Discover and read the best of Twitter Threads about #KwasiKwarteng
Most recents (7)
Se pensate che il caos politico sia all'ordine del giorno solo in Italia allora non sapete cosa sta accadendo in Inghilterra, dove la premier Liz #Truss ha appena licenziato il suo Cancelliere dello Scacchiere, l'equivalente del ministro dell'Economia, Kwasi #Kwarteng. 
Trattasi di mossa disperata da parte del primo ministro, decisa a sacrificare il suo uomo dei conti per provare a salvare se stessa. Dopo poche settimane a Downing Street, infatti, i Tories che l'hanno issata alla guida del partito sembrano averne già piene le tasche.
A bit of myth busting... the #BoE hasn't spent £65 billion to prop up the economy / bail out pension funds / save #KwasiKwarteng (or any variation)...
Instead, it has said it will buy gilts in 13 daily auctions, with a limit of £5bn each day.
Today it did just £22 *million*...
Instead, it has said it will buy gilts in 13 daily auctions, with a limit of £5bn each day.
Today it did just £22 *million*...
The aim of this policy is to cap gilt yields by signalling that the Bank will act as the buyer of last resort to prevent forced sales by pension funds from driving yields even higher.
If this signal is credible, the Bank will not actually have to buy anywhere near £65 billion.,,
If this signal is credible, the Bank will not actually have to buy anywhere near £65 billion.,,
The fact that it bought just £22 million today can also be seen as a sign that it is more comfortable with where yields are now. (Longer dated yields have fallen to around 4%.)
Note also that offers to sell today amounted to less than £2bn - a sign that the panic is easing.
Note also that offers to sell today amounted to less than £2bn - a sign that the panic is easing.
A 🧵on #benefits…
#KwasiKwarteng’s reluctance to confirm that benefits will be uprated in line with #inflation has fed speculation that the government is considering a real-terms cut.
I’m going to explore this further, but at first sight it looks like a very bad idea...
#KwasiKwarteng’s reluctance to confirm that benefits will be uprated in line with #inflation has fed speculation that the government is considering a real-terms cut.
I’m going to explore this further, but at first sight it looks like a very bad idea...
To recap, benefits are usually uprated in April in line with the CPI measure of inflation recorded in the previous September. This meant that benefits rose by just 3.1% in April this year (the inflation rate in September 2021), well below actual inflation of 9.0% in April itself.
The row about this at the time was partly defused by additional one-off payments to low-income households.
But Ministers also argued that benefit claimants could expect to catch up next year when payments were uprated in line with the September CPI (probably about 10%).
But Ministers also argued that benefit claimants could expect to catch up next year when payments were uprated in line with the September CPI (probably about 10%).
🧵 1) The Pound hits a record low, the cost of living crisis worsens, £billions are added to the National Debt. The UK MSM would be apoplectic and baying for blood if this happened under any Labour Govt.
#DontTrustTruss #ToryChaos #ToriesUnfitToGovern #ToryCostOfGreedCrisis.
#DontTrustTruss #ToryChaos #ToriesUnfitToGovern #ToryCostOfGreedCrisis.
2) Tory Cabinet Ministers & cronies with investments in UK Hedge funds have reportedly made a fortune "shorting the pound" ahead of profligate tax cuts proposed by UK PM #LizTruss and her Treasurer, Chancellor #KwasiKwarteng. This is corruption on a huge scale.
3) Prime Minister #LizTruss hosted a dinner for hedge fund managers shortly before her spending plans sparked a selling frenzy in sterling and gilts. “They were all supporters of Truss and every one of them was shorting the pound,” said a prominent source.
Just catching up on #minibudget2022 ramifications: if businesses aren't "on their feet" #KwasiKwarteng might there be a correlation with a 10 year Tory rule? Or do you & @trussliz @BrineMP & @ReesMogg & all your colleagues abrogate your responsibilities? #GeneralElectionNow
#KwasiBudget trickle-down "advocates for a lower tax burden on the upper end of the economic spectrum". Economist John Kenneth Galbraith called it horse & sparrow: "If you feed the horse enough oats, some will pass through to the road for the sparrows."
independent.co.uk/voices/liz-tru…
independent.co.uk/voices/liz-tru…
@KwasiKwarteng @trussliz @hmtreasury @BrineMP I accuse you of #malfeasance: intentional conduct that is wrongful or unlawful, especially by officials or public employees. You are gambling with the economy justifying it with a ideology that has been debunked #GeneralElectionNow
Reflections on the morning after - and especially the markets… 🧵
It may well take some time for the dust to settle on #KwasiKwarteng’s first #Budget (yes, 'Budget’: if it looks like a duck, walks like a duck and quacks like a duck, then it’s fair to call it a duck)...
It may well take some time for the dust to settle on #KwasiKwarteng’s first #Budget (yes, 'Budget’: if it looks like a duck, walks like a duck and quacks like a duck, then it’s fair to call it a duck)...
The initial reaction from most economic commentators and in the financial markets has been a loud boo! There are some things I would have done differently. But the overall strategy is sound, and sentiment should recover as the economic benefits become clearer...
There are two aspects I particularly liked. One is the emphasis on breaking the ‘doom loop’ of weak economic growth and rising taxes, both with tax cuts and – at least as importantly – structural reforms on the supply-side...
Nice to see Kwasi Kwarteng clearly taking a personal call at the Queens funeral and having a bit of a laugh
The chancellor can't even show any respect at this most solemn occasion
#queensfuneral
The chancellor can't even show any respect at this most solemn occasion
#queensfuneral
I mean, the fecking arrogance of this present government
Even a funeral is not sacred
Even a funeral is not sacred
Credit to Dr Bethany Usher @bethanyusher for originally posting this video
