The Liz Truss thread . . .

[jivvy]

Liz Truss resigns as prime minister becoming shortest serving UK PM

Thu, 20 October 2022 at 7:36 pm

Liz Truss resigns as PM after just 45 days in Downing Street

Liz Truss has confirmed she is resigning as prime minister after 45 days in office, becoming the shortest serving PM in UK history.

Truss has faced calls to quit over the disastrous fallout from her mini-budget, with pressure ramping up ever since following a series of screeching U-turns that saw party unity disintegrate.

In a brief statement outside Downing Street, Truss said: "I recognise… given the situation I cannot deliver the mandate on which I was elected by the Conservative Party.”

She confirmed she had spoken to the King in order to inform him that she was stepping down.

Her successor will be chosen within a week, though no details as to the process have yet been given.

[Roger]

The deficit of tax receipts to settle Govt spending has just been announced for September, being GBP20 billion, (5 billion more than the OBR forecast for September). It's always hard to get one's head around figures of this size . . . but I make that around GBP3,000 per head of UK population. In one month. How the hell can that be sustained . . . . ?

I guess that shows why the markets were so spooked by the barmy plans of Truss and Kwarteng.

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Spending per head of population by the Govt was about GBP 3,000 per head (GBP 36,000 p.a.) in the one month of September - even the OBR set it at GBP 2,250 per head. To have been proposing an extra GBP 45,000,000,000 p.a. on top of that rate of increasing debts - no wonder the market baulked at it.

At a rate of extra borrowing per head of population of GBP 36,000 per head p.a., that's more than many people earn ?

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OMG   

[jivvy]

"At a rate of extra borrowing per head of population of GBP 36,000 per head p.a., that's more than many people earn ?"

It has to cover:
The Unemployed
The workshy
The immigrants.( legai and illegal)
The moonlighters on benifit
etc..etc..etc
certainly not to help and assist pensioners, especially those of us on frozen pensions

[Roger]

Jivvy I see where you are coming from. I am sure I heard a Politician say yesterday that there were 9 million people of working age NOT in employment atm - that seems astounding - (I'll try to find the source for that).

I see Rishi Sunak is now reported as reaching 100 votes - I'm hoping the others fall short so Sunak goes through without the Members having to vote at all. Perhaps BJ might be Foreign Secretary in an RS Govt? (that's not to forget that BJ has yet to face those charges of misleading the H of C so he is still in the mire).

Just absorbed the details of this Leadership run - IF there is more than one candidate with 100+ MP votes the MP's get an 'indicative' (meaningless) vote and after 'hustings', the Tory Members vote. What b*llocks that is ! After all, that went well last time didn't it ? OMG

Good to see the Tories are learning from their mistakes . . . NOT !

[caller]

I am hoping Sunak takes over.  It will certainly calm the hysteria.

[Roger]

I agree Caller - let's hope Johnson doesn't get to 100 so it's all over on Monday 

[jivvy]

Found this

[Alfie]

Boris Johnson shouldn't be allowed to stand, neither should Suella Braverman. Gove and Hunt have both said they won't stand. It seems to me that Rishi Sunak is the obvious choice to replace Truss.

[Roger]

Jivvy thanks for the cartoon and you are not alone in your feelings.

It drives me quite mad that illegal immigration continues without any effective action.

Alfie it's Sunak as you say so let's see what the Sunak Govt can do   

Now loony Liz has been moved out, I guess this thread will soon fade . . . .

[Roger]

I'm sure Brits have noticed KK emerging at last in the media today, reporting that prior to the minibudget, he told Truss that she was 'going too fast'. Nice try KK.

BUT you were Chancellor and you should have resigned when she refused your advice. That is, rather than going on to announce the Budget as if it was your own, you know, as Chancellor.

What crap this Govt has served up this year. Now come on Rishi - I have some faith in YOU.

[Roger]

Liz Truss seeks to explain the debacle of Kwarteng's mini-budget thus :-

" . . . she reveals that in the run-up to the mini-Budget, no one there highlighted any risks to pension funds - which would trigger unprecedented volatility in the gilt market - to either her or Mr Kwarteng.

"At no point during any of the preparations for the mini-Budget had any concerns about Liability-Driven Investments (LDIs) and the risk they posed to bond markets been mentioned at all to me, the Chancellor or any of our teams by officials at the Treasury," she says."

Excuse me but I am astounded that the PM and the Chancellor apparently didn't KNOW ANYTHING AT ALL THEMSELVES about these matters. In itself that is a serious condemnation of UK politics that these numpties were put in charge.

I am not a Tory or a particular fan of Rishi Sunak, but I am reassured that he does seem to know a little but he has an unenviable task ahead in trying to manage the currently ungovernable UK   

https://www.telegraph.co.uk/politics/2023/02/04/liz-truss-tory-conservative-party-sunak-economy/