Sterling plummeting

More like KamiKwaze at this rate.


It’s just wanton vandalism and sheer incompetence…

what happened today (even whilst the Chancellor was on his feet and later during the day) is called a dead cat bounce… even a recently deceased moggie will bounce a little when thrown on to the pavement below, but it’s still deceased and will descend just as dramatically the second and subsequent time round…

It’s £1=1.12 € now, and falling.

Don’t sit on your hands wailing, email your MP now! It doesn’t matter if they have never responded in their life, it doesn’t matter if they are Conservative Labour, Liberal, Scottish Nationalist or Green, for gods sake let them know that we are here and unhappy.

If you are happy with this loss in pensions then aren’t you the lucky one.

Go on. Do itnow!

A curious thing, bought some stuff from lidl about 6pm using chase bank card and it exchanged at 1.1416. (there’s also a 1% cashback on this so approx 1.15)

Blimey I thought, so went and spent some more an hour later as the going looked good, wine and champagne (well, you gotta keep one in the fridge) - same sort of rate 1.1413.

Seems there’s a time lag with cards? (The chase card is a mastercard debit)

"Can’t buck the market" as said by the hero of the Tory right.
So again the national currency markets are beginning to fret about the underlying fundemantals of UK economy.
They will pass judgment over next six to nine months, and Truss’s fortunes and our pension income (aka exchange rates) are dependent on that judgement.

console yourself with the knowledge that you are in France and protected against some of the worst effects and pity those poor people who may not have enough to eat or heat their homes on plague island.
The time to start to worry is when the lunatics decide that “rich” pensioners who can afford to live outside the UK should forfeit some of their pension because they live in warmer climes…
I’d put nothing past these dreadful cretins…

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I agree. I’m kinda glad I’m now contributing to the French state pension, even if I’ve still got 20 years to go before retiring, and anything could happen in that time. I don’t get the feeling the French government would shaft their pensioners as badly.


Unfortunately I’ve had to exchange some GBP this morning, 1.11 :scream:
From bbc yesterday…
The pound also fell more than 1% against the euro on Friday, dropping to €1.12.

Mr Kwarteng refused to comment on the dropping value of the currency, saying he “doesn’t comment on market movements”.

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@graham …you are right, but not sure how a uk gov’ could penalise us living in warmer climes…that was done by withdrawal of WH allowance. As you might have seen from previous comments the ins and outs of UK politics increasingly interests me less and less, more interested in what’s going on here and in Europe will affect the EU…Italy tomorrow for example.
My only real concern is how implications and shenanigans of Westminster circus will effect sterling exchange rate…and so pensions.


errr Metropolitan France is a warmer clime? warmer than Spain, Greece, Italy for example where the WFP was not withdrawn?

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Has anybody anywhere looked into challenging in the courts the refusal to pay winter fuel allowance to mainland France residents?



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Growing an economy when many others are entering a recession seems like king Canute trying to hold back the tide…and Germany’s largest bog roll maker filed for bankruptcy yesterday…panick buying anybody!

Below are the concluding sentences in today’s leader column in the FT.
If the FT criticises a tax cutting Tory budget then it really indicates the level of risk and uncertainty.

Financial markets will continue to pile on the pressure. This fiscal statement has set the British economy down a hazardous path.
Raising trend growth significantly is one way to put the public finances back on a solid footing, but the odds are stacked against achieving this

At least Trussonomics has been replaced by casino economics

Not replaced as …Trussonomics is casino-economics

Except there are more chances to win in a casino!.

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Think Aldi, Lidl, or Action economics might be more use to people in the UK …

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Larry Summers, the former US Treasury chief, said he would not be surprised if the pound fell below parity with the dollar if Truss’s government continues on its current path. “I think Britain will be remembered for having pursued the worst macroeconomic policies of any major country in a long time … It makes me very sorry to say, but I think the UK is behaving a bit like an emerging market turning itself into a submerging market,” he told Bloomberg TV.

“[It’s] really hard to overstate the degree to which the Kwarteng budget has just wrecked the gilt market,” said Toby Nangle, a former fund manager at Columbia Threadneedle. Illustrating the scale of the turmoil, he said five-year gilt yields had moved by the most in a single day since 1993 – surpassing the Covid pandemic, the 2008 financial crisis, and 9/11.

Still, some like it:

Today was the best Conservative budget since 1986.

(Nigel Farage)

But this in the Daily telegraph is surely the scariest of all the comments:

This was the best budget I have ever heard a British chancellor deliver… I had to pinch myself to make sure I wasn’t dreaming, that I hadn’t been transported to a distant land that actually believed in the economics of Milton Friedman and FA Hayek.

Yes - you heard that right - Hayek, who wrote that if democracy comes into conflict with capitalism, it’s democracy that has to end; the Hayek that was a key advisor to the fascist dictator Pinochet - who indeed led a coup against a democratically elected socialist government, and whose systematic human rights violations included 27,255 people tortured, 2,279 executed, 200,000 exiled and an unknown number held in illegal detention.
What’s that adage? … ‘Ye shall know them by the company they keep.’


how can you lose money making toilet paper?