Starmer's vision quest

[Pblakeney]

(Sorry, playinf catch-up on posts)
Certainly some of those Labour MPs calling for Starmer to go are coping out when asked about who to replace saying they want a contest, want to hear what the different candidates have to say then they'll decide. ie "don't know"

This is just yet another card in the "We want change" pack without thinking through what they really want, or how to achieve it.
Wanting change without a plan of what you want, or how to achieve it is meaningless. All too prevalent these days.

 

[icowden]

Interest rates from 2009 to 2022 were abnormal. Borrowing was effectively free. We were already begining to see a normalisation of rates in 2022 but the Truss budget accelerated the process.

In the same way that setting fire to an elephants tail accelerates an elephant.

So you are totally wrong to solely blame the tories, especially as you were clearly benefitting from the abnormally low mortgage rates from 2009 to 2022.

No, I'm pretty sure they were in charge, so I'm entirely correct.

Historically the base rate has been between 4% and 5%, and that's looking back over 350 years.

Couldn't give a wotsit.

So normal mortgage rates are 4% -7% pa.

Doesn't matter. We had 13 years of a new normal

What interest rate were you paying when you took out your first mortgage?

I have failed to memorise all of my mortgage rates. Probably higher because of LTV and being a first time buyer.

And as I said before, the base rate only changes when the MPC meet - that's 5 weeks away. But continue to ignore that facts.

And usually you start getting articles about interest rates having to go up. Nothing on that front yet.

 

[TailWindHome]

Resignations aren't the key indicator of how bad his position is today

The key indicator is the lack of appointments

 

[TailWindHome]

Yikes

 

[Dorset Boy]

In the same way that setting fire to an elephants tail accelerates an elephant.


No, I'm pretty sure they were in charge, so I'm entirely correct.

Couldn't give a wotsit.

Doesn't matter. We had 13 years of a new normal

I have failed to memorise all of my mortgage rates. Probably higher because of LTV and being a first time buyer.

And usually you start getting articles about interest rates having to go up. Nothing on that front yet.

Prior to Hormuz there were 2 rate cuts expected by the markets in 2026.
That was revised to possibly 2 increases.
That may now become an expectation of another increase.

2009 to 2022 was never a new normal to anyone with any understanding of finances.
The historical averages of the base rate are very important as it explains my line above this one.

Perhaps you should look closer to home if you over extended yourself on your mortgage and didn't allow for a normalisation of mortgage and interest rates.

No doubt you solely blame the banks for the 2008 GFC, and exonerate government and borrowers. (They all played their part btw).

 

[Beebo]

This is just yet another card in the "We want change" pack without thinking through what they really want, or how to achieve it.
Wanting change without a plan of what you want, or how to achieve it is meaningless. All too prevalent these days.

I agree with this. And now Phillips has gone too.
There is no point in kicking out Starmer if it just creates more turmoil and no one has a plan.
I had hoped electing Starmer would at least bring some much needed stability. But we are suffering from constant knee jerk reactions.
That at least seems to be one benefit of the US system. The president is almost untouchable in office.

 

[spen666]

Yikes


View attachment 15055

To slightly digress what were the proposals she made ( mentioned in 4th paragraph) to prevent children being able to take naked images of themselves?

 

[C R]

I agree with this. And now Phillips has gone too.
There is no point in kicking out Starmer if it just creates more turmoil and no one has a plan.
I had hoped electing Starmer would at least bring some much needed stability. But we are suffering from constant knee jerk reactions.
That at least seems to be one benefit of the US system. The president is almost untouchable in office.

The problem is that, much like the tories, the labour right have made sure they pushed out any credible challenger from the left.

 

[briantrumpet]

I think the Phillips resignation is more damaging than Mahmood's bluster, as it spells out why she can't support Starmer's no-change position. Starmer should have taken the multiple opportunities (Trump, Iran, etc) and signals (Gorton & Denton) that McSweeney & Blue Labour was a dead end, but each time he's squandered the chance. I suspect a lot of normal Labour MPs will be nodding in agreement with Phillips.

 

[icowden]

2009 to 2022 was never a new normal to anyone with any understanding of finances.

Just to most normal people then.

The historical averages of the base rate are very important as it explains my line above this one.

Not really. Things change.

Perhaps you should look closer to home if you over extended yourself on your mortgage and didn't allow for a normalisation of mortgage and interest rates.

Which part of "didn't have a choice because the lettuce woman farked over the economy" are you finding hard to understand? I deliberately took a small penalty and finished my mortgage a year early in order to get a preferential rate on a 10 year fixed because I couldn't trust the moron not to spike interest rates further, instead of waiting until the fixed period ended and getting what had previously been around a 3.4% interest rate.

Thusly - like most people - I blame the Tories (for whom I had previously voted until Cameron lost his shoot) entirely. Truss and Kwasi were told not to do it, they didn't take the advice of the OBR and we are where we are.

 

[Shortfall]

A rate proportional to the assessed risk it poses to each economy.

The political.uncertainty isn't adding very much, according to someone who sounded jolly clever on R4 this morning.

I personally don't know either way, but it does seem credible that all rates are up for all countries at the moment.

I think you'll find that even before the Iran crisis we had amongst the highest borrowing costs when compared to similar advanced Western economies who can still borrow a lot more cheaply than we can even with the Straits of Hormuz shut. So yes it's a factor but Labour's
Mishandling of the economy and the current sh1tshow of a leadership crisis are the main factors.

 

[Stevo 666]

And now Starmer declaring he's not stepping down and all those Labour MPs having gone public are hardly going to "OK, that's sorted then". so the uncertainly continues so rates are likely to stay high or even creep up.

Cabinet declaring they support Starmer is a bit of a non-event. Given they'd all lose their prestigious jobs were he to step down it would be a bit like turkeys voting for Christmas. Only ones likely to actually make a stand are those hoping to replace him (or those with strength of character to believe they can replace him).

Agree, him refusing to go is to trigger uncertainty and quite possibly the internal civil war/chaos that he said he was avoiding by staying.

 

[Stevo 666]

We harp on about it because they farked over millions of people by trashing interest rates and devaluing the pound. No-one gives a flying fark about cost of Govt borrowing until it hits them in the pocket.

My mortgage interest rate pre-Truss was 2.1%. My interest rate post-truss is 4%. Pre Truss I was expecting to remortgage to around £1500 a month. Thanks to the vacuous non-entity I'm paying £2000 a month. That's a big difference. Lots of people were hit by that and were rightly peeved.

Base rate of interest has not changed despite the market jitters and if it does, it will be in the order of 0.25% not 2% or more.
So yes "lefties" like me who are centre-right will continue harping on about the gross incompetence of the Tories.

The base rate that impacts borrower only moves when the MPC meets, so it can't change now. So people in your position now will soon be more screwed. Leftiebollox in action...

 

[Stevo 666]

Interest rates from 2009 to 2022 were abnormal. Borrowing was effectively free. We were already begining to see a normalisation of rates in 2022 but the Truss budget accelerated the process.
Then add in the inflation and the BoE only having one tool to try to curb it, raising the base rate.
So you are totally wrong to solely blame the tories, especially as you were clearly benefitting from the abnormally low mortgage rates from 2009 to 2022.
Historically the base rate has been between 4% and 5%, and that's looking back over 350 years.
So normal mortgage rates are 4% -7% pa.

What interest rate were you paying when you took out your first mortgage?

And as I said before, the base rate only changes when the MPC meet - that's 5 weeks away. But continue to ignore that facts.

As has been explained to him more than once.

 

[TailWindHome]

I think the Phillips resignation is more damaging than Mahmood's bluster, as it spells out why she can't support Starmer's no-change position. Starmer should have taken the multiple opportunities (Trump, Iran, etc) and signals (Gorton & Denton) that McSweeney & Blue Labour was a dead end, but each time he's squandered the chance. I suspect a lot of normal Labour MPs will be nodding in agreement with Phillips.

Think your retrofitting your own opinion to Phillips letter there.