Labour And The Mini-Budget

[Paigntonian]

Labour Shadow Chancellor Rachel Reeves says Kwarteng's statement is a repudiation of 12 years of Tory government. Labour should welcome it then, as they have slammed the Tories' economic policies for all of that time.

[Gromit]

Ymb,
This is an emergency budget. Prompted by the cost of living crisis.
People like you on £100K don’t need a tax cut. You will not spend any more you will just stash it away. The money won’t trickle down, but you will just get more smug looking at your bank balance.

[pimplyteen]

^^ :0)

[weecalf]

Oversea shopper no vat is they trying to tell us summit

[FatticusInch]

Gromit
//Ymb,
This is an emergency budget.//

I’d have gone with catastrophic…..

[youngmafbog]

//People like you on £100K don’t need a tax cut. You will not spend any more you will just stash it away.//

1) I am on far more then 100K

2) I have plenty stashed away I dont need to stash any more at this point in my career. If you could see my monthly credit card bill you would see I spend it.

So assumed nonsense again from you.

[youngmafbog]

//Oversea shopper no vat is they trying to tell us summit//

Yes, it should tell you that they are trying to encourage shoppers from abroad to spend in this country.

[FatticusInch]

…..topped up with occasional £20 bets on an Internet forum?

But back to my question at 13.05, where will they be putting this money and spending it, you’ve not indicated yet?

[jno]

and how much did the 45% tax rate deter you from spending, ymb?

[FatticusInch]

youngmafbog
//Oversea shopper no vat is they trying to tell us summit//

/Yes, it should tell you that they are trying to encourage shoppers from abroad to spend in this country./

Good luck with that!

https://news.sky.com/story/madecom-to-lay-off-staff-as-website-eyes-sale-amid-poor-economic-conditions-12703696

[FatticusInch]

As I said earlier, sorting out the final pay-day for the diabolically wealthy before they’re ousted.

https://news.sky.com/story/kwasi-kwartengs-mini-budget-is-an-economic-experiment-that-will-test-the-patience-of-the-tory-party-and-the-markets-12703886

From the link:

/Tory orthodoxy, not Treasury orthodoxy, was the casualty in this statement. Today's biggest immediate winners are the top
1% - the 660,000 people who earn more than £150.000 - who
will now benefit by an average cut of £10,000 a year.
The tax cuts will do little to help those at the very bottom of society./

[Spungle]

Blessed are the young; for they shall inherit the national debt.

[Deskdiary]

Ymb is correct.

For far too long those with the”broadest shoulders” (as both Ashworth and Sturgeon has described the middle in the past) have been expected to bear the brunt, which is fundamentally unfair, so stimulating the economy, and not punishing the middle for having the bare faced temerity to do ok in life, is long overdue.

The middle are the spenders, and they are net contributors taking little, if anything, out of the system.

This is good news.

[FatticusInch]

Deskdiary,
//This is good news.//

The world markets and the drop in the pound upon hearing the ‘good news’ suggest that you’re obviously deaf as a post.

[Deskdiary]

I could explain how it works to the fiscally illiterate, fattichInch, but you wouldn't understand, so I won't.

[FatticusInch]

Deskdiary
//I could explain how it works to the fiscally illiterate, fattichInch, but you wouldn't understand, so I won't.//

Aw, go on, you can even do it in simple terms if you like? It’s only sums, isn’t it?
If not, can you explain why the news has been met with scorn, scepticism and utter derision by the world markets and financial experts alike, across the board?
The only people who deemed it good are boardrooms and CEO’s.
So if you won’t explain it all to the fiscally illiterate, do it for the sceptically savvy instead?

[youngmafbog]

//and how much did the 45% tax rate deter you from spending, ymb?//

I am not sure I understand the relevance. Not it hasnt deterred me from spending, why would it?

But if I have more I will spend more.

[fiveleaves]

A worldwide economic crash is coming soon. Truss and Crazy Kwarteng will be gone soon

[Deskdiary]

"Why not discuss instead what the Government have done, and whether it will help pensioners and the low paid through the cost of living crisis?"

Whisper it (and I know I'm going to get completely lambasted for this) but I don't care whether this helps the low paid.

All I care about are me and mine, and the more money in my pocket to care for me an mine the better, and I really couldn't give a tinker's cuss about somebody down the road (but the truth is, when push comes to shove, the vast majority are of the same mindset, they're just not prepared to admit it).

[youngmafbog]

//A worldwide economic crash is coming soon.//

OK Mr Keynes spill the beans as to why that will be.

[fiveleaves]

War, worldwide shortage of fuel, famine, significant effects of climate change around the world. All this will lead to a global economic collapse