no that was the charge of the light brigade
Nigel did well..
- Thread starter Mottie
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Descendants?
Some of my ancestors fought for the freedoms that you voted against!
Would you rather they hadn't?
Damn! I meant ancestors. How could my descendants do something 80 years ago?
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They fought against fascism, not to have us flirt with it 80 years later. Farrage must be regretting leaving europe.
Good ol' Nige' wants to give us all a £40 billion tax cut; and he thinks he’s found a way to make the country's lenders pay for it with a stealth levy by restructuring the way Bank of England pays interest on reserves. He's picked up on The Treasury Committee's inquiry into quantitative tightening earlier this year. In its final report, the committee laid out why it thinks 15 years of extraordinary monetary policy and associated asset purchases, which contributed to a record Bank of England balance sheet and asset portfolio in 2022, are now undermining fiscal authority. So far, the indemnity has required some £50 billion to be transferred from the Treasury to the BoE, although that has to be offset against over £120 billion in income that the BoE transferred to the government in the first 12 years of the program.
The BoE is not the only central bank to incur losses because of this situation. But a unique indemnity agreement between it and the Treasury means it's one of few central banks in the world that requires them to be covered by the taxpayer.
Rather than ripping up the indemnity directly, as some politicians propose, Reform says it would counter the negative effects of an expanded balance sheet by "ending the BoE's current voluntary payment of base rate interest on the printed money reserves, known as quantitative easing (QE)." In practice, Reform's proposals would introduce a tiered remuneration system for banks, penalizing only that share of reserves deemed to be a QE-free lunch, echoing a proposition former deputy governor Paul Tucker made in October 2022.
"I have been raising this for over 12 months," said Reform chairman and former asset manager Richard Tice. "The fact that neither the Chancellor, nor the Treasury, nor the Bank of England have proved why I am wrong, but instead have been silent on this issue, is because they are embarrassed to admit that I am right,” he said.
Is he? I freely admit i've no idea and hope the forum financial wizards can shed more light on the matter...
The BoE is not the only central bank to incur losses because of this situation. But a unique indemnity agreement between it and the Treasury means it's one of few central banks in the world that requires them to be covered by the taxpayer.
Rather than ripping up the indemnity directly, as some politicians propose, Reform says it would counter the negative effects of an expanded balance sheet by "ending the BoE's current voluntary payment of base rate interest on the printed money reserves, known as quantitative easing (QE)." In practice, Reform's proposals would introduce a tiered remuneration system for banks, penalizing only that share of reserves deemed to be a QE-free lunch, echoing a proposition former deputy governor Paul Tucker made in October 2022.
"I have been raising this for over 12 months," said Reform chairman and former asset manager Richard Tice. "The fact that neither the Chancellor, nor the Treasury, nor the Bank of England have proved why I am wrong, but instead have been silent on this issue, is because they are embarrassed to admit that I am right,” he said.
Is he? I freely admit i've no idea and hope the forum financial wizards can shed more light on the matter...
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I can't begin to see how this country got into all this trouble, what with Brexit saving us £350m a week.
He's clearly a wizard with a magic wand. Maybe he should mention another country that runs it's central bank this way or doesn't use the same basic system as we do.
The link to the paper is interesting. I might spend some hours on it. The first section mentions problems - obscure to us but best accept them.
Later it gets to crux. It appears to be mainly the use of QE and HMG using the BofE for debt. There can be situations where it would be best for HMG to fund itself via debt / debt to be built up a different way. However the % saving are not that high. Gov it seems got it wrong -maybe
Those numbers assumed that if HMG had funded itself in the markets during 2020 and 2021, that would not have affected yields. But long-maturity nominal forward rates were so low then that the supply effect on yields would have had to have been in the order of 1–2 percentage points for the implied steady-state saving to be wiped out. At the least, it can be argued that, monetary policy considerations aside (see Assessment subsection below), government could usefully have tested the waters rather than relying on Bank purchases
Need to relate that to £1t and also notice 12years and a +ve as far as HMG is concerned.
LOL No wonder Carny thinks Labour's lady is a great idea.
Nah, brexhit and the english civil war v2
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I see Nigel was pelted again today, no doubt the neanderthal lefties on here etc will support such acts.
Personally find it dispicable, no political leader even Richy Rich should be treated as such, i hope those people were arrested and given the approriate fines and criminal associated warnings on a repeat offence. Idiots we are a progressive society not revolting peasants from the 15th century.
Personally find it dispicable, no political leader even Richy Rich should be treated as such, i hope those people were arrested and given the approriate fines and criminal associated warnings on a repeat offence. Idiots we are a progressive society not revolting peasants from the 15th century.
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As much as I detest the guy.
I hope the person(s) are treated to the full extent of the law.
Free speech is important.
I just wish Farage, and others used it wisely and with respobsibility. Still doesn't mean he should be the object of any violence
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Fair points well said agree.
The pundits think they have found a £12b hole in Tory ideas. They feel it can only be filled by cuts to unprotected areas - Justice seems to be one. maybe why it takes yonks to prosecute anyone.
It looks like it should be filled by the get unhealthy people working ideas. An earlier report mentioned the same number and idea a while ago from an earlier Tory budget. The money didn't materialise. I didn't catch all of this report but same number so think the same thing.
The Tory love the beliefs of some of their voters. The above is a pretty typical example,
Immigration cap. This is visa not boats. Hope to get down to 40%. Plenty of time to up university fees to cover the deficit. These people have to support themselves, any family that also comes and pay a health fee.
Pundits think all parties are mad saying they wont put up the well mentioned taxes. They may have to.
It looks like it should be filled by the get unhealthy people working ideas. An earlier report mentioned the same number and idea a while ago from an earlier Tory budget. The money didn't materialise. I didn't catch all of this report but same number so think the same thing.
The Tory love the beliefs of some of their voters. The above is a pretty typical example,
Immigration cap. This is visa not boats. Hope to get down to 40%. Plenty of time to up university fees to cover the deficit. These people have to support themselves, any family that also comes and pay a health fee.
Pundits think all parties are mad saying they wont put up the well mentioned taxes. They may have to.
Unlikely. I certainly don't.
"**** off Nigellll"
Bored builders lob bricks at Bre*it Bore!