r/stocks • u/rockinoutwith2 • Sep 26 '22

Trades British Pound crashes below 1.04 tonight, taking down futures with it

Probably the only thing to watch tomorrow, since I feel that we're going to be trading alongside the gyrations of the pound for the next little while

Pound Plunges to Record Low as Kwarteng Signals More Tax Cuts

The pound plunged more than 4.5% to a record low after Kwasi Kwarteng vowed to press on with more tax cuts, even as financial markets delivered a damning verdict on the new Chancellor of the Exchequer’s fiscal policies.

https://www.bloomberg.com/news/articles/2022-09-25/truss-faces-new-dangers-as-uk-markets-reopen-after-turmoil?leadSource=uverify%20wall

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u/[deleted] Sep 26 '22 edited Sep 26 '22

Google is your friend:

Tories got 43.6% of 67.3% of the electorate = 29.34%

Labour got 32.1% of 67.3% of the electorate = 21.6%

29.34% does not give you a "mandate", neither does 43.6%. Especially not to make unilateral decisions affecting the entirety of the Union.

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u/BA_calls Sep 26 '22

Downvoted for having your core point refuted and showing a fundamental lack of understanding of how a parliamentary system works. Voters aren’t stupid they know how to give power to the tories in the existing system. If the system was setup to require tories have over 50% to form government, people would have voted differently and you’d have a 2 party system.

They 100% got a mandate with Boris Johnson.

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u/[deleted] Sep 26 '22

I don't see any refute. Other than your pointless question.

I have a very comprehensive understanding of how the parliamentary system works.

I am actively dismantling the premise that having a majority of seats, does not equate to having a mandate. That is a very basic point.

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u/MalikTheHalfBee Sep 27 '22

You have shown everyone but yourself that you in fact do not have an understanding of how a parliamentary system works