Discover and read the best of Twitter Threads about #kwasikwarteng

Most recents (10)

Se pensate che il caos politico sia all'ordine del giorno solo in Italia allora non sapete cosa sta accadendo in Inghilterra, dove la premier Liz #Truss ha appena licenziato il suo Cancelliere dello Scacchiere, l'equivalente del ministro dell'Economia, Kwasi #Kwarteng. Image
Trattasi di mossa disperata da parte del primo ministro, decisa a sacrificare il suo uomo dei conti per provare a salvare se stessa. Dopo poche settimane a Downing Street, infatti, i Tories che l'hanno issata alla guida del partito sembrano averne già piene le tasche. Image
Nei corridoi di Westiminster gira voce che 20 e + parlamentari siano pronti a chiedere le dimissioni di #Truss, favorendo l'ascesa di un ticket composto dall'ex Cancelliere dello Scacchiere, Rishi #Sunak, e dalla leader dei Comuni, Penny #Mordaunt. Image
Read 7 tweets
A bit of myth busting... the #BoE hasn't spent £65 billion to prop up the economy / bail out pension funds / save #KwasiKwarteng (or any variation)...

Instead, it has said it will buy gilts in 13 daily auctions, with a limit of £5bn each day.

Today it did just £22 *million*...
The aim of this policy is to cap gilt yields by signalling that the Bank will act as the buyer of last resort to prevent forced sales by pension funds from driving yields even higher.

If this signal is credible, the Bank will not actually have to buy anywhere near £65 billion.,,
The fact that it bought just £22 million today can also be seen as a sign that it is more comfortable with where yields are now. (Longer dated yields have fallen to around 4%.)

Note also that offers to sell today amounted to less than £2bn - a sign that the panic is easing.
Read 4 tweets
East Anglia Bylines: Should we believe these extraordinary polls?
For some months, opinion polls have showed a steady, slow shift in support from #Conservative to #Labour. But the last month has seen this accelerate dramatically, and all pollsters agree.
eastangliabylines.co.uk/should-we-beli…
/2 Be careful
Opinion polls are not predictions. They only tell us what people told a pollster on a particular day. Like real election results, they can be influenced by issues in the news at the time. When people are angry about a particular issue they may express that to a poll
/3 but later return to their original position. Poll results also have a margin of error, usually plus or minus 3-4%, so small differences should usually be ignored. It is never wise to give too much weight to a single poll, which can be influenced by random factors.
Read 5 tweets
Truss refuses to rule out public spending cuts as she defends substance, but not presentation, of mini-budget [and throws Chancellor under the bus]
Here are the main points from the Liz Truss BBC interview with Laura Kuenssberg.
theguardian.com/politics/live/… #TrussFails #TrussMustGo
/2 #LizTruss admits she should have ‘laid ground better’ before mini-budget and says cabinet not consulted about 45% top rate #TaxCuts : Truss defended the government’s controversial mini-budget in its entirety, accepting that the presentation could have been improved
/3 , but giving no indication that she wants to change the substance of it. Asked if she was committed to getting rid of the 45% top rate of tax (the most controversial element), she said she was.
Read 9 tweets
A 🧵on #benefits

#KwasiKwarteng’s reluctance to confirm that benefits will be uprated in line with #inflation has fed speculation that the government is considering a real-terms cut.

I’m going to explore this further, but at first sight it looks like a very bad idea...
To recap, benefits are usually uprated in April in line with the CPI measure of inflation recorded in the previous September. This meant that benefits rose by just 3.1% in April this year (the inflation rate in September 2021), well below actual inflation of 9.0% in April itself.
The row about this at the time was partly defused by additional one-off payments to low-income households.

But Ministers also argued that benefit claimants could expect to catch up next year when payments were uprated in line with the September CPI (probably about 10%).
Read 15 tweets
🧵 1) The Pound hits a record low, the cost of living crisis worsens, £billions are added to the National Debt. The UK MSM would be apoplectic and baying for blood if this happened under any Labour Govt.
#DontTrustTruss #ToryChaos #ToriesUnfitToGovern #ToryCostOfGreedCrisis.
2) Tory Cabinet Ministers & cronies with investments in UK Hedge funds have reportedly made a fortune "shorting the pound" ahead of profligate tax cuts proposed by UK PM #LizTruss and her Treasurer, Chancellor #KwasiKwarteng. This is corruption on a huge scale. Image
3) Prime Minister #LizTruss hosted a dinner for hedge fund managers shortly before her spending plans sparked a selling frenzy in sterling and gilts. “They were all supporters of Truss and every one of them was shorting the pound,” said a prominent source. Image
Read 7 tweets
Just catching up on #minibudget2022 ramifications: if businesses aren't "on their feet" #KwasiKwarteng might there be a correlation with a 10 year Tory rule? Or do you & @trussliz @BrineMP & @ReesMogg & all your colleagues abrogate your responsibilities? #GeneralElectionNow
#KwasiBudget trickle-down "advocates for a lower tax burden on the upper end of the economic spectrum". Economist John Kenneth Galbraith called it horse & sparrow: "If you feed the horse enough oats, some will pass through to the road for the sparrows."
independent.co.uk/voices/liz-tru…
@KwasiKwarteng @trussliz @hmtreasury @BrineMP I accuse you of #malfeasance: intentional conduct that is wrongful or unlawful, especially by officials or public employees. You are gambling with the economy justifying it with a ideology that has been debunked #GeneralElectionNow
Read 9 tweets
Reflections on the morning after - and especially the markets… 🧵

It may well take some time for the dust to settle on #KwasiKwarteng’s first #Budget (yes, 'Budget’: if it looks like a duck, walks like a duck and quacks like a duck, then it’s fair to call it a duck)...
The initial reaction from most economic commentators and in the financial markets has been a loud boo! There are some things I would have done differently. But the overall strategy is sound, and sentiment should recover as the economic benefits become clearer...
There are two aspects I particularly liked. One is the emphasis on breaking the ‘doom loop’ of weak economic growth and rising taxes, both with tax cuts and – at least as importantly – structural reforms on the supply-side...
Read 16 tweets
Nice to see Kwasi Kwarteng clearly taking a personal call at the Queens funeral and having a bit of a laugh

The chancellor can't even show any respect at this most solemn occasion

#queensfuneral
I mean, the fecking arrogance of this present government

Even a funeral is not sacred
Credit to Dr Bethany Usher @bethanyusher for originally posting this video
Read 6 tweets
#InsulateBritain #Labour calls on next Tory PM to make insulating homes a ‘national mission’
Shadow minister Ed Miliband says pensioners will go cold and bills will stay high if next occupant of No 10 fails to act fast
theguardian.com/money/2022/aug…
#CostOfLivingCrisis #EnergyCrisis
/2 “If the Conservatives were serious about cutting energy bills, they could start right now, by delivering the #WarmHomesPlan that #Labour has called for.
/3 “A proper national mission would save 19 million families over £1,000 on their bills, as well as creating good construction jobs, and boosting our energy security.”

Miliband said the government had done nothing on insulation since Keir Starmer called for an urgent plan
Read 6 tweets

Related hashtags

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3.00/month or $30.00/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!