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.

[youngmafbog]

//War//, Show me a time when there hasnt been a war going on.

//worldwide shortage of fuel//, Yes a temporary problem bought about inpart by the obsession in Net Zero. There is plenty of fuel but OPEC didnt want to pump more at this moment in time. It's easily fixed by fracking and opening other oil fields to make up for the lack of Russian fuel. Which is a good thing in the long run.

//famine,// Where? Again there has always been famine in some part of the World.

//significant effects of climate change around the world.// Not really a problem if we just get on and deal with it properly instead of self flagellating ourselves with Net Zero

I see nothing there totally out of the ordinary. The World will settle.

[Untitled]

Trickle down economics does not work.

[Untitled]

"Not really a problem if we just get on and deal with it properly"

i am afraid it is a bit of a problem if we just allow higher and higher temperatures caused by greenhouse gases

[Untitled]

"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"

Unfortunately the government of the uk is responsible for more people than "you and yours"... so your inability to care about people other than you is irrelevant.

[FatticusInch]

//Unfortunately the government of the uk is responsible for more people than "you and yours"... so your inability to care about people other than you is irrelevant.//

It’s not an inability Untitled, it’s a conscious decision borne out of greed and disdain.

[weecalf]

Yeah got it visitors buying more will not drive up inflation but we who need stuff will drive up inflation by buying it . Is that right .

[Gromit]

The pound has fallen to its lowest since the dark days of Thatcher’s tyranny 37 years ago. The Markets don’t like it.

[jno]

a collapsing currency should bring in all those tourists he's trying to lure with VAT-free shopping. Locals may be able to cash in by renting their spare rooms to oligarchs.

[New Judge]

//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?//

Markets always react that way when anything “different” happens. They’ll soon get over it. The value of my share portfolio shrunk by about 3.5% today. I’ll get over that too.

It amuses me that some contributors on here moan incessantly that the government “isn’t doing anything” about this, that and the other. When they do eventually do something, they moan again. I’ve got some news: there are more people comfortably off (or better) than there are “poor” people in the UK. It’s just that the so-called poor get more column inches. The only answer some people have to the plight of the less well off is to tax the “rich” excessively and give the proceeds of that confiscation unconditionally to the less well off. More news: it doesn’t work. You don’t make the poor richer by making the rich poorer. People need incentives, not benefits.

This country needs to change tack. It needs to encourage those who are willing to work at jobs which give them a decent salary to do so by not confiscating large sums of their money to give to those people who are not similarly willing. It needs to stop subsidising those working a small number of hours by topping up their wages to full time equivalence. Today is hopefully the first step in that change of direction.

[Deskdiary]

Quite, NJ.

I especially liked, and chuckled, at Gromit’s “Thatcher’s tyranny”.

Thatcher’s “tyranny” allowed my parents to buy their council house and become property owners - they certainly didn’t find her tyrannical.

[New Judge]

//I especially liked, and chuckled, at Gromit’s “Thatcher’s tyranny”.//

Yes I had a chuckle too, dd. But I didn't comment. Lady Thatcher is like Marmite - and I love Marmite.

[FatticusInch]

New Judge,

//It amuses me that some contributors on here moan incessantly that the government “isn’t doing anything” about this, that and the other. When they do eventually do something, they moan again.//

There’s a world of difference between doing something and doing the right thing.
Even the backbenchers are twitchy about it.

https://amp.lbc.co.uk/news/tories-uncomfortable-budget-barwell/

https://www.spectator.co.uk/article/not-all-tory-mps-are-happy-about-kwasi-kwarteng-s-mini-budget

[Untitled]

cutting taxes at a time of high inflation is only likely to make he latter worse…. even Thatcher waited until inflation was lower to introduce tax cuts..

it would be lovely if trickle-down economics worked but the reality is that it has a very poor track record. I am sure people who will benefit from tax cuts are happy but that does not make it good policy

[Untitled]

i do not have an issue with borrowing in principle but it does strike me as a bit ironic that the Party which forced through austerity “to balance the books” is now borrowing more than £70 billion for no reason other than to fund massive tax cuts that they will all benefit from… again, at least Thatcher funded hers by peeing away our precious north sea oil revenue!

[Deskdiary]

It’s made happy untitled.

I am better at spending the money I donate to the Government (no matter what their hue) than they are; all Governments are terrible at spending money because all they’re doing is spending other people’s money, so the less I loan to them the better.

[youngmafbog]

Looking at the posts in this thread from the resident left it is clear Kwarteng (who has a PhD in economic history from the University of Cambridge) is heading in the right direction for a Tory.

[Deskdiary]

I entirely agree Ymb.

I’m a traditional Tory, and by that I mean low taxation, less regulation, small ‘g’ Government, and allow people to reach their potential without interference.

Removing the cap on the bonuses of bankers is a great idea; I will never earn what they will earn, but bloody good luck to them. Those who oppose it do so out of sheer jealously.

There’s not a single person on this site who wouldn’t take the money if they had the power to do so, and anybody who says they wouldn’t are liars and are playing to the crowd.

A return to traditional Tory values, and Thatcherism, is a good thing for the country. It worked once, so there’s no reason why it won’t work again.

Bring it on.

[youngmafbog]

Hear Hear DD.

[New Judge]

//There’s a world of difference between doing something and doing the right thing.//

On the basis that you must believe this to be the wrong thing, what, then, would you consider to be the "right thing"?

[tomus42]

The opposition's job is to oppose what the government says. That's why they're called the opposition.