True, and apart from Cruella Baverman he seems to have made a good start. All will be revealed on the 17th.
My gut feeling is we ain’t seen nothing yet
Its a start.
BBC: Rishi Sunak reimposes fracking ban in England.
That’s this week…
I read an interesting Tweet that suggests the reason for delaying the fiscal event is actually to do with the fact that the OBR uses figures from the days immediately prior to the event as part of its report. If the government stuck to the original date then the reporting period would’ve included the calamitous market figures from Truss’s and Kwarteng’s mini budget. By delaying it, they instead rely on figures from the relatively calmer period we’re going through at the moment.
I don’t know enough about how the OBR works to know if that’s legit, but it’s from Ben Chu, the economics editor at Newsnight, so I’m inclined to believe he knows his onions.
my guess is that it is likely the case in order to forecast forward on different data which will be more helpful in calming the markets.
We shall see…
Maybe, but moving the budget date (for that is what it is) past the BoE decision on interest rates will (in my uninformed opinion) mean that they will go with a cautious approach, that is a higher increase than they might have done had the budget been declared.
I don’t think they, nor the markets, will see a new regime’s smoke and mirrors as a sign of stepping up to the mark.
Well something’s shifted the market as I’ve seen some substantial increases with some higher risk investments over the last couple of days rather hoping it continues
My point totally, the markets will steady (for now) but the BoE will raise rates more than they would have, take that mortgage holders.
BTW when you say “increases” is that relative to a few days ago or September 23rd? Are you sure your not just seeing a reduction in your losses
Good article today on the impact of having banker as PM……
Yes - this is an essential insight:
Investment bankers have very little to do with the real economy that ordinary people inhabit. They don’t run businesses. They don’t deal with actual product and customer markets. Their work is confined to financial markets, aiding corporate financial manoeuvres, and trading and managing their own financial assets. Their primary aim is to make profits from such activities, regardless of how it affects the real economy… In other words, what benefits big finance often hinders business and manufacturing generally.
Magic money with zero value to Society.
bit like politicians then
After all the Truss chaos, good to see some relative stability coming back and the pound climbing - it’ll be interesting to see where it goes, especially against the dollar???
Dollars suffering a bit, I read yesterday. Managed to get a shade over 1.16 yesterday. Noticed there was a slight difference between the Wise App and the Wise website, obviously went with the highest at the time.
I think it’s just a reflection of hints that the US is not going to raise interest rates as anticipated. I don’t expect it to amount to much. The UK economy ‘fundamentals’, as they say, still look grim.
@Geof_Cox whatever the reason, it has strengthened, which will benefit many folks, so something to be cheery about isn’t it???
‘Always look on the bright side of life’, as they say