BoJo resigns; Truss fails; Sunak ascends

What would the process/timeline be for rejoining the single market?

After I die of old age or before hell freezes over?

I can't imagine it would take more than a year or two given that there hasn't been long enough for the UK to deviate much from the rules. The real problem is the political one, particularly around free movement of people.

Also, we probably need a wonky thread about inflation and interest rates. The Bank of England are increasing them today, ostensibly as result of inflation and it will drive the UK into a deep recession. I have heard differing views on this and why it should or should not happen.

Speaking of BoE: 'Bank of England projects longest ever recession starting in UK'

They expect unemployment to reach 6.5% in the next 2 years.

https://www.bbc.com/news/business-63471725

That's largely because of their own increase in interest rates. Can anyone make the case as to why they should do that, when inflation is being caused by external factors that won't be affected?

Literally just made the same point in another thread about the US Fed rate hikes.

http://wordforge.net/index.php?posts/3441959/

The theory with increasing interest rates is it makes folk less likely to borrow. Perhaps at the scale of business, but it's not going to help those dependent on payday loans. Or those with mortgages who aren't real estate moguls.

They're curbing demand with these interest hikes and that will inevitably put people out of work, people who are probably already struggling paying their mortgages, with the cost of gas, etc. It's going to get messy

It's interesting to note that many things are so expensive right now because of the cost of freight (notably ocean freight) was so high for the past two years, record highs in fact. Now that freight is normalizing, people are still stuck with very expensive inventories. But the fact remains it is now cheap to ship goods again which should help with inflation one would think

Isn't Sunak the Vulcan guy that Kirk greets at Star Fleet headquarters and they go up the escalator together at the beginning of TMP?

Because skyrocketing unemployment mostly affects the working class, and when they default on their mortgages the rich can buy their houses as investment properties, so basically it's a win-win.

when all you have is a hammer...

also, rents are a key factor but are calculated into the inflation rate about six months or so behind. Reportedly they've level off but earlier in the year they were still at the end of the profiteering spike.

All that said, 54% of inflation is corporate profiteering. I don't see any particular logic to argue that ridiculous climbs in interest rates will strangle that behavior.

Glad to see the Brexit Bulldog has his priorities in order.

We're also back today with another budget statement. This one will please The Almighty Markets but fuck over everyone else.

Simon Pegg is angry.

https://twitter.com/MarinaPurkiss/status/1610946422010163200?s=20

OK, I know math can suck sometimes, but lets us keep on throwing it at the kids until they are 18. It isn't going to kill them and the more they can absorb the better they will do. It is a good time to do it. I am not sure why that angers some people.

EXCLUSIVE: The BBC chairman helped arrange a guarantee on a loan of up to £800,000 for Boris Johnson weeks before the then prime minister recommended him for the role

Johnson was in financial trouble as he faced divorce payments, childcare costs and bills for the luxury refurbishment of his Downing Street flat.

Richard Sharp was involved in talks about financing Johnson’s Downing Street lifestyle in November and December 2020

Sharp a former banker at Goldman Sachs, had by then submitted his application to become chairman of the public service broadcaster and had reached the final stages of the recruitment process

Sharp, a friend and former adviser to Johnson who has given £400,000 to the Conservative Party, became involved in November 2020 after a dinner at the home of Sam Blyth, his old friend

Before the loan was finalised, Johnson, Sharp and Blyth had a private dinner at Chequers.

They insist Johnson’s finances were not discussed

https://twitter.com/thetimes/status/1616869749740142593

Liz Truss disputing £12,000 bill relating to use of Chevening grace-and-favour house

That is the most British-sounding headline, and the article delivers. What is a grace-and-favour house?

Houses that have been bequeathed to the nation for a particular use, which is rent-free. Number 10 Downing Street would be the most famous example.

Chevening was left to the nation in 1967 by the seventh Earl of Stanhope on condition that it was used by the prime minister, a Cabinet minister or a descendant of King George VI. As foreign secretary at the time, Truss had the use of it. As mentioned, it's rent-free (upkeep is maintained via a trust) but government are expected to pay for any entertainment fees involved in hosting visitors.

It seems the Tories had a rough night.

https://www.theguardian.com/politic...-pressure-dire-tory-losses-leadership-threats

Well, if Sunak can make England into an Indian vassal before he's kicked out, it won't all be for naught
(Labour better work on getting England back into the EU but I think we can all predict how well that will work out )

*UK

(In before the King Lovers.)

I predict we’ll end up with piecemeal steps to undo the worst of the damage, but I doubt I’ll see them fully back in the EU in my lifetime.

Plot twist: Sunak's happy with an independent Scotland, Wales, Isle of Man, and Irish unification so long as England becomes the next Union Territory?

UK net migration hits record high despite Tory promises to cut arrivals

Almost makes me wish Dinner still posted here. Almost.

BoJo resigns from his MP position, using Trumpian conspiracy whinging

https://www.reuters.com/world/uk/fo...hnson-is-standing-down-parliament-2023-06-09/

More trouble on Tory Mountain. Delicious.

Sunak moving another chess piece in Bharat's British Beatdown?

Former UK Prime Minister Liz Truss on Being Compared to Lettuce: 'I Don’t Think It’s Funny'