Who on earth thought that was a good name?
Current Affairs Liz Truss
- Thread starter summerisle
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Who on earth thought that was a good name?
mightymoyes
Player Valuation: £70m
the same idiots that single-handedly ruined the financial situation of millions of people in an afternoon
summerisle
The rain, it raineth every day
Missing in inaction.
Billy Dean
Player Valuation: £70m
Who would've thought putting an idiot in charge would result in chaos
Spadge Vernacular
Player Valuation: £70m
Operation Thundering Underpants now
Really quite impressive in a way
Voodoo Billy
Player Valuation: £6m
It's now being downgraded to 'Operation Wet Fart'.
efcfanwirral
Player Valuation: £30m
Surely that's like applying a plaster? I doubt we've heard the last of this.
NilSatisOptimum
Player Valuation: £70m
To a certain extent yes but buying time can be pretty important n finacial markets, especially if fear starts to feed on itself.
How Kwasi Kwarteng’s mini-Budget broke the UK bond market
Fire sale in gilts hammered pension funds, forcing Bank of England to launch support
When Kwasi Kwarteng’s mini-Budget sent UK government bonds plunging, the chancellor said “markets will react as they will”. Five days later, the Bank of England stepped in to prevent chaotic drops in gilts prices from stinging pension funds and threatening financial stability. A rout that began with Kwarteng’s package of energy subsidies and tax cuts had threatened to snowball out of control as a £1.7tn slice of the UK’s pensions sector — which dominates the market for long-term government debt — struggled to cope with the unprecedented rise in bond yields. The strategies that many pension schemes use to shield retirees from inflation and interest rate risks were buckling under the strain. On Wednesday, with the turmoil at pension funds feeding a self-fulfilling downward spiral in gilt prices, the BoE halted plans to sell its bond holdings, and instead announced bond purchases at a pace of up to £5bn a day for 13 days to restore order. “What became clear on Monday was that we were in a very disorderly market . . . with levels of volatility we’ve not seen in at least 35 years,” said Simon Pilcher, chief executive of the £80bn Universities Superannuation Scheme’s investment management arm, which manages retirement savings for 500,000 members.
Gilt prices immediately staged a rally, spurring the biggest-ever one-day drop in 30-year yields from 5.06 per cent — the highest in two decades — to 4.01 per cent. In the days before the mini-Budget, they stood at about 3.8 per cent. Before Wednesday’s injection of relative calm, huge shifts in bond prices were leaving analysts and investors bewildered. “The moves in long-end yields were nothing short of incredible; the gilt market was in freefall,” said Daniela Russell, head of UK rates strategy at HSBC.
Spadge Vernacular
Player Valuation: £70m
This chap saying that he is going to bring down government debt buy cutting government income (from tax), and increase borrowing (increased debt).
ForeverBlue92
Player Valuation: £80m
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