It is unusual for the Treasury to comment on market changes. Yesterday they did as  the 10 year yield soared to 4.8% and the pound fell another cent against the dollar, now down 6% from the last year high. Today the rate is up again and the pound down more. It is a bad sign that the pound is falling as our longer term interest rates go up. It confirms the lack of confidence shown in the surveys and shows how a high tax low growth strategy puts off investors in government bonds.
I warned yesterday that the Chancellor has to avoid putting up taxes,  crushing  growth, cutting tax revenues and then seeing government borrowing rising too far. She should see that doing that in her ill judged budget meant  interest rates rise, state borrowing costs rise and government finances are in a doom loop. Rachel Reeves must be regretting saying 4.38% rates for a day in 2022 meant  crashing the economy now she has helped put them up and keep them up higher for longer.
A rethink of the budget is urgently needed. The spending round will now collide with a Labour party  that wants to spend more when Treasury advice will be to cut the burgeoning deficit. The Chancellor ruled out higher taxes again, and they would make the situation worse. The trouble is Labour Ministers and backbenchers will not want to cut spending. Pity Rachel  Reeves ignores the easy cuts I have suggested to Bank of England losses, productivity losses and net zero excesses like carbon capture.
January 9, 2025
You say the Treasury rarely comments, but nothing as to their comment. What you think is well documented and it alignes with what many of us think. We know that Rachael from accounts hasn’t much of a clue. So what is the Treasury’s reasoning behind 4.38% being sufficient for them to assist in the destruction of Liz Truss, but 4.8% causing them to do nothing to remove the current bunch of charlatons. Is it that thinking in the Treasury stems from the same socialist womb. For me, finance should manage reality and let politics live in Laa Laa land, where most of it belongs UK style. Was the Treasury comment no more than noticing the fall?
January 9, 2025
Where is the OBR in all this. Truss was hounded out because she apparently didn’t deferr to their superior knowledge yet Thieves is allowed to trash the economy unchallenged.
It just demonstrates that the OBR loke the BoE are dominated by left wing liebour supporters.
January 9, 2025
The Establishment wanted the Little Usurper, Ian as he could be relied upon. Truss was an unknown to them and someone who showed, via the budget, that she was prepared to go a different path. Ergo – she had to go !
January 9, 2025
Not just the British Establishment, the WEF and IMF wanted him.
January 9, 2025
@Mark B (and @Donna); The usual bilge-water comment from you, it wasn’t “The Establishment” who put Sunak in No.10 but the Tory party, or more precisely Tory MPs (Sunak was the only candidate, why?), nor was Truss forced out, she chose to resign … if Mrs Thatcher had buckled under the same sort of criticisms as Truss received Thatcher would never have got to Party Conference to make that “Not for Turning” speech, wax would have become the new Iron!
January 9, 2025
I’ve just watched the BBC world news and barely a mention of the upheaval going on at the Treasury. Just a small banner saying borrowing costs highest since 2008. Incredible.
January 9, 2025
Treasury says “UK debt is the second lowest in the G7 and only the [Office for Budget Responsibilityâs] forecast can accurately predict how much headroom the government has â anything else is pure speculation.”
Is it?
Sir John has been telling them ( OBR, BOE and Treasury) for years their forecasting model is inaccurate and misleading.They are now desperate to deflect attention away from them. However the BOE recently and reluctantly were forced to admit they made mistakes which SJR outlined previously.
If only they listened to you Sir the country would be so much better in all economic matters. So sad and avoidable.
January 9, 2025
Good morning.
What ! You mean a U-Turn ? I think you will find, Sir John that this lady is not for turning đ So ‘doom loop’ it is.
Seriously though, the Labour die is cast. They cannot go back in Nut Zero as that has been baked in via the various EU Agreements / Treaties. They cannot cut spending as this will adversely affect their ‘client base’. They cannot tax-to-the-max as we pretty much already are. And with confidence in the UK economy falling and the ability to meet our bills in serious jeopardy I hope our dear Rachel has Ms.Kristalina Georgieva phone number on speed dial.
Like Rachel, I am no economist, but I know that, sooner or later it is not other people money you run out of, but their belief that you can pay back what you already owe.
January 9, 2025
I hope you are correct, but I fear Ms Reeves is going to come again for what’s left in our piggy-banks. This IS the plan, bring everyone down to the base level, unless you are in Parliament, of course…..
I hope the farmers come again soon to London, there’ll have a lot more support.
January 9, 2025
Like they did in Cyprus?
The Chancellor is too arrogant to admit her mistakes and we all will suffer….
And the Prime Minister is too authoritarian and will still not understand when he is wrong….
And the Foreign Secretary thinks you can “smash the gangs” with some some of financial sanction that would involve freezing the bank accounts and assets of “those that help to get people into this country”, I guess that they don’t teach common sense at Harvard.
January 9, 2025
It is all deliberate. It is intended to force us back into the EU as an Associate Member … and in due course, to rejoin.
Two-Tier has got his “To all intents and purposes rejoin the EU Unit” together now, with Olly Robbins appointed: the man who did his best to prevent Brexit back in 2017/18.
That’s also why they are going all-out to antagonise Trump before he takes Office.
We have reached a point where we will have to make a choice between Socialist EU or Capitalist USA …..and the Establishment wants Socialist EU.
January 9, 2025
That is no choice at all-the whole of the west is going down.
Donald Trump is not the Messiah!
January 9, 2025
Heâs pretty good though, good enough!
If we reject the Asylum and Net Zero scam, we will be OK and then thriving again.
Putin WANTS us to recover ourselves.
Iâm hoping that BRICS does not sink Russia! (It might well do)
January 9, 2025
The main difference for the time being is that the US is at the table while the EU is on the table – for the carve up!
January 9, 2025
Yes, I agree Donna.
January 9, 2025
The Reeves budget is a doom loop budget, it will, in the end, raise less tax not more, it will deter investment, push higher earners overseas and deter people from working. On top of this we have more red tape for employers, more NI, more wages demanded by law⊠a doom loop, letâs kill growth, push up prices and interest rates agenda. Then, to make matters even worse we have the insanity of Mad Ed Miliband and the rip off intermittent energy and pointless net zero lunacy.
January 9, 2025
In the Telegraph today.
Lucy Letby deserves a retrial, senior Tory tells Parliament
Poor quality of NHS care is âmost likelyâ reason for death of babies, not nurse denied appeal, says Sir David Davis.
Letby certainly does deserve a retrail, clearly the convictions are very unsound – deluded group think. And no Wes we will not shut up about this unsafe conviction for the sake of the relatives of the babies who died. I am sure they do not want the wrong person in jail for this do they?
Also Alister Heath spot on as usual.
âLike a dinosaur who miraculously escaped the mass extinction of his companions, Starmer plods on, unable to recalibrate to the new zeitgeist, chasing an EU mirage that no longer exists, stubbornly hiking tax and spend, doubling down on mass immigration and overpriced energy, oblivious to the flashing red lights in the City as gilt yields rocket to their highest levels since 1998.â
Not a single thing this government are doing, other than relaxing planning perhaps make any sense what so ever pure doom loop anti-growth rip off energy, anti-competitive lunacy from Reeves and fanatic zealot Miliband.
January 9, 2025
Still, as Starmer likes to boast it will be the first budget delivered by a woman and this is clearly what matters not competemce. It is hard to be a worse Chancellor than Major, Lamont (perhaps not all his fault), Brown, Darling, Osborne, Hammond, Javid, Sunak, Hunt⊠but Reeves, with ease, has managed it in six months! So will she U turn before the cliff she is heading for?
Reply The problem is not that she is a woman. It is she doesnt know how to control and prioritise spending which out of control in cases like the losses of Bank of England and the costs of net zero.
January 9, 2025
To reply – indeed but was she a diversity hire or just the best they could find? Does she even realise it is a doom loop anti-growth budget? Not many rational Labour MPs to choose from. The direct cost of net zero in government subsidies and then the indirect costs in higher fuel bills, EV cars, ULEZ, heat pumps, more complex condensing boilers, more complex cars⊠Who could Labour replace Reeves with anyway who would inspire any confidence. No Labour MPs that I can think of would any sensible person be accepted by the party anyway if they found one?
January 9, 2025
You missed out Dennis (run to the IMF) Healey.
January 9, 2025
Reply to reply: I think she can prioritise extra spending (to her chums) but certainly not control it .. if she sees the need to. The 1970’s was just before my time but there seems to be a strong possibility of heading back there.
Ultimately though it feels to me UK and much of the west is paying a price for stagnant productivity is all it’s facets
January 9, 2025
We are already in a doom loop. This government is unfit for purpose. The UK needs someone with the will and ability to conduct a chainsaw massacre of government spending, regulations and associated quangos to get the UK’s finances back under control. The political class is living in a fantasy world of their own making. It will be shattered when the debt collectors turn up to be repaid.
January 9, 2025
Plenty of ways to slash government spending, unfortunately the rows of daft Labour back-benchers will vote them down.
What will the PM and Labour Party do when no one can face up to the challenge of being Chancellor with the contradictory constraints of finance and Labour ideology?
10 year yield at 4.8% now, but what figure Sir John does it have to hit before the government is forced to stop borrowing? How long before that happens?
January 9, 2025
In an attempt to be positive, any government finding itself in the current situation has three options.
1. To cut government’s ever increasing spending to a point less than it’s income.
2. To do everything taxwise and incentivewise to increase the wealth of the nation beyond what it is spending.
3. A combination of both 1and 2 would be easier to sell among an ever disbelieving electorate.
Sadly I see no sign of any of the above happening, just as it failed to happen with the last givernment. We are living in an age where short term, idealogical politics trumps financial logic. On the positive side, it cannot continue for long, as your bank manager might tell you.
January 9, 2025
Indeed cutting net zero and red tape would be a win, win but it will not happen with the mad & deluded Red Ed.
January 9, 2025
I’d like to be positive AG but I can’t see these people ever willingly changing course. They’ve been given power and will plough regardless with their dogmamatic idiocy as long as they can. Nor can you blame the Lunatics for being completely nuts – blame the idiots who allowed them to take over the Asylum! I’m finding it increasingly hard to forgive the Conservative Party I’m afraid.
January 9, 2025
Just like the complacency over the growth of feeling over a Ref. for Leaving, they were asleep at the wheel.
January 9, 2025
The Tories’ amendment to the Children’s Wellbeing and Schools Bill was voted down by 364 votes to 111 – a majority of 253. The amendment tried to force a statutory inquiry into grooming gangs, which this government rejected. Not a single âhonourableâ Labour MP in parliament it seems. It is hard to be too cynical with politics.
A day to bury bad news as some Labour dope said on 9/11!
January 9, 2025
A day to bury bad news as some Labour dope said on 9/11!
And the bias BBC are as bad trying to bury the grooming gangs news by bombarding us with the L.A fires as headlines news as sad as it is but miles away, and if the liebour party think this is going to go away they must live in la la land because when the people open their eyes and vote Reform to run this country they will have a national inquiry into gromming gangs then theyâll scream like the worms they are
January 9, 2025
squirm not scream like a worm they are
January 9, 2025
Maybe they will Squirm and Scream Mick? đ
January 9, 2025
I doubt Rachel does ‘squirm’. Tough as old boots.
January 9, 2025
Nigel Farage and Reform have said they will raise the money for an inquiry into the rape, grooming gangs. Farage said there are plenty of retired judges and police officers who would be willing to do the investigation!
January 9, 2025
LA is home to the BBC’s luvvie friends!
Plus many more others who probably won’t be able to afford the consequences of the terrible fires
January 9, 2025
LL : “Not a single âhonourableâ Labour MP in parliament it seems. It is hard to be too cynical with politics.”
PM Starmer ordered the Labour MPs to vote against the amendment using a 3 line whip. He himself abstained. How cynical and plitical is that?
January 9, 2025
We are sinking, but thanks to Rachel least we can at least enjoy some some schadenfreude on the way down.
Happier news in Europe: this week the Austrian FPĂ at long last achieved enough votes to be given the chance to form a conservative coalition government.
Where truly alternative Parties exist, people are flocking to them. I’m hoping the same thing happens here, by the time Labour’s term is up.
January 9, 2025
4.5 years left – thank to the âCovid Vaccines are certainly safe B/Sâ thr Socialist throw in the towel six month early Sunak.
January 9, 2025
Why Musk hates and is at war with the right-wing fossil-fuellers and the left-wing greenies.
Musk ultimately looks forward to a world with uber-cool, high tech that runs on green energy, that is quiet and doesn’t damage the environment. Fossil-fuel energy and its tech is to him is like people smoking cigarettes, let alone impact on environment. It’s disgusting to him. But he’s also tapping into what millions of middle class well-to-do, well-educated consumers and conservatives think across the globe as well.
But equally (but even more in the short term), he’s at war with those who want to destroy fossil fuel. The reality is that we need oil and gas a much as ever. Without our economy and everything around it, collapses.
And Elon Musk is on the money. We do have to transition to sustainable energy but not to cripple our economy. And moreover this is what millions of right wing consumers want (lots of right wing consumers don’t care). But if the Tories want to get back into power then we have to adopt the Musk approach (otherwise millions of potential Tory voters will just see the Tories as red-neck and backward).
And we need to pay MPs far more in order to attract far higher quality Tory MPs.
Reply Plenty of talented and energetic people want to be MPs and are MPs. Its how we manage and control government that is the main problem. We do not make very well paid senior officials accountable.
January 9, 2025
âPlenty of talented and energetic people want to be MPs and are MPsâ. Well perhaps about 10 sensible MPs and nearly all MPs voted for the insanity of the climate change act & net zero. Hardly any have a real grasp of science. Even engineer Kemi (no physics A level it seems) and Coutinho half maths Oxon still support the Net Zero religion.
Plus the few sensible MPs like yourself are never made Chancellor or PM. They prefer Math O level failures like John ERM Major. Still he has not said sorry for this moronic error. Even after this the mad Tories retained him to bury the party and now Sunak has buried it again.
January 9, 2025
Reply to reply ; “We do not make very well paid senior officials accountable. ”
This is quite p0ssibly the country’s biggest mistake.
January 9, 2025
Indeed ready for when he has to do a U turn. The other bogus argument they use is an enquiry will hold real action up no reason why it should do whatsoever. ACTION AND INQUIRY can both happen at the same time. Must be many thousands who are guilty of gross failures of duty in public office.
January 9, 2025
Indeed the real answer might be to stop paying MPs. Then they have to have made something of themselves before they can afford to serve. A suitable test for a Capitalist Country.
January 9, 2025
So many Conservative people I know say the current Tories, and of last years, certainly are not talented nor energetic – the opposite. I’m quite moderate and sooo many right-wing people I know take the michael out of me (not in a bad way) for even defending the Tory Party. I frankly just don’t understand your comment.
January 9, 2025
reply to reply…yes the problem is indeed with a strong working majority contrary opinions within a party get over ruled by the PM or persuasive Central Office in his/her ear! We have had really bad steps taken by the last few governments due to dominant leaders, or even worse, lack of leadership giving in to woke nonsense.
January 9, 2025
R to R
There may well be, but none of them bar Nigel, with Margaret and Winston in our recent past , whose collective talents encapsulate all that is currently required. The ability to analise a problem, find acceptable to the majority solutions, and above all the talent to sell solutions to the electorate at large andd inspire. Labour are dead and buried, though have yet to realise it. So called conservatives have no credability, having caused the problems. Lib Dems are merely Wombles.
The markets will do for the current excuse for government. I pray Nigel is ready to roll when it happens.
January 9, 2025
Glad I was sitting down! Margaret, Winston and Nigel In the same paragraph! đ€Ż
You are in fr such a shock – divine intervention might not be enough!
January 9, 2025
Good comment!
Including the Wombles ..
January 9, 2025
âWe do not make very well paid senior officials accountable. â
I think you have also said before we do not leave them in place long enough to learn the details of their department.
I am sure you will have mentioned before, who should hold officials accountable and who, and where is the balance between officials and elected representatives having the accountability?
Reply The very senior on mega money like Governor of Bank, Head of HS 2, Head of Post Office are left in post and paid big bonuses for failure.
January 9, 2025
(And in his mind, from a political POV, Musk differentiates between two types of ‘right-wingers:’
1) red-neck fossil fuelers (who he is at war with but more medium to long-term – and will cosy up with to a degree, but only when it suits him, in short-term – and will then want to spit out these people)
2) uber-cool, entrepreneurial-minded, high-techers who want to transition to sustainable energy for the new high tech to run on.
But in the short term, his enemies are socialists and greenies bent on destroying our economy by trying to immediately cut out fossil fuels)
January 9, 2025
I too want âsustainableâ energy so nuclear fusion please. Meanwhile we have plenty of fossil fuels and nuclear to keep us going until then!
January 9, 2025
I doubt that any nuclear fusion reactor on earth will ever provide me with energy. My children, maybe, but more likely it will be after their lifetimes as well. As I have mentioned before I was in primary school when there was excitement over the ZETA project. Meanwhile there is plenty of energy from nuclear fusion in the sun to keep us going, all we have to do is work out the best ways to capture enough of it without creating a new dependence on potentially unfriendly and often unstable foreign countries. It will cost but that is the course that has been set for us by our political leaders, and clearly their minds are now made up on that and will not be changed. So I think it would be better to accept that and try to make sure that it is done properly rather than continuing to argue about the principle.
January 9, 2025
“The Chancellor ruled out higher taxes again” She did but then in time-honoured manner the Treasury briefed that wasn’t what she meant at all. I imagine as things get worse Starmer will simply sack Reeves and appoint someone else (a man) who will reverse one or two of her policies, he has absolutely no loyalty to anyone at at all – witness his treatment of Emily Thornberry, years in the Shadow Cabinet as Shadow Attorney General but then dumped as soon as he could appoint a bloke who was one of his mates from outside Parliament.
OAM good to see “darling of the Reform membership” (your somewhat dismissive description) Rupert Lowe offending the Labour benches yesterday by mentioning details of those “grooming gangs” (their description) and being told by one of them to moderate his language – can’t have Labour MPs offended can we ? .
January 9, 2025
It seems to me that the Labour party has learned nothing from their last time in government:
https://journals.openedition.org/osb/1136
“From Prudence to Profligacy : How Gordon Brown Undermined Britain’s Public Finances”
And we, including this Labour government, are still living with the consequences of that.
January 9, 2025
This is absolute rubbish. The bond sell-off is a global phenomenon; US treasury yields hit 5.04% last night. The reason is twofold – firstly markets have been spooked by Trump’s statements on tariffs and tax cuts for his billionaire chums, secondly the bond vigilantes are concerned about the extraordinary high levels of borrowing being used to pay the interest on government national debt.
The markets want to see spending cuts and higher taxes. As such Reeves’ budget did the right thing. But it seems that in our case the markets want more.
Sterling hit the lowest levels for months yesterday. Gold bullion has put in an excellent performance over the past year.
Reply The combined sell in sterling and bonds is mainly about the dreadful budget
January 9, 2025
Ah we are living with the consequences of Boris Johnson who makes Brown look like Scrooge!
Brown I believe doubled the NHS budget in an attempt to be the all-time hero who solved the âunderfundedâ problem. It did – for almost a month!
January 9, 2025
no mention of the Blair ‘education education education ‘ neatly get young people of the streets into debt for party time at various so-called universities paying high salaries to brain-warp the party set when sobered up from nightclubbing the previous evening.
That career expectation and debt has now crashed and burned.
January 9, 2025
Rachel from Complaints and Two-Tier won’t change anything ….. because they’re doing it deliberately. It is all going to Plan.
Economic collapse is necessary in order to justify dragging us back into the EU as an Associate Member. If we require a bailout from the IMF, the attached strings will be “only if you ‘mend’ your relationship with the EU.”
Don’t forget that obvious economic decline in the ’60s and ’70s was how they got us into the EEC in the first place … and “the economy” has continually been used to justify keeping us in ever since ….. even after we voted to Leave.
January 9, 2025
Letâs brace ourselves for income tax increases at the next mini budget. Theyâre probably already preparing statements to justify it, which ministers and Labour MPs will slavishly repeat. At least after that there should be no more of this silly Labour talk about growth being its main priority
January 9, 2025
There are no pips to squeak, no fat to cut, no blood in the stone. Reeves is done.
January 9, 2025
Every time the Tories tried to do anything whether it was furthering Brexit or proroguing parliament someone popped up demanding a judicial review. Surely everything this government has done so far is to the detriment of Britain and the British people. It is staggering in its incompetence. Giving away the Chagos Islands without consulting its people and then paying rent of ÂŁ800 million, is utter madness and you would have thought some political heavyweight would rise up and demand a judicial review, if only to ask where Rachael from accounts going to find that with her 22 billion black hole.
January 9, 2025
Just why is that – are they so ignorant of the damage they are doing to the country with high taxation and over-spending.
This all seems to prove the proverbial quote that Labour can never be trusted with the economy!
It’s bad enough that so many investment opportunities are being diverted to support netzero, never mind the waste and false ideas/science associated with it. With our country slowly being closed down just what will be left of it and what state will those of us who survived the great reset be in?
IMPOVERISHED and BROKEN is the only answer that fits an extrapolation.
January 9, 2025
Labour MPs dismiss the petition to call for a general election
More ignorance and misinformation from someone who doesn’t have a clue about anything.
The petition was an act of protest against a rogue regime determined to surrender the UK to poverty, bad science and ruination!
January 9, 2025
I have just read a comment from PIMCO saying that much of the rise in UK Gilt yields has been driven by rises in US Treasury yields over the same period. However, the coupling of rising Gilt yields with a tumbling pound is certainly not what one would expect. It would be interesting to know whether the Treasury’s promise of an ‘Iron grip’ comes from the Chancellor, or the Treasury mandarins. If the latter, perhaps it is the first sign that the Treasury now sees the need to control a Labour Chancellor, in the the same way that it has done with all the Conservative Chancellors since Osborne.
If Reeves is forced into spending cuts, I wonder how long she will last?
Reply today our long rates rose again, US did not. This crisis is mainly made in the UK by the budget
January 9, 2025
âI have suggested to Bank of England losses, productivity losses and net zero excesses like carbon capture.â
It sounds like itâs all going to plan, then. Net Zero will end our energy, economic and military security as it is designed to do.
BTW, the Chief Scientific Adviser to The Treasury has a degree in foreign languages and literature!
January 9, 2025
reading Karl Marx I presume, although Groucho’s works more entertaining.
January 9, 2025
History shows us, nations rise when the availability of affordable energy increases.
The past two decades has presented the UK with policies that are exactly opposite to that fundamental feature of economic success. This latest UK government are now adding to the adverse energy policies by demanding the tax payer covers the cost of pumping CO2 underground using depleted oil fields as the storage locations.
The negative impact the constant denigration of oil and gas is having on our economy is now showing via loss of investments and a shrinking economy. This is giving rise to a loss of value in the ÂŁsterling an increase in borrowing costs. The impact of this is ever higher energy payments to foreign providers. We could be self sufficient in reliable energy 24/7, not beholden to weather patterns crossing the nation. How did we arrive at this ludicrous position?
If the objective of government was to crash the economy, then this Labour effort can be seen to be a perfect choice. Sadly, following on from their Tory/Labour predecessors. Rachel from the accounts department is doing a great job….but for who?
January 9, 2025
Rachel from Accounts utilises a Trial and Error approach.
The more she tries the more she errs, with knock-on recurrencies at taxpayersâ expense.
January 9, 2025
Mhy son has a good degree in management and runs a successful company. He was saying that he agrees with Elon that there are too many civil servants. I asked him how many civil servants he thought were already in Mad Ed’s ministry of energy and he guessed 450. The figure is 4500.
Apart from setting up numerous new quangos, the private rental sector has now to deal with licensing of all rentals rather than those in problem areas. Councils are now able to set up licensing with charges of around ÂŁ700 per unit and expand the environmental health departments without having to prove it necessary.
And with figures in for 2024, the car makers have missed the target for EVs despite restricting IC sales and pre registration of as many electric cars as they can’t sell. Chinese manufacturers can now sell their proportion of fine free market worth the government fines. Ford and Vauxhall are 20% down on sales. Production is about to leave for sensible countries.
January 9, 2025
I suppose that if Starmer upsets Trump by caving in over the Chagos Islands, then we might see a run on the Pound (like the one that was induced by the Americans over the Suez crisis) of a magnitude that will sweep Reeves away.
January 9, 2025
Liz Truss has sent a cease and desist letter to Sir Keir Starmer demanding that he stops claiming she crashed the economy. Lawyers acting on behalf of the former prime minister argue that the statement is “false and defamatory”.
Readers and contributors here be warned claiming something similar about Ms Reeves might receive one!
January 9, 2025
Liz Truss might lose. She refused to cut spending but cut taxes. A blueprint for everyone to run!
Reeves increased spending and THOUGHT she had raised the money through higher taxes, but actually she reduced the tax take (obvious to many of us on this blog never mind JR who must have been shaking his head).
Ergo they have done the same idiot thing.
Result: disaster.
January 9, 2025
We had brexit and by taking back control we put our future into that special trade deal we were hoping to get with the US but now we see that any hope of a deal is pie in the sky – in fact worse since the place is soon to be run by a deranged madman – hardly the Chancellor’s fault – the people who promised us the sunlit uplands also have questions to answer.
reply Nonsense. We took back control . We stopped all those big payments to the EU. We put the extra money into the NHS. We did not promise a US trade deal . We did not promise a big trade deal with TPP but delivered it.
January 9, 2025
Whatever happened to the grown ups? The Government is acting like children filled with hatred and no understating of either the causes of their rage or the consequences of their giving in to it yet fully confident that they are right and everyone else wrong.
January 9, 2025
Headline in the FT today Businesses prepare to cut jobs & raise prices
The Chancellor is damaging the economy
January 9, 2025
Presumably Rachel’s budget was approved by the OBR before issue ? If so how do the real world results compare to their forecast results ?
Reply they need to make plenty of changes to their forecast just three months in!
January 9, 2025
Sir John
It seems odd, all the indignation that we are seeing for the Starmer/Reeves duo, and the Labour Party in general. I agree they are a torrid bunch that hate the UK and its People, the sooner we get rid the better. But how come we didnât see similar outcryâs when May kicked of the returning of the UK back to the stone age with ludicrous Laws and Punishments. Then we had Johnson ramping the punishment and costs even further â not a peep from anyone. To top it off we had Sunak/Hunt ramping up inflation, costs of employment and the size of the State and none of the talking heads said Booo.
The alternative, those that call themselves the opposition are May, Johnson, Sunak, Hunt continuity team. Impossible to oppose when itâs the same policies just done with more zeal and bluster.
When Truss/Kwarteng came along bull dogs in a China shop wishing to push the Country onwards and upwards, and needing to pare back the size of the State and its costs, boost employment by reducing taxes â and everyone (the media desperate for a story, and state employees seeing their cushy life under threat, the BoE and their failures on LDI) went apoplectic.
We are faced with more of the same with just different spin which ever section of the Uniparty takes over the helm. We need a Conservative Party, a UK serving Party, a Party instructing the BLOB, not the BLOB ordering elected representatives
January 9, 2025
“The Treasury comment” the concern being that the rates and the pound are back where Sunak/Hunt pushed them?
Why should Reeves regret her comments when all she has done is emulate her predecessors.
January 9, 2025
Is this government actually working for China?
January 9, 2025
It seems like the government want to make us “go to the EU with a begging bowl”. It’s pathetic.
We won’t teach English students for free in England, Scotland, N Ireland or Wales but we’ll teach the rest of the EU student body again either free in Scotland or with English funded loans they don’t repay.
We have 12.3% of 16-24-year-old needs or 946,000 people. So, let’s open up the market for more from the EU again.
Germany is in the doldrums, it used to be a beacon of stability but they’re tanking and they can’t afford to prop the project up without the UK, so Starmer’s job is to align us a BRINO. All the big savings he wants to unwind. Nigel Farage needs to wake up and concentrate because the Tories seem to be purposefully turning a blind eye now that JR and JRM aren’t there to protest.