He said we are going for an Australian style arrangement, just as he said he would say.
If the EU want to beg us for a better deal why would we ever rule out listening to what they have to offer? The move has to come from them though.
It's also a Somalian and Afghan type arrangement i.e. sweet bugger all. It's a complete failure of statecraft and it's nothing to be happy or proud about.
I'm confident a deal will still be found though. He's just playing it down so he can make a bigger song and dance when it happens.
His bullshit is so transparent my 7 year old can see through it.
Brexitards believe any label de Pfeffel slaps on his failure of the day. You’d think that nobody would buying this Australian deal crap, given there never has been an ‘Australian deal’, not even for Australia. But here we are; a Brexitard calling no deal an Australia type arrangement like it is something.
Congratulations America
Kinda hilarious seeing someone crow about the terms of their shooting their own dicks off being set by their enemy, but sure. Meanwhile, As brexit negotiations collapse, Number 10 releases powerful photo of HMG's elite stylist team hard at work on an #AustralianStyle hairdo:
"One day, we shall die. All the other days, we shall live."
Twitter Link
Its like a breakup happening on Facebook.
More posturing, Rand.
https://www.bbc.com/news/uk-politics-54566897
When the stars threw down their spears
And watered heaven with their tears:
Did he smile his work to see?
Did he who made the lamb make thee?
It is genuinely hilarious to see the fervor with which you're trying to reframe being bitchslapped as if it's a sign of your strength. Your own govt's comment on this predictable development shows that the appropriate framing is that the EU has set the terms, and has no interest in having its time wasted—but will obviously consider any offer the next time the UK comes begging. Like Lewk, you're desperately trying to frame shooting yourself in the dick out of sheer incompetence as a glorious victory over the libs. I mean, I get why you're doing it, but, outside the comments section of third rate British tabloids, it's just transparent and sad. Have some dignity man
"One day, we shall die. All the other days, we shall live."
oh no official statement from no. 10 press office:
Twitter Link
"One day, we shall die. All the other days, we shall live."
When the stars threw down their spears
And watered heaven with their tears:
Did he smile his work to see?
Did he who made the lamb make thee?
It's not even that. The govt is desperately trying to make it look like they haven't been humiliated due to their own stupidity. They keep trying to cast their failures as signs of strength—in literally every single situation where there's a risk of looking weak. But frantically running around trying to play up your own strength while breaking international law and one's own promises in desperate bids to be taken seriously really just does not scream "strength".
I think most people have at least one friend or acquaintance like this—some immature and incompetent serial self-owner who just can't seem to be able to get their shit together, constantly trying to play up their own importance and skill even as they fuck up every venture and every relationship in a dogged quest to shoot their own dicks off in increasingly creative ways. But, the thing is, people who're watching these self-owners tend to have a functional dumbass detector. Outside the comically delusional English press, these incessant faceplants are recognized as such. Even inside England, much of the public is aware of what utter fucking incompetence these unforced errors signify; it doesn't really matter what the English say to the biggest suckers among them, in their attempts to assuage that crushing sense of shame.
"One day, we shall die. All the other days, we shall live."
"One day, we shall die. All the other days, we shall live."
You haven't shown any way how the UK is getting "humiliated" though.
An Australian style Brexit was one of our scenarios we were happy with from the start. If that's what we end with then we are happy.
I wonder how happy the French fishermen will be. If anyone is shooting their own dick off it is surely Macron but you keep throwing your projections around.
In other news, rather than admitting they were wrong, Hazir and Khen have made Moody's downgrade the UK's credit rating once again:
Twitter Link
Our friends have been quoted verbatim by the shills at Moody's:
https://m.moodys.com/research/Moodys...ble--PR_434172
I had no hand in this, but would like to congratulate Hazir and Khen—and obv. also Gogo, who provided moral support—on a well-executed propaganda coup against the UK.
The three key drivers for this action are closely related and mutually reinforcing.
First, the UK's economic strength has diminished since we downgraded the rating to Aa2 in September 2017. Growth has been meaningfully weaker than expected and is likely to remain so in the future. Negative long-term structural dynamics have been exacerbated by the decision to leave the EU and by the UK's subsequent inability to reach a trade deal with the EU that meaningfully replicates the benefits of EU membership. Growth will also be damaged by the scarring that is likely to be the legacy of the coronavirus pandemic, which has severely impacted the UK economy.
Second, the UK's fiscal strength has eroded. General government debt, already high and sticky prior to the crisis, has risen further as a result of the pandemic. While the UK's reserve currency status provides a high capacity to carry debt, the material increase in debt poses risks to debt affordability in future years, particularly in the absence of a clear plan to reduce government indebtedness. Notwithstanding recent statements of intent by the government, it is in Moody's view unlikely that the government will be able meaningfully to rebuild the UK's fiscal strength in the coming years given the low growth environment and the likely political obstacles to doing so.
The third driver relates to the weakening in the UK's institutions and governance that Moody's has observed in recent years, which underlies the previous two drivers. While still high, the quality of the UK's legislative and executive institutions has diminished in recent years. Policymaking, particularly with respect to fiscal policy, has become less predictable and effective. Looking forward, the self-reinforcing combination of low potential growth and high debt in a fractious policy environment will create additional headwinds to addressing the economic, fiscal and social challenges that the UK faces.
[...]
Moody's expectation is that the broad deterioration in the UK's fiscal position will not be rapidly reversed. Relative to peers, the UK's fiscal policy effectiveness and the predictability and cohesion of policymaking have weakened, reducing the likelihood that the fiscal loosening stemming from the pandemic will be corrected in a timely manner. Spending pressures are unusually large and -- importantly - predate the coronavirus-induced shock. The government is running out of space to cut spending in areas of discretionary spending that are not protected. This implies that the government will have limited ability to cut in areas that are not ring-fenced without instituting some revenue-raising measures or coming up against some very significant political obstacles. Higher expenditure could be financed through higher taxation, though the timing and magnitude of any such changes will difficult to manage given that they will likely balance the need for fiscal consolidation against an equally important desire to not choke off a nascent economic recovery.
[...]
WEAKER INSTITUTIONS UNDERLY BOTH OF THE AFOREMENTIONED TRENDS
The third factor informing today's rating action is Moody's view that the UK's weakened institutional policy effectiveness, an element that the rating agency considers a governance factor under its ESG framework, makes these credit challenges more difficult to tackle.
This reduced institutional capacity to manage change in a predictable and confidence-building manner is evident with respect to the UK's approach to Brexit, in its inability to achieve an outcome which meaningfully replicates the benefits of EU membership and in its approach to implementing the agreement reached with the EU to date. However, the erosion in the predictability of policymaking and respect for rules and norms is perhaps most clearly reflected in the conduct of fiscal policy. Some fiscal institutions, such as the Office for Budget Responsibility, remain very strong relative to global peers. However, the UK's broad fiscal framework, characterized by features such as multi-year budget plans and more detailed revenue and spending decisions announced for the outer years of the planning period, has weakened. This deterioration in the quality of institutions has made policy planning more unpredictable.
The UK effectively has no fiscal policy anchor. Before the pandemic, Moody's saw an increasing willingness to move the goalposts, with changes to the longer-term fiscal anchor and the definition of fiscal targets and a revealed preference to shift the fiscal tightening to outer years of a five-year horizon. While the economic and public health uncertainties are undeniable at the current juncture, there is no indication that this trend—which has transcended electoral cycles—is likely to reverse.
[...]
On 13 October 2020, a rating committee was called to discuss the rating of the United Kingdom, Government of. The main points raised during the discussion were: The issuer's economic fundamentals, including its economic strength, have materially decreased. The issuer's institutions and governance strength, have materially decreased. The issuer's fiscal or financial strength, including its debt profile, has materially decreased. The issuer's susceptibility to event risks has not materially changed.
"One day, we shall die. All the other days, we shall live."
I did. The bulk of the issue is the pandemic.
Growth will also be damaged by the scarring that is likely to be the legacy of the coronavirus pandemic, which has severely impacted the UK economy.
Second, the UK's fiscal strength has eroded [due to the pandemic]. General government debt, already high and sticky prior to the crisis, has risen further as a result of the pandemic.
Debt to GDP was going down pre pandemic. The deficit now causing debt to go up now is entirely due to the pandemic. Just because you're ignorant of the big picture doesn't mean others are as ignorant as you so maybe rather than accusing others of not reading you should read more yourself.
RB, if you—a lazy and possibly barely semi-literate reader—want to accuse someone else of not reading or seeing the big picture, I recommend you not do so by showing that you haven't read more than just a few sentences and haven't thought about the big picture.
Moody's downgrading of the UK's credit rating began before the pandemic, and the downward trend has been fairly consistent ever since the referendum, over several electoral cycles. It's not the downgrading itself that's the interesting bit of news—it's the reasons they have given for the new rating. The present decision specifically highlights the UK's Brexit-related failures as well as its endemic political and institutional dysfunction as the primary causes, with the shock stemming from the pandemic being a modifier. Crucially, the Brexit-related failures and the political dysfunction are expected to exacerbate and possibly entrench the impact of the pandemic, making recovery more difficult; were it not for ongoing and worsening failures & dysfunction, the UK's ability to recover relatively swiftly from the pandemic would be less in doubt. The most damning remarks in the report concern obstacles stemming from governance issues, illustrated by—among other things—the failures wrt the negotiations with the EU. Specifically, they are concerned that the failure to meaningfully replicate the benefits of EU membership will "continue to put downward pressure on private investment and economic growth"—even if a deal were to be concluded before the end of the transition period. The pandemic is a challenge, but the reduced faith in the UK's creditworthiness does not stem from that—it stems from concerns about British politics, governance and competence.
Like an idiot, you focused on the least important aspect of the report, and pretended the other issues had not been separately accounted for as being more important. I suspect the reason is that you did not read the post before replying, let alone the report to which I linked—and quoted from. That being said, I have noticed you have an unerring ability to focus on literally the least important part of any analytical text—even ones you have purportedly read. It's almost uncanny, but mostly it just inspires fremdschämen.
"One day, we shall die. All the other days, we shall live."
You're right Moody's began downgrading the UKs rating before the pandemic. It began downgrading the UKs rating in 2012 following the shocking amount of debt that had to be borrowed following Gordon Brown's trashing the economy. Now I know you have a special hatred for all things Brexit and British lately that warps your judgement and clouds your mind but in my universe 2012 was before the Referendum. So yes there have been multiple electoral cycles and multiple referenda since 2012.
You may be locking on to the bits that suit your warped agenda but the pandemic and how it has exploded the deficit is the most important element of the story.
Please read posts you reply to before replying to them, in this case this part:
It's obvious you did not read that, or you wouldn't have raised a stupid objection that barely addresses the least important part of the post you had purportedly read before replying. Allow me to reiterate:Moody's downgrading of the UK's credit rating began before the pandemic, and the downward trend has been fairly consistent ever since the referendum, over several electoral cycles. It's not the downgrading itself that's the interesting bit of news—it's the reasons they have given for the new rating. The present decision specifically highlights the UK's Brexit-related failures as well as its endemic political and institutional dysfunction as the primary causes, with the shock stemming from the pandemic being a modifier. Crucially, the Brexit-related failures and the political dysfunction are expected to exacerbate and possibly entrench the impact of the pandemic, making recovery more difficult; were it not for ongoing and worsening failures & dysfunction, the UK's ability to recover relatively swiftly from the pandemic would be less in doubt. The most damning remarks in the report concern obstacles stemming from governance issues, illustrated by—among other things—the failures wrt the negotiations with the EU. Specifically, they are concerned that the failure to meaningfully replicate the benefits of EU membership will "continue to put downward pressure on private investment and economic growth"—even if a deal were to be concluded before the end of the transition period. The pandemic is a challenge, but the reduced faith in the UK's creditworthiness does not stem from that—it stems from concerns about British politics, governance and competence.
Let me explain why you're being stupid: Moody's has actually given a thorough account of their rationale for the UK's present (downgraded) rating—just as it has done in previous reports—and that account explicitly highlights Brexit-related failures and political-institutional dysfunction as the most important reasons. You first tried to blame the pandemic, and now you're trying to blame Gordon Brown—but all your frantic scrabbling for purchase is in vain, because the report considers other factors to be more important. The spin you're trying to peddle here—like a moron—is only interesting to someone who hasn't read the report. Eg. someone who goes by the alias RandBlade right here on this very forum.Like an idiot, you focused on the least important aspect of the report, and pretended the other issues had not been separately accounted for as being more important. I suspect the reason is that you did not read the post before replying, let alone the report to which I linked—and quoted from. That being said, I have noticed you have an unerring ability to focus on literally the least important part of any analytical text—even ones you have purportedly read. It's almost uncanny, but mostly it just inspires fremdschämen.
What you're showing here is a pattern of behavior characterized by laziness, sloppiness—and stupidity. Please just read things properly before responding to them. It would save me a lot of time and energy.
"One day, we shall die. All the other days, we shall live."
Nope. Just a liar.
When the sky above us fell
We descended into hell
Into kingdom come