Bulletguy Posted October 2, 2022 Share Posted October 2, 2022 Kwasi Kwarteng’s ‘budget day’ cocktail party with financiers who may have profited from crash Kwasi Kwarteng attended a private champagne reception hours after delivering his mini-budget where hedge fund managers who would gain from a crash in the pound egged him on to commit to his plans. The chancellor also gave guests insights about forthcoming government spending cuts during the event, which took place at the Chelsea home of Andrew Law, a financier and Conservative Party donor, on the evening of Friday, September 23. Sterling collapsed to its lowest level since 1985 amid market turmoil which, alongside Kwarteng’s £45 billion tax giveaway for the highest earners, benefited many of those at the drinks event. After the reception on Friday, at least two prominent hedge fund bosses told City associates that Kwarteng was “a useful idiot”. A senior Tory who advises business leaders said the phrase was in widespread circulation. Law is worth about £750 million and has donated £3.6 million to the Tories since 2004. He has acknowledged taking short positions on the pound over recent years, meaning he has profited from the currency’s decline in value. He invited about 30 people to his west London home for the drinks reception, including the stockbroker Howard Shore; the Swiss-born London banker Sir Henry Angest; Lord Leigh of Hurley, a corporate financier; Selva Pankaj, a merchant banker and investor; and Jake Berry, the Conservative Party chairman. Guests drank wine, champagne and cocktails as they congratulated Kwarteng on the reforms he had outlined in the House of Commons. Last week, it was revealed that during the leadership contest he privately dined with Crispin Odey, a hedge fund investor and Kwarteng’s former boss, who has since said that bets against UK government bonds were the “gifts that keep on giving”. Odey, a prominent Tory donor who also gave £870,000 to pro-Brexit campaign groups, founded the hedge fund Odey Asset Management, where Kwarteng worked before entering politics. https://www.thetimes.co.uk/article/kwasi-kwartengs-budget-day-cocktail-party-with-financiers-who-may-have-profited-from-crash-kwdbs72g0 Link to comment Share on other sites More sharing options...
Bulletguy Posted October 2, 2022 Author Share Posted October 2, 2022 Prophetic stuff. Link to comment Share on other sites More sharing options...
John52 Posted October 3, 2022 Share Posted October 3, 2022 Crispin Odey's hedge fund has had a pretty dire performance over the last few years as he has called most events wrong. So its truly remarkable how he called the crash in the pound and UK bonds right - and betted so heavily on it. With 78% of voters not wanting her, I think Truss has realised she will never be elected PM and is going to milk the job and indulge her expensive tastes for as long as she can. I don't know what I could say to her if I met her. Like Thatcher she seems to talk over people, and if I tried to get a word in I would be accused of 'Mansplaining' like Sunak was. Link to comment Share on other sites More sharing options...
John52 Posted October 3, 2022 Share Posted October 3, 2022 This petition calling for a general election https://petition.parliament.uk/petitions/619781 has already been signed by 4 times as many people who voted for Truss to be PM Not that it makes any difference in our 'democracy' Link to comment Share on other sites More sharing options...
John52 Posted October 3, 2022 Share Posted October 3, 2022 I watched Truss's interview with Laura Kuenssberg yesterday. It wasn't as good as the local radio ones. I thought Kuenssbergs questions too wide - giving Truss the opportunity to change the subject. I guess she had to go easy on Truss to avoid not getting any more interviews or being ousted like Emily Maitland. But she did get one straight answer from Truss Kuenssberg : Are you absolutely committed to abolishing the 45p tax rate for the wealthiest in our society Truss: Yes Link to comment Share on other sites More sharing options...
Bulletguy Posted October 3, 2022 Author Share Posted October 3, 2022 She's getting shredded on local radio too. Link to comment Share on other sites More sharing options...
Bulletguy Posted October 3, 2022 Author Share Posted October 3, 2022 How the Daily Wail changes in the space of 60 minutes! 😂😂 Link to comment Share on other sites More sharing options...
Bulletguy Posted October 3, 2022 Author Share Posted October 3, 2022 MSP Tory leader Douglas Ross has been doing the media rounds all week demanding Nicola Sturgeon "turbo charge" Scotlands economy by introducing Truss's tax cuts for the rich. He's made a big deal out of it. Then he woke up to the news today that it had been abandoned.....and said the Chancellors U-turn was "the right thing"!!! 😂😂 Link to comment Share on other sites More sharing options...
John52 Posted October 4, 2022 Share Posted October 4, 2022 Link to comment Share on other sites More sharing options...
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