like the queen this thread will never die: in which we ALL resign (ourselves to disgusting miseries to post-boris politics 2022)

This is even before the election, where they will try and sell Starmer and pretend he will sneak Corbyn-era policy.

NEW: Bank of England to stage QE style intervention and buy long dated UK government debt. Huge intervention. Implies that if they don’t do so and therefore restore stability “there would be a material risk to UK financial stability.” pic.twitter.com/1YnpjGmP8z

— Lewis Goodall (@lewis_goodall) September 28, 2022

Wordle 466 4/6

⬜⬜⬜🟩⬜
⬜⬜🟩🟩⬜
🟩🟩🟩🟩⬜
🟩🟩🟩🟩🟩

— Andrew Fisher (@FisherAndrew79) September 28, 2022

I'm told by a city source it's hard to overstate how serious the situation is today. There is concern over the health of pension funds and this is why the Bank of England has acted

— Sam Coates Sky (@SamCoatesSky) September 28, 2022

lots of bad mainstream UK pol journos: "Kwasi is toast" "Truss will be gone by Christmas" and it's piss funny reading comments like this. Yet she has only delivered what she pledged to do during the eternal leadership campaign while most of these clowns were not talking about how economically illiterate her plans were. No lol, even the US prez was more critical than any of these clowns. I can only assume while some of these dickheads were doing vacuous Thatch fan-fic, they thought her + Kwarteng were going to pull this off.

Wasn't paying attention to Con MPs briefing journos but now a couple are putting their names to attacks on Truss and Kwarteng. That could snowball, though I am just noting it here.

The weird thing is if they announced these cuts in tax in tandem with cuts to government the markets might not have been as fussed. Markets just wanted to see a workable plan that could see repayment to investors.

During Johnson's reign ofc a lot of pals got covid contracts and money but enriching pals and getting the markets involved gets a different level of scrutiny

xp

"Yet she has only delivered what she pledged to do during the eternal leadership campaign while most of these clowns were not talking about how economically illiterate her plans were."

A lot of them were assuming it was big talk to the 'funny' membership. Given how UK Pol journos treat membership of Pol parties as weirdos it's at least consistent.

if they had managed to sell this to the markets with some deadly austerity measures to balance out the books by some tiny %. Then this would have been declared a triumph in the FT/Economist/Spectator.

🚨NEW🚨
On the @bankofengland intervention:
Am told the BoE were responding to a “run dynamic” on pension funds - a wholesale equivalent of the run which destroyed Northern Rock.
Had they not intervened, there would have been mass insolvencies of pension funds by THIS AFTERNOON.

— Ed Conway (@EdConwaySky) September 28, 2022

so the BoE are just going to keep funnelling money into pension bonds for an indefinite period, that sounds like if there isn't some significant compromise here on the tax cuts or even a u-turn then lol .. the job's fucked. I don't like the way Truss and Kwarteng have gone missing. Just want to see them squirming for their lives and trying talk up this disaster. It's no fun when they go missing.

They seem to be sending out various nonentities to double down and say all this financial turmoil has nothing to do with us, guv.

I think M Hyde has already written this (so it is obv bad), but I'll agree with her here: that idiots like Truss + Kwarteng having talked up free markets and unrestricted competition as their religion for the last decade and then getting told by the markets that their uncosted fiscal plan is a fucking joke -is actually very funny.

so the BoE are just going to keep funnelling money into pension bonds for an indefinite period

isn't this situation time limited until oct 14th ?

https://www.theguardian.com/business/2022/sep/28/what-bank-of-england-doing-pound-dollar-uk-economy-interest-rates-bonds

basically, looks like the real powers that be are giving the dynamic duo until after their conference speeches a reprieve.
if i didn't have my life plans wrapped up in a private pension fund then i would be absolutely loving this chaos,
however, this shit is real.

the BoE quote I heard was "for as long as it takes", but it's in their interests to reassure investors. Seeing as the PM + Chancellor are unavailable for comment somebody has to attempt it.

Seeing as the PM + Chancellor are unavailable for comment somebody has to attempt it.

dynamic duo : ~sticks fingers in their ears and shout 'lalalalalalala' for the next 3 weeks ~

it does my head in that the fuckers in the party were warned re this, but 80K+ still voted for this.

Here are the BBC Local Radio Stations PM Liz Truss is on tomorrow morning and their timings.

0800 LEEDS
0808 NORFOLK
0815 KENT
0822 LANCASHIRE
0830 NOTTINGHAM
0838 TEES
0845 BRISTOL
0852 STOKE

— Scott Bryan (@scottygb) September 28, 2022

if they do phoners she is going to get absolutely keelhauled

she's in an X-15, soon as anyone asks a question she flies off to the next region.

So, (argh starting with "So" nm carry on) this mini-budget is supposed to be voted on in the commons?

And presumably some of the apoplectic Tory MPs will vote against it?

So, either:
1) the Tory rebellion will cause the bill to just pass, as per usual, or
2) labour will abstain and it will sail through
3) that's it, there is no 3

look starmer is adamant that parliament be recalled early, he’s absolutely fumin about it, pullin his cap off, stompin on it, jumpin up and down, lines in the air next to his head indicating that he’s barking vehemently about it. those tories better watch out

Officials in the Financial Services Group of the Treasury were at an away day – said to have been held at the Oval cricket ground in London – on Wednesday, but returned to their desks that afternoon. A source said they were not working on the response to the Bank of England’s announcement.

well that's nice.
hope they had a lovely day out.

Jaw-dropping quotes on just how close we came to catastrophe today.

Senior banker describing the leveraged unwind in Gilts as coming close to triggering a "Lehman moment". Asset manager accusing the Bank of England of ignoring calls to intervene sooner 🤯https://t.co/ZOGEzhHjVY pic.twitter.com/4VhnvbFlvL

— Robert Smith (@BondHack) September 28, 2022

They are carrying on. People are reacting appalled but if it's austerity on steroids (but it's a plan that the markets are happy with) and there are no serious protests in the streets I reckon they get away with it.

A few more nuggets to flesh out Sam’s thread, based on a series of conversations with people in and close to government over recent days.
To echo Sam, they have two overarching messages:
1. Market chaos is NOT a consequence of Friday’s statement
2. No change in plans, whatsoever. https://t.co/gJ7xJAkRy5

— Ed Conway (@EdConwaySky) September 28, 2022

I expect when blaming the next Labour gov for present problems the hardest line to write will be something like 'of course there was never any serious prospect of Corbyn grasping the reins of HMS Blighty three years ago and so the markets remained sanguine'. Still desd easy tho.

painful.

Liz Truss crumbles under questioning from @GrahamLiver on @BBCLancashire about local consent for fracking. pic.twitter.com/nDp2t5815P

— Dino Sofos (@dinosofos) September 29, 2022

Not the best Thatcher impression.

Seems she is going on a lot about Putin, Putin...and then some more about Putin. This must be weird if you believed that Putin had anything to with Hilary Clinton's defeat, or Brexit.

no wonder she's been hiding in a box for a week, she can't even finesse some bullshit answer on fracking -how bad is she going to sound talking about the economy .. lol

Lots of local BBC radio presenters out there to make a name for themselves.

Radio Kent leads off with, "Are you ashamed for what you have done?"

— Chris Brooke (@chrisbrooke) September 29, 2022

well kirsty wark certainly isn’t going to ask that! i love it.

That is excruciating, I require my Tory PM to at least be able to lie with the necessary level of bare-faced arrogance

Did Liz Truss just say on Radio Leeds the maximum anyone will pay for energy bills is £2,500? I thought that *wasn’t* how the cap worked? (That’s just the average price when the unit cost gets capped.)

— Kit / Chris (@kitlochery) September 29, 2022

correct - she doesn't know how it works

the people if Leeds can play that quote to their energy provider when they are about to get their gas cut off

what I don't know about it is: what is average consumption? Well actually I don't want to know what average consumption is or get a smartmeter. Because then I'll never turn the central heating on or make an oven baked recipe until at least half way through 2023!

it's been fun seeing the real Liz Truss reveal herself after that Queen planting week gave her a bit of an easy start.

Guess this is the guy who advised Truss to go on local radio with hungry BBC interviewers.

Liz Truss's Director of Communications, Jason Stein, used to work as Communications Adviser for Prince Andrew until the Maitlis interview https://t.co/9jHuOPYNKF

— Alexander Clarkson (@APHClarkson) September 29, 2022

lol he thought these local yokels wouldn't ask any questions

Paul Mason thought they were going to be Alan Partridge! Truss would've probably found more deference in the Today programme.

“Where’ve yer bin?” Excellent start from @BBCLeeds pic.twitter.com/Vg05mOUzD4

— Dino Sofos (@dinosofos) September 29, 2022

I guess eight different radio bin-crash mini-interviews in an hour is a kind of levelling up

Cameron, May, Johnson, Truss. That graph is plummeting faster than the pound.

Dino's really doing a public service with these. Would have been nice to see the official BBC accounts doing this!

Sweet lord. The PM is literally lost for words on BBC Stoke when questioned about mortgages. pic.twitter.com/BGCv0RfMBR

— Dino Sofos (@dinosofos) September 29, 2022

thankfully we have similarly acute and perspicacious journalists working at a national level for the BBC, and let's not forget the gentlemen of the press too, reporting without fear or favour on the goings on of our rulers

has anyone considered she's enjoying the humiliation?

are you suggesting she doesn't mind being tied up by aggressive adversaries?

Hmm, tricky one for a media strategist- interview on Today with a client presenter whose deference can be absolutely relied upon, or ten interviews with local radio djs trying to make a nae for themselves

name

what a day for Mason to soil himself on the bus again

Regular fountain of knowledge that guy

Johnson was bad enough, but this complete denial of reality on their part is reminiscent of ... I don't know... Vladimir Putin!