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Post by stuart1974 on Sept 26, 2022 10:54:39 GMT
It would be funny if it wasn't so serious.
"Samuel Mather-Holgate of Swindon-based advisory firm, Mather & Murray Financial:
The markets clearly don't think Kwarteng's budget is credible, so some of his policies need to be re-thought and then retracted. This country is being run by a confederacy of dunces."
Looks like interest rates will go up again soon and sharply. I remortgage just before the announcement, but feel for those coming off fixed rates in the next year or so.
Has Liz Truss decided to become the PM with the shortest tenure in office? The knives will be sharpening already.
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Post by stuart1974 on Sept 26, 2022 10:57:51 GMT
Starmer to renationalise the railways . Chooo chooo 🚂! 👏 Taking remaining franchises back in house when they expire I guess. As I understand it, Network Rail is under government control already as are some of the franchises. Has he still ruled election reform (PR) and the Single Market? |
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Post by peterparker on Sept 26, 2022 11:04:20 GMT
It would be funny if it wasn't so serious. "Samuel Mather-Holgate of Swindon-based advisory firm, Mather & Murray Financial: The markets clearly don't think Kwarteng's budget is credible, so some of his policies need to be re-thought and then retracted. This country is being run by a confederacy of dunces." Looks like interest rates will go up again soon and sharply. I remortgage just before the announcement, but feel for those coming off fixed rates in the next year or so. Has Liz Truss decided to become the PM with the shortest tenure in office? The knives will be sharpening already. my fix is up in October. My mortgage goes up til I am 60, so the way things are going reckon i will be stretching it out another 5 years to get the payments down if they are talking of 6% base rate. Thankfully i have a bit of wiggle room. |
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Post by peterparker on Sept 26, 2022 11:50:39 GMT
Oh yes, Rishi Sunak called this mess
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yattongas
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Post by yattongas on Sept 26, 2022 11:53:27 GMT
This gov is going to implode. General election next spring is my prediction.
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yattongas
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Post by yattongas on Sept 26, 2022 11:58:11 GMT
It would be funny if it wasn't so serious. "Samuel Mather-Holgate of Swindon-based advisory firm, Mather & Murray Financial: The markets clearly don't think Kwarteng's budget is credible, so some of his policies need to be re-thought and then retracted. This country is being run by a confederacy of dunces." Looks like interest rates will go up again soon and sharply. I remortgage just before the announcement, but feel for those coming off fixed rates in the next year or so. Has Liz Truss decided to become the PM with the shortest tenure in office? The knives will be sharpening already. my fix is up in October. My mortgage goes up til I am 60, so the way things are going reckon i will be stretching it out another 5 years to get the payments down if they are talking of 6% base rate. Thankfully i have a bit of wiggle room. Some 10 yr fixes are a bit cheaper than 5 yrs . Have a look |
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Post by fintanstack on Sept 26, 2022 12:06:37 GMT
It is impressive that Truss trying her best is already worse than Boris not giving a sh**.
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Post by stuart1974 on Sept 26, 2022 12:14:26 GMT
This gov is going to implode. General election next spring is my prediction. Wouldn’t be surprised, though not sure on how it'll occur. MPs won't vote for it and I can't see Truss calling it voluntarily. One thing being taken from the Labour conference is their confidence is up. |
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Post by peterparker on Sept 26, 2022 12:17:24 GMT
my fix is up in October. My mortgage goes up til I am 60, so the way things are going reckon i will be stretching it out another 5 years to get the payments down if they are talking of 6% base rate. Thankfully i have a bit of wiggle room. Some 10 yr fixes are a bit cheaper than 5 yrs . Have a look i mean adding 5 years to the mortgage term got 20 years left so make it 25 years. I am currently in the lowest loan to value bracket as well so I am about as well covered as I can be, but still going to sting come October. Will definitely be shopping around this time and not just sticking with who I am with |
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Post by stuart1974 on Sept 26, 2022 15:24:18 GMT
The Chancellor will announce a medium term plan on 23 November. I wonder if the current incumbent will be the one presenting it. 🤔
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Post by peterparker on Sept 26, 2022 15:32:26 GMT
the whole tone here, will be the same for a lot of people. Serious stuff unless someone gets a grip
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Post by peterparker on Sept 26, 2022 15:41:36 GMT
BoE statement
The Bank is monitoring developments in financial markets very closely in light of the significant repricing of financial assets.
Quote Message: In recent weeks, the government has made a number of important announcements. The government’s Energy Price Guarantee will reduce the near-term peak in inflation. Last Friday the Government announced its Growth Plan, on which the Chancellor has provided further detail in his statement today. I welcome the government’s commitment to sustainable economic growth, and to the role of the Office for Budget Responsibility in its assessment of prospects for the economy and public finances.
In recent weeks, the government has made a number of important announcements. The government’s Energy Price Guarantee will reduce the near-term peak in inflation. Last Friday the Government announced its Growth Plan, on which the Chancellor has provided further detail in his statement today. I welcome the government’s commitment to sustainable economic growth, and to the role of the Office for Budget Responsibility in its assessment of prospects for the economy and public finances.
Quote Message: The role of monetary policy is to ensure that demand does not get ahead of supply in a way that leads to more inflation over the medium term. As the MPC has made clear, it will make a full assessment at its next scheduled meeting of the impact on demand and inflation from the government’s announcements, and the fall in sterling, and act accordingly. The MPC will not hesitate to change interest rates as necessary to return inflation to the 2% target sustainably in the medium term, in line with its remit.
The role of monetary policy is to ensure that demand does not get ahead of supply in a way that leads to more inflation over the medium term. As the MPC has made clear, it will make a full assessment at its next scheduled meeting of the impact on demand and inflation from the government’s announcements, and the fall in sterling, and act accordingly. The MPC will not hesitate to change interest rates as necessary to return inflation to the 2% target sustainably in the medium term, in line with its remit.
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yattongas
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Post by yattongas on Sept 26, 2022 15:51:31 GMT
We’re all f**ked aren’t we ? Confirmed ✅ |
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yattongas
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Post by yattongas on Sept 26, 2022 16:00:05 GMT
the whole tone here, will be the same for a lot of people. Serious stuff unless someone gets a grip We were just on the verge of putting our house on the market ( today or tomorrow) , seriously thinking of pulling out now . Halifax pulling all mortgages , Bank of England making emergency statements and talk of 6% base rate by March ….. sod that for a game of soldiers. One good thing to come out of all this is never ever again can francegas or his loony Tory voting mates claim that the Conservatives are good for the economy. They’ve wrecked it . |
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Post by trevorgas on Sept 26, 2022 16:05:15 GMT
the whole tone here, will be the same for a lot of people. Serious stuff unless someone gets a grip We were just on the verge of putting our house on the market ( today or tomorrow) , seriously thinking of pulling out now . Halifax pulling all mortgages , Bank of England making emergency statements and talk of 6% base rate by March ….. sod that for a game of soldiers. One good thing to come out of all this is never ever again can francegas or his loony Tory voting mates claim that the Conservatives are good for the economy. They’ve wrecked it . At the risk of getting a barrage I'm not sure how people have got themselves into this position,surely they factored in rate rises etc as we have done in the past,or is that to simple a view? |
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Post by trevorgas on Sept 26, 2022 16:06:32 GMT
We’re all f**ked aren’t we ? Confirmed ✅ Some are more fooked than others! |
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Post by stuart1974 on Sept 26, 2022 16:06:55 GMT
the whole tone here, will be the same for a lot of people. Serious stuff unless someone gets a grip We were just on the verge of putting our house on the market ( today or tomorrow) , seriously thinking of pulling out now . Halifax pulling all mortgages , Bank of England making emergency statements and talk of 6% base rate by March ….. sod that for a game of soldiers. One good thing to come out of all this is never ever again can francegas or his loony Tory voting mates claim that the Conservatives are good for the economy. They’ve wrecked it . My In laws need to sell to fund their social care.......🙄 |
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yattongas
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Post by yattongas on Sept 26, 2022 16:09:03 GMT
We were just on the verge of putting our house on the market ( today or tomorrow) , seriously thinking of pulling out now . Halifax pulling all mortgages , Bank of England making emergency statements and talk of 6% base rate by March ….. sod that for a game of soldiers. One good thing to come out of all this is never ever again can francegas or his loony Tory voting mates claim that the Conservatives are good for the economy. They’ve wrecked it . At the risk of getting a barrage I'm not sure how people have got themselves into this position,surely they factored in rate rises etc as we have done in the past,or is that to simple a view? Because all thinking was that the base rate wouldn’t go back over 3-4% . Of course it *could* and everyone with half a brain knows this but that’s what nearly every pundit was saying . Just waiting for someone to come along and say it’s was 15% in my day 🙄 |
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Post by trevorgas on Sept 26, 2022 16:09:53 GMT
BoE statement The Bank is monitoring developments in financial markets very closely in light of the significant repricing of financial assets. Quote Message: In recent weeks, the government has made a number of important announcements. The government’s Energy Price Guarantee will reduce the near-term peak in inflation. Last Friday the Government announced its Growth Plan, on which the Chancellor has provided further detail in his statement today. I welcome the government’s commitment to sustainable economic growth, and to the role of the Office for Budget Responsibility in its assessment of prospects for the economy and public finances. In recent weeks, the government has made a number of important announcements. The government’s Energy Price Guarantee will reduce the near-term peak in inflation. Last Friday the Government announced its Growth Plan, on which the Chancellor has provided further detail in his statement today. I welcome the government’s commitment to sustainable economic growth, and to the role of the Office for Budget Responsibility in its assessment of prospects for the economy and public finances. Quote Message: The role of monetary policy is to ensure that demand does not get ahead of supply in a way that leads to more inflation over the medium term. As the MPC has made clear, it will make a full assessment at its next scheduled meeting of the impact on demand and inflation from the government’s announcements, and the fall in sterling, and act accordingly. The MPC will not hesitate to change interest rates as necessary to return inflation to the 2% target sustainably in the medium term, in line with its remit. The role of monetary policy is to ensure that demand does not get ahead of supply in a way that leads to more inflation over the medium term. As the MPC has made clear, it will make a full assessment at its next scheduled meeting of the impact on demand and inflation from the government’s announcements, and the fall in sterling, and act accordingly. The MPC will not hesitate to change interest rates as necessary to return inflation to the 2% target sustainably in the medium term, in line with its remit. [b So far they've failed spectacularly on most of their brief should have raised rates 1% last time,if they do it know looks like panic,current Chair failed at the FCA and is doing the same here |
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yattongas
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Post by yattongas on Sept 26, 2022 16:10:32 GMT
We were just on the verge of putting our house on the market ( today or tomorrow) , seriously thinking of pulling out now . Halifax pulling all mortgages , Bank of England making emergency statements and talk of 6% base rate by March ….. sod that for a game of soldiers. One good thing to come out of all this is never ever again can francegas or his loony Tory voting mates claim that the Conservatives are good for the economy. They’ve wrecked it . My In laws need to sell to fund their social care.......🙄 Don’t panic …… the wealth will trickle down very soon I’m sure . |
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