[Politics] Andrew Bailey or Kwasi Kwarteng

[Super Steve Earle]

Who is doing the most damage to the economy and why are these two seemingly so out of step. Is one not up to the job or both of them. Or neither, just victims of economical circumstance.

 

[The red pepper kid]

both incompetent

 

[Kalimantan Gull]

Andrew Bailey has been in post since March 2020. Kwasi Kwarteng has been in post since September 2022. The economy started going massively tits up in September 2022. Lets do the maths.

 

[beorhthelm]

obviously Chancellor, though his not-a-budget only amplified other problems, he's not the sole source. Bailey is a passenger, has to raise rates with US or damage the £, but doing so damages domestic market just as we face recession.

and something's afoot, pound soaring, 10yr gilt yield plummeting the past 15 minutes.

 

[sparkie]

"Both as Bad as each other" means "equally bad" not that "they are both bad to some degree".

So with the very low bar Bailey has set to get over, Kwarteng still manages to fail to clear it by a massive margin.

 

[Guinness Boy]

Bailey is trying to bail out the clueless Kwarteng

 

[Weststander]

The BOE’s work on supporting a few badly run funded pension schemes, is trifling compared to the macro economics of interest rates.

It’s not a personal thing. Bailey is just one member of the MPC which sets rates. They’re following the lead of The Fed in raising interest rates in an attempt to dampen inflation caused by global pandemic/lockdown supply issues and Putin trying to destroy western economies (now aided and abetted by duplicitous Saudi Arabia).

Kwarteng/Truss are a political car crash. The experiment might work, but 27 months is far too short to truly find out and in a media age the markets stampede.

 

[beorhthelm]

US CPI (inflation) above expectations, £ and gilts improvements wiped out.

 

[B-right-on]

I think that we've been on a slippery slope for years. The recession and economic shitshow that's coming, has been predicted by a lot of very clever economists even back in the zero interest rate days.

No one, not a person, business or country, can borrow to the levels vs their income that we have without some sort of great effect on their ability to operate functionally.


Saying all that, successive Govts have made it worse each time.

 

[Tom Hark Preston Park]

Never ever got that thing whereby a minister could just be drafted into the role of Chancellor. Makes zero sense whatsoever. What if they're no good at sums?

Tories fatally missed a trick by not appointing Sunak as PM, Deputy PM and Chancellor, all rolled into one. All the current appointees are just so much worthless noise

 

[schmunk]

Never ever got that thing whereby a minister could just be drafted into the role of Chancellor. Makes zero sense whatsoever. What if they're no good at sums?

Tories fatally missed a trick by not appointing Sunak as PM, Deputy PM and Chancellor, all rolled into one. All the current appointees are just so much worthless noise

But Kwasi Kwarteng has a PhD in Econonic...




...History. Oh, he has a History degree, so no numbers then...

 

[JBizzle]

In all likelihood neither may well be up to the job, but given the hideous international and domestic financial market reaction to Kwarteng's budget, followed by a seeming complete reversal of those plans, I'd say he edges it.