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    Re: 220,000

    Posted by The Questioner on 2/2/2023, 9:49:23, in reply to "Re: 220,000"

    Always happy to discuss with you HH , don’t agree on much but at least you approach with an open mind unlike the multi named coward posting last night.
    So to clarify what happened when Truss & Kwarteng came to power and announced tax cuts etc markets reacted badly and many investors started to sell off Treasury stock.Not a great endorsement for UK Plc. The BOE stepped in and said they would buy up to £60b which had the effect of calming markets.
    They actually purchased 19.3 billion and then sold them for a profit of £3.8b.I am not suggesting for one second that was planned and very unlikely it would have worked out like that should she have stayed in power. Fortunate but we did ok from it.
    Inflation has been building for over two years , the few weeks she was in power is irrelevant. If you can show me one BOE member who has suggested that what happened then has had lasting impact on inflation I would be very surprised .
    The dollar falling doesn’t necessarily add to inflation but the move was pretty irrelevant as it means things we import from the US become more expensive and things we export become cheaper.We export more so arguably a weaker pound is beneficial.
    However to put the “crashing pound” into perspective it was 1.12 on the 23rd Sept and fell 4% to 1.07 . It was back to 1.14 12 days later…. It’s 1.235 today does that mean Sunak is a genius …no it means that US rates are slowing and the dollar s weakening on the back of that .
    Last sentence no argument but we actually came out ok from it…as mentioned imo more luck than judgement .
    Have a good day.

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  • 220,000 - Number Cruncher 1/2/2023, 22:36:54
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