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Just when you thought the fallout from Kwasi Kwateng’s big borrowing budget couldn’t possibly get any worse, the Bank of England has now been forced to step in to stave off economic meltdown.
Usually such an emergency intervention is a consequence of catastrophic external events but this crisis, of course, is one of the nascent government’s very own making.
BREAKING: Bank of England to carry out temporary purchases of long-dated UK government bonds from today.
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Sky 501, Virgin 602, Freeview 233 and YouTube pic.twitter.com/M9roCk2UCw
— Sky News (@SkyNews) September 28, 2022
For a bit of extra light into what’s going on, here’s Sky’s Sam Coates.
An emergency intervention by the Bank of England – buying government debt itself – because of a political intervention, the first of a new government, that went wrong is …. quite something
— Sam Coates Sky (@SamCoatesSky) September 28, 2022
I'm told by a city source it's hard to overstate how serious the situation is today. There is concern over the health of pension funds and this is why the Bank of England has acted
— Sam Coates Sky (@SamCoatesSky) September 28, 2022
One Tory MP:
It is actually incredible that the UK central bank has had to step in to protect the UK from the actions of the UK's own government! I mean, just think of that for a moment!
A humiliation
— Sam Coates Sky (@SamCoatesSky) September 28, 2022
Not every Conservative didn’t see it coming. Remember this guy?
Liz Truss can’t say she wasn’t warned that her plan was a fairy tale.
Rishi Sunak(former Chancellor) – “We have to be honest. Borrowing your way out of inflation isn’t a plan – it’s a fairy tale.” pic.twitter.com/8AerErsXaY
— Haggis_UK
(@Haggis_UK) September 26, 2022
And these gilt-edged responses surely say it all.
1.
3 weeks in and she's lost the markets $500 billion. not saying that's grounds for dismissal or anything but i once nearly lost my job for buying a curry with a company card
— Michael Spicer (@MrMichaelSpicer) September 28, 2022
2.
This is like watching the chancellor get found out in week one of The Apprentice. In the “everybody else’s actual lives” task.
— Marina Hyde (@MarinaHyde) September 28, 2022
3.
What we're seeing here is completely insane. A massive Bank of a England intervention to address the chaos caused by the government's own actions, rather than an external shock.
— Ian Dunt (@IanDunt) September 28, 2022
4.
cheering myself by imagining the atmosphere inside No 10
— Sarah Phelps (@PhelpsieSarah) September 28, 2022
5.
Angela Rayner:
“Liz Truss has even crashed the pork market. Now…that. Is. A. Disgrace.”
— Jim Pickard (@PickardJE) September 28, 2022
6.
Just spoke to a Tory MP who told me “we ( Conservative party) are just a protectionist racket right now – a gang of marauding ambition – not a serious party”.
— emily m (@maitlis) September 28, 2022
7.
A financial crisis is usually caused by some external factor and international in scale, so it’s good to have one that we created ourselves that only affects us.
— Parody Prime Minister (@Parody_PM) September 28, 2022
8.
Next they’ll be saying the banks are woke for trying to prevent the widespread inequality and permanent damage that could be caused by government policy.
— Supertanskiii (@supertanskiii) September 28, 2022
9.
A senior Tory MP on the mood in the Conservative party right now: "Disbelief"
"I don't think is sustainable. I predict the CX will get the sack and it will unravel from there."
— Beth Rigby (@BethRigby) September 28, 2022
10.
BREAKING: The Bank of England says the UK economy is totally fucked x
— Laura Kuenssberg Translator (@BBCFLauraKT) September 28, 2022
11.
Should we head to The Winchester until it all blows over
— tom jamieson (@jamiesont) September 28, 2022
12.
If you're having a bad day at work, do remember you didn't tank the pound, destabilise the markets and force the Bank of England to take action to prevent economic crisis 3 weeks into your job
— Alan White (@aljwhite) September 28, 2022
The post The Budget was so bad the Bank of England’s had to step in – 23 gilt-edged responses appeared first on The Poke.
Source: ThePoke
