21 Comments
  1. Meanwhile, it’s now the fault of the *next* Labour government

    [https://conservativehome.com/2022/09/28/daniel-hannan-no-the-pound-isnt-crashing-because-of-a-trifling-batch-of-tax-cuts/](https://conservativehome.com/2022/09/28/daniel-hannan-no-the-pound-isnt-crashing-because-of-a-trifling-batch-of-tax-cuts/)

  2. You’ve got to love how these guys will go so hard on all the usual outdated “free market” ideological lines.

    Right up until those free markets do the things they are supposed to do and reveals how nationally damaging the policies put forwards actually are.

  3. Why would city bankers listen?

    They only want to make money so if anything they will increase the amount of Pounds they are selling when the Chancellor is this desperate.

  4. Kwasi Kwarteng is an adviser to an investment fund that is currently shorting the pound.

    Forgive me if I’m not convinced he’s *begging* bankers not to sell it.

  5. “But guys cant you see I’m trying I even opened a GCSE exonomis text book with pictures to do this plan. Please stop selling guys your making me look bad” – 5 head Kwasi

  6. I’m betting he won’t elaborate on why he’s claiming that his easy, lazy decision to cut the top tax rate was somehow a “tough choice”..

  7. And with the removal of the bankers bonus cap they’ll be really motivated to make huge short term profits from exactly things like this

  8. It’s he going to offer them another tax cut to get them to behave? Because of the Queens death he’s only been in the job working for a week and is still easily the worst chancellor I’ve ever seen.

  9. lOw TaXeS mEeN mOaR mOnEyS – kwartengonomics 101.

    The man’s a grade A cunt. It’s either insanely incompetent or malicious.

  10. Chancellor Kwasi Kwarteng is due to meet bankers today in an effort to calm nerves after his mini-budget spooked the markets and sent the pound crashing.

    Sky News understands he will ask financiers not to bet against the pound, which has fallen to record lows against the dollar in recent days.

    He is also expected to underline his commitment to fiscal discipline and will talk about a “Big Bang 2.0 event” from his growth plan.

    Politics live: Kwarteng holds call with nervous Tory MPs

    The government has denied he will be asking bankers not to short the pound.

    The chancellor is facing international pressure to change course after he unveiled the biggest programme of tax cuts for 50 years in his mini-budget last Friday.

    In an extraordinary statement on Tuesday, the International Monetary Fund (IMF) said it was “closely monitoring” developments in the UK and urged Mr Kwarteng to “re-evaluate the tax measures”.

    It said that the plans, including the abolition of the 45p rate of income tax for people earning more than £150,000, are likely to increase inequality.

    The Bank of England (BoE) has signalled it was ready to significantly ramp up interest rates to shore up the pound and guard against increased inflation.

    The chancellor has insisted he is “confident” his strategy will deliver the promised economic growth.

    Last night he spoke by phone to Tory MPs at a time of growing anger on the backbenches over the government’s strategy.

    IMF hits out at mini-budget – live updates.

    Some have been openly expressing concerns about the new economic approach, and the effect it has had on financial markets, saying the party risks trashing its reputation for managing the economy with voters.

    Veteran Conservative MP Sir Roger Gale says that another financial crash may be on the way.

    Speaking to Good Morning Britain, he said the situation amounts to a “perfect storm”.

    He added: “I’m sadly old enough to remember the last financial crash.

    “When… people would come into the surgery in tears because they were losing homes and they were losing businesses.

    “It was not a pretty sight and I don’t want to see it happen again.”

    Chancellor defends budget in phone call with Tory MPs

    Sky News understands that the chancellor stood by his decision to cut taxes for the highest earners on his call yesterday, telling MPs “it was a tough choice but the right choice”.

    Sky’s economics and data editor Ed Conway takes a look at the most recent numbers on the pound’s volatility.

    Read More:
    More mortgage providers pull deals over rate rise fears
    ‘End of NHS’ if chancellor doesn’t reverse mini-budget

    He argued his fiscal strategy was focused on the medium-term, and was aimed at showing voters “we can be more efficient in how we spend taxpayers’ money”.

    He went on to say that the economic situation would be better in 2024, before what he said was always going to be a “tricky” general election – with Labour currently surging ahead in the polls.

    He told MPs that he was establishing a “good working relationship” with the governor of the Bank of England and was in daily contact with him.

    He also acknowledged that markets had been volatile but said they were now “settling down” and argued the turmoil reflected a frustration that the markets had not known everything that was included in the mini-budget.

  11. It’s a bit late, he and Truss need to be kicked out. The pair of them haven’t got a clue and have tanked the economy

  12. He is going to stipe the state in November to pay for those tax cuts – everything is going to go. We are about to loose all out EU law protection too. We are going to find ourselves back in the 1820s before the next election.

  13. “Finance sector, please illegally destroy the value of all of your hedge funds, pensions, ect. for us”

  14. Why would anyone hold it? On paper it looks like an emerging market asset class. You just have to do a double take when you find out it’s the UK!

    – Budget deficit -6%

    – Current account deficit -3%

    – >10% inflation

    – Debt 95% of GDP

    – Low base rate of 2.25%

    – Poor export market (reserves not needed).

    ​

    All the above and then the government announces further borrowing and tax cuts!

  15. The chancellor is to “beg”?

    If that is his response, it is unequivocable proof he is in over his head. He has what, 3rd highest office in the country behind PM and Home Secretary and he is “begging”.

    ​

    Get the fuck out.

  16. This is spraying blood in the water to these sharks.

    They will lever up now lol.

  17. Interest rates climbing ever higher while the pound continues its demise…

    That half trillion debt we took on a couple of years back is already starting to look really ominous, if things aren’t handled right now we’ll be borrowing even more at much higher rates to cover the original debt. Or doing a Greece…

  18. Maybe they’d agree if they hadn’t just had their bonuses uncapped

  19. “dear unscrupulous ghouls, please don’t make cash off my play to let my unscrupulous ghoul donors short the pound”.

  20. He holds meeting with city bankers to calm them down… He holds meeting with WallStreet bankers to calm them down… What about the public? When is he going to calm down the hand that feeds him? Or has he already?

  21. Isn’t this an exaggerated headline? If you read the article there’s actually very little detail about who he is meeting and the subject of the meetings. Yet I’m seeing this ‘KWASI TO BEG BANKERS NOT TO SELL POUND’ headline everywhere

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