Brexit and the waning days of the United Kingdom

[Richard Hakluyt]

Interesting BBC article on the experiences and thoughts of some recent immigrants from Hong Kong :

https://www.bbc.co.uk/news/uk-62658669

[Josquius]

What saddens me about this replacing EU for non EU people is that so many seem to think this is fine. Fairer even.
It's like there's a complete inability to understand the difference between having all the same rights as a British employee and being completely beholden to your employer and thus less willing to challenge illegal practices or change employer.

[HVC]

What saddens me about this replacing EU for non EU people is that so many seem to think this is fine. Fairer even.
It's like there's a complete inability to understand the difference between having all the same rights as a British employee and being completely beholden to your employer and thus less willing to challenge illegal practices or change employer.

To paraphrase the ferengi of DS9 " You don't understand. British workers don't want to stop the exploitation. We want to find a way to become the exploiters."

[HVC]

Already doing that, about 40,000 so far. Last time I visited London the area I stayed in was a "little Manila" in the making.

I live very close to one of our Philippino neighbourhoods.  Make great bbq. Rest of the food... not so good.

[Tamas]

The pound has hit a new 37-year low after the bonanza of tax cuts and spending measures in Kwasi Kwarteng's mini-budget threatened to undermine confidence in the UK.

Sterling fell to $1.077 in early trading when Asia-Pacific markets opened after the weekend, closer to parity with the US dollar.

[Josquius]

A theory I've heard mooted which makes a lot of sense... The tories know what they're doing is shit.
They also know they're going to lose the next election so are engaging in scorched earth tactics to stop Labour doing anything progressive that isn't just mending things and give valuable attack lines.
Which already starts.

https://mobile.twitter.com/KwasiKwarteng/status/1573571412241121280

[Tamas]

A theory I've heard mooted which makes a lot of sense... The tories know what they're doing is shit.
They also know they're going to lose the next election so are engaging in scorched earth tactics to stop Labour doing anything progressive that isn't just mending things and give valuable attack lines.
Which already starts.

https://mobile.twitter.com/KwasiKwarteng/status/1573571412241121280

The ones currently in charge would not sacrifice their careers on the altar of whoever would come after a Labour government.

[mongers]

'Liz Trusts Crazy Kwarteng.'

A Sterling crisis already?

That's quite impressive, most experts are expecting one in around 6 months time.

[Richard Hakluyt]

Must be a record; the only thing that held them up was the official mourning for the Queen.

It even took Ted Heath a couple of years before he fucked everything up.

[mongers]

Must be a record; the only thing that held them up was the official mourning for the Queen.

It even took Ted Heath a couple of years before he fucked everything up.

:Lol:

Also I can remember the Barber crash, my old man was a builder, what would be called a property developer nowadays, and it smashed his business; here's hoping it doesn't/does crash the property market.

[Syt]

Cold War Steve on Twitter meanwhile:


https://twitter.com/coldwarsteve/status/1573729586499788800?s=20&t=M1-JKzMulHBDo3Y-NtuuAw



https://twitter.com/coldwarsteve/status/1574131459622838272?s=20&t=M1-JKzMulHBDo3Y-NtuuAw

[mongers]

That's some slide.

[Richard Hakluyt]

It has rallied since to 1.079; but that appears to be based on the idea of an emergency Bank of England meeting to increase interest rates by 1%.

I wouldn't put it past these gormless cockwombles to do an EWrdogan though 

[Tamas]

It is of course slightly dishonest from Guardian etc. that it is not mentioned that the USD is exceptionally strong since the Fed decided to fight inflation and the EU and UK decided to pretend to fight it, but even so the pound's weakness is staggering since the mini-budget announcement.

And in any case, if we are facing a headwind (strength of the USD) I would propose that the best way to counter it  is NOT pissing right into it. Truss and Kwarteng seem to disagree though.

Well, they disagree if they think anything of the matter. I still have not seen any evidence that they thought this through more than looking Thatcher-like by helping Kwarteng be popular at banker parties. I know we are supposed to be excited about all the de-regulation coming to bring about the second coming, but that so far has been a promise so vague even Johnson would blush.

[Tamas]

I think it reduces the chances of all this being a genius plot to revolutionise the British economy that its chief architect is just too shellshocked to talk to the BBC: https://twitter.com/BBCPolitics/status/1574367429379211265?s=20&t=9Wxb_4mJaP1S_9-BydtMaw

EDIT: I don't know if its legit but one comment there shows screenshots of Kwarteng's declarations and a Reuters article to show that the hedge fund Kwarteng was (is?) a consultant for just made 145% on betting against UK bonds. That's nice.

EDIT#2: Meanwhile:

The price of UK five-year government bonds is now below both Italy and Greece, a decade after the eurozone debt crisis was gripping markets.

UK gilts have fallen more than Italy's government bonds today too, despite the far-right Brothers of Italy party winning the most votes in Sunday's election.