Liz Truss tanks UK pounds as Tories submitted no-confidence letters

[Better Day 5,766]

“The pound has fallen to a record low against the dollar, sparking market speculation that the Bank of England may be forced to intervene.” 

“If sterling fell to parity with the US dollar, it could trigger a rebellion among Tory backbenchers who could refuse to vote for the government's finance bill or submit letters of no confidence, the Daily Telegraph reported, citing backers and critics of the prime minister.” 

Source: https://news.sky.com/story/pound-sinks-to-record-low-against-the-dollar-as-chancellor-and-prime-minister-defend-mini-budget-12705529

 

[Better Day 5,766]

@Economy

[Better Day 5,766]

I still laugh, in 2014, Better Together said the pound will always be strong. Ha 

[AsleepOnTheCeiling 6,965]

Have they submitted no confidence letters? Or is it speculated they might if the pound continues to fall? Has Truss actually done anything policy wise to cause this? Or is she just taking blame? I'm not in the UK and I'm genuinely asking. 

[Better Day 5,766]

1 minute ago, TortureMeOnReplay said:

Have they submitted no confidence letters? Or is it speculated they might if the pound continues to fall? Has Truss actually done anything policy wise to cause this? Or is she just taking blame? I'm not in the UK and I'm genuinely asking. 

It’s already been confirmed by a Tory MP that some are already submitted letters. We will only know if it reaches 54 when the 1922 committee announces a no-confidence vote. 
 

Liz Truss had a “mini-budget” delivered by her chancellor Kwasi Kwarteng which was billions worth of tax cuts (I think 45 billion) which has spooked the markets and caused the pound to tank against the US dollar and the Euro. She promised on the campaign for her to become leader of the tories she would introduce tax cuts. 

[AsleepOnTheCeiling 6,965]

2 minutes ago, Miss Dolly said:

It’s already been confirmed by a Tory MP that some are already submitted letters. We will only know if it reaches 54 when the 1922 committee announces a no-confidence vote. 

What a mess? Isn't this her own party? I feel like (if UK politics is anything like the US) this economic plan was all part of their doing as well. And she's just a scapegoat for a shitty public reaction. 

[bionic 50,111]

The UK should join the Euro  

[Better Day 5,766]

Just now, TortureMeOnReplay said:

What a mess? Isn't this her own party? I feel like (if UK politics is anything like the US) this economic plan was all part of their doing as well. And she's just a scapegoat for a shitty public reaction. 

Yes, it’s a confidence vote as her as a leader but as she is Prime Minister, it would be a de-facto referendum on her by her member of parliaments. Yes, the economic plan is all her own doing, the economy is on the brink of recession and she’s the final straw of it. 

[Better Day 5,766]

Just now, bionic said:

The UK should join the Euro  

I said the exact same when I was in Düsseldorf. I support Scotland joining the Eurozone. 

[GipJo 2,912]

Isn't almost every currency that is not dollar dropping too? Even yuan as one of the strongest currency against dollar is also dropping.

[Supersonic 49,376]

Scotland come back to the EU pls, she's toxic the relationship is no good for you 

[Better Day 5,766]

1 minute ago, GipJo said:

Isn't almost every currency that is not dollar dropping too? Even yuan as one of the strongest currency against dollar is also dropping.

Not to the extent of the UK. 

[PartySick 172,518]

24 minutes ago, GipJo said:

Isn't almost every currency that is not dollar dropping too? Even yuan as one of the strongest currency against dollar is also dropping.

If Economy's previous thread is anything to go by, North America is about the only place not struggling right now (because we're benefitting from the struggles elsewhere ) so....I mean, Idk much about economics but it would stand to reason if we're doing well but everyone else isn't then our currency would be holding while others falter, no?

[RAMROD 117,034]

13 minutes ago, PartySick said:

If Economy's previous thread is anything to go by, North America is about the only place not struggling right now (because we're benefitting from the struggles elsewhere ) so....I mean, Idk much about economics but it would stand to reason if we're doing well but everyone else isn't then our currency would be holding while others falter, no?

Which is the same happened back during world war, which made us #SuperPower and wealthy country, by letting eest of the world buying stuffs they need from us.

This time, this might made us Super Ultra Power country. #MURICAAAA!!

 

Also, yes. USD is great currency to have rn. I literally shopped for anime stuffs from JP with wayyyyy cheaper price these days

[Ziggy 14,032]

Killed the queen, tanked the pound, and might get fired all in under a fortnight. Love to see someone get things done!