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The Clubhouse Bar
A Political Thread pt. 2
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<blockquote data-quote="General Melchett" data-source="post: 1102238" data-attributes="member: 74895"><p>I can't believe there weren't more warnings during the Tory leadership campaign (other than from Sunak during the debates) about what Truss' plans to cut taxes and increase borrowing would do to the pound and the economy in general. The financial markets have given a massive middle finger to the mini budget.</p><p></p><p>My fear is that she won't want to do a U turn and will carry on regardless even if interest rates hit 5% which means the Govt borrowing is going to cost the taxpayer an absolute fortune. The pound tanking isn't helping cost of living as the increased cost of imported goods and services will more than offset any tax cuts. At least Sunak's plans made sense in the current climate albeit they weren't as popular with the Tory membership. Truss has clearly put party interest before national interest in her attempts to become leader. </p><p></p><p>It'll be an utter embarrassment for Truss and Kwarteng when the BoE intervene with emergency interest rate hikes which will probably crash the housing market as a result. We need to GE to get rid of this shower who have done enough damage.</p></blockquote><p></p>
[QUOTE="General Melchett, post: 1102238, member: 74895"] I can't believe there weren't more warnings during the Tory leadership campaign (other than from Sunak during the debates) about what Truss' plans to cut taxes and increase borrowing would do to the pound and the economy in general. The financial markets have given a massive middle finger to the mini budget. My fear is that she won't want to do a U turn and will carry on regardless even if interest rates hit 5% which means the Govt borrowing is going to cost the taxpayer an absolute fortune. The pound tanking isn't helping cost of living as the increased cost of imported goods and services will more than offset any tax cuts. At least Sunak's plans made sense in the current climate albeit they weren't as popular with the Tory membership. Truss has clearly put party interest before national interest in her attempts to become leader. It'll be an utter embarrassment for Truss and Kwarteng when the BoE intervene with emergency interest rate hikes which will probably crash the housing market as a result. We need to GE to get rid of this shower who have done enough damage. [/QUOTE]
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