Is the UK doomed?

Huge parts of the midlands as well.

By this time next year, the UK will be punching in the same weight class as Ireland or New Zealand.

asanas

Surprised this thread hasn't been resurrected earlier. For anyone not following, Liz Truss was elected by Conservative members 45 days ago but she didn't receive the backing of conservatives in parliament. Seen to be on the libertarian wing of the party, on 23rd of September she announced the biggest tax cuts in half a century.

The markets reacted negatively as the Bank of England had raised interest rates a week earlier and Truss's move was seen as antagonistic and would mean rates would quickly go even higher, leaving government bonds bought by investors over the past few years effectively worthless as nobody wants them at such low interest. This meant pension funds who are the main purchaser of government bonds were dangerously exposed.

In addition, they signalled there would be borrowing to fill the deficit caused by their tax cuts, and the plan to pay it back was a vague promise about growth - the Laffer Curve argument. The markets didn't believe it would have such as an effect and pulled investment out of the UK fearing it would default which caused the £sterling to crash pushing costs up for importers.

In an embarrassing episode, the free marketeers didn't understand the free market.

To calm things, the chancellor Kwasi Kwarteng was fired, they were forced to U turn on the tax cuts and the support program given to help with the spiralling energy costs has been curtailed as borrowing is now predicted to be higher because of the carnage. The new chancellor has said further reductions in spending are required, sounding the starting pistol for the second successive decade of government cuts.

Conservatives get most of their votes from homeowners, pensioners and business people and to have screwed all three over in a single sitting by fuelling mortgage rate rises, imperilling pension funds and increasing import costs in an effort to create a low-tax low-regulation fantasy is absolutely spectacular.

As a result of all this, Truss has no authority and nobody is in charge.

Polls are not looking for and a possible total wipeout of conservatives is increasingly so they can't call an early election but they can't agree on who should take over now she's resigned.

At one of the most crucial and difficult times for Britain in decades, it basically doesn't have a government.

Does anyone think this Tory incompetence, Brexit, and an unpopular new monarch will cause Scotland to finally vote for independence and for Northern Ireland to request a release from the UK and a merger with the Republic of Ireland?

Open image

Lettuce turn over a new leaf.

Nobody will take us seriously ever again if Boris comes back in office

The mad trannies won't vote to leave as we subsidise them too much.

As an American, I don't pretend to know much about UK politics. I do find it interesting and funny when the Prime Minister goes before Parliament and gets his/her @zz torn asunder by the opposition. Some times I wish we had that over here. It makes for good TV viewing.

As for Boris Johnson, a great ally for the US and Ukraine. But It's difficult to take a man seriously that doesn't know how to comb his hair.

My two USA cents.

P.S. How's the Pound doing vs. the Dollar?

Don't forget Wales, then Cornwall, maybe Geordie Land. And Scousers have never regarded themselves as part of the UK anyway.

You should move to Kenya then, enjoy a wealthy country instead of the poor one you live in.

It really isn't looking good. Despite what I've posted on this thread, such bleak reports give me no joy. And so much for blaming Brexit because the EU isn't booming either.

There should be exemptions for the excellent pension that is given to ex PMs. What a cluster.

Actually sad that I was right about that sh!t storm of a mini budget and what followed.

The situation is concerning.

Can it still be turned around? Given the wider context of the world today, I'm not overly optimistic unfortunately. How did it all go so wrong?

Might be a last minute buyer for Wilko (maybe) which would be good news. I know it's not huge but this is an important retailer...