In todays news...

[JackyJoll]

Not so long ago UK politicians were devaluing the £ to make us more competitive.

But not the pound in your pocket, obviously.

[Count Steer]

Not so long ago UK politicians were devaluing the £ to make us more competitive.

That and 'Britain is booming'. Just before the economy went BOOM!

[Cousin Jack]

Not so long ago UK politicians were devaluing the £ to make us more competitive.

But not the pound in your pocket, obviously.

No Sunny Jim was convinced it was a good idea, and Harold came on TV to reassure me that the pound in my pocket would be worth exactly the same.
In those days of course no-one ever heard about GDP, or M3, it was all about the balance of payments, except they didn't balance.

Like I said, chicken entrails are a more reliable method, and you can eat the chicken afterwards.

[irie]

And in any case, sterling is not weakening in isolation, it's actually
They can't use the same scale, they are different currencies. But it is perfectly clear that the issue is the increasing strength of the US dollar.

They could use the same scale. They are both relative to 1:1.

One graph has increments of 0.02. The other has 0.05.

Then help us all out by combining all 4 together then telling what this means and why, and what it means for the future. Thanks.

[JamJar]

And in any case, sterling is not weakening in isolation, it's actually
They can't use the same scale, they are different currencies. But it is perfectly clear that the issue is the increasing strength of the US dollar.

They could use the same scale. They are both relative to 1:1.

One graph has increments of 0.02. The other has 0.05.

Then help us all out by combining all 4 together then telling what this means and why, and what it means for the future. Thanks.

You do realise that the pound is weakening against all major currencies don't you, not just the dollar?
1.13 USD on Thursday and now at 1.07, 1.14 EUR down to 1.11, 160 yen down to 154, 7.97 RMB to 7.61 ... it even dropped against the Ruble!

[slowsider]

They could use the same scale. They are both relative to 1:1.

One graph has increments of 0.02. The other has 0.05.

Then help us all out by combining all 4 together then telling what this means and why, and what it means for the future. Thanks.

You do realise that the pound is weakening against all major currencies don't you, not just the dollar?
1.13 USD on Thursday and now at 1.07, 1.14 EUR down to 1.11, 160 yen down to 154, 7.97 RMB to 7.61 ... it even dropped against the Ruble!

He can't hear you, he has his fingers in his ears while he sings la la la and blames the Germans and French for everything.

[slowsider]

Can the man not simply hire a driver?

"The six-month ban was handed down despite the duke, who is responsible for arranging the state opening of parliament, arguing “exceptional hardship” in an effort to keep his licence."

https://www.theguardian.com/society/202 ... l-security

[Yambo]

Can the man not simply hire a driver?

"The six-month ban was handed down despite the duke, who is responsible for arranging the state opening of parliament, arguing “exceptional hardship” in an effort to keep his licence."

https://www.theguardian.com/society/202 ... l-security

He pleaded guilty.

It's a non-story really.

[irie]

They could use the same scale. They are both relative to 1:1.

One graph has increments of 0.02. The other has 0.05.

Then help us all out by combining all 4 together then telling what this means and why, and what it means for the future. Thanks.

You do realise that the pound is weakening against all major currencies don't you, not just the dollar?
1.13 USD on Thursday and now at 1.07, 1.14 EUR down to 1.11, 160 yen down to 154, 7.97 RMB to 7.61 ... it even dropped against the Ruble!

Is that desirable or not, and quantitatively why or why not?

All depends on starting points of course.

[Horse]

Drop in land registry fees will help.

BBC:
Some mortgage deals have been withdrawn by banks and building societies due to volatility in the pound following the government's mini-budget.

Virgin Money and Skipton Building Society halted mortgage offers for new customers,

[irie]

Is that desirable or not, and quantitatively why or why not?

All depends on starting points of course.

I suppose that's progress, you've gone from complete denial to acknowledgement, but now you want to debate whether it's desirable that the economy is driven into the ground like a tent peg

I have denied nothing nor do I want a debate.

As ever, stinky bait.

[Count Steer]

Is that desirable or not, and quantitatively why or why not?

All depends on starting points of course.

I suppose that's progress, you've gone from complete denial to acknowledgement, but now you want to debate whether it's desirable that the economy is driven into the ground like a tent peg

I have denied nothing nor do I want a debate.

OK.

[Pirahna]

Reading this morning that a few Tory MPs have sent no confidence letters in Truss to the 1922 committee, it was mentioned in an Independent article.

Chatting to little sis last night, she was saying that Tories have been struggling to fill junior minister positions at the Department for Business, Energy and Industrial Strategy. Apparently everyone who's asked refuses the opportunity, nobody wants to work with Rees Mogg.

[irie]

I suppose that's progress, you've gone from complete denial to acknowledgement, but now you want to debate whether it's desirable that the economy is driven into the ground like a tent peg

I have denied nothing nor do I want a debate.

OK.

With Iccy every debate turns into an argument, no point

As said earlier, stinky bait..

[irie]

With Iccy every debate turns into an argument, no point

As said earlier, stinky bait..

Not just me fella, go back and have a read, not a single person agrees with anything you've said, even if they're on your side of the political spectrum - that's because what you post makes no sense. Your posts are a discombobulated soup of soundbites that you've picked up from the news but clearly don't understand.

I don't argue engineering with Mr Dazzle because he's better at it than me, and my advice to you is not to post about economics or geopolitics because pretty much everyone is better at it than you

@Count Steer This.

[Count Steer]

With Iccy every debate turns into an argument, no point

As said earlier, stinky bait..

Not just me fella, go back and have a read, not a single person agrees with anything you've said, even if they're on your side of the political spectrum - that's because what you post makes no sense. Your posts are a discombobulated soup of soundbites that you've picked up from the news but clearly don't understand.

I don't argue engineering with Mr Dazzle because he's better at it than me, and my advice to you is not to post about economics or geopolitics because pretty much everyone is better at it than you

@Count Steer This.

The ignore option is available. Perhaps you two might take mutual advantage of it. I do agree that insults aren't debate or discussion.

Shame really, it's an interesting topic.

[Supermofo]

Reading this morning that a few Tory MPs have sent no confidence letters in Truss to the 1922 committee, it was mentioned in an Independent article.

Chatting to little sis last night, she was saying that Tories have been struggling to fill junior minister positions at the Department for Business, Energy and Industrial Strategy. Apparently everyone who's asked refuses the opportunity, nobody wants to work with Rees Mogg.

We have a management team equivalent to the National Football League running the country, now trying to source ministerial positions from North/South leagues. No one good wants to touch what's going on with a barge pole.

Keir seems to be making such a meal out of mounting an effective opposition that either he is also completely crap or doesn't want it either. In some ways it's almost like the Tories are f*cking it up for fun now just to see how far they can dig before Labour is forced to have a go.

If I didn't live here it'd actually be amusing.

[Le_Fromage_Grande]

it's just that I can't believe it's such a mickey mouse show.

It's what happens when you get "professional" politicians, they think being smarmy is good enough, what's worse is that they don't realise they're clueless fuckwits

[irie]

Not just me fella, go back and have a read, not a single person agrees with anything you've said, even if they're on your side of the political spectrum - that's because what you post makes no sense. Your posts are a discombobulated soup of soundbites that you've picked up from the news but clearly don't understand.

I don't argue engineering with Mr Dazzle because he's better at it than me, and my advice to you is not to post about economics or geopolitics because pretty much everyone is better at it than you

@Count Steer This.

The ignore option is available. Perhaps you two might take mutual advantage of it. I do agree that insults aren't debate or discussion.

Shame really, it's an interesting topic.

It certainly is an interesting topic, but I will not engage when insults are thrown.

I am not privy to any information which the public at large do not have access to, but FWIW this is what I think the government is up to.

I think it is front loading economic stimulus so that the UK will exit recession before other European countries do. I think the BoE can not intervene in the very short term for fear of being accused of acting politically, so it must stand by for now and watch. This winter, particularly if it is a hard one in continental Europe, there will be huge problems with energy supplies but I suspect that UK gas storage is larger than has been publicly stated. In these circumstances the UK will be able to help out by supplying gas to continental Europe - at a price of course.

Other factors such as the election of the Right in Italy, the severe corrosion in cooling vessels in about half of France's 56 reactors, the fact that in Italy (in contrast to the UK) bonds are majority owned by private savers so another banking crisis looks likely, seems to raise a series of future warning flags.

So short term pain for long term gain.

Not carefully presented, sorry, and no mention of money supply theory or the velocity of money.

[Count Steer]

@Count Steer This.

The ignore option is available. Perhaps you two might take mutual advantage of it. I do agree that insults aren't debate or discussion.

Shame really, it's an interesting topic.

It certainly is an interesting topic, but I will not engage when insults are thrown.

I am not privy to any information which the public at large do not have access to, but FWIW this is what I think the government is up to.

I think it is front loading economic stimulus so that the UK will exit recession before other European countries do. I think the BoE can not intervene in the very short term for fear of being accused of acting politically, so it must stand by for now and watch. This winter, particularly if it is a hard one in continental Europe, there will be huge problems with energy supplies but I suspect that UK gas storage is larger than has been publicly stated. In these circumstances the UK will be able to help out by supplying gas to continental Europe - at a price of course.

Other factors such as the election of the Right in Italy, the severe corrosion in cooling vessels in about half of France's 56 reactors, the fact that in Italy (in contrast to the UK) bonds are majority owned by private savers so another banking crisis looks likely, seems to raise a series of future warning flags.

So short term pain for long term gain.

Not carefully presented, sorry, and no mention of money supply theory or the velocity of money.

There's a lot riding on the weather this winter! The CEO of EDF claims that only 12 of the nuclear 'fleet' of 57 are down due to corrosion, the rest are down for routine or delayed maintenance ( pandemic). Some were off over the summer because of low river levels/lack of cooling water. They look like they'll be back to about 75% output over winter. They could be self-sufficient with consumption management but exports will almost certainly get cut.

Which brings in the biggest importer of energy in the EU...Italy. If they get spanked this winter either by energy cuts and/or costs, who knows what the new 'populist' government will do? Italy is already publicly airing appeasement thoughts vis a vis Russia/Ukraine.

I'm not convinced that the current government here have got a fully baked plan or one that will survive market and other pressures. Rumour has it that no confidence letters are already landing on the mat at the 1922 Committee! I suspect that the EU will muddle through this winter but will try and make some big changes in the spring. (Particularly to energy interconnection). Whether they get the cooperation to make them happen will be interesting to observe.

Events in or actions by Russia this winter could throw most plans in the air...