The Pound Reaches New Lows: Has Truss Broken the Economy?

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Immediately after the first mini-budget of Truss's government, promising huge tax cuts for the highest earners, the pound crashed to historic lows against the dollar. But why did this happen? Why is this such bad news for both the UK and for the new PM?
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1 - / 1574272740084809728
2 - www.bbc.co.uk/news/business-6...
3 - / 1573936737814220800https:
4 - www.theguardian.com/uk-news/2022/sep/23/kwasi-kwarteng-mini-budget-key-points-at-a-glance
5 - www.ft.com/content/ef1495fa-9...
6 - tradingeconomics.com/united-k...
7 - www.bbc.co.uk/news/business-6...
8 - / 1

Опубликовано:

26 сен 2022

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Комментарии : 2,1 тыс.

@WhichDoctor1 Год назад

When she was installed as PM I was giving Truss 6 months. But so far she seems to be wildly exceeding my expectations of incompetence

@IamdeaththedestroyerofWorlds Год назад

Brilliant

@caseh4235 Год назад

I predicted to my friends on Sunday night that she'll face a no confidence vote within 6 months, and at 0545 on Monday morning, The Independent published at article that some MPs are calling for a No Confidence vote lol

@Member_zero Год назад

Ok. So after 6 months what will happen? What is your plan? You taking over? Are you installing new PM personaly? Ok, ok, I'm jesting a bit, I admit. I just find it funny.

@IamdeaththedestroyerofWorlds Год назад

@@caseh4235 She might be out by the end of this year if she is lucky

@emmajones8590 Год назад

Each successive Tory MP seems to be worse than the previous one. Cameron > May > Johnson > Truss. All busy with a race to the bottom.

@uddishbagri9055 Год назад

the pound is not just falling against the dollar its falling against every major currency even emerging market currencies

@rudyrudelaemmerhirt Год назад

I wouldn’t say EVERY major currency. I’ll take it over the turkiye lira or the sri lankan rupee for sure!

@mindsprawl Год назад

so its cheaper to trade with us, it all balances out.

@dondoodat Год назад

@@mindsprawl We import far more than we export. So, no.

@moriyokiri3229 Год назад

@@mindsprawl trade what? Marmite and King Charles memorabilia? 😂 UK imports

@MrHighRaw Год назад

@AIsingularityAI It doesn't "balance out". That's basically one of those 'say that I don't know what I'm talking about, without saying that I don't know what I'm talking about' moments.

@atinofspam3433 Год назад

Liz Truss: I’m prepared to be unpopular to get the economy moving Economy: plummet’s She did say she was getting the economy moving, she just didn’t specify the direction.

@tg9527 Год назад

Nailed the unpopular part though lol

@Koba_78 Год назад

Unpopular with the people, and now unpopular with the market as well

@SmiIeyyXD Год назад

😂

@alexchary2084 Год назад

😭🤭

@deborahcurtis1385 Год назад

Time for King Charles to ask some questions and put the Tower of London to good use.

@Tijjain Год назад

While I'm not a fan of Sunak (but honestly like him more so than Truss), you cannot deny that man knew what he was talking about. He warned exactly against this during the leadership campaign. If he'd won, the Pound wouldn't be in this situation.

@serraios1989 Год назад

BoJo and his lieutenants supported Truss to prepare his return

@robbiejames1540 Год назад

Precisely my thoughts. Rishi is an annoying rich bastard, but he had a realistic view of the economy.

@shubhamsingh6774 Год назад

@@robbiejames1540 Not as annoying as truss

@robbiejames1540 Год назад

@@shubhamsingh6774 I agree. Politics really is trying to sink to new depths. Truss is really gunning after Boris for that "shittest PM" prize.

@hmm2881 Год назад

@@isayit6054 Brainded

@supernoodles908 Год назад

Calling it a "fiscal event"is equivalent to calling the war in Ukraine "special military operation"

@soupwizard Год назад

I had a fiscal event when I got drunk and bet too much on football

@tjenadonn6158 Год назад

A lot of people have "fiscal events" when they blackout in Vegas and wake up to the news that their kids can't go to university anymore.

@supernoodles908 Год назад

@@soupwizard UK gov "just go to a loan shark and loan too much money to support irresponsible fiscal choices"

@edwardtang1977 Год назад

It is now official. It is WAR.

@ANSELAbitsxb Год назад

@@supernoodles908 Russia thought they would be allowed to operate unopposed due to their millitary and economical detterents, they never europe and america would flood ukraine with $60 billion worth of support. Now hundreds of thousands are dead, except for asia the world is reeling from the economic effects and europe is going to freeze. And despite all this the final outcome is going to be the same.

@DavidByrden1 Год назад

Truss : "I will deal with our problems by borrowing lots of money." Financial markets : "Woah! That sounds irresponsible! We don't trust your Pound any more!" Truss : "What just happened?"

@IlikeMilfs2003 Год назад

Bruh moment

@franciscouderq1100 Год назад

Accountant, she was an accountant?? This proves that economy and finance are specific fields that might be above the ability and understanding of an accountant, just saying.

@iqra9620 Год назад

The new government is like the lunatic taking over the asulum.Brace yourself for your financial problem heading your way.R.Sunak was right when he said we are going to have problem.

@DjDolHaus86 Год назад

Otherwise known as the pay day loans strategy

@AllenorLP Год назад

Her rich friends were shorting the pound, so they told her to do that.

@rakaarocks777 Год назад

The way Rishi Sunak was denied the position of PM and Liz Truss was chosen as PM so it's bound to happen The worst is not yet reached

@O550Sn94 Год назад

It is gonna be a massive disaster for UK, it seems.

@Lakshya12 Год назад

Racism

@EhabAlatipi Год назад

Someone called Rishi is singing "I told you soo" in the back benches, when you thought his leadership defeat means the ceiling of his political career, Truss revived him immediately!!

@Acheron666 Год назад

As one female member of parliament said, “the Tories can’t fix the cost of living crisis…..They ARE the cost of living crisis.”

@jjefferyworboys8138 Год назад

The Tories only reversed the highest rate of tax introduced by Labour, don't all governments change what their predecessors have done ? What a surprise Starmer has pledged to reverse it back if elected, absolutely nothing new or shocking.

@karmaascendant3936 Год назад

@@jjefferyworboys8138 They did far more than that and in doing so are breaking the economy. You don't need to roll back positive changes unless you're an incredibly partisan person. Starmer isn't rolling back some of the tax cuts on the lower classes that Truss made.

@Acheron666 Год назад

@@jjefferyworboys8138 They’ve only made the value of the pound crash to a record low. GTF back to your circle jerk with the Eton and Cambridge boys. 🤡

@danielwebb8402 Год назад

Or It isn't a "crisis". Not everything is a crisis or worse ever. Wages lagging inflation for a year by a few percent isn't a crisis. Unless when they exceed it by a few percent you write a daily thank you letter to the government? In which case, fair enough. You are being mentally consistent.

@Acheron666 Год назад

@@danielwebb8402 Tell that to the millions of people struggling to heat their homes and feed their families.

@nameisamine Год назад

It’s so unfair. The weaker pound will mean more expensive imports and we import everything 🤦‍♂️

@Doso777 Год назад

Good thing you put extra trade barriers around your island as well.

@organizedchaos4559 Год назад

Yeah smart idea

@joeschmo9953 Год назад

Fair for the working class ? You think that anyone cares about that in the powerful classes ?

@desibigfoot3874 Год назад

Colonies in more than 50 countries for greater than 100 years. Sounds a bit lenient in my view.

@tedcrilly46 Год назад

sunlit uplands.

@indy1869 Год назад

Truss is a kind of person who takes out a loan to pay her credit card dues

@jjefferyworboys8138 Год назад

Nothing unusual in swapping expensive short term debt for a cheaper long term one, it's common sense.

@thebrowns5337 Год назад

And then burning her house down and claiming the insurance.

@Edwardian Год назад

Then selling her brain to pay for all that and getting a loan for a new one

@indy1869 Год назад

@@jjefferyworboys8138 Common sense would be to reduce unnecessary expenditure and pay off the short term debt instead of increasing tenure as that keeps you in debt for a longer period of time. Honestly, it's a habit you can't get out of and keeps on repeating itself.

@stevejackson7216 Год назад

@jimbobur Год назад

Something not covered in the video: Kwasi Kwarteng, who's recent announcement caused the value of the pound to plummet, used to work for Odey Asset Management, one of the hedge funds that's held short positions on Sterling for some time now. The manager of that same hedge fund has also donated significant sums of money to both the Tories and pro-Brexit campaigns like UKIP as well. Truly an incredible series of complete coincidences, I know.

@unconventionalideas5683 Год назад

Hmm. It certainly does not look good, but it is not something we can prove.

@MJ-qb5ph Год назад

@@unconventionalideas5683 some media commentators are saying similar - where there is smoke there is fire

@robertagren9360 Год назад

Brexit has other foundations and started with the increase of immigration from africa. They were blamed for everything. If someone had a bad day it was because of immigrants. Since members have to share the burden of increased population UK brexit. They couldn't known what's going to happen next and opportunists took their chances. By the time Brexit was completed the immigration crisis was over. This is acting without thinking. In most other reasonable minds an increase of population increase economy. Look at china as example or india. This is rich people protecting their assets. UK had a strong currency by the time by cheap labour they took for granted.

@cphthegeek1921 Год назад

No such thing as a coincidence

@Deepthought-42 Год назад

I thought insider trading was illegal. Clearly not for this government and its ERG cronies who sold the pound short during the referendum a and prior to the mini budget. An independent enquiry is needed.

@rjb10101 Год назад

I'ts only illegal for us peasants... It's ok when they do it... I saw all the shorts getting stacked up last week before the budget... Yes, its criminal. But most people haven't a clue about finances.

@andreasarnoalthofsobottka2928 Год назад

The tories have comitted so many crimes both individually and as an institution, that it isn't far from true to recognize the UK as failed state. The checks simply stopped working.

@knight1506 Год назад

They sold it cheap, pound crashed significantly after mini budget

@Draggonny Год назад

Enquiries achieve nothing. Our government is never held accountable even when they break the laws they wrote themselves. There is no point in having laws when they are not enforced.

@danielwebb8402 Год назад

And if they didn't do that? You'll voluntarily remove yourself from the voting pool and cut down on the tin foil?

@TheDethBringer666 Год назад

And so the race to the bottom truly begins. Great job, England.

@tjenadonn6158 Год назад

You hit the bottom with Boz. This is the dregs who weren't good enough for the bottom.

@jamesoakley4570 Год назад

you're welcome 😊

@snowtfl5617 Год назад

Euro has dropped along with the yen Germanys bonds hit a 22 year high chinas financial economy is free falling with banks not seeing customers gas prices hiking i don’t think people get this isn’t a British problem it’s a global one this isn’t Britains fall to the bottom it’s a global economic slump which will result in a depression

@elizabethcasey7709 Год назад

@@snowtfl5617 , agreed. Pre-planned, globally?

@snowtfl5617 Год назад

@@elizabethcasey7709 what would a global depression be pre planned it benifits no one

@jacobrivers5728 Год назад

Rishi Sunak said loud and clear that Truss would severely damage the economy and undermine the Pound if she cut taxes. Sunak clearly understands how an economy functions and also had the backing of Britain's most successful Chancellor over the past hundred years - Nigel Lawson. But hey, what would you expect from a Prime Minister who appoints someone with a degree in Hospitality Management (obtained from a Mickey Mouse institution) as Foreign Secretary.

@pruthvirajchavan-patil380 Год назад

You are right mate but I noticed here in comments everybody is ignoring Rishi even when he was absolutely right

@jacobrivers5728 Год назад

@@pruthvirajchavan-patil380 They're ignoring him because they don't want to acknowledge the fact that a brown man got it right. Rishi's heritage is the same reason 81,000 Tory members voted for Truss and made her Prime Minister.

@indiatoon4702 Год назад

@@jacobrivers5728 wait and watch ....rishi...sunak already rich.....now see what happen to whole UK. hahahaha........My name is VIVEK- From Brown Race Country....INDIA...5th Largest Economy In the WORLD.

@yazar455 Год назад

Sunak was right.

@kyleheslin Год назад

My twin brother works in the Treasury and used to say that Rishi liked to see graphs and statics and preferred understanding a problem from first principles my brothers (very left-wing) but in meetings with him used to come home saying Rishi “annoyingly bright”. The same has not been said about Kwasi. According to him fired some of the leading experts in the treasury one who had been there for 14 year for disagreeing with his budget.

@zeberzeleniev Год назад

The Queen knew what was coming, that's why she bailed 2 days later. 'I can't take any more of this crap', she reportedly said before passing away.

@soupwizard Год назад

It's never been proven that Truss killed the Queen.

@tjenadonn6158 Год назад

"I can't believe I went from Churchill at Atlee to these troglodytes. Seriously how does this blonde one put her pants on in the morning without strangling herself?" HRH Liz Windsor.

@supernoodles908 Год назад

@@soupwizard or disproven

@Seasonednuts-iv5gd Год назад

Maybe its more like shock i guess

@TechieIshu Год назад

😂lol

@Unshou Год назад

The only thing falling faster than the pound right now is Liz Truss' popularity. And it's not like she started from a position of strength either.

@thebrowns5337 Год назад

She got to be Prime Pinister with less votes than Count Binface got in his quest to be London Mayor (and he lost)! No joke.

@davidpeterson5647 Год назад

Pork producers love her, there's that?

@a.i.a3949 Год назад

It doesn't matter to her, the tories have been doing this strategy for one and a half decades, find a scapegoat, cut public funding and pocket the money, get a new scapegoat, repeat.

@earthman6700 Год назад

@@davidpeterson5647 That's a disgrace. We will deliver We will deliver We will deliver Cheese (and hardship).

@frankpinder193 Год назад

Truss does,nt give a flying fcuk about any one other than herself,she has reached the promised land achieved PM status and will be protected the rest of her life at taxpayers expense,a truly horrible self obssesed person.

@yashnanda3421 Год назад

Rishi Sunak is the happiest after hearing this news 😂

@mehornyasfk Год назад

"The economy can't get worse if it doesn't exist in the first place" - Liz Truss

@jamesgravil9162 Год назад

"No one can get COVID if everyone's dead" - The Tory Party, probably

@robertagren9360 Год назад

Japan's economy is messed up.

@Hexie094 Год назад

10 years of Conservative government going strong I see. Can't wait for more austerity

@relaxedmuffin3666 Год назад

Conservative?

@G-Mastah-Fash Год назад

"conservative"

@fridge3461 Год назад

@@relaxedmuffin3666 Yes? The tories have been in since 2010

@diesel92kj1 Год назад

They are just too left wing.

@relaxedmuffin3666 Год назад

@@fridge3461 haven't been acting very conservative lately. I wouldn't call them conservative at all.

@mcb4067 Год назад

Even the price of a Abby whip in Runescape did not crash as fast as the UK's economy

@laurynasjagelo5075 Год назад

Most are probably too old or too young to get that reference XD Good ol' days though, when the prices were 2m

@hamhotpocket3788 Год назад

@@laurynasjagelo5075 the fake mythril trimmers were a more bountiful way of business than what the Tories are providing lol

@Jakey4000 Год назад

Abyssal whip ;)

@KevNpton Год назад

@@laurynasjagelo5075 I’m an old git, and I know how good this joke is. Don’t write off us old gits.

@laurynasjagelo5075 Год назад

@@KevNpton not off, just Statistically improbable haha

@14loosecannon Год назад

For those claiming that this is only happening due to the strength of the dollar, they should bear in mind that the pound is sliding against pretty much all major currencies.

@ASK-ko9qx Год назад

What major currencies. You mean yuan, Euro, etc ?

@IsomerSoma Год назад

@@ASK-ko9qx Yes yuan and euro as well.

@frankbucciantini388 Год назад

To be absolutely fair, it's almost all about interest rates. The FED has been hiking interest rates over and over and they're at a staggering 3.25% while the ECB was falling behind with as little as 1%. Guess what happened? The €, which has always historically been stronger than the dollar, slipped and fell for the first time in history and the dollar is now worth more. If you take a look at all major currencies, the dollar is doing better than almost every other currency. GBP used to be much much stronger than the dollar, though, which is why it's still worth more, despite reaching an all time low. If you wanna blame someone for the weakness of the pound, blame the BoE for voting for a 0.50% increase at the last meeting. If they kept hiking at 0.75% since the very beginning, we would have been at the same level as the US instead of being at 2.25%. Being 1% lower and with pressure on the economy, it's almost a miracle that the pound has only slipped, testing support without breaking it. I wonder how much the support has to be tested and stressed before Andrew Bailey realises that we need AT LEAST a 1% interest rates hike at this point!

@14loosecannon Год назад

@@frankbucciantini388 Of course, the problem with raising rates too quickly is that it will crush economic growth, raise the cost of borrowing and, in particular, will have adverse consequences for all parts of life that nowadays rely on finance (mortgages, buying a car, etc). The US can afford larger interest rates because it's the world's largest economy with the world's reserve currency. The UK, maybe not. There's also a political element to this as well. Raising rates now, monetary tightening in response to fiscal loosing, would be seen as a clear rebuke of a government that has already challenged the independence of the BoE.

@farooq. Год назад

@@frankbucciantini388 interesting

@camillo9213 Год назад

Imagine hearing "(...) The UK is not at risk of a default as it could print more sterlings to pay of the debt" back in 2016.

@theuglykwan Год назад

Ah the fabled magic money tree

@somerelativleyuninterestin4763 Год назад

Hopefully the possible vote of no confidence on her turns into a GE at this rate, forcing the Bank of England to step in

@Daisy_3011 Год назад

Considering recent polls it would favour Labour a lot.

@thatmarchingarrow Год назад

@@Daisy_3011 well, good, 12 years of Tory rule and it clearly hasn't gone well, time to try something else

@ezatron9766 Год назад

British politicians are clueless + f****** useless

@greywolf7422 Год назад

@@thatmarchingarrow labor isn't looking any better.

@porphura4448 Год назад

it would be nice, but the odds of a ruling party going through the absolute ringer calling a snap election are pretty slim. They don't have Brexit as a rallying cry to make it a single issue vote and these policies certainly aren't going to win them any points. If they actually believe in these policies, and haven't just been a massive con to enrich themselves, their only real hope is to double down and somehow prove that this time trickle down economics will actually work for the first time ever. Or better yet, find something embarrassing about the opposition first.

@geeksworkshop Год назад

Even people who don't understand economics understood this would never help the current crisis.

@jjefferyworboys8138 Год назад

Economic growth should be the objective of all government, I don't however agree with the current strategy.

@thebrowns5337 Год назад

They'll still vote tory though!

@zaftra Год назад

odd, she clearly stated this is what she was going to do and I remember most economists agreeing with it

@jackmacfakie1387 Год назад

False, the people who don't understand economics are the PM and her Cabinet inflicting this on us.

@barryhomeowner9293 Год назад

@@zaftra Do you? I remember every economist worth their salt saying "don't do that, you'll fuck the economy to death"

@combinegroupBC Год назад

Now Britons know how the economy doesn't run on racism.. So if Britons don't choose Rishi Sanak, you're doomed. Liss truss is just a cat and Rishi is bengol tiger...😎🙏🙏

@YOUTUBE_AMERICA Год назад

Rishi was right he told us not borrow money from outside Not to reduce tax , it will increase burden on poor and upper middle class It will increase inflation

@cz2301 Год назад

If Truss is voted out, she’ll go into history as being the last PM to hand-shake Queen Elizabeth. That will be her greatest historical achievement. Before ending up badly shaking the economy herself, that is.

@pierrebegley2746 Год назад

The Queen warned us that Truss would be an awful PM.

@aliensinmyass7867 Год назад

No it fucking isn't a great achievement. It's just timing, who fucking cares?

@wplno1 Год назад

She killed the queen and the economy, hall of fame.

@justinbarion2269 Год назад

😆😆

@calumbishop7082 Год назад

Fun Fact: The shortest tenure of any (official)* prime minister is that of George Canning, who in 1827 lasted 119 days. At the rate Truss is going, she's going to beat that record. * (so technically there were two individuals in the Earl of Waldegrave in 1757 and the Earl of Bath in 1746, who were invited to be PM but who both refused after a few days after failing to form a government, if Waldegrave was counted he would of served 4 days and Bath served 2 days, however because their tenures were so short most historians choose not to count the two)

@franciscouderq1100 Год назад

Well you guys said that about Bojo…

@aaanawaleh Год назад

@@franciscouderq1100 BoJo didn’t know when to go and as a result the tories have likely squandered an 80 seat majority and will be out within one term of a landslide.

@RhetoricalMuse Год назад

Ironically, Rishi had the right idea about the economy.

@Falconlibrary Год назад

Show some respect for the future Lady Truss.

@danielschick7554 Год назад

We have to put an * next to the shortest tenures during the age where disease was thought to be caused by bad smells and being poor.

@tylerleggett5088 Год назад

I live in Michigan USA and went to London, Paris, and Barcelona on a study abroad trip in 2011. The pound was 1.5 to 1 back then and the euro about 1.35/1. With the exchange rates being about equal, it's time to consider another trip!

@annabarr1304 Год назад

I live in Paris, and if I had $$$ not €€€ this would be the time to buy Chanel, Dior, Hermes bags. So plan a shopping trip at the same time.

@belgiumbunlover5787 Год назад

Thatcher: "There's no such thing as society." Truss: "There's no such thing as the Sterling."

@tanjoy0205 Год назад

The Pound may be falling but this channel is on the up and up in terms of quality and content!😊

@RoflRolf1231 Год назад

Good one

@evilmex1962 Год назад

rouble: first time?

@markrosstomlin Год назад

👏🏻😭

@pommygeezer9309 Год назад

Smoooooth boi! Your like a bar of Galaxy washed down with a mug of Ovaltine.

@dbz9393 Год назад

Too bad their adcense is paid in GBP 🤣

@jamest5149 Год назад

You didn’t mention the UK imports a lot more than the UK exports, also most of the UK exports rely on imported materials and parts to make them so its a big negative effect on both exports and imports… no upside.

@4m4n40 Год назад

Maybe she thought our wine and cheese exports would do the job.

@mantea3481 Год назад

Na pal everything grows on trees here, we'll start selling BMW's as soon as harvesting season begins!

@CraftEccentricity Год назад

Exactly as the WEF planned it

@puppy.t2602 Год назад

MY GREATEST CONCERN IS HOW TO RECOVER FROM ALL THIS ECONOMIC AND GLOBAL INFLATION AND STAY AFLOAT, ESPECIALLY WITH THE POLITICAL POWER TUSSLE GOING ON IN THE US🇺🇸.

@Effiong94 Год назад

As with any big financial decision, it's important to keep your guard up for economic risks. However, smart planning, time, and seeking advice from a financial adviser can help keep you and your money safe.

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@hughjass1044 Год назад

I'm Canadian so I have no skin at all in the British politics game but I'm a TLDR subscriber and fan so I get more British news than I might normally get. I lean right in most respects but it seems to me that the British Tory party is just about the biggest dumpster fire going right now. What are they at now, 4 PMs in 12 years; 3 in the last 6? And this one hasn't been on the job a month yet and already some people are looking to dump her? WTH is up with that??

@Andrew-ob5ij Год назад

We can finally say the tories are not the party of economic growth or the economy now😂

@robertagren9360 Год назад

Sovjet sympathies

@inserisciunnome Год назад

"we'll cut taxes and fill the hole by borrowing" Is Absolutely histerical, And i am no accountant. How the hell Did that man get in the position to even propose such an idea, exactly?

@allangibson8494 Год назад

The position in Turkey was already filled.

@XMysticHerox Год назад

The old tax cut myth. Nevermind even the staunchest austrian school economists would hesitate to recommend this for the UK currently but the image of being the party of economics is more important than economics. And sadly a lot of people still believe in this trickle down tax cut nonsense.

@RamdomView Год назад

Someone really wanted to (further) enrich their rich buddies.

@janvanruth3485 Год назад

he was the right colour....

@SpartanJoe193 Год назад

@@XMysticHerox Yep. That's why the Reaganomics are a laughing stock.

@SuperKendoman Год назад

Thank you for your summaries, it saves us so much time, mate. Much appreciated

@AliothAncalagon Год назад

Truss trying out Voodoo Reaganomics in 2022 at least made me have a good laugh xD

@jtyler9130 Год назад

I’m ashamed that for a moment I was excited when Liz Truss said she was prepared to be unpopular. I thought she was going to make radical decisions that we knew would hurt short term but see the benefits of long term. All we ended up getting was a massive payout for bankers and the rich. They know their time in government is over so just helping all their rich mates now to keep the donors happy for the next set of elections.

@addsmossmann1384 Год назад

Bc you live in a fantasy world... She was useless on every single position she had and that's a fact, so from where did you take the excitement in the first place?

@HarvesterYT Год назад

Unfortunately that's exactly what she meant by it. She's happy to be unpopular by making the poor poorer but doesn't care as long as the big boy rich companies she bows down to are happy

@Liliquan Год назад

Like Mossmann said, you are living in pure delusion to hold such expectations.

@cardwitch91 Год назад

I mean… I never had faith in this woman. As much of a buffoon Boris Johnson was, Truss is a literal idiot. She never thinks before she acts. Goodness knows what the party members were thinking. Not that I think Rishi would have been much better, but at least I never thought he was stupid.

@TS-1267 Год назад

.. YOU WAS PROBABLY DISTRACTED.. PICKING ONE'S HOOTER.?.. Mmmm?.. HAVE AN APPLE 🍎... SEE Y'ALL..🤓

@Detector1977 Год назад

"We're going to massivly increase the national debt(wich will be paid by future generations) by giving huge amounts to rich people." Hmm, I wonder why the market is ringing the alarm bells...

@fireturkeyfly11 Год назад

Low tax attracts the rich so that they can be taxed in the future.

@RandomShart Год назад

You do realise "the market" is basically just a small group of wealthy investors?

@geroffmilan3328 Год назад

@@RandomShart yes, and whom normally the Tories align with... so this demonstration of stupid policy-making is worthy of note.

@jjefferyworboys8138 Год назад

@@fireturkeyfly11 Such logic will be lost on those that belief that the working class somehow pay for everything, when they take out far more than they contribute.

@thebrowns5337 Год назад

@@fireturkeyfly11 which has never worked to date. Does Bezos pay tax? Does Trump? The rich keep their money offshore. How do you not know this?

@kennethsoshi03 Год назад

*"Why is that if you take advantage of a tax break, and you're a corporation, you're a smart businessman... But if you take advantage of something that you need to not be hungry, you're a moocher." - Jon Stewart*

@jameswilliam8194 Год назад

Hi kenne

@strll3048 Год назад

Thank you. This is very helpful.

@augustus331 Год назад

The UK is just straight-up collapsing because of Brexit. And no, I'm no remoaner, I'm Dutch. I'll give you a reason why Brexit will fck Britain up this winter: In 2008, the Lisbon Treaty was signed, stating that countries whose energy security is threatened, have the right to have energy delivered to them by other Member States. The UK has one of the lowest energy storages for this winter of any European country, yet we're not obligated to help.

@t.miller8456 Год назад

This is a very dreadful fact to realise. Great, thanks for ruining my mood you remoaner! :p

@Lando-kx6so Год назад

It's not collapsing

@ai-d2121 Год назад

@@Lando-kx6so Correct. It already had. Staring you in the face.

@Lord_RFAS Год назад

@@t.miller8456 Reading is hard, ain't it? There is no need for him to be a 'remoaner' because he never left the EU being a Dutch citizen! 🤣🤣

@bongsound Год назад

get bent

@Fowey7 Год назад

imagine the riots if a labour pm did this

@DACatface Год назад

I don't think a labour government could do this. they don't have quite the level of sponsorship/jobs lined up by oil companies like the conservatives

@XMysticHerox Год назад

@@DACatface Eh just look at the German SPD and current chancellor. If they are powerful enough the corporations start offering.

@jjefferyworboys8138 Год назад

Labour doesn't know how to cut taxes, even for the lowest earners, it's the party of high taxes !

@jjefferyworboys8138 Год назад

@@DACatface You do know that the cut in the highest rate of tax is simply reversing Labours previous tax hike. What a surprise that Starmer has said he would reverse it back if elected. Labour the party of high taxes. Why would high earners want to work in the UK when almost half of it is lost in taxes ?

@XMysticHerox Год назад

@@jjefferyworboys8138 Imagine still buying into the whole tories are the party of economics nonsense after their repeated failures. Most economists at this point agree that tax cuts in places like western Europe or the US don't make sense currently. We are not on that side of the Laffer curve (not that it's a great theory). Clearly. The UK needs higher taxes if anything.

@joecampbell7236 Год назад

Alex, Animations in this are so good! TLDR letters becoming CRAP was a great idea. And the pound falling against the dollar was a perfect visual

@glennjanot8128 Год назад

"Tax cuts will pay for themselves through growth." The United States tried that approach three times already and three times it failed. Not to mention that any growth will not be used anyway, given that the UK has a desperate shortage of available workers.

@Zquirrelthing Год назад

> The United States tried that approach three times already and three times it failed this is the most infuriating part. we know it won't work, but conservatives are still constantly trying to do it. i see people in this comment section arguing that the reason tax cuts failed is because they weren't big enough lmao. absolutely baffling

@glennjanot8128 Год назад

@@Zquirrelthing "we know it won't work, but conservatives are still constantly trying to do it." - well, they know, or at least most of them do, that it doesn't work. But conservatives in both the US and UK are working exclusively to make the lives of rich people easier, hence the cuts for them. "arguing that the reason tax cuts failed is because they weren't big enough lmao" - probably the same people who argue that Brexit is such a disaster because it wasn't hard enough.

@LOLERXP Год назад

@@Zquirrelthing Some people just love to grovel at the feet of our megarich overlords. It's like having a sugar daddy, but _you_ have to buy _him_ everything.

@irtwiaos Год назад

Well tax cut do work in growing the economy given that it actually go to the people who will spend it rather than going to the wealthy where it will just sit in the bank or a stock somewhere. It is about movement of money. Idle cash is bad for the economy after all.

@nigh7swimming Год назад

What happens when you put incompetent people in power, a case study.

@shijijofy Год назад

British peeople elected her only because she is white knowing she is incompetent for the job

@barryhomeowner9293 Год назад

No, this is what happens when you put evil people in power

@michaeloshea5505 Год назад

Where's she hiding!!!. She needs to come out and make a statement. In times like these we all need a laugh.

@emmajones8590 Год назад

Don't worry. Millionair bankers, who dont need the money, will be getting bigger bonusses. That's a great comfort to all those who can't pay for their heating and or food this winter.

@devsalunke2023 Год назад

UK kept a person aside who is well aware about economy , the wrong person on right position is always dangerous.

@fenlandwildlifeclips Год назад

Is anyone else wondering if they are doing it intentionally? 🤔

@RhetoricalMuse Год назад

It's the only reasnoning for cognitive dissonance to resolve. Reality is, they are dumb asses.

@barryhomeowner9293 Год назад

They're shorting the pound to inflate their own personal wealth, it's definitely intentional.

@janvanruth3485 Год назад

not wondering, convinced...

@HandlesSuck Год назад

I'd love you guys to do a follow up on who's profiting from this. Tories are thieves above all else, I'm sure there will be some fascinating patterns of investment during this time.

@HandlesSuck Год назад

@DoubtingThomas I was more talking about those currently in government and their associates who have made/are making suspiciously fortunate predictions on where to invest as the pound crashes. I agree with the point you make, but I'm talking about exposing the individuals exploiting current events for personal gain.

@barmybarmecide5390 Год назад

TLDR doesn't seem to be particularly interested in catering to populists, partisans or conspiracy theorists tho, so it's unlikely they'll make that video

@HandlesSuck Год назад

@@barmybarmecide5390 It's none of those things though. It's current affairs with a potential hint of insider trading.

@danielwebb8402 Год назад

How do you get enough sleep? With all the monsters under the bed?

@jimbobur Год назад

Kwasi Kwarteng used to work for Odey Asset Management, one of the hedge funds that's held short positions on Sterling for some time now. The manager of that same hedge fund has also donated significant sums of money to both the Tories and pro-Brexit campaigns like UKIP as well. Truly an incredible series of complete coincidences, I know.

@bathayijanathaparty9993 Год назад

Tory dug their own hole by electing the truss, whatever Rishi said with Truss plans it's happening in reality. This is a best example to elect components and reality people then just skin . I don't think the UK will realise this. Ironic

@gauravkashyap1957 Год назад

Rishi was right about tax relaxation 🙏

@GregTheReaper Год назад

Truss: "I'm prepared to be unpopular" Markets: .....

@eleanorgreywolfe5142 Год назад

We're going through so many tory PMs one must wonder how we haven't had a forced GE basically the fundamental issues are the tories.

@thebrowns5337 Год назад

Truss got the role of PM with less votes than Count Binfacd got in the London Mayoral elections. Seriously.

@dariusrabonis7035 Год назад

very good analysis, very informative, great job!

@kerrynball2734 Год назад

From 100 Rubles to 60 Rubles. A 40 % drop against the Ruble.....

@devinnlimbu7989 Год назад

GREAT RUSSIA🇷🇺🇷🇺🇷🇺

@macdeluxe733 Год назад

Watching Truss and Kwarteng secure their own (extremely comfortable) futures must be most reassuring for those worrying about heating their homes this winter. Perhaps they could use some of that warm glow for comfort >:[

@DaveGriff Год назад

The feel I get is that Liz and her friends are not out to intentionally make the rich richer and the poor poorer, they are simply incompetent. The issue is that they have been raised to a position of power by people who do have that selfish intent and are using Liz and others to achieve their aims.

@JinKee Год назад

The great part of a political system is you can set it up so that generations after your death neither the competent nor the incompetent can stop it churning.

@soupwizard Год назад

It seems to me that they're just grabbing at simplistic ideas without thinking about what the state of the economy is, and how changes to government policy will affect the real world. They think "cutting taxes is always good" and "borrowing money when it's cheap is good" and just went and applied those ideas.

@tjenadonn6158 Год назад

When incompetence and malice get the same horrible result is it really worth it to draw that distinction? We can argue all day about why the bus wound up in the ditch but that won't change the fact that she drove it into a ditch and they're reporting mass casualties.

@joejoejoejoejoejoe4391 Год назад

She seems to shoot polices out at random, what's next, free cakes for left-handed people, change over to driving on the right?

@Vin_Venture896 Год назад

When you’re PM, you could literally summon teams of some of the country’s best economists at the snap of a finger. I sincerely doubt Truss is doing this as an accident, when Tories like Rishi Sunak openly say they’re funnelling money away from poorer neighbourhoods to fund rich ones, I think it’s quite obvious what they’re doing. We like to assume incompetence because them deliberately doing it is so sickening, but these moves are explicitly calculated to rob the poor to fill their coffers as much as they can.

@choccy1984 Год назад

Sheer and utter incompetence. I will NOT be voting Tory after this. Well done Truss.

@martinwyke Год назад

This is why the UK needs a proper recall mechanism

@evilmex1962 Год назад

rouble: first time?

@devinnlimbu7989 Год назад

GREAT RUSSIA🇷🇺🇷🇺🇷🇺

@juliane__ Год назад

I remember a comment on Sunak / Truss competition: "With Sunak Britain will go down even further. With Truss much faster!" He was right. Somehow i thought, lucky Britons won't have the worst case Brexit. But now it seems my stomach was right, it will be definitely worse.

@angrynoodletwentyfive6463 Год назад

but remember the non-existent deal with America that is super beneficial to the uk and is totally still in the works and just taking longer because of covid and is definitely not something that was completely made up? It's going to go through any day now i bet and things will be on the up and up!

@azfoxxo Год назад

That ad at the end was tone death

@freespeechforever Год назад

The borrowing is the weak link in a low tax budget. My feeling is that Truss has done this quite deliberatey, trying to appease her WEF master. Cutting public expenditure is a vital component of a low tax policy however, no doubt there are others who are involved bringing this country to its knees.

@Betterthenme Год назад

Can't wait for discount trips to the Uk

@thebrowns5337 Год назад

You could probably already afford an entire village.

@DavidCruickshank Год назад

And yet some how people, especially working class people, still support the tory party. There is no end to human stupidity.

@mrd64 Год назад

Very well explained.

@s-b6218 Год назад

The decade that keeps on giving.

@joostvandergun5518 Год назад

This is probably even worse as presented here, because this policy will induce a downward spiral. A lower pound will increase the government's expenditure to pay for the energy price cap. What will increase the deficit. Decreasing the value of the pound. Increasing the government's expenditure to pay for the energy price cap. And so on....

@holoqofholoqqia9503 Год назад

I for one think this is the perfect time for the King to continue the Charles tradition.

@lindasapiecha2515 Год назад

Oh Dear

@9regorio Год назад

2:45 Kwasi's most flattering pic

@SheppardOfNumenor Год назад

Rishi Sunak is looking better than ever.

@David-qp9bq Год назад

Some would say you can't trust truss with the economy

@paulfox6162 Год назад

What a shame that the website address within the video has a spelling mistake!

@SwordQuake2 Год назад

0:07 Kwasi what 😀😀😀😀😀 most British name ever...

@ihmcallister Год назад

Blame all those who voted against Rishi Sunak, a Chancellor who actually knew what he was doing.

@allangibson8494 Год назад

Are you sure? He voted for Brexit so that makes him a numpty.

@mityaboy4639 Год назад

Also Rishi did the same sort of pretence that whatever happened the country in the last decade was not the fault of his party and him personally acted so shocked that you would question his memory because for some reason i think he was the chancellor and in government for a good enough time... and yet he campaigned as if he is a newcomer... Don't get me wrong, he might have been a better PM, but his pretence of being an outsider cost him that job because it made him sound like a fake. And that tainted everything else he said during the campaign. [however i would think even if he did the honest thing he would not have won... after all Truss promised free cash to the donors through tax cuts and also made it clear that she wont touch the excess profit of fossil fuel companies... but make us all pay for it through borrowing] So Rishi was in a no-win scenario in either case.

@jamiestone1809 Год назад

@@allangibson8494 At least he stuck by it. Lizz Truss changed her mind because she thought the economy was doing better. That's honestly worse in my opinion.

@franciscouderq1100 Год назад

Well ,at least he had the basics

@franciscouderq1100 Год назад

@@allangibson8494 :000ops, yeah.

@ninabeach1 Год назад

Just wonderful, our fantastic diverse government at work, just how many historic moments can we take in just ONE month!!

@geoffauldfield4664 Год назад

The pound has fallen against the Euro.

@madaoisblooming705 Год назад

We need a new episode of Truss Issues; these developments are too significant to not deep dive into!!

@handbanana4899 Год назад

“The easiest choices require the weakest wills” Liz Truss, The Mad Prime Minister

@mrpay4444AYypIgEDLbwfZm4kjaQk Год назад

It was. And it was ugly. Britain was like most countries. Too little mouths, and enough to go around. And when we faced salvation, I offered a problem. - Lis Truzz

@davidjohn64 Год назад

Lizzy , she is so dissy ... Time for a party . Boris we need you to organise ..

@blueXRPdynamite. Год назад

She is absolute sinister

@IamMrSimQn Год назад

Also worth noting as a European I can't take advantange of the cheap pound. Since I would have to pay import tax on it. So lost business there

@cageybee7221 Год назад

imagine having a prime minister sacked after like a month right after having one sacked for having the most MPs resign literally ever.

@ttblade Год назад

What surprises me is that people still believe that these seemingly crazy events are random, incompetent and unconnected.

@BoxLaneProductions Год назад

It's like they're creating a 1 to 1 ratio across all currencies just after the fed announces a digital currency

@piedrablanca1942 Год назад

all currencies? just 3 of them

@robertagren9360 Год назад

They just want to control everything.

@user-ou5et3fo3z Год назад

The first British polymer bank note which i think was £5 was printed in Australia particularly in the State of Victoria. This was necessary to show the British how to use this technology as the technology is owned and patented by the Australian government. The particular printing company in Victoria prints other polymer currencies Just thought you’d ought to know.

@Aereto Год назад

Meanwhile the Philippines have their bills with Abaca fibers added in the fabric composition over polymers. Abaca is notable for its durability as an organic fiber.

@stevejackson7216 Год назад

What is necessary about it

@chloemaxwell2628 Год назад

I think we're going to have to start calling it the ounce from now on!

@yvonneburns2786 Год назад

A question what manufacturing exactly?

@bongsound Год назад

Maybe if we didn't create 20% of all GBP in the last 2 years we wouldn't have massive inflation and a weakening currency.

@IsomerSoma Год назад

Maybe if you didnt do that your economy would have crashed ...

@bongsound Год назад

@@IsomerSoma All for a questionable threat, the solution to which will do more harm than good in the long run. Nice going bud.

@napoleonibonaparte7198 Год назад

Can’t wait for the GE any longer…

@rickorefice9417 Год назад

What part of britan is accent from which the person speaking in video has? It sounds like the queen from "Alice and wonder land" (recent live action) and I would like to not relate it to that since that is the only thing I can reference it to.

@bantabury Год назад

Feels like the Tories know they're on their way out and want to make it as difficult as possible for whoever is in power next.

@mattiiful Год назад

It's funny how the conservative party got her to the head of the line, and then suddenly do a surprise pikachu face when her cabinet pulls this out. Like as a foreigner in the UK, the entire governmental setup is super confusing to me to begin with. Passive aggressive remarks, rude name callings, people standing up continuously, over pretentions needs for traditions which serve not a single purpose. Time to get some reform going UK

@radman8321 Год назад

How is it difficult to understand? The UK is split into 650 constituencies and each elects (via first past the post system) an MP to represent them in Parliament. If a party has the majority of the members of Parliament they get to form a government. If they have less than a majority they have to form a coalition with another party (or parties). Either way the leader of the winning party, or the largest party in a coalition, gets to be Prime Minister. The Prime Minister then appoints MPs from their party/coalition to be cabinet ministers. Those ministers along with the Prime Minister are then the government. Powers given to them via legislation can be exercised directly by the government, but other actions require legislation to approve. The whole 650 MPs get to vote on any necessary legislation. After being passed by the MPs the legislation is then reviewed by the House of Lords, which is made up mostly by appointed members, but there are also some bishops and a few hereditary peers. They can make suggestions for improvements to the legislation, or even block it completely, but this can only delay. Either way the legislation goes back to the MPs who might accept the changes, or might not. Legislation can go between the MPs and the Lords a few times, but ultimately the MPs have the power to force the legislation through if they want to. When that process is done legislation goes to the King to get Royal Assent, which then makes the legislation operative. This is pretty much a rubber stamp exercise as the monarch has not used their power to refuse to sign for centuries. It's very similar to how things are done everywhere with the exception of the appointed second chamber and head of state being a monarch rather than a president.

@MrAer85 Год назад

Yes, next question.

@EveningSoother Год назад

What's happening for Dummies: There's a homeless guy begging in Lewisham Station and I want to help him, so I go to Belgravia to leave a fat check in the mailbox of one of the most luxurious residence, I'm sure it will trickle down right away.

@rxdxctxd2287 Год назад

Wow the Tories really boosting this economy by leveling up our inflation and interest rate. Come back next time when the Tories level up homelessness!