So the poundshop wannabe Churchill has been replaced by a poundstretcher wannabe Thatcher….who immediately tanked the pound, forcing an expensive Bank of England rescue.
In fact the value of the pound is less of the problem, its more the lack of confidence that this has triggered. As this nearly led to a meltdown in pensions and is likely to lead to mortgage rates rising (well I suppose if you can’t afford to pay the rent/mortgage on the home you can’t afford to heat, that solves two problems! ). Within her first two weeks in office she’d cost the country £500 billion, that’s over a billion pounds an hour! And I’m sure its just a coincidence that the chancellor Kwasi Kamikazehappened to be having champagne with a bunch of hedge fund managers after the mini budget (who spent the last week shorting the pound and had meetings…
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