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That Parris is an irrelevant prick, desperately trying to remain relevant.
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@antipodean said in British Politics:
Done to protect Pension funds with risky hedging strategies from what I've been told. Pension managers haven't factored in risks from anything but small rises in interest rates and gilt yields - despite being warned for some time.
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@Catogrande said in British Politics:
That Parris is an irrelevant prick, desperately trying to remain relevant.
The Stephen Jones of political correspondents.
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@TeWaio said in British Politics:
Hearing triple pension lock likely to go, HS2 scrapped, Bailey being made the fall guy for the utterly bonkers gilt/sterling volatility and Truss/Kwarteng staying the course. Good all around I reckon.
Much as though I'd like to see HS2 scrapped, I don't think that is going to happen. There's too much capital (political and otherwise) invested in the project and it's assumed a totemic life all of its own. The vested-interest pigs at that £140bn trough aren't just going to squeal if they can't gorge anymore, they'll try and burn the house down too.
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U-turn on the 45p tax rate.
Expect Truss may be gone by Christmas as Conservative MPs continue to tear themselves apart and prefer in-fighting to sensible stuff like actually governing.
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Disappointing to see such a quick U turn on a flagship strategy due to kow-towing to the shouty brigade.
It reminds me of a comment on Tony Blair back along "Tony is a man of principle and if you don't like those principles, he'll get some more".
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@Catogrande said in British Politics:
Disappointing to see such a quick U turn on a flagship strategy due to kow-towing to the shouty brigade.
When the shouty brigade are your own MP's who didn't want you as PM in the first place. Tory MPs talking to the press about changing the rules to give themselves the final say on who's PM
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Complete joke. Absolute banana republic.
Shitty media, corrupt IMF, make the IMF look squeaky clean Moodys / S&P.
Govt pays 100b energy, 45b tax cut for all and the 2b cut to push growth / attract higher earners gets all the talk and must be overturned. All while job vacancies at record highs.
Disgusting, disgraceful, shambolic.
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@MajorRage said in British Politics:
Complete joke. Absolute banana republic.
Shitty media, corrupt IMF, make the IMF look squeaky clean Moodys / S&P.
Govt pays 100b energy, 45b tax cut for all and the 2b cut to push growth / attract higher earners gets all the talk and must be overturned. All while job vacancies at record highs.
Disgusting, disgraceful, shambolic.
Growth and productivity is too difficult. Let's just have a quiet life, sit back and enjoy our rising house prices and appear virtuous on social issues.
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@Victor-Meldrew said in British Politics:
@antipodean said in British Politics:
Done to protect Pension funds with risky hedging strategies from what I've been told. Pension managers haven't factored in risks from anything but small rises in interest rates and gilt yields - despite being warned for some time.
The investment banks have sold UK pensions funds derivatives covering billions of GBP, and charged hundreds of millions in fees. Pension Regulator, who’s about as knowledgeable as a local council treasurer, was entirely on board.
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@Victor-Meldrew said in British Politics:
@MajorRage said in British Politics:
Complete joke. Absolute banana republic.
Shitty media, corrupt IMF, make the IMF look squeaky clean Moodys / S&P.
Govt pays 100b energy, 45b tax cut for all and the 2b cut to push growth / attract higher earners gets all the talk and must be overturned. All while job vacancies at record highs.
Disgusting, disgraceful, shambolic.
Growth and productivity is too difficult. Let's just have a quiet life, sit back and enjoy our rising house prices and appear virtuous on social issues.
Raising productivity requires higher interest rates and some good old fashioned creative destruction.
Hard to balance against Tory members’ housing and share portfolios?
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@MajorRage said in British Politics:
Complete joke. Absolute banana republic.
Shitty media, corrupt IMF, make the IMF look squeaky clean Moodys / S&P.
Govt pays 100b energy, 45b tax cut for all and the 2b cut to push growth / attract higher earners gets all the talk and must be overturned. All while job vacancies at record highs.
Disgusting, disgraceful, shambolic.
If Credit Suisse goes parts of Europe won’t be looking shit hot.
IMF heads are mouthpieces. More sense from BIS.
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@pakman said in British Politics:
@Victor-Meldrew said in British Politics:
@antipodean said in British Politics:
Done to protect Pension funds with risky hedging strategies from what I've been told. Pension managers haven't factored in risks from anything but small rises in interest rates and gilt yields - despite being warned for some time.
The investment banks have sold UK pensions funds derivatives covering billions of GBP, and charged hundreds of millions in fees. Pension Regulator, who’s about as knowledgeable as a local council treasurer, was entirely on board.
Oh, fucking tell me. I think I was a regulated person when the BoE ran things and my Project Management Office & processes were vetted for compliance by a bloke who knew his stuff and made it clear he was on the end of the phone if I wanted any help or advice in the future.
When the FSA took over, they sent some 22 yr old Big 4 graduate consultant to check and she didn't have a clue.
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@Victor-Meldrew said in British Politics:
@pakman said in British Politics:
@Victor-Meldrew said in British Politics:
@antipodean said in British Politics:
Done to protect Pension funds with risky hedging strategies from what I've been told. Pension managers haven't factored in risks from anything but small rises in interest rates and gilt yields - despite being warned for some time.
The investment banks have sold UK pensions funds derivatives covering billions of GBP, and charged hundreds of millions in fees. Pension Regulator, who’s about as knowledgeable as a local council treasurer, was entirely on board.
Oh, fucking tell me. I think I was a regulated person when the BoE ran things and my Project Management Office & processes were vetted for compliance by a bloke who knew his stuff and made it clear he was on the end of the phone if I wanted any help or advice in the future.
When the FSA took over, they sent some 22 yr old Big 4 graduate consultant to check and she didn't have a clue.
If we ever have a UK Fern hook up I’ll share some of my stories. Suffice it to say, not a fan.
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@MajorRage said in British Politics:
Can anybody translate what this actually means for me? I know nothing of the gilt market and how it really works:
I know the summary that BoE announced 65bln buyback to prop it up, but the fact they only bought 25mil and rejected 1.8bln means what exactly?
It means that pension funds tried to stuff BofE with £1.8bn of bonds at silly prices.
Bank set a price which it saw as reasonable, but only £25m offered at that level.
Pension funds tried it on and got the cold shoulder.
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@pakman said in British Politics:
If we ever have a UK Fern hook up I’ll share some of my stories. Suffice it to say, not a fan.
Oh, I know one bloke who was criticised by the FSA and fined for not following correct procedures on managing Personal Pensions. Only problem was he managed a number of portfolios for corporate pension schemes...
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@pakman said in British Politics:
@Victor-Meldrew said in British Politics:
@pakman said in British Politics:
@Victor-Meldrew said in British Politics:
@antipodean said in British Politics:
Done to protect Pension funds with risky hedging strategies from what I've been told. Pension managers haven't factored in risks from anything but small rises in interest rates and gilt yields - despite being warned for some time.
The investment banks have sold UK pensions funds derivatives covering billions of GBP, and charged hundreds of millions in fees. Pension Regulator, who’s about as knowledgeable as a local council treasurer, was entirely on board.
Oh, fucking tell me. I think I was a regulated person when the BoE ran things and my Project Management Office & processes were vetted for compliance by a bloke who knew his stuff and made it clear he was on the end of the phone if I wanted any help or advice in the future.
When the FSA took over, they sent some 22 yr old Big 4 graduate consultant to check and she didn't have a clue.
If we ever have a UK Fern hook up I’ll share some of my stories. Suffice it to say, not a fan.
I'm washing my hair that night.
British Politics