https://t.co/acVwIh8UPl
BREAKING: US singer 50 Cent announces that he now wishes to be known in the UK as 1 Pound.
This isn’t Bitcoin. It’s the British pound.
The Tories are recklessly gambling - not with their own money - but all of ours.
4th June 2017: “Jeremy Corbyn [as PM] could spark a run on the pound”. Rupert Murdoch’s Times.
26th Sept. 2022: Pound hits a 37 year low against the dollar and keeps falling.
Love the way Tory MPs will revolt if the pound falls further, but somehow polluting our land against our will, sending millions into poverty, allowing thousands to die waiting for hospital care, and leaving our kids saddled with decades of debt just isn’t worth making a fuss over
In the year to date, the value of the pound against the dollar has fallen by more than a fifth. Against the Euro the fall is a smaller but non-trivial 7%. Against the Swiss Franc the fall is more than 14%. In other words the value of UK assets has collapsed under this…
If it is true that the Tories leaked information to Truss supporting hedge fund managers about the mini-budget which allowed them to make billions by betting that the pound will fall, then this is a scandal of Watergate proportions which should bury them for a generation https://t.co/g3S1RrIH0A
The British pound just hit its lowest level ever against the dollar, $1.04. Before the financial crisis it was as high as $2. Before Brexit it hovered between $1.45 and $1.70. $1.04 is extraordinary—and a significant factor was clearly @trussliz
announcing tax cuts for the rich.
The Bank of England signals we are in a crisis after the emergency budget and says it won’t hesitate to put up interest rates - and the pound falls again. Which shows the Bank and Chancellor both have serious credibility problems. Worrying
Why does the BBC keep saying the pound is at the lowest level against the dollar since decimalisation in 1971? Decimalisation had literally zero effect on the pound’s value. This is the lowest level against the dollar since the dollar was established by the Founding Fathers.
🚨 QUICK REMINDER
The challenges for the pound are because we borrowed £500 billion, in a failed attempt to stop a predominantly mild, seasonal respiratory virus.
Would you be surprised to discover Tory MPs were tipping off hedgefunders or tanking the economy on purpose?
Those shorting the pound are linked to specific political decisions and specific MPs. This was what Brexit was about, read JRMs dads books.
I say we arrest them. https://t.co/hqtG8NghFz
BBC news reporting that the Chancellor is 'refusing to comment' on the financial crisis he's precipitated. Just as well. Last time he opened his mouth, the pound suffered its sharpest fall in fifty years. All we need to hear from Kwarteng is his resignation.
This could be huge
An investigation could be on the cards after Labour calls on the U.K. securities market regulator to probe whether the budget was leaked to investors with privileged ties to the government.
The Bank of England has a supposed duty to control inflation in the UK, being required to ensure it runs at about 2% a year. The crash in the value of the pound this weekend makes that even more unlikely. What will the Bank do now? A short thread…..
Britain is the only country in the world where you can go to jail for looting a pound shop, but pocket unlimited bonuses for shorting the pound itself
The Tory right fought for everything it ever wanted - Brexit, sweeping tax cuts, control of the party - and got it all. What’s the result? Soaring interest rates, the pound at its lowest ever level, interest rates out of control, financial chaos.
36. Just before his budget, former hedge-fund manager Kwarteng met other hedge-fund managers, and by staggering coincidence when he did his budget reports said “every one of them was shorting the pound”
37. Insider trading carries a sentence of 7 years. Just making you aware
Block a 300-pound defensive lineman, get up, make a catch.
was on one in Arizona.
The 🇬🇧 British pound is down 12% since Bank of England Governor said "Be prepared to lose all your money" in #Bitcoin and crypto.
The last time the pound sunk as low as it is today, I was 15 and doing economics O’level. If I have a good search in the garage, I might find my text books in which case I’ll be happy to lend them to the PM and the Chancellor. Their need is apparently greater now…
44. Kwarteng even managed to make the pound tank against the Russian Ruble, which I guess animated thumb Ben Wallace will now claim is proof our tanks are working
45. I present an array of opinions from Tory MPs and former Tory ministers:
46. “Liz is fucked”
British pound tanking against the Russian ruble. Well done on those sanctions and tax cuts.
If you still have the old £20 & £50 British Pound Sterling Notes, hurry now & exchange them for the new polymer bank notes. Old notes will expire on September 30th. Please inform Atiku & Tinubu, their stash will become useless by October 1.
“Labour opposition has called on the U.K. securities market regulator to probe whether the budget had been leaked to investors with privileged ties to the government.”
I guess it would be fair to call the British Pound a shitcoin now.
Presumably Odey had to position himself to short the pound, in which case, he must have had advance notice of what was in the budget. There’s a name for that.