Decades of energy policy stupidity by all UK governments since the 90's is the problem.

Might be helpful to stop hindsight blaming and look forward for solutions.

Global markets are being driven by the US Fed and it's interest rates, not because of Kwarteng's speech.

The FTSE is a component of the global markets.

Some are taking the view that a low GBP vs the USD presents an opportunity to buy UK stocks as you could get ROE appreciation as well as any dividend and possible price increase.

Look at the way the UK economy is moving in March next year to have a nascent view of what the effect of the fiscal event is.

Edited by HKOwen (27 Sep 2022 12.20am)

Responsibility Deficit Disorder is a medical condition. Symptoms include inability to be corrected when wrong, false sense of superiority, desire to share personal info no else cares about, general hubris. It's a medical issue rather than pure arrogance.

People back then took out 105% mortgages then went off on expensive holidays or bought expensive cars.

Pure self indulgence, no sympathy from me.

The lenders were out of control you could literally fill in afew forms ina bank or building society and walk out with a firm offer with no proof of earnings or financial status.

I know this from first hand experience, I was visiting the UK and had an hour to kill so went into a lender in Bury St Edmunds. I was offered a loan of 300K on a yet to be chosen property with no proof of income and having declared I did not live in the UK.

They even called me a few times to encourage me to take up the offer.

Responsibility Deficit Disorder is a medical condition. Symptoms include inability to be corrected when wrong, false sense of superiority, desire to share personal info no else cares about, general hubris. It's a medical issue rather than pure arrogance.

So Labour are proposing a new public owned Green Energy Giant however I am not sure what that actually means.

Is this just New Labour speak for nationalisation?

I think we need a little more info about what he means.

One more point

Has the IMF really asked the Chancellor to do a U turn? That's embarrassing because it suggests they believe he doesn't know what he is doing.

Presumably, Kwarteng sacked the head of the Treasury on his first day in the job because he didn’t want anyone around who might offer him good advice?

Denial is not just a river in Egypt

This is my view (not the climate bit!), however the crash in the bond market is concerning for cautious investors. Global equity portfolios are only narrowly in the red this calendar year so not quite the doom and gloom being reported.

If I had spare cash I could take a long term view on, I’d be pilling into the market now.

The IMF is there to assist not call out Governments.
It is a ridiculous statement by their Chairman - an ex EU Chair of some sort - all politics and there to cause problems.
The pound v dollar is interesting - there are lots of people making millions betting on it and until that calms down we won't know where we are.
No one mentions the Euro and parity with the dollar - hmm!
Are we in a good place - no we are not.
Is it as bad as the moaners are saying - no it is not.
The Bank of England and Andrew Bailey have a lot to answer for here.
Their job is to keep an eye on what is going with inflation and it was at 6% before Putin did his thing and Bailey told us not to worry - it is only temporary - yeh - right!
What a t***!
He should have taken action then and not left it so late.
He forecast the recession - he should know - because he is causing it when he could have headed it off at the pass a while ago.
Loads of people to blame from the Government to Putin to China for Covid, to the B of E, to profiteers - the list is endless but it is a perfect storm.
I would rather take stock again in a few weeks time.
As for Starmer and his antics - he doesn't mention bailing people out over energy etc. plus tax cuts which also wanted.
As far as his speech was concerned it is all down to the Tories and nothing or no one else at all.

Edited by The Dolphin (28 Sep 2022 3.59pm)