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Liz Truss resigns as UK prime minister. (Read 1466 times)
Bobby.
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Liz Truss resigns as UK prime minister.
Oct 20th, 2022 at 10:55pm
 
Liz Truss resigns as UK prime minister


https://edition.cnn.com/uk/live-news/liz-truss-prime-minister-intl-gbr/index.htm...


7 min ago
How Truss destroyed her own premiership within weeks
From CNN's Rob Picheta in London

...




Liz Truss’s resignation brings to an ignominious end her catastrophic tenure in Downing Street, which appeared doomed ever since Truss’s flagship economic agenda sent markets into panic and led to a fall in the value of the pound.

She won support from Conservatives members by promising low-tax, pro-growth policies – derided by her critics as a lurch towards trickle-down economics – but within weeks of coming to power she disavowed the plans in a humiliating pivot, firing her Chancellor Kwasi Kwarteng and ditching virtually all of the fiscal agenda in the wake of a market backlash.

It came after investors rejected an announcement by the Truss government in late September that it would slash taxes while ramping up borrowing in a bid to produce faster growth, citing concerns that the plan would push up inflation just as the Bank of England wants to bring it down.

Fears also crept in about the sustainability of government debt at a time of rapidly rising interest rates.

The pound crashed to a record low against the US dollar, while bond prices slumped, sending yields soaring. That pushed mortgage rates much higher, and brought some pensions funds to the brink of default.

The Bank of England was forced to announce three separate interventions to avoid a full-scale meltdown in the UK government bond market.

Truss meanwhile failed to regain control of an increasingly mutinous Conservative Party, and her Home Secretary Suella Braverman launched a blistering attack on her leadership after leaving the role on Wednesday.

A final chaotic display saw Truss allies accused of manhandling lawmakers to force them to vote against a fracking ban on Wednesday evening.
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Bobby.
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Re: Liz Truss resigns as UK prime minister.
Reply #1 - Oct 20th, 2022 at 10:57pm
 
https://www.bbc.com/news/live/uk-politics-63309400


Summary

Prime Minister Liz Truss has resigned as UK prime minister
in a statement outside Downing Street


    She said she could not deliver the mandate on which she was elected as Tory leader and had notified the King that she was resigning
    There will be a Conservative leadership election to be completed within the next week, she said
    "I will remain as Prime Minister until a successor has been chosen," she said
    Her departure after 45 days in office makes her the shortest-serving PM in UK history
    Truss's premiership as been in turmoil since her mini-budget last month, which rocked markets and was later scrapped by her new chancellor
    The resignation of her home secretary on Wednesday and a chaotic vote in the Commons sealed her fate
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chimera
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Re: Liz Truss resigns as UK prime minister.
Reply #2 - Oct 20th, 2022 at 11:36pm
 
Trump for Israel or UK or Russia or Scotland.
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Bobby.
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Re: Liz Truss resigns as UK prime minister.
Reply #3 - Oct 20th, 2022 at 11:37pm
 
chimera wrote on Oct 20th, 2022 at 11:36pm:
Trump for Israel or UK or Russia or Scotland.



Trump will be the UK's new PM.
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Re: Liz Truss resigns as UK prime minister.
Reply #4 - Oct 21st, 2022 at 1:38am
 
Bobby. wrote on Oct 20th, 2022 at 10:55pm:
She won support from Conservatives members by promising low-tax, pro-growth policies – derided by her critics as a lurch towards trickle-down economics – but within weeks of coming to power she disavowed the plans in a humiliating pivot, firing her Chancellor Kwasi Kwarteng and ditching virtually all of the fiscal agenda in the wake of a market backlash.




Exactly what Republicans want for America.
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I know progress has no patience but something's got to give
 
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Bobby.
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Re: Liz Truss resigns as UK prime minister.
Reply #5 - Oct 21st, 2022 at 5:42am
 
https://edition.cnn.com/2022/10/20/uk/liz-truss-resigns-analysis-intl-gbr-cmd/in...

Liz Truss’ resignation leaves a party in tatters and a nation in despair


Luke McGee
Analysis by Luke McGee, CNN
Updated 3:24 PM EDT, Thu October 20, 2022



London CNN  —

Even by recent standards, Thursday was a jaw-dropping day in British politics.

Liz Truss, a born-again Brexiteer who took over from Boris Johnson a mere six weeks ago, announced that she was to resign. In her wake, she leaves an economic crisis precipitated by a “growth plan” full of unfunded tax cuts, and a Conservative Party that may be in office, but is most certainly not wielding much power.

It is hard to overstate just how much impact Truss’ accession to the top job had on British politics in such a short space of time. Her radical economic policy proposals – even before they were even enacted – caused the pound to sink to its lowest level against the dollar in decades.

The turmoil caused government bonds to soar, which had a negative impact on government borrowing and, more perilously, real people’s pension funds. The rise in interest rates forced up mortgage repayments, and lenders scrambled to pull their products from the market, dashing the hopes of prospective homeowners almost overnight.

Faced with the fury of her own party – for whom fiscal discipline had, for so long, been a watchword – Truss capitulated. She sacked her finance minister, lost her home secretary and has created even more divisions in a party that has been tearing itself to shreds ever since the 2016 Brexit vote.

It was only a matter of time before she was forced out.

Politicians across the divide are asking the same question that the majority of the country are probably asking themselves: What on earth happens now?
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Bobby.
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Re: Liz Truss resigns as UK prime minister.
Reply #6 - Oct 21st, 2022 at 7:15am
 
Looks like Boris will be back.  Smiley
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Lisa Jones
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Re: Liz Truss resigns as UK prime minister.
Reply #7 - Oct 21st, 2022 at 7:37am
 
WHAT THE HELL?????

😳😳😳😳😳😳😳😳
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If I let myself be bought then I am no longer free.

HYPATIA - Greek philosopher, mathematician and astronomer (370 - 415)
 
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Lisa Jones
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Re: Liz Truss resigns as UK prime minister.
Reply #8 - Oct 21st, 2022 at 7:39am
 
!!  Please take note Australia !!

Fears also crept in about the sustainability of government debt at a time of rapidly rising interest rates.

The pound crashed to a record low against the US dollar, while bond prices slumped, sending yields soaring. That pushed mortgage rates much higher, and brought some pensions funds to the brink of default.

The Bank of England was forced to announce three separate interventions to avoid a full-scale meltdown in the UK government bond market.
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If I let myself be bought then I am no longer free.

HYPATIA - Greek philosopher, mathematician and astronomer (370 - 415)
 
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chimera
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Re: Liz Truss resigns as UK prime minister.
Reply #9 - Oct 21st, 2022 at 8:35am
 
Australia's first female prime minister, Julia Gillard, has been sacked by her party just months before the next election and replaced by the man she ousted three years ago. Boris has been in late-night crisis talks with Lord Kevin of Rudd and sharpening his kitchen knives.
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Bobby.
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Re: Liz Truss resigns as UK prime minister.
Reply #10 - Oct 21st, 2022 at 8:51am
 
Lisa Jones wrote on Oct 21st, 2022 at 7:39am:
!!  Please take note Australia !!

Fears also crept in about the sustainability of government debt at a time of rapidly rising interest rates.

The pound crashed to a record low against the US dollar, while bond prices slumped, sending yields soaring. That pushed mortgage rates much higher, and brought some pensions funds to the brink of default.

The Bank of England was forced to announce three separate interventions to avoid a full-scale meltdown in the UK government bond market.



Hi Lisa,
it's all about modern monetary theory - MMT.
Govts. print Govt. bonds and the Reserve bank buys them by printing money.
It's funny money that is created out of nothing.
It causes inflation and even hyperinflation -
it robs people of their life savings and puts the Govt. into debt they can never pay off -
they just print more Govt. bonds to cover the debt -
and it spirals in to total collapse of the financial system.

Unfortunately the last 10 years of Libbo Govt here created $1 trillion of such debt
as they went on a spending spree like drunken sailors
with money they didn't have.
I am very worried about it.

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« Last Edit: Oct 21st, 2022 at 8:58am by Bobby. »  
 
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Gordon
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Re: Liz Truss resigns as UK prime minister.
Reply #11 - Oct 21st, 2022 at 8:56am
 
BBB
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IBI
 
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Bobby.
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Re: Liz Truss resigns as UK prime minister.
Reply #12 - Oct 21st, 2022 at 9:02am
 
Gordon wrote on Oct 21st, 2022 at 8:56am:
BBB


????

https://acronyms.thefreedictionary.com/BBB
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greggerypeccary
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Re: Liz Truss resigns as UK prime minister.
Reply #13 - Oct 21st, 2022 at 10:24am
 
Bobby. wrote on Oct 20th, 2022 at 10:55pm:
Liz Truss resigns as UK prime minister



...
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Lisa Jones
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Re: Liz Truss resigns as UK prime minister.
Reply #14 - Oct 21st, 2022 at 10:43am
 
Bobby. wrote on Oct 21st, 2022 at 8:51am:
Lisa Jones wrote on Oct 21st, 2022 at 7:39am:
!!  Please take note Australia !!

Fears also crept in about the sustainability of government debt at a time of rapidly rising interest rates.

The pound crashed to a record low against the US dollar, while bond prices slumped, sending yields soaring. That pushed mortgage rates much higher, and brought some pensions funds to the brink of default.

The Bank of England was forced to announce three separate interventions to avoid a full-scale meltdown in the UK government bond market.



Hi Lisa,
it's all about modern monetary theory - MMT.
Govts. print Govt. bonds and the Reserve bank buys them by printing money.
It's funny money that is created out of nothing.
It causes inflation and even hyperinflation -
it robs people of their life savings and puts the Govt. into debt they can never pay off -
they just print more Govt. bonds to cover the debt -
and it spirals in to total collapse of the financial system.

Unfortunately the last 10 years of Libbo Govt here created $1 trillion of such debt
as they went on a spending spree like drunken sailors
with money they didn't have.
I am very worried about it.



Whatever happened to the good old fashioned traditional core value of LIVING WITHIN YOUR MEANS? It matters not what $$$ comes into your weekly budget ... find ways to live by that amount. Cut back wherever possible if that's what it takes.

The way I've structured our budget is as follows :

1. Borrow only for real estate. 

2. Everything else is paid for by cash/cash transfer.

3. Always ensure you have extra available funds to cover emergency expenses such as funerals.

4. Review all incoming bills. It won't hurt to double check that you're paying the most cost effective telecommunications charges, car/house etc insurance premiums.

5. Now this is something I've not spoken much about because a lot of people might find it hard to believe .... give money to those less fortunate. It could be a monthly amount to various charities or people around you who are hurting financially. Just give it a try (if you can afford to of course). You'll find that the amount you give will come back to you twice or even 3 times over. And that's been my experience. Please don't ask me to explain this phenomenon because I can't. But it's true. And many people swear by it - not just me.

Back to the topic though .... I so wish our government representatives exercised sustainable economic debt restraint. God help us if we follow in the footsteps of the UK's economic crisis. 🥺

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If I let myself be bought then I am no longer free.

HYPATIA - Greek philosopher, mathematician and astronomer (370 - 415)
 
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