Author: https://teapawt.net/t.co/NPr0IvdY7o [email protected]
Wigan, England
Joined May 2016
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I’m devastated to hear that Billy has died. Today, Wigan lost a giant.
I was incredibly lucky to get to know Billy, Joan and the Boston family in recent years. At Joan’s funeral a few days ago, Stephen gave a beautiful eulogy for an incredible woman who headed up such a big, close, family.
Billy’s story is the best of this country. What he achieved on the pitch would be enough to make him a legend. But his life meant so much more than that — his commitment to Joan, to his kids and family, to community, and to the sport. The proudest moment of being Makerfield’s MP was accompanying Billy, Joan and the family to meet His Majesty for Billy’s long overdue knighthood — after a long campaign I was proud to support.
Wigan has lost one of its all time greats. Leah and I have lost a couple we were proud to call friends.
Thank you for everything, Billy. We’ll miss you.
A new path for Britain began today with @andyburnham.
For me and my family, it’s been a rollercoaster few months.
But the hard work starts now.
@UKLabour, it’s our last chance to show politics can drive radical change. Let’s grasp it. Together.
A few weeks ago, my family chose to make a sacrifice and leave a job I loved in a place we love.
Yesterday, people in Makerfield chose this country’s path. Emphatically.
@andy4makerfield loves this place and will change our political culture.
I’m proud to stand by him, and the brilliant team, in this fight.
Hope. That’s what lies ahead.
Been an absolute privilege working with these ballers in recent weeks.
It’s been @andy4makerfield, me, and thousands of excited, hopeful people taking orders from these four northern women.
Exactly what @UKLabour should be. Long may it continue.
My senior caseworker, Dave Hurst, tucking in waiting for @andy4makerfield’s numbers. As always.
Big day for Makerfield, for @andy4makerfield, and for the country. Let’s do this!
Breaks my heart, this. It should everyone’s. We will regret it.
This is awful. The last ever Denby Pottery going to the kiln. Why is there not uproar? Where’s the government in this?? We all have Denby in our homes, in family heirlooms, as our history and now it’s closing through lack of support, such a sad sad day. #SaveDenby @denbypottery
I’d take this with a pinch of salt.
One of the 518 people pollsters are surveying incessantly is my staffer.
What he says depends on his mood.
Word is, another is the lollipop lady at a school known for pranking local kids…
Yep. It’s almost funny.
@RobKenyonReform never came to 1 meeting on Ashton Library. Me, cllrs and residents worked backsides off to save it.
In politics, berating ppl on socials doesn’t get stuff done.
He’s local, angry, but no plan to actually DO anything. Like @reformparty_uk
I loved being an MP.
In this age, even if you care and graft, showing it can be hard.
Wiganers are tough judges of character and I’ve been moved by what they’ve said.
For those thinking of politics: it’s a privilege that’s worth every ounce of energy you have.
👇🏽👇🏽 on point as ever, @iAmJoshHunt
The framing of the bond markets we get from politicians is totally mad. And shows how little they understand about the mechanics of how the nation finances its deficits.
They seem to think that the bond markets are essentially a small group of evil billionaires sat in a room scheming to influence public policy.
This is bullshit.
In reality, they’re made up of people and institutions the government are asking to lend them money… pension funds, insurers, your gran’s retirement pot, the Bank of England, overseas central banks holding sterling, and so on. A lot of people are involved in these markets.
When politicians say they’re “in hock” to the bond markets. What they’re referring to is the fact that they borrow money from the market and have to pay bond holders back with interest. The participants in the market will buy bonds when the yield on the bonds adequately covers the perceived risk of holding the bonds, and provides a modest expected return to make it worthwhile.
They’re not scheming, they’re just pricing inflation and interest rate risk. Our debt carries a higher risk premium than other core economies like Germany, because of specific structural problems and a credibility deficit on spending.
And a lot of that demand isn’t even a choice. Pension funds and insurers are required to hold gilts to match their liabilities. So your gran’s retirement pot is quietly propping up the very market these politicians claim to be fighting.
The supposed alternative is to balance the budget so you don’t need to borrow. If you don’t want to be “in hock” to the bond markets, don’t borrow money from them. Except even that wouldn’t free us, because we still have to roll over the existing debt as it matures. Escaping the market entirely would mean running surpluses for decades, which would take spending cuts or growth we haven’t got. So the government borrows.
And here’s the tell... a lot of politicians half admit it. They’ll say, as Polanski does here, the markets “just want to know there’s a plan.” Yeah, absolutely. So the problem was never the market. It’s that our politicians haven’t got a credible plan.
So when you hear politicians complaining about the bond markets, what they’re really complaining about is the fact that they can’t borrow endlessly to fund all the mad shit they want to do.