Kwasi Kwarteng was 'egged on' by hedge fund bosses to commit to mini-budget | Tim Shipman
Вставка
- Опубліковано 1 жов 2022
- “This has gone down like a bucket of cold sick with the Conservative Party, with the markets, and, the polls suggest, with the public”
The Sunday Times’ Tim Shipman talks through the reaction to the chancellor’s mini-budget, on #TimesRadio.
---
Times Radio brings you the latest breaking news, expert analysis and well-informed discussion on the biggest stories of the day.
📻 Listen now - www.thetimes.co.uk/radio
Follow Times Radio on social:
🔵 Facebook
/ thetimesradio
🔵 Twitter
/ timesradio
🔵 Instagram
/ timesradio
Subscribe here: / @listentotimesradio
Is there not some way we can bring criminal charges against them, insider trading?
yeah maybe the police will send him a questionnaire
@@dessertstorm7476 haha yeah exactly
I wish there was but we live in a corrupt political world with no constitution that can be broken
Impossible to really prove in this case but I agree with the sentiment.
Problem is that the left always want to move on. Same in the UK as in the US. They think they can win the nutcases on the right by leaving their ”heroes” alone. Never works, and only make more people trying to overthrow democracy
Trickle down economics explained.
Give the rich huge tax cuts and bonuses and that money will eventually trickle all the way down to the Caribbean and into their of shore tax havens.
So it works as intended then
@@Litheon11 As they intended, well, yes.
Great for McLaren and Aston dealers
" money will eventually trickle all the way down to the Caribbean", really! It'll probably arrive in the Caribbean before the ink is dry.
Not so much "trickle down" as "Trussed up"
If Tory MPs have a backbone and vote against it, Truss might as well pack her bags, because if the whip is removed from them as they've been threatened by, she will either have to U turn or lose several MPs. I have zero sympathy for the Tories, every man and his dog could have told them Truss is out if her depth in a puddle.
David Simmonds, MP in my constituency of Ruislip, Northwood and Pinner will NEVER vote against the Tory party. He wants a seat in the Upper House, and morality won't interfer with that dream.
Truss = Shameless incompetence
And extremist ideology.
And ignorance. And arrogance. And stupidity.
Putin must be hilariously laughing🤣 at Lunatic Liz's efforts that could bring the British economy tumbling down.
Lunatic Liz 🤪 and the Conservatives 🤑🤑🤑🤑🤑🤑 are working for Putin whether they know it or not. Putin should send congrats to Lunatic Liz 🤪 and the Conservatives 🤑🤑🤑🤑🤑 for being on his 🤣 side.
Perhaps Britain should send Lunatic Liz 🤪 and the Conservatives 🤑🤑🤑🤑🤑 to help Putin with the Russian economy.
I love ❤ British humour!
Truss = Leaver. Thus, by commutativity and transitivity, ...
She admitted that he didn't even share the budget with her own MPS ffs !
She knew...
Explain why millionaires need tax breaks and who does this help not the people who need help that's for sure this is a crime against every person who built you city for you and it's a disgrace to all good people everywhere
You are surprised by a budget (sorry it's not a budget so no GE if its voted down) from non-dynamic duo controlled by the far right of the Tory Party. I am surprised.
People with money need bribing to do more, the plebs get punished or sanctioned.
I think Trussy is well out of her depth, TBH
@PGH Engineer what an utterly ridiculous comment. Do you eat raw meat?
@PGH Engineer cringey.
@oldgreybrard please explain why it is ridiculous. It is true. It is very easy to demand that people give you money to improve your lifestyle.
Insider trading? Stinks to high heaven.
It's only inside trading because you're not the club my dear boy!!!
@@bobbydee4876 lawfully acceptable fraud that brings down counties 👏 fantastic club dear SUR 🎭 ☠️
🎯
Liz Truss is gutsy? The woman who went into hiding after the budget .she is an admirable character? which is why her father has disowned her and she changed from being a remoaner to a brexiteer, a Lib Dem who marched against Thatcher and wanted the Monarchy abolished and was demoted from being Justice secretary after she criticised the judges,,,and only got her job as PM because she was good at the optics...slightly confused message there Tim.
Polishing turds must be a excellent business with Liz Truss as the PM!!!
Precisely- zero integrity 😡
Corruption on a massive scale.
You are all missing the point!They don't care and only want to enriched themselves. Nothing changes!!!!
Spot on!
Aye.
When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. John Maynard Keynes 1936
That guy shorting the pound was insider trading, and should be prosecuted, why is not one saying that?
So sad the people'swho have nothing still have nothing.
Less.
@PGH Engineer
at least this guy says what he really thinks, unlike Truss who pretends she wants to help poorer people. The only way people like Truss get into power in a democracy is because the conservatives convinced a majority of people to vote against their own interests.
@PGH Engineer Spoken like a true bigot. You really need to stop eating so much Gammon...
The chancellor should be investigated for giving the nod to his rich pals about the £ going down the toilet
For those with faded memories , and those who weren't sentient in 1980, its worth pointing out the similarity of the game being played here and now with Thatcher and Howes exchange rate strategy. The pound was held up at 2.40usd for long enough to trigger a collapse of British manufacturing. The West Midlands went silent over just a few months. At the time all the same cries were heard as are being heard now. It made no sense at all, except as a policy to de-indusrialise the UK, which it did.
Now, Truss's promise to 'fix the NHS' will be easy because there will be a collapse of tax receipts and standards of living. The NHS will be finished off before the next GE. And the benefits system also.
It is tragic. That being said, if this happens and Labour gets voted in (and they WILL at this rate) they can use that chance to rebuild them both from the ground up. Both weren't perfect, and a blank slate offers plenty of opportunity to replace them with something better.
@@TheVoiceOfReason93 and how many people have to suffer (or literally die in some cases) in the meantime?
@@th8257 Well, our citizenship over the BJ period certainly brought the 'cattle citizenship' to the fore. We are statistics.
That sounds like as horribly accurate analysis. I remember the steel UK industry and coal industries being destroyed by Thatcher and MacGregor just to destroy the Unions because they brought down the the Heath Govt. Steelworks and coal mines closed almost overnight and Northern and Midland towns died economically. So why would anyone want to destroy the Health Service, when the health of the nation promotes productivity and defence capability? Only if they think it is more important to destroy the unions? It looks like to me Thatcher, Farage and Truss destroyed Britain. People did not realise that Britain's (London's) prosperity latterly only relied on being the Financial Centre between the EU and the World. That went with Brexit. So now the Conservatives do not know what to do to get the economy going. No manufacturing, no financial hub.
Words fail me.
@@th8257 Too many. Hence as I said, it's a tragedy. I'm just trying to find a silver-lining in this foulsome situation.
Handouts (sic) to millionaires at the expense of cuts to the poor is astonishing. The millionaires will either save this handout or spend it globally - so it will have little impact on the high street in UK. The money is being largely exported, Kwarteng has come close to insider dealing by disclosing enough about his budget at a cocktail party on its eve. How naive or worse not to know these Hedge funders would enrich themselves with this inside information -withheld even from Truss's Cabinet. One could hardly imagine such conduct from aproperly elected new Governement. Truss has used the 160K Tory members to take over the governing party and make herself Prime Minister. She clearly believed there were no constraints on her power as her MPs would have to like it or lump it as no MP would want another leadership contest t this stage. The Greek Nemesis strikes again - this time at Truss following the Goddesses blow against the hubris of Johnson! Incompetence and ineptitude is now installed that the apex of the British State.
Scrapping the top rate of tax costs around £2bn per annum which is minuscule compared to total government income and expenditure. However together with the removal of the cap on bankers bonuses this is likely to encourage the wealthy to live in the UK.
@@rodneyfungus8249 Sorry, what good is that, you didn't answer the OPs point that wealthy people or even the British public at large generally spend on foreign consumer goods and global corporations that dont pay a true sales tax, its why the British pound has fallen continuously in the modern area and certainly those who can afford an accountant hide it away on offshore accounts so even with the low tax rates it still doesnt get taxed. Meanwhile we need larger investment in defence and infrastructure building, you know that manifesto that the Tory party was elected on but already have mostly renegaded on while the world around us gets more hostile. I dont know if you have realised but the British public have had to bail out the financial industry in 2008 and nearly the entire service sector in 2020 when Covid was unleashed by a malicious Chinese leader not wanting to contain it to China. Now we have an energy crisis on top of a climate change crisis that was pretty much fortold but we faffed around with Tory ideology waiting for "market forces" to take us to the end goal rather than just investing in it with public funds and reaping the benefits a decade ago we are now fire-fighting, tax cuts are the sort of policy that politicians do when they have no strategic imagination or even a feintest of grasps on the multiple over-arching problems, its like a pressing a button, closing your eyes and praying.
@@rodneyfungus8249 Having more wealthy people living in the U.K. is probably the last thing on the wanted list of the average homeowner faced with 100% increases in fuel bills and a doubling of their mortgage repayments. Well done for missing the point entirely. And we’ll done for still believing that trickle-down economics is not a complete myth peddled by spivs.
Don't worry, the money will trickle down🤣
Don't forget more space trips for Richrd Branson.
Kwarteng will personally profit by this as do all politicians that have inside knowledge.
Isn’t that why most people become politicians?
Maximum damage in the shortest space of time , she reminds me of my ex Mrs
Epic...😁
Odin made a fortune out of the mini budget. How much of that fortune will eventually up in Kwarteng's bank account?
Quasi Quarting sounds like an underhand move
In 2016 Nigel Farage helped his mates in the city to make GBP500m by dumping the British national currency and thus causing higher prices for everyone, yet despite insider trading being a crime, no charges were ever made. For that matter, if Bloomberg had not investigated him, then his criminality would not have come to light.
The collapse of the UK pension and mortgage markets are NOT optics, It is the verdict of the market on policies and policy makers.
The market reacted to their own fear that if Truss poisons her charge too quickly, someone might notice.
I'm sure all this incompetence will really impress the trade unions!
Isn't borrowing to pay tax cuts the same as a utility borrowing to pay dividends? A sort of asset stripping?
UK is not the USA. To emulate American success, we need a larger market (more resources, talent, demand) - not deregulation or tax cuts. Prosperous countries are the ones who invest in public services and research; tax is a good thing.
The US has a small public sector so presumably to emulate them we should have a small public sector as well.
Too bad the Brits cut out their larger market with, uh, Brexit.
@@rodneyfungus8249 It's not the lack of education and health care that makes the USA successful. They started out as the most egalitarian country of their time ("Equality, not just of opportunity but also of outcome, turns out to be one of the features that really did make the United States exceptional in the age when the country was born." - The NY Times; I'd link the article but UA-cam is suspicious of URLs)
Everybody knows what flows downhill, and it isn't money.
Not so much "trickle down" as "Trussed up".
"Yes Madame, I just need your bank account number and sort code" George Ogidobwengo
These people are sociopaths.
Kwasi mode I'm not sure who he is but his face rings a bell .😭
One of my favourite jokes!
I do hope Liz Truss enjoys her Christmas dinner at Chequers this year.
She won't get another one.
Dont bet on it.
Corbyn lasted 4 years against most of his own MPs through sheer determination
She may not be there this Xmas!
Perhaps Lunatic Liz 🤪 will be there 🤔. After all, she is a turkey.
Okay, perhaps she's not a very intelligent turkey. Cancel that. Lunatic Liz is definitely not an intelligent turkey, but she's a turkey nonetheless!
She's her own turkey, trussed!
Horrible man, how are these people in power
I recently met a lady from Steyning, West Sussex, who had worked with Liz Truss.
She said Liz was the worse manager she ever had over her entire 40 year professional career 😰
Liz was the manager?
A very dangerous person
Who? Lunatic Liz 🤪?
Putin has the utmost faith in Lunatic Liz's desire 🤪 to destroy the British 🇬🇧 economy. Lunatic Liz and Putin are best friends ❤.
They're about as legit as a twenty-seven pound note.
Which today will be worth only £18
Corruption ?
maybe we're waiting for the wonderful tory programmes soon to be announced that will benefit everyone else to a similar extent
So, blatantly ripping off the entire country not a popular move then. Who could have seen that coming. They didn't really expect to get away with it did they?
Yep!
@@billgibbard9449 that wasn't very bright of them either then, was it. Talk about in denial of reality. And possibly on the covid brain shrinkage train lol....
What i cant believe is,they have done it again.Time to toss them out.
A Tory Prime Minister complaining about the press, that's biting the hands which lie them into office!
Would love to know what income Jacob Rees Mogg derived from the instability of the £ over the last couple of weeks. Talk about a fox amongst the chickens. There is a parasitic shark hiding behind that cartoon character image.
simple case of insider trading
Kwatang blamed the Death of the Queen caused him to do a fast track Mini Budget
corruption sums up what happened. Kwarteng and Truss are as bent as a 9 bob note.
Kwarteng has the confidence of a (suspiciously) corrupt rich man.
Britannia is currently being Unchained. Unfortunately, it was only the chains which were keeping it afloat.
Unchained? I think it's been Trussed up!
it's good to have David Baddiels take on the situation 🤔🤔
😂👏
Looks like David Baddiels clone ate the original...
Oh and you think that's not obvious. Many people have made money here. It's like the biggest tip you can dream of.
Who's a proper Kwarteng now!?
You called it! I met the man and as impressive as he is there is something of the savant about him. A willing fall guy. Sad.
Kwarteng is deliberately causing fluctuations in the £ to make money for the company that has paid him £20k a month since 2010.
Tim Shipman is very impressive.
These financial market guys are criminal of manipulated the fear in people’s mind, and the media are also criminal to exaggerated it.
I began listening to this, when the phrase “tax breaks for billionaires” was used. So, I googled # of uk billionaires and 54 was the listed number. I am writing this comment, wondering if fact checking or checking for sense is apolitical in the UK. This done, I am clicking off.
If the poor people can't afford bread ,let them buy cake!
So if they played a better media game, they could've got away with it?
As Rees-Mogg says 'The Market is never wrong.'
quoting the haunted victorian pencil not a good look.
@@kanedNunable I don't care for how it looks ... Mogg is reputedly 'deeply religious' and a man of God, maybe he thinks he is God, or that the 'market' is God ... So now I quote Jesus, though not a 'believer' personally.
'No man can serve two masters: for either he will hate the one, and love the other; or else he will hold to the one, and despise the other, Ye cannot serve God and mammon.'
Its absolutely disgusting , that the Council's main services have been underfunded for 10 years ..our local parks used to get the hedges trimmed every 2 months ,now its been over a year ,all the hedges are overgrown making the park look scruffy and neglected , i have contacted the local hedge fund manager more than once and nothing gets done , what is the point of even trying .
Incompetence and silly behavior among the ruling elites?
Well at least he's useful to somebody
This has to be investigated. Manipulation of the market whilst in office then being received by a specific few that benefited with champagne. If not manipulation he must have leaked insider knowledge giving them an advantage
Removing Cap on bankers bonus will encourage more EU Bankers to move back to UK,
Below is a story that needs much more coverage. Greek shipping companies are moving Russian oil.
Ship to ship off the coast of Greece.
There is no t in Truss.
Egged on? What garnish was on the eggs? Were they from a golden goose, perchance?
Will politicians benefit from this economic decision. ?
It was the Nigerian’s idea!
Trickle down economics analogy: a poor man spends his last money on a lavish meal for the richest man in a restaurant, then hungrily waits around hoping he will be allowed to lick his plate.
The buck stops anywhere but me!
Odey Asset Management
Why do people think that tax cuts encourage investments? If there is a profit to be made, investments follow.
For God's sake, help the rich!
Reducing the top rate of tax ( which was 40p under Tony Blair) is designed to attract business owners to Britain. Previously similar high rate cuts have actually added to revenue. There's been no announcement at all about inflation linked benefits, (non carbon commodities which affect inflation are falling in price against the dollar) it isn't appropriate to fix a higher rate of inflation in benefits when it's falling ( the energy Cap will also cut inflation).
NHS KEYWORKER (dyslexic) Evicted to LOCK UP Garage by NORTH AYRSHIRE COUNCIL ON LOCKDOWN DAY AS I WAS DEALING WITH AN Emergency AT PRACTICE . GAS EXPLOSION …ill
Right idea wrong time, these policies are once again populist in the circle of financiers not the people in general.
Plain daft!
Did Kwasi kwarteng have any associations with hedge funds managers prior to announcing his mini budget. Which unhinged the markets what happened to defund the pound. Maynard Keynes would have definitely had his analysis on this economic hubris.
Oh yes, the old boys network strikes again.
Does anyone know if any Conservatives have resigned the Party because of Liz Truss' idiocy? Because it was mentioned, 'some are staying away' from the Conservative Party conferance. Very good interview - very insightful. I enjoyed it! 🙂 ~Wendi UK 🌻
Hilarious. The woman who spent £5000 on Beauty treatments, complains that there's too much emphasis on the optics. Itvwould have bern cheaper for everyone if she had dressed a lettuce.
Who called him useful
Utterly predictable. Tufton Street Vulture Capitalism on amphetamines.
lovely political reminiscing and all
but what about those hedge fund puppeteers, guys ?
How come The Times youtube has 170K subscribers, but The Guardian has 2M? (They are both great channels..)
The Guardians UA-cam channel is much older. Times Radio has only been on UA-cam for a year or so.
yeah, its age of the channel
the times supports the tory party. maybe thats why?
Very bad choice to choose PM chancellor home minister comedian
Elmer Fudd would call it a Kwasterfuq.
Paul Kagame , Zine El Abidine Ben Ali, Gnassingbé Eyadéma,Hastings Kamuzu Banda , Gaafar Nimeiry , and of course - Dr. Krasi.
Kwarteng is his name 🤡
Going back to 1939.
Bad news, guys. The pound is back to pre-budget levels, as anybody with a brain could have told you mugs had you asked or cared.
You're welcome.
For the time being. In the meantime, fixed rate mortgages have shot up to 6%, the cost of government borrowing has likewise risen sharply, inflation is now expected to be even higher, and the pressure to cut public spending on service like health, education etc is highly to be much greater. And two of the three credit rating agencies have downgraded the UK’s international credit rating.
@@petekadenz9465 Interest rates are going up all over the world. Please stop inferring this is a purely UK issue.
The UK has lower inflation than the EU average, by the way.
What happened to all the hysteria about inflation hitting 15%? Well in some EU member states it's already well beyond that. Here in the UK, it's 9.9 with the economy still growing.
Your comments and claims are too ambiguous, Pete.
Quasi chancellor.
A £2bn reduction in tax take, that will probably be made up due to more growth and indirect taxation-
Says no-one.
You say this despite virtually every credable economist and the IMF saying otherwise...... Please don't tell me you are old enough to vote..
@@bp6639
The IMF cheerfully sat on the sidelines as £400bn of U.K. debt was issued to pay people to sit on their behinds during Covid. But cut a tax that raises £2bn a year, a tax cut that may very well raise long-term tax receipts in the process and you have been reckless?
Or was this tax cut just too topical and politically incorrect regardless of the economics? Too out of international synchronicity to be tolerated, regardless of its merits? Too easy a chance to exploit internal political division to not single it out for such rare criticism?
And nothing to say about UK subsidising the energy bills of 70m people with the biggest and most dangerous derivative trade in history…..a leviathan short Natural gas call option with unlimited exposure that could yet be comparable to covid in its costs
The comments were made by Kristalina Georgieva, former VP of the European Commission under Juncker. Anyone who thinks this comment is anything other than politically motivated is living in cloud-cuckoo land.
Sorry, who is supposed to run the country? The markets, the media and the IMF or the Prime Minster? I suppose it makes a change from bowing down to experts and "The Science" that gave us the biggest recession in 300 years.
If it fails to go through the commons then she will call a General Election and Labour will get in, and obviously that what you want
Ukraine video news❤
The “boget”…. JC can’t even speak proper English
Was Epstein at the meal
epstein was at his own funeral
LOCAL BBC RADIO
Put you all to SHAME.
If you call yourself a "journalist"...
It's time to up your game!
Lol the host sounds like an old man and looks about 14
How can labour complain- the top rate of tax under labour was 40%
Growth was greater under Labour, but you knew that anyway.
@@glyndavies5479 so therefore if we cut taxes down to labour levels - we should see the same growth
Are times radio actually disguising a topic other than peddling Ukrainian propaganda.