Politico: Liz Truss' honeymoon canceled as pound plummets and UK borrowing costs soar

[brooklynite]

Politico

LIVERPOOL, England — As an inexperienced leader taking charge of a country in crisis, Liz Truss knew she needed to hit the ground running this month.

But three weeks into her fledgling premiership, the new U.K. prime minister finds herself scrambling to stay ahead of events as last Friday's tax-cutting mini-budget spooked financial markets, sending Britain's borrowing costs soaring and the pound tumbling to all-time low.

“If you start going off on a dangerous tangent," one former Tory Cabinet minister mused, "the markets will intervene.”

And intervene they did. The pound fell to a record low against the dollar Monday morning as markets reacted to the biggest package of tax cuts in 50 years, a plan that raised expectations borrowing will surge.

[brooklynite]

1. Tory MPs furious with Liz Truss and Kwasi Kwarteng as pound crashes

The Guardian

Conservative MPs were furious with Liz Truss and Kwasi Kwarteng as the pound continued to crash on Monday, with some talking of a new leadership contest and others terrified that replacing her would lead to an early election.

Tory backbenchers – many former supporters of Rishi Sunak – expressed deep concern that the new leadership team had already lost them the next election, with one Conservative MP even saying he was looking forward to entering opposition as “this madness has got to end”.

Others were openly speculating about whether Truss could be ousted by a fresh vote of confidence, although she could not be removed under the current leadership rules for another 12 months, or challenging the government by voting down the finance bill.

However, several centre-right Conservatives who survived Boris Johnson’s cull of the moderates in 2019 said they were very concerned that the whip would be removed from those who spoke out against Truss or tried to vote down her finance bill, destroying the “one nation” wing of the party for good at the next election.

[TheBlackAdder]

6. Can we lend then Lauren Boebert & Marjorie Greene for their next move consultation?

.

And no, I'm not trying to start a war with the UK.

.

[crickets]

2. K&R for visibility.

[roamer65]

3. The pound will soon be worth less than $1 US.

[MOMFUDSKI]

4. I lived there in '66 and '67 and

the pound was $2.80 at that time. Talk about a DIVE.

[maxsolomon]

5. Man I'm ready to head over there!

Or at least buy a couple LPs online.

[Celerity]

7. Fuck The Tories

Label: Rondelet Music & Records – ROUND 23
Format:
Vinyl, 7", 45 RPM, EP
Country: UK
Released: 1982
Genre: Rock
Style: Punk