>.Just strikes me as an odd choice, they are on opposite wings of the same party. Probably a choice forced on her.
He hates her I should think and vice versa. Although she claims he's on board with the growth objective (which she calls a plan, but I'm ignoring that nuance).
But it's usual for a new leader to bring some erstwhile opponents into the cabinet in the name of unity. She didn't, with almost no exceptions, and she was criticised for that. It would have cheesed off the MPs anyway, even without the subsequent display of incompetence.
The news conference was dreadful. Barely a hint of an apology and nothing beyond what had been trailed, when it was clear to me that the market was looking for more of a dent in the black hole, and a quicker proposal than 31 October. Four near identical robotic answers to questions, although to be fair - they all included some form of "shouldn't you resign too, he just did what you wanted".
Truss losing her job this year is now 11/8 which seems generous. You could have got 66/1 when she won the contest, and 4/1 as recently as last week.
Pension trustees have been busy preparing over the last 3 days for the possibility of even higher gilt yields than already seen when BoE support is withdrawn. I don't think any will actually fall over but there will be costs.
To pretend the 'plan' is really OK is just fatuous. Dead duck.
USD/GBP seems to have settled at 1.12 for now, presumably with some bank support. Frankly I feel a bit queasy wondering what will happen on Monday, and what the consequences for the country will be. There certainly need to be some consequences for Truss, apart from the Prime Minister's pension.
|