#Networks with #government, #thinktanks etc for #Birmingham, one of the UK's great but dis-empowered #cities. I own my views but they are socially constructed.

Birmingham and London
Joined April 2012
I have a new slogan and resolution for 2022. #GetDevolutionDone
1
6
Here we go. Back to austerity… 🙄 #EconomicCrisis
A Whitehall source confirms that the Chief Secretary to the Treasury will write to govt departments in the coming days about identifying spending efficiencies bbc.co.uk/news
1
Tony Smith retweeted
Peter Bone is no longer deputy leader of the House of Commons.
Lots of other stuff going on, I know, but @madzbishop has a keen eye and has spotted that the never-ending reshuffle is still taking place... is this the last firing? Do we now have a complete government? Follow @instituteforgov for more analysis later this week!
7
23
6
33
Tony Smith retweeted
The current strategy of the Treasury and Downing St is to sit tight during market turmoil, including emergency Bank of England market intervention, and characterise the currency and bond shocks as inevitable teething problems from radical supply side reform…
88
127
41
499
Show this thread
Tony Smith retweeted
Basically right but list of errors also includes: - no OBR forecast - no attempt to show how it was fiscally sustainable - ignoring context of rates already rising + huge current account deficit - sacking 'orthodox' top official - allowing fiscal 'radicalism' briefing all summer
If Truss-Kwarteng had stuck to energy price cap, reversing National Insurance rise + stopping planned rise in corporate tax, adverse market reaction would have been avoided. All widely expected. It was unnecessary cuts in income tax that did it + loose talk of more to come.
25
239
12
892
Show this thread
Tony Smith retweeted
A WhatsApp from a Conservative MP.
23
268
33
1,741
Show this thread
Tony Smith retweeted
Not content with turning us into the first country ever to impose economic sanctions on itself, Brexiters have now executed the biggest self-inflected financial crisis in history. But they’re the ‘patriotic’ ones…
359
3,550
60
18,954
Tony Smith retweeted
🚨NEW🚨 On the @bankofengland intervention: Am told the BoE were responding to a “run dynamic” on pension funds - a wholesale equivalent of the run which destroyed Northern Rock. Had they not intervened, there would have been mass insolvencies of pension funds by THIS AFTERNOON.
791
8,296
2,753
18,169
Tony Smith retweeted
Clearly, it's not just Truss & Kwarteng who've done this. It's an entire network of politicians, media voices and more who pushed Brexit as an ultra-neoliberal wonderland that could defy gravity. Look at a lot of the commentary that followed the mini-budget. There they all are
148
1,442
46
6,791
Tony Smith retweeted
Here is one way of seeing the scale of the markets rout that was close to wiping out pension funds. At start of year, 40-year gilt (government bond) with a 0.5% coupon was worth 85p. This morning it was trading at 25p and even after Bank of England intervention it's 34p. This...
114
896
99
2,525
Show this thread
Tony Smith retweeted
Say what you like about Boris Johnson, but he wouldn’t have hidden from a run on the pound and turmoil in the markets, he would have been right out there with an incoherent speech comparing it to an episode of Tellytubbies with a completely superfluous quote from Ovid.
62
432
20
3,372
Show this thread
Don’t often disagree with @soniasodha but I think the view that Starmer isn’t a great orator must be qualified. He’s better than most current UK politicians including all in the govt. Just compare his speech with next Wednesday’s. He also has brilliant speechwriters.. #r4today
1
4
Tony Smith retweeted
Asking Starmer for detailed tax and spending policies in 24 months time is a bit rich when we don't know what the Tories will do in the next 24 hours. #r4today
4
134
1
705
Tony Smith retweeted
I thought I would do a little update of this thread. I mean there have been developments, haven't there?!
If you are a journalist confronted with one of the Truss economics outriders and you are not sure how to challenge them on the validity of the Truss-Kwarteng plan, there are many ways to go...
Show this thread
10
107
21
253
Show this thread
Replying to @t0nyyates
4. Why are you publishing a 'medium term' plan in November. Didn't you think this through fully already before announcing it? Why can't we see the plan now?
Show this thread
1
1
It’s not the energy price cap that’s the problem - it’s the fact that it’s paid for by extra borrowing, alongside the unnecessary cuts in higher rate income tax and corporation tax. #r4today
2
2
Tony Smith retweeted
Just one of the reasons next week will be tough for Truss (but a perceptive one).
Leaving aside my own political disgust at UK Govt actions, there is the scary prospect of the Tory conference. Officials will tell senior ministers that every syllable will be obsessed over (in 2016 hard Brexit hints at Tory conference caused a flash crash in £).
3
6
18
Show this thread
Tony Smith retweeted
Labour has achieved much, but it has been missing something essential: a certain urgent gusto, an inner belief. In the middle of a grave national crisis, Keir Starmer found that something, writes @AndrewMarr9. newstatesman.com/politics/uk…
20
72
2
349
Tony Smith retweeted
The Bank of England suggests there will be a “significant response” to the sterling crisis which may calm the City - but will be no comfort to people looking for a new mortgage deal who now face large increases in their payments. @GaryGibbonC4 reports. channel4.com/news/how-sterli…
3
12
2
27
Women in Kabardino-Balkariya and Dagestan speaking up about reality - it was Russia that attacked Ukraine and Russians are occupants. 📹: @SvobodaRadio
231
2,997
227
13,241
259,165
Tony Smith retweeted
It is concerning that supporters of HMG’s fiscal approach do not seem to have understood the gravity of the situation Fixing this cannot just be about comms or hoping the data improves It has to be about the substance + credibility of the government’s fiscal position
Replying to @julianHjessop
ps. what will turn sentiment around? 1. Better UK economic data, showing the 'growth plan' is working 2. Better news on #inflation, especially #gas prices 3. Better gov't comms 4. Scaling back of expectations for US rate hikes (main reason for strong $ / global bond selloff)
Show this thread
3
35
2
138