Pound vs Dollar and the wider economy. Right to feel pessimistic?

[Sam_Brown]

50 year low apparently and mortgage rates set to shoot up soon as well.

Apparently letters of no confidence already going in for Truss. I get the feeling the phrase “may you live in interesting times” were designed for times such as these.

I really don’t get the mentality of last weeks budget and then you realise the chancellor used to be on the board of a company that’s made an absolute ****** bomb from shorting the pound. Is this the Brexit people voted for? When will things get better and why are we doing worse than most of the other developed world?

[New Forester]

Problems? Some of us not only lived through the post WW2 years in real poverty but then with a growing young family endured inflation over 20% mortgage rates of 15% and a doubling of house prices in a 12 month period. Things will get better one day. Just be grateful you were not born late in the 19th century. Study history to realise how lucky we are to live in this country, yes, even in these difficult times. Things will bet better, but probably worse before they do. Enjoy the pleasures still available - like following Pompey.

[Pompey1984+1]

Problems? Some of us not only lived through the post WW2 years in real poverty but then with a growing young family endured inflation over 20% mortgage rates of 15% and a doubling of house prices in a 12 month period. Things will get better one day. Just be grateful you were not born late in the 19th century. Study history to realise how lucky we are to live in this country, yes, even in these difficult times. Things will bet better, but probably worse before they do. Enjoy the pleasures still available - like following Pompey.

With the exception of the post war years - we might be able to live through a comparable time...what a time to be alive.

I won't be able to afford to watch Pompey soon... I barely can make unless it's local or the stars align while I'm away with work...

[New Forester]

"Things will bet better" Sorry, must check before posting! get better not bet better.

[pompeygunner]

I must admit I'm feeling very pessimistic about the economy. From the depths of my memory I recall Heath doing this in the early 70's as in "trickle down". It didn't work.
I cannot fathom borrowing only to give it away in tax cuts. It seems crazy to me & if in 2 yrs it hasn't worked then hard times may well be coming sadly.
I read that some in the city of london are already calling the chancellor Kamikwasi. Its easy to see why.
I checked my private pension fund, 20k knocked off of it!!

[Sam_Brown]

I must admit I'm feeling very pessimistic about the economy. From the depths of my memory I recall Heath doing this in the early 70's as in "trickle down". It didn't work.
I cannot fathom borrowing only to give it away in tax cuts. It seems crazy to me & if in 2 yrs it hasn't worked then hard times may well be coming sadly.
I read that some in the city of london are already calling the chancellor Kamikwasi. Its easy to see why.
I checked my private pension fund, 20k knocked off of it!!

The fact they also released the new budget without consulting the BOE or "the city" worries me as well. Plus that they managed to some how sell it as a "mini budget" so that the OBR didn't have to release a economic forecast. None of the cuts seem to have been costed at all and the BOE monetary policy committee isn't due to sit until November so it could be a few months until we get any sort of clarity on what's going on and how the BOE will respond.

I'm not surprised the market is worried. Forget boom and bust! This seems like they are hoping for bust and boom. I wonder if they are hoping the economy tanks so any increases in the future seem larger by comparison by the time we get to the next election? Similar to how they keep on claiming we have the fastest growth in the whole of the EU despite the face we were starting from a much lower point. .

[Sam_Brown]

Listening to Starmer give his conference speech. Very good and well reasoned policies. Not voted in over a decade but think I will do at the next election.

[Weybridge]

Listening to Starmer give his conference speech. Very good and well reasoned policies. Not voted in over a decade but think I will do at the next election.

And after getting behind proportional representation yesterday, and promoting a nationalised green energy industry today, I think there could be a Green Party coalition in the offing too.

[Betelgeuse]

Listening to Starmer give his conference speech. Very good and well reasoned policies. Not voted in over a decade but think I will do at the next election.

And after getting behind proportional representation yesterday, and promoting a nationalised green energy industry today, I think there could be a Green Party coalition in the offing too.

Jesus I hope not...

[Pompey55]

Listening to Starmer give his conference speech. Very good and well reasoned policies. Not voted in over a decade but think I will do at the next election.

And after getting behind proportional representation yesterday, and promoting a nationalised green energy industry today, I think there could be a Green Party coalition in the offing too.

Jesus I hope not...

Starmer has made it absolutely clear proportional representation will not be Labour policy for the foreseeable future, conference will often vote for things on the activists wish list but rarely do they become official policy.
Actually it would benefit Labour a great deal as it takes on average 33000 voters per Tory MP but 48000 per Labour with the current system due to the Labour vote being concentrated in cities whereas Tory voters have a great urban/rural spread

[FatBlueAde]

Saw a tweet earlier:

Traders are referring to Truss as “Daggers” - as in Dagenham, 2 stops past Barking…

Loved that!

[Sam_Brown]

Listening to Starmer give his conference speech. Very good and well reasoned policies. Not voted in over a decade but think I will do at the next election.

And after getting behind proportional representation yesterday, and promoting a nationalised green energy industry today, I think there could be a Green Party coalition in the offing too.

Jesus I hope not...

Starmer has made it absolutely clear proportional representation will not be Labour policy for the foreseeable future, conference will often vote for things on the activists wish list but rarely do they become official policy.
Actually it would benefit Labour a great deal as it takes on average 33000 voters per Tory MP but 48000 per Labour with the current system due to the Labour vote being concentrated in cities whereas Tory voters have a great urban/rural spread

I don't blame Kier for not wanting to platform on a manifesto based on PR. It would drastically change the narrative of the next election and probably would play into the Tory hands after how badly the last referendum on AV did in 2011. Almost 70% against.

[Dinksy]

We should thank our lucky stars we haven't got a Labour government borrowing huge amounts of money and getting the country deep into debt.
Oh, hang on.....

[GreenBlue]

And after getting behind proportional representation yesterday, and promoting a nationalised green energy industry today, I think there could be a Green Party coalition in the offing too.

We can but hope. With the Lib Dems too and Nichola's lot up north it could be a very powerful coalition. Who knows, they may also be able to sort out the disastrous mess that is Brexit.

[Kingo]

It's not just the lunatic borrowing. It's the giving almost all of it to people who don't need it. When some describe Truss as a vile human being, that's a compliment.