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Extraordinary that the PM asked his own Chancellor to replace his advisers with Number 10 ones, and extraordinary that a Chancellor of the Exchequer resigns in a reshuffle in this way...

PM really wants to assert his position as First Lord of the Treasury.
Blog - will the new Chancellor at the Budget, stick to the looser but binding fiscal rules announced by Sajid Javid? Or was he brought in by the First Lord of the Treasury to borrow and spend more?

bbc.co.uk/news/business-…
From the former top Treasury official:
Will the Javid fiscal rules remain? - not getting clarity on that yet, not getting a firm yes.

If they change that, then OBR forecast process alone very tight for March budget date, let alone policy changes....

🔥 🔥
“No self respecting minister....”

Blimey

Javid in letter to the PM
“I would urge you to ensure the Treasury as an institution retains as much credibility as possible” 🔥 🔥
Number 10 strikes back...
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More from @faisalislam see all

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Faisal Islam
@faisalislam
NEW:

G7 finance minister and central bankers issue statement after call “closely monitoring spread of coronavirus and impact on markets and economic conditions”
“Reaffirm commitment to use all appropriate policy tools.. including fiscal measures.” home.treasury.gov/news/press-rel…
“G7 central banks will continue to fulfill their mandates, thus supporting price stability and economic growth while maintaining the resilience of the financial system,” which doesnt sound like for example concerted rate cuts...
Would have loved to have heard G7 call. Presumably Mnuchin backing Trump’s call for Fed to cut... perhaps wanted some G7 cover for that..maybe Italians want ECB too as well. Does pressure from White House make it more difficult for others to acquiesce?
Read 3 tweets
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Faisal Islam
@faisalislam
Coronavirus: UK Govt action plan is here: assets.publishing.service.gov.uk/government/upl…
“In a stretching scenario it is possible that up to one fifth of employees may be absent from work during peak weeks”... that’s 5-6 million workers.

CMO says peak weeks mean several weeks, and their current efforts are meant to push the peak out beyond other winter infections
Basic Contain/ Delay/ Research/ Mitigate strategy explained...
Read 5 tweets
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Faisal Islam
@faisalislam
Governor Carney - Coronavirus “economic shock could prove large but will ultimately be temporary”
Bank will “take all necessary steps” consistent with statutory responsibilities

FPC/MPC & FCA met jointly yesterday.
Gov Carney says BoE analysing scenarios incl
- extent to which supply disruptions have demand consequences incl impacts on cashflow
- addressing constraints on financing to businesses that might emerge
- reviewing contingency plans of banks, incl split teams and remote working
“Reasonable to expect a response that reflects a combination of fiscal measures and central bank initiatives...”: Carney... talked about possible changes to capital buffers in order to help banking system support viable firms working capital
Read 9 tweets

Related threads

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Alex Andreou
@sturdyAlex
All day people @BethRigby, @bbclaurak, @GaryGibbonBlog etc reported Javid quitting as a major upset; a #reshuffle gone horribly wrong. For hours, senior No.10 figures tried to make Javid reconsider. By #Newsnight @nicholaswatt decided it was a masterful plan brilliantly executed.
It is so tiresome watching the narrative mutate and bend to Downing Street’s will and eventually reported as irrefutable fact.
Watt’s reporting has been toxic for months now. We might as well have one of those North Korean newscasters reading what is handed to them with mad fervour. At least they don’t pretend to be journalists.
Read 3 tweets
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Cab Davidson #FBPE
@gnomeicide
OK. Been putting this off. Coronavirus and what I think you need to know. A thread thats going to just be a brain dump over an unspecified period of time. By me. A microbiologist. But not that kind of microbiologist. (1)
Firstly, its a virus. This is basic stuff and beneath many of you to need to be told, but it means its not a whole living thing on its own. To reproduce it needs to find a host, where it latches on to a cell, injects its own information, and makes more of itself (2)
...think of it as being a bit of genetic code wrapped in stuff. The stuff in this case is a protein mix that sticks up on the outside forming a sort of crown (or 'corona') when you look at it using an electron microscope. Hence, coronavirus. (3)
Read 206 tweets
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EowynOakheart
@EowynOakheart
Truth:

AAAAUUUGGGHHH THIS ONE WAS ALSO GREAT!! Oh my god. 😂👍🏻
Chloe's truth-spit is the best kryptopower so far by a LOT. But she was also a total bitch about it, though. Wow.

Hey Chloe? Outing a football player in 2004 Kansas might have ruined or, in a worst-case scenario, ended his life. FYI.
Clark's awkward "MOM WHERE DO YOU WANT THESE" to stop Martha blabbing at Chloe when he came wandering in holding groceries in a way no human ever has before was legitimately some of the best acting Welling has done in the series. It was GOLD. 🤣
Read 753 tweets
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Forest Grump
@teef2
An open letter to my late wife Bea about grief, loneliness and hope.

#way

I just about qualified as Widowed And Young when you died, being as I was 48 in February 2017. I've documented much of that journey before in my blog so I'm not going to rehash that.

1/10
In the intervening 2 and a half years I'd almost got to the point of acceptance. I've enjoyed life but no matter how good the night out, how much fun the race, it was still an empty bed I returned to. You persisted in being gone despite how much I told you I missed you.

2/10
I've kept things going and I still tidy up and arrange the cushions on the bed as I know you'd like that. I wasn't living though, your memory tied me to a past I could not return to. I done my best for the kids but I'm afraid the garden's a mess, I will sort it.

3/10
Read 10 tweets
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Best For Britain #StopBrexit
@BestForBritain
Former Trade Sec/Current No-Deal Enthusiast, Peter Lilley tells #PM: HMRC at ports needn't carry out more checks after No Deal "they can give priority to flow over compliance". Turn the UK into a smugglers' paradise, while DEMANDING Irish/EU border stays open? Yah, sure, Pete.~AA
Lilley went on to claim there's an "outside fear French authorities may deliberately slow things down at Calais... we don't control Calais, Calais may decide to be obstructive." All but the most ardent Brexiters must now see excuses are being prepared for the oncoming chaos. ~AA
Incredible stuff, even by Brexit standards. Peter Lilley says “President Macron might declare something a bit like the Berlin Blockade”. Then when asked by @EvanHD how exactly we went from “sunlit uplands” three years ago, to this, he blames Remain for “Project Fear”. ~AA
Read 3 tweets
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Baskar Ganapathy
@BaskarG
One of the main traits or KPI for a PM should be their ability to have a strong validation customer / expert council whether the folks are using your product or not (former is better :) #pm @numberzofficial
They should have the trust and respect to a point where these folks will answer your question via whatsapp or just a quick call #pm @numberzofficial
Would love to hear thoughts on how it is done esp in B2B SaaS business’ cc @prasanna_says #pm @numberzofficial
Read 3 tweets

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