FTSE 100 Live: Pound falls below $1.04 to hit all-time high

City Comment: Kami-Kwasi bet it all

For my money, what’s left of it, the optics of the past week must be this: hedge fund managers cheering Friday’s fiscal measures, while betting like a fury on the pound crash. What he did.

We read that hedgies and other once disgruntled conservative donors are donating to parties to support policies that should enrich them.

And shorting the pound in case the policies don’t work. Well, these are hedge funds.

This must be at least slightly awkward for Kwasi Kwarteng, already called Kami-Kwasi.

On the pound’s falls, the chancellor says he can’t discuss market movements.

Of course he can. He means they are currently so embarrassing that he prefers not to.

What struck me last week was that the arch-conservatives have moved away from the budget and the larger philosophy behind it.

I asked a city curator: what did your lot do now? “They are no longer my lot,” was the reply.

The Sunday Times had an anonymous Tory MP who said of the budget that “everyone who isn’t crazy hates it”.

Kwarteng insists his tax cuts are not a gamble, but surely knows they are.

Let’s take them to this level.

It can work. This could provide a temporary boom sufficient to avoid a recession. At that time, maybe the pound is recovering. And maybe the bond markets aren’t meaner to us than they are to everyone else.

They get away with it. All round fields.

With that in mind, a nag called Seven for a Pound is in the 4:20 p.m. in Newcastle this afternoon. The horse had to change its name from Ten For A Pound to reflect inflation. He won twice in 29 outings. Worth it I hear.

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