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Post by smithy2 on Sept 23, 2022 14:47:05 GMT
This looks rather depressing. Would be good to see contrasts with other currencies Kwarteng,Truss ,et al have definitely gone for the ‘Shit or Bust’ option in this mini-budget. Figures and forecasts of Ten’s of £Billions borrowed are being bandied about as though they’re inconsequential. ‘It’s only a number’ as someone once said! Trickle down economics.. The tories are a cancer
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Post by Bestie on Sept 23, 2022 18:52:05 GMT
Kwarteng,Truss ,et al have definitely gone for the ‘Shit or Bust’ option in this mini-budget. Figures and forecasts of Ten’s of £Billions borrowed are being bandied about as though they’re inconsequential. ‘It’s only a number’ as someone once said! Trickle down economics.. The tories are a cancer Trickle down economics isn't a real thing, and even if it was, that budget today isn't it.
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Post by smithy2 on Sept 23, 2022 18:57:20 GMT
Trickle down economics.. The tories are a cancer Trickle down economics isn't a real thing, and even if it was, that budget today isn't it. Literally every economist in the world compared her budget to reganomics
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Post by Bestie on Sept 23, 2022 19:27:04 GMT
Trickle down economics isn't a real thing, and even if it was, that budget today isn't it. Literally every economist in the world compared her budget to reganomics Reaganomics wasn't trickle down economics though.
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Post by Reduntildeath on Sept 23, 2022 19:52:28 GMT
I remember Kenneth Clarke,who had almost every ‘big’ job in Thatcher’s administration, saying that any budget decisions involving tax cuts could take up to 8 years to ‘trickle’ down. I just hope that the markets settle ,as they’re less than enthusiastic about Kwarteng’s statement earlier. Talk about betting the whole damn farm. If the markets still remain volatile going forward,the Bank of England are going to struggle trading government bonds and gilts ,the price of which has plummeted today. And then, we really are fucked,as there’s nothing left in the cupboard.
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Post by Paul on Sept 23, 2022 22:46:40 GMT
Kwarteng,Truss ,et al have definitely gone for the ‘Shit or Bust’ option in this mini-budget. Figures and forecasts of Ten’s of £Billions borrowed are being bandied about as though they’re inconsequential. ‘It’s only a number’ as someone once said! Trickle down economics.. The tories are a cancer They know they'll lose the next election so they're trying to leave the country in the biggest mess they can so they can later blame Labour for not fixing it. They're all as bad as each other. The country is fucked regardless of who's running it.
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Post by Reduntildeath on Sept 24, 2022 11:57:23 GMT
Wonder who ‘won’ in the sham referenda in Ukraine? My bet’s on Putin! An utterly pointless excercise, does he really think that western military kit will dwindle and that Ukraine will back off, simply because the name over the door has changed?
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Post by smithy2 on Sept 24, 2022 13:22:47 GMT
Literally every economist in the world compared her budget to reganomics Reaganomics wasn't trickle down economics though. Correct because it never trickled down. They did literally coin the term though
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Post by johnboy14 on Sept 25, 2022 8:17:13 GMT
Kwarteng,Truss ,et al have definitely gone for the ‘Shit or Bust’ option in this mini-budget. Figures and forecasts of Ten’s of £Billions borrowed are being bandied about as though they’re inconsequential. ‘It’s only a number’ as someone once said! Trickle down economics.. The tories are a cancer That chart shows you how much poorer we are as a country. As soon as that budget was delivered, the market tanked and investors don't like the smell of our debt anymore because we simply can't pay it back. Tax cut at the upper levels never provide long term economic growth. Just because you give wealthy people more money, does not mean they are going to spend loads of money on new investments. The tories are just giving their rich mates a payrise before the electorate eats them.
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Post by johnboy14 on Sept 25, 2022 8:25:37 GMT
I remember Kenneth Clarke,who had almost every ‘big’ job in Thatcher’s administration, saying that any budget decisions involving tax cuts could take up to 8 years to ‘trickle’ down. I just hope that the markets settle ,as they’re less than enthusiastic about Kwarteng’s statement earlier. Talk about betting the whole damn farm. If the markets still remain volatile going forward,the Bank of England are going to struggle trading government bonds and gilts ,the price of which has plummeted today. And then, we really are fucked,as there’s nothing left in the cupboard. The BOE has a huge hand in this fucking mess. They've spent 15 years doing nothing but printing money and effectively giving it away for free with ridiculous interest rates.
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Post by Rustin Cohle on Sept 25, 2022 10:22:23 GMT
I remember Kenneth Clarke,who had almost every ‘big’ job in Thatcher’s administration, saying that any budget decisions involving tax cuts could take up to 8 years to ‘trickle’ down. I just hope that the markets settle ,as they’re less than enthusiastic about Kwarteng’s statement earlier. Talk about betting the whole damn farm. If the markets still remain volatile going forward,the Bank of England are going to struggle trading government bonds and gilts ,the price of which has plummeted today. And then, we really are fucked,as there’s nothing left in the cupboard. The BOE has a huge hand in this fucking mess. They've spent 15 years doing nothing but printing money and effectively giving it away for free with ridiculous interest rates. Because the economy's always been so weak. Not saying they're innocent, but hindsight is 2020 and since 2008 there has never been a point when the UK economy looked strong and able to cope with major issues. The problem is we've had three generational economic shocks in 15 years in the 08 financial crisis, Brexit and Covid, each of which needs a period of rebuilding but people are tired of rebuilding for year after year after year. Truss seems hellbent on creating a fourth shock, or at least just deciding that nothing needs to be paid for anymore, and if it does Labour will pay for it and the Tories can get back in after. Incredible how far we've come from Cameron, for all his faults, at least responsibly trying to get the country's finances back on track. Thatcher will be turning in her grave watching Truss.
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Post by johnboy14 on Sept 25, 2022 10:34:15 GMT
The BOE has a huge hand in this fucking mess. They've spent 15 years doing nothing but printing money and effectively giving it away for free with ridiculous interest rates. Because the economy's always been so weak. Not saying they're innocent, but hindsight is 2020 and since 2008 there has never been a point when the UK economy looked strong and able to cope with major issues. The problem is we've had three generational economic shocks in 15 years in the 08 financial crisis, Brexit and Covid, each of which needs a period of rebuilding but people are tired of rebuilding for year after year after year. Truss seems hellbent on creating a fourth shock, or at least just deciding that nothing needs to be paid for anymore, and if it does Labour will pay for it and the Tories can get back in after. Incredible how far we've come from Cameron, for all his faults, at least responsibly trying to get the country's finances back on track. Thatcher will be turning in her grave watching Truss. I agree and would say we are over reliant on financial services, little else happens economically in London.
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Post by Bestie on Sept 25, 2022 12:25:56 GMT
Trickle down economics.. The tories are a cancer That chart shows you how much poorer we are as a country. As soon as that budget was delivered, the market tanked and investors don't like the smell of our debt anymore because we simply can't pay it back. Tax cut at the upper levels never provide long term economic growth. Just because you give wealthy people more money, does not mean they are going to spend loads of money on new investments. The tories are just giving their rich mates a payrise before the electorate eats them. Cut in the basic rate of tax, scrapping NI rise, raising the minimum threshold ... Tax cuts for the rich??
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Post by johnboy14 on Sept 25, 2022 13:54:25 GMT
That chart shows you how much poorer we are as a country. As soon as that budget was delivered, the market tanked and investors don't like the smell of our debt anymore because we simply can't pay it back. Tax cut at the upper levels never provide long term economic growth. Just because you give wealthy people more money, does not mean they are going to spend loads of money on new investments. The tories are just giving their rich mates a payrise before the electorate eats them. Cut in the basic rate of tax, scrapping NI rise, raising the minimum threshold ... Tax cuts for the rich?? The basic rate was cut by 1% to 19% whereas the top rate of tax went from 45% to 40% and they removed the cap on banker bonuses. Those in the middle like myself got fuck all. It seems heavily weighted towards wealthy people. I don't hate rich people, in fact I'd like to be in their position but they hardly need handouts at this time.
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Post by Bestie on Sept 25, 2022 15:05:30 GMT
Cut in the basic rate of tax, scrapping NI rise, raising the minimum threshold ... Tax cuts for the rich?? The basic rate was cut by 1% to 19% whereas the top rate of tax went from 45% to 40% and they removed the cap on banker bonuses. Those in the middle like myself got fuck all. It seems heavily weighted towards wealthy people. I don't hate rich people, in fact I'd like to be in their position but they hardly need handouts at this time. Basic rate + NI cut + min. threshold rise. The 45% additional rate was purely punitive. The bonus cap didn't work. Perfect example of a tax policy that sounds good in the pander but in practice achieves little. Bonuses were paid in different ways instead.
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