What is going on today? - Megathread

I donā€™t trust banks.

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renewable

Donā€™t recall anything on the mini budget for renewables but they all seems have taken a tumble.
Is it because shale is ā€œOKā€ now or result of a wider market volatility?

I think itā€™s probably got more to do with bond yields rising, now other income producing assets need higher yields to stay attractive

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Agreed! Didnā€™t Boris suggest exactly that at one point?
I hate it when I find myself agreeing with politiciansā€¦

They removed the ā€œGreen Levyā€ surcharge for using sustainable energy. I thinkā€¦ Or theyā€™re going to?

The green levy is on household fuel costs, it covers things like social policiesā€¦ apparently. As far as Iā€™m aware none of it goes to wind farms.

If any does it shouldnā€™t really affect energy producers that much, itā€™s not a lot of money at large scale as itā€™s supposedly spread across various government policies, but is a lot for individuals.

Itā€™s also not been scrapped yet

As expected wrong decision from the BOE to not raise today. They and gilt yields will rise regardless so at least a 50bps hike would have done a lot of good.

Mortgage market already seizing up:

1.4m soon affected:

Government MIA. This wonā€™t end well.

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Two words should have been headline news in the UK & America since 2019, BRICS and PHYSICAL GOLD.

(Iā€™ve been 98% cash / 2% silver & gold since July 2021).

This is the best explanation I could find. I would not post if it was not at least excellent.

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Seems that Virgin Money (all) and Skipton Building Society (new range) have also withdrawn mortgage products:

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Iā€™m not sure on the details as itā€™s only anecdotal but I already noticed this over the last couple of months. Where I was given options of about 6 mortgage products (per bank) Iā€™m now seeing just two. Thankfully I already locked one in months ago

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Is the pound falling or is it all just a side effect of a strong dollar?

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can we blame the Americans
are we seeing a repeat of 1985, then the Fed decided a strong $ was everything and made it so

I noticed that on @NeilB post the other day. People/news strangely quiet about other currencies performance as if only the pound is affected. I havent looked into it too much but does seem a bit odd.

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Please read the FT article. The story is far bigger than a strong dollar. For those of us that have studied this sort of thing, Iā€™d say the article is a gentle introduction to the decline of sterling story that has been played out for many years and has now been exacerbated by the recent ā€˜fiscal eventā€™.

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I aint paying for no FT article :rofl:

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Use this. Paste article into first tab. Wait a little or refresh.

https://archive.ph/

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Legend!!! Very handy tool!!!

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The pound is falling, in reaction to the latest mini budget. Expectation is inflation will hit harder because of it, devaluing the pound.

Problem on here? No search facility showing (hence posting this tech/admin issue here) and no profile or log in/out option showing?