UK Politics March 42023

God yes. Forget he even existed to be honest.

Have heard a few insider accounts that paint a frankly terrifying picture of what might have happened, as bad as it was in the end, it could have been real “falling into the abyss” hours?

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Hadn’t heard of that before re mortgages. My understanding is very basic so hopefully someone here has a better grasp on things.

My impression is that it could have been a situation where people wouldn’t be able to withdraw their money from a cashpoint, because it would all be gone (in Northern Rock’s case anyway).

Yep. I don’t know the exact specifics (of what could have happened), but there were phone calls in the middle of the night, hastily convened meetings and interventions with certain things ‘just in time’ which prevented things getting worse.

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Yes. Well I mean I understood that the first £30,000 of your money is guaranteed by the government in these cases, so the poorest in society would in theory be fine. Probably the middle class would be hardest hit, so actually people like me. (I definitely don’t have £30,000 in the bank BTW, what I mean is that it is my social strata who are probably most likely to have big savings amounts I would think, but not huge divestment that would allow them to weather. At the time I didn’t own any property so I was saving but I don’t think I ever had that much in single account apart from when I scraped it all together for the deposit from both our accounts and parental loans.)

Of course, god knows how you deal with the gap between the bank collapsing and being able to actually deliver this to people who are in need of actual money to meet bills etc right at that point.

I believe that the guarantee is £85k now

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Holy shit. That is really huge.

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Ah that’s good news that my £0 and 0p worth of savings is guaranteed

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Can’t tell if this is damning with faint praise, given who the other options are :smiley:

(I still have reservations about how ruthlessly he propped up Blair and happily spouted his no more boom and bust shit as chancellor but am willing to take that he was a poor chancellor but a decent PM.)

Can’t imagine a situation where debt would go away tbh. Mortgages are an asset and if the bank had gone under I’m sure someone would’ve picked them up in the liquidation.

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He actually did feel like maybe the last Labour leader to have the vast majority of the party behind him and to have a pretty strong amount of the electorate. But possibly I am misremembering.

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  • Got the Pixies in my head now

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Heard something similar on the today programme and was waiting to hear what the angle was, either ‘yeah and hotels are totally unsuitable for short stays for vulnerable people with no cooking facilities or access to other services’ or the far more likely ‘look at this strain on public services, Rwanda etc’ but it just seemed to be ‘look at these high numbers’, which only serves to be inflammatory given the current environment. The home office may as well just write the news edits.

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Wouldn’t be surprised if they are tbh

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It was way more serious than most people realise. Labour bailed out the banks cos we were hours away from cash not coming out of the cash machines as has already been mentioned. The financial system was having a heart attack.

The tories would have done it, and in broadly the same timeframe as there was no alternative. But it might not have been the UK government leading, it might have been someone else. Or maybe a banker instead of a politician.

But there was no other options in terms of the bailouts. Well, none other than burning it all to the ground, funnily enough no one in power fancied that.

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The Privileges Committee says Boris Johnson’s final written evidence did not arrive until 08:02 GMT this morning because the original contained “a number of errors and typos”.

he just don’t give a shit

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Tomorrow is going to be so grim.

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Seeing as this is definitely the place to get interesting answers to this question I’m going to ask it.

Suppose the process of him getting turfed out of parliament actually does get underway tomorrow. What will he do afterwards? I know it won’t be a good thing, but what bad thing will he do?

exist

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