Member Info for Walkersworld

Hardup, I never say British when asked my nationality, I do not like being called British and I do not like it when than is the only option given, the choice should be: English, Welsh, Irish or Scottish! We are all individual!

Lti, when someone asks your nationality, you don’t say Great British now do you, you say, I am English or Welsh or Scottish or Irish, no one from Great Britain ever said I am Great British which is actually a geological term and is Greater Britain, so to be honest, you would never say I am Greater British!

Theosus, I don’t agree with foreign aid for countries that have space programs.

Pension crackdown risks sparking wave of bankruptcies

The cost of long-term borrowing for the Government rose to its highest level since the Bank of England launched its £65bn pension bailout, as analysts warned the jump signalled further market turmoil could be on the cards.

Yields on 30-year gilts rose above 4.5pc, bringing them to their highest since going over 5pc just before the Bank’s intervention on 28 September. 10-year gilt yields also rose by 2.5 basis points at 4.25pc.

The surge in borrowing costs came as the Bank announced it will ramp up its market intervention before it closes on Friday. It will also launch a scheme to provide liquidity to banks whose clients are struggling with sudden cash calls.

Its decision comes after eight auctions so far in which the Bank offered to buy £40bn worth of bonds but only succeeded in buying £5bn worth. The Bank has been purchasing the gilts using newly created money in a process known as quantitative easing.

However, analysts have warned that the intervention fails to adequately address the underlying issue.

Antoine Bouvet, senior rates strategist at ING, said: “The suspicion is that risk reduction by pension funds has been too limited so far.

“The question is do they have enough cash to meet new collateral requirements if the gilt market sells off again, as the gilt purchases by the Bank of England end this week.

"I think the fear is that the answer's no and that it will trigger the same snowball effect that we had two weeks ago.”

Bank doubles down on bond deals

THE Bank of England doubled down on its emergency bond buying scheme today, saying it would purchase up to £10 billion a day.

That’s up from £5 billion previously and comes as the scheme enters its final week.

Some in the market fear the gilts market will collapse threatening pension funds once the Bank withdraws its support altogether.

The Bank felt obliged to support the market after the UK government’s so-called “mini budget” alarmed investors about the UK’s financial stability, and in turn the value of 20 and 30-year dated bonds.

The pension funds were exposed to this market via leverage in ways few understood, it emerged.

The Bank said today: “As previously announced, the Bank plans to end these operations and cease all bond purchases on Friday 14 October.

In the final week of operations, the Bank is announcing additional measures to support an orderly end of its purchase scheme.”

Oooooooohhhhhh! Look at that Lti didn’t vote Tory at the last election, so why the fan boy posts, why not have a more levelled approach to politics, you must know every politician is a self serving twa t.

Lti, not half as weird as your fan boy posts regarding the Tory party.

Lti, if all of the Tory MPs committed murder individually, you would find an excuse for them, probably along the lines “they were only having fun or were exercising their Tory privilege “.

Lti, Gateboy, what I do understand is that my portfolio is now considerably smaller after the Tory Budget and that pension companies were on the verge of going bust, I understand the panic when people realised their mortgage payments were going to shoot up. I understand that the Labour Party now has a huge point lead on the Tories, I understand that voters don’t like seeing their funds decimated, I understand that Truss & Kamikaze are considered toast. I under that Gove and fellow MPs are campaigning against the PM & her Chancellor . I understand that the government is a complete shambles. That’s enough of what I understand for the time being!

Lti, what’s your point, that £3.66 Billion is not an eye watering sum,I take it you have this amount in your current account for trivialities?

Gateboy, no it was £3.66 billion which is still an eye. Watering sum.

Asda has launched a £1 'winter warmer' meal deal for older customers struggling with the cost-of-living crisis. The supermarket will offer customers aged 60 and over the chance to buy a soup, roll and unlimited tea and coffee for £1 in all of its 205 cafes all day, every day throughout November and December.

Don’t all rush at once, not available till November, free Wi-Fi so you can still update this chat site!

Centrica used to be a good share, many of my friends who worked for that company bought into the employee share scheme only to see the price plummet from £3.50 plus to 70p that it is now or lower. Too much government interference.

Lokiloo, Coldwar Steve follows me on twitter, and vice versa.

Gazzelberry, if Putin nukes Dundee he won’t get his copy of The Beano which is far more important than jam. Anyway, surely Desperate Dan would be more than a match for one of Putins nukes?

Michael Gove is one of the most entertaining Tory MPs that we have, he never fails to hit the headlines, whether it’s dancing the night away doing his iconic Dad Dancing or sensibly telling Liz Truss that her budget is not workable or having the odd line of the white stuff, you got to hand it too him, he’s a stand alone politician. Sometimes he’s the only one who speaks sense and sounds intelligent amongst his fellow Tory members. He knows he’s never going to be PM so he’s doing his own thing.

HM Treasury

@hmtreasury
·
3h
Update on Bank of England gilt purchasing: Since the Bank began using their reserves to purchase long-dated UK Government bonds on 28 September, the Bank has purchased a total of less than £4bn, helping restore orderly market conditions.

1 x £500 + 1 x £50 = £550. This is the most I have ever wore in one go. Makes up for not winning anything in the last two draws!

Theosus, we don’t have housing for our own people, rented accommodation is very short on the ground, I am a great believer in “charity begins at home”. I have no hesitation in helping others from different countries but our own people should come first!

Will Kamikaze crash the markets again?