UK ‘Mixes Uppers With Downers’ In Wild Policy Debacle
A glaring policy disparity is emerging in the UK, and I don't just mean between Andrew Bailey's rate hikes and Liz Truss's expansionary fiscal agenda.
On Tuesday, the Bank of England was forced to expand the scope of its "temporary" bond-buying scheme aimed at averting a meltdown in the UK pension complex. In my opinion (and I'm hardly alone), the BoE won't be able to fully step away anytime soon, let alone start active gilt-selling later this month.
The expanded BoE gilt backstop came amid "g
I can’t help thinking that since Brexit (the stupidest thing any developed country has ever done) and Philip’s death, ERII became completely dismayed and just said, “forgedaboudit.” The new king, Bonnie Charlie, has looked around and is thinking, “I don’t want to talk about it.” The UK is a complete mess and I feel sorry for the people who bought the party’s line as it finishes off centuries of hegemony with a whimper.
Is Kwasi un-Trussworthy or is it gilt by association?
+1
pretty incomprehensible that Truss’ tax cut prescription could even have a sniff of consideration given overall economic climate…mind boggling…frightening…
Mr. Lucky, your characterization of Brexit is spot-on. However, to buy the party line one would have had to be willfully ignorant, as each and every lie about “take back control” was debunked even before the vote. Plus, they doubled (and tripled) down. It seems like an eternity ago, but pls. remember that Boris was elected on the promise of “Get Brexit done”.
The UK’s mess is exciting to watch, but it seems ultimately rather manageable. Either BOE will keep deferring QT, or Truss will reverse course, or Truss will be ejected.
The impression I get from Bailey’s warning today is that BOE has limited appetite for bailing Truss out.
For the love of the british people and nation I do sincerely hope the latter. Followed by a general election.
It shows how unprepared truss and k were to take over. No process, no planning, no consultation and no plan b in case there was any problem. Has to be the worst governance by a developed country of all time. The Tories are going to be punished at the polls eventually for this.