So Kamikwasi Wasn't All Bad Then........

[ToraToraTora]

https://news.sky.com/story/bank-of-englands-unprecedented-bond-market-intervention-yields-3-8bn-profit-12785237

[Gromit]

The fiasco cost the country £30billion.
So clawing back £3.8Billion is a fantastic result.
3 Prime Ministers and the economy is a basket case.
Will the country trust them again after such fiscal irresponsibility?

[youngmafbog]

//The fiasco cost the country £30billion.//

What absolute garbage. No idea how the markets work but you spout this drivel continually.

[Hopkirk]

If a profit was made, it's not a reason to praise Trussenomics.

[Deskdiary]

"3 Prime Ministers and the economy is a basket case."

A large part of why the economy is in trouble (although there was growth reported today for November), is because of the disastrous decision to lockdown the country in 2020 and pay people to sit on their backsides.

I said at the time it was a mistake and would have to be paid for, and was routinely called a Covidiot, selfish, and a granny killer amongst various other things.

You agreed with the lockdown and furlough Gromit. I remember it well, because throughout that period when you were bandying about your no context statistics, you supported it.

I think the Covid period was poorly handled by the Government, simply because contrary to the tested plans, they did lockdown; I said it was wrong, and it's proven to be so, add to that the money wasted with T&T, PPE etc..., it was a sihtshow, but, people (including you) were demanding action.

Ukraine, which has added to the current state of the economy, has not helped, and good luck with trying to blame that on the Government.

By the way, who knows whether the Truss plans wouldn't have worked given time? You certainly don't, and neither do I.

The whinging and whining now from people who supported the folly of lockdown and furlough would be laughable, if it wasn't so bad for the economy.

[Peter Pedant]

Grom-grom I am at a loss that people who dis
agree with you ( YMF please note) do not abuse you
but gently chide you

Figures on a balance sheet can always be disputed - I know I have compiled a few !

Rishi's budget which replaced the 'go for growth' budget was low on growth and that lack wouild have to be addressed

problem is, the Beeb seem to be talking out of their arriss these days

[ichkeria]

The shocker about Kwazimodo's budget was borrowing money to give tax cuts to the better off - with the economy already in difficulty!
Sunak explained patiently to Truss why it was bonkers and was proved 100 per cent correct.
The economy may be in difficulties due to whatever you care to blame it on, but that isn't the point.

[THECORBYLOON]

"It will offset some of the losses from the Bank's quantitative easing programme - which is forecast to lose anywhere from £50bn to £200bn in the next decade."

[Deskdiary]

^^^your point being?

[Hymie]

As Gromit says this fiasco cost the country £30 Billion (calculation by the Resolution Foundation).

Quite why people are so willing to claim as false reasoned costings, posted on this site is a mystery to me – it’s like arguing with people who believe that the earth is flat, or that the moon landings were faked.

[Zacs-Master]

As I’ve pointed out before, The Resoloution Foundation is run by Torsten Bell former Director of Policy for the Labour Party. When they say they’re ‘independent’ they’re clearly not.

[ToraToraTora]

gromit: "The fiasco cost the country £30billion. " - repeating your favourite lie does not make it true. The Budget was NOT implemented. BOE used QE now they are using QT and making a profit it seems. Try and learn how central banks work, it may help you make less of a fool of yourself when the subject is discussed.

[ToraToraTora]

gromit: "You agreed with the lockdown and furlough Gromit. I remember it well, because throughout that period when you were bandying about your no context statistics, you supported it. " - supported? He loved it! wanted it to last longer and even yearned for more.

[10ClarionSt]

Central Banks work by ripping people off. If you don't borrow money or don't have an overdraught, then you are a poor customer.

[ToraToraTora]

Hymie, good to see you back, I was missing your daily brexit thread.

[ZebuSanctuary]

T&K (NB: K had a doctorate in Economic History) between them implemented measures based on the Keynesian model.

Albeit bold steps in an attempt to reverse the ills of the UK economic climate, unfortunately T&K had overlooked that such doctrine is ineffective against Stagflation.

[ZebuSanctuary]

// Banks work by ripping people off //

Is it not fair to say, up until recently many borrowers had enjoyed very low interest rates. This enabling them for example, to purchase bigger properties?

[ToraToraTora]

10cs: "Central Banks work by ripping people off" - well I thought gromit was ignorant in this area, but that takes the biscuit!

[10ClarionSt]

Banks like Lloyds ripped the whole country off when they went whingeing for bail outs. Maybe that was an event akin to The Emperors New Clothes for some people.

[ZebuSanctuary]

// Lloyds ripped the whole country off when they went whingeing for bail outs. //

Yet this bailout has been paid back in full.

In fact it's reported the taxpayer made £900m profit when the govt sold its stake in Lloyds.

Imagine the alternative had Lloyds not been bailed.

[ToraToraTora]

10cs: "Banks like Lloyds ripped the whole country off when they went whingeing for bail outs. " - how long have they been a central bank? Anyway the government made a good profit out of the bank bail out.