| Kwarteng to U turn on 45p tax rate….. 06:36 - Oct 3 with 4301 views | bobbyramsey |
Makes him look even more of a fkin imbecile……. |  | | |  |
| Kwarteng to U turn on 45p tax rate….. on 09:35 - Oct 3 with 983 views | J2BLUE |
| Kwarteng to U turn on 45p tax rate….. on 07:30 - Oct 3 by GlasgowBlue |
It’s now official.
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It’s insulting when they say we get it or we hear you after they have spent days saying they don’t care about the reaction and the policy is staying. |  |
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| Kwarteng to U turn on 45p tax rate….. on 09:46 - Oct 3 with 949 views | ElderGrizzly |
| Kwarteng to U turn on 45p tax rate….. on 09:35 - Oct 3 by J2BLUE |
It’s insulting when they say we get it or we hear you after they have spent days saying they don’t care about the reaction and the policy is staying. |
Paul Johnson of the IFS is now calling out the inadequacy of this move now from a Government debt/market perspective.
£2bn of a £45bn unfunded pot.
Saying they'll have to reverse other cuts or raise taxes elsewhere to compensate |  | | |
| Kwarteng to U turn on 45p tax rate….. on 09:48 - Oct 3 with 948 views | ElderGrizzly |
| Kwarteng to U turn on 45p tax rate….. on 07:47 - Oct 3 by bluelagos |
I doubt they will return, and I think in the public eye they will see their higher mortgage costs as a consequence of tory policy.
"Here's a one p tax cut whilst we doubled your mortgage cost" is quite the vote winner eh.
Just don't see this shower recovering from this. Two more years but hopefully today's pragmatic move signals a toning down of the direction of the govt to more economically sound principles.
Scorched earth policies were in no one's interests. |
Peston is implying it is policy by Tory Donor
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| Kwarteng to U turn on 45p tax rate….. on 09:49 - Oct 3 with 944 views | HARRY10 |
It is not about 'listening', that is absolute nonsense, as there was plenty of time to listen throughout the summer when they were told what would happen.
Plenty of time all last week when [retty much all od politics, fimnacial institutrions were telling them they were wrong, and the public piled in.
Are we to give credit to those who wrongly jailed the Birmingham 6 for eventually admitting they were wrong, or was it a case of condemnation for sticking with a patently wrong conviction?
This has nothing to do with saving the pound, peoples mortgages or pensions - but about saving their skins.
Their brexit mindset has not changed |  | | |
| Kwarteng to U turn on 45p tax rate….. on 09:52 - Oct 3 with 928 views | XYZ |
| Kwarteng to U turn on 45p tax rate….. on 07:23 - Oct 3 by ElderGrizzly |
Should remember its only £2bn of the unfunded £45bn cuts that spooked the market.
Kwarteng will be gone soon, with Truss saying it was ‘his idea’ only yesterday. |
I believe that's a lie and that it's £6bn.
No matter. These people are a sick joke. | | | |
| Kwarteng to U turn on 45p tax rate….. on 09:52 - Oct 3 with 933 views | ElderGrizzly |
| Kwarteng to U turn on 45p tax rate….. on 09:49 - Oct 3 by HARRY10 |
It is not about 'listening', that is absolute nonsense, as there was plenty of time to listen throughout the summer when they were told what would happen.
Plenty of time all last week when [retty much all od politics, fimnacial institutrions were telling them they were wrong, and the public piled in.
Are we to give credit to those who wrongly jailed the Birmingham 6 for eventually admitting they were wrong, or was it a case of condemnation for sticking with a patently wrong conviction?
This has nothing to do with saving the pound, peoples mortgages or pensions - but about saving their skins.
Their brexit mindset has not changed |
Kwarteng has now confirmed £18bn in cuts for public services
https://www.independent.co.uk/news/uk/politics/kwarteng-cuts-tax-truss-budget-b2 | | | |
| Kwarteng to U turn on 45p tax rate….. on 09:54 - Oct 3 with 920 views | BlueBadger |
He's certainly putting the 'n' back into the word 'cuts'. |  |
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| Kwarteng to U turn on 45p tax rate….. on 10:30 - Oct 3 with 865 views | HARRY10 |
Like some scummy shop lifter, banned from one shop, so tries the next.
This brexit lunacy appears that it will only have a stake driven through its poisonous heart after it has been repeatedly shown to be utterly bankrupt.
If the 45p tax cut was necessary then how much growth will be lost because it has been withdrawn ?
Simply cutting spending so tax cuts can be implemented does not work. You leave services unfunded with the consequences such as a nurse shortage. Business will not invest where it cannot attract the employees needed .
The idiocy of believing that EU workers were simply a tap that could be switched on and off as it suited by government has been shown to not work.
For unskilled workers the costs are prohibitive, and for those skilled they will be looking at the public services.
Nutters such as Truss and Karzi regard workers as mere units of production, rather than as people (often with families). Making the UK unattractive by cutting public services merely highlights the basic flaw in Brexit | | | |
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| Kwarteng to U turn on 45p tax rate….. on 10:32 - Oct 3 with 862 views | Swansea_Blue |
I've got a sneaky suspicion they don't know what they're doing. |  |
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| Kwarteng to U turn on 45p tax rate….. on 10:34 - Oct 3 with 855 views | giant_stow |
| Kwarteng to U turn on 45p tax rate….. on 09:48 - Oct 3 by ElderGrizzly |
Peston is implying it is policy by Tory Donor
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I've seen lots of this (wealthy people saying they don't or need the tax cut). Personally, I think they can see that the society's acceptance of high earners is at or near breaking point. A bit of enlightened self-interest going on. |  |
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| Kwarteng to U turn on 45p tax rate….. on 10:42 - Oct 3 with 843 views | HARRY10 |
| Kwarteng to U turn on 45p tax rate….. on 10:32 - Oct 3 by Swansea_Blue |
I've got a sneaky suspicion they don't know what they're doing. |
It is the distance from reality all zealots have.
And in the events of this morning, an utter failure to grasp the significance of the u-turn. If that tax cut was so necessary last week, then why not now ?
And as a 'distraction', the u-turn will only replace the tax cut as the main story, if only for the reasons stated above. The mistake is not in implementing this particular tax cut, but in being so incredibly stupid as to believe in the brexit bollox.
Cut the state via slashed public spending so as to be able to bring in tax cuts. Try doing that at your local golf club. Slash the facilities, greens maintenance etc so you can cut membership fees - then see where you are. | | | |
| Kwarteng to U turn on 45p tax rate….. on 10:58 - Oct 3 with 820 views | ElderGrizzly |
| Kwarteng to U turn on 45p tax rate….. on 10:32 - Oct 3 by Swansea_Blue |
I've got a sneaky suspicion they don't know what they're doing. |
The IFS agree
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| Kwarteng to U turn on 45p tax rate….. on 11:00 - Oct 3 with 816 views | ElderGrizzly |
| Kwarteng to U turn on 45p tax rate….. on 10:32 - Oct 3 by Swansea_Blue |
I've got a sneaky suspicion they don't know what they're doing. |
Ah, but they played in the Champions League or something... | | | |
| Kwarteng to U turn on 45p tax rate….. on 11:01 - Oct 3 with 811 views | GlasgowBlue |
| Kwarteng to U turn on 45p tax rate….. on 09:48 - Oct 3 by ElderGrizzly |
Peston is implying it is policy by Tory Donor
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One has just jumped ship.
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| Kwarteng to U turn on 45p tax rate….. on 11:10 - Oct 3 with 777 views | itfcjoe |
| Kwarteng to U turn on 45p tax rate….. on 10:34 - Oct 3 by giant_stow |
I've seen lots of this (wealthy people saying they don't or need the tax cut). Personally, I think they can see that the society's acceptance of high earners is at or near breaking point. A bit of enlightened self-interest going on. |
Most of the 'wealthy' aren't rich enough to survive with shocking public services for them and their family |  |
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| Kwarteng to U turn on 45p tax rate….. on 11:12 - Oct 3 with 770 views | Swansea_Blue |
| Kwarteng to U turn on 45p tax rate….. on 10:58 - Oct 3 by ElderGrizzly |
The IFS agree
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Small, but horrendous optics and political suicide. Of course, it would be better if it hadn't been announced with such certainty in the first place. But U-turning does kill off (or at least dampen) that message that they're only interested in the rich.
Fiscally, yeah still a Trussterf**k. Add £40BN of lost income annually to the Treasury due to Brexit to that and you've got a big black hole they're not going to be growing their way out of any time soon.
Interesting to see donor(s) jumping ship.
The other thing with all of this is that people seem to have forgotten it was the Tories increased taxes substantially in the spring. These cuts don't offset those increases. People will still be paying more tax than they would a year ago, but now also have lower purchasing power from real term wages falling, higher mortgages, double household energy bills, all on top. The energy cap is welcome of course, but not enough journalists are pushing them over the mechanism to deliver it - more borrowing, so we're effectively subsidising ourselves.
I really hope this kills off once and for all the myth that the Tories are fiscally responsible. it's always been bollox. Studies have shown no difference between the parties on fiscal responsibility. You just get hammered services with the Tories. | |
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| Kwarteng to U turn on 45p tax rate….. on 11:12 - Oct 3 with 769 views | ElderGrizzly |
| Kwarteng to U turn on 45p tax rate….. on 11:01 - Oct 3 by GlasgowBlue |
One has just jumped ship.
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That will probably hurt them more than any 'protest by pleb' | | | |
| Kwarteng to U turn on 45p tax rate….. on 11:13 - Oct 3 with 764 views | ElderGrizzly |
| Kwarteng to U turn on 45p tax rate….. on 11:12 - Oct 3 by Swansea_Blue |
Small, but horrendous optics and political suicide. Of course, it would be better if it hadn't been announced with such certainty in the first place. But U-turning does kill off (or at least dampen) that message that they're only interested in the rich.
Fiscally, yeah still a Trussterf**k. Add £40BN of lost income annually to the Treasury due to Brexit to that and you've got a big black hole they're not going to be growing their way out of any time soon.
Interesting to see donor(s) jumping ship.
The other thing with all of this is that people seem to have forgotten it was the Tories increased taxes substantially in the spring. These cuts don't offset those increases. People will still be paying more tax than they would a year ago, but now also have lower purchasing power from real term wages falling, higher mortgages, double household energy bills, all on top. The energy cap is welcome of course, but not enough journalists are pushing them over the mechanism to deliver it - more borrowing, so we're effectively subsidising ourselves.
I really hope this kills off once and for all the myth that the Tories are fiscally responsible. it's always been bollox. Studies have shown no difference between the parties on fiscal responsibility. You just get hammered services with the Tories. |
£40bn tax cuts while cutting £18bn from public service budgets should now be the message | | | |
| Kwarteng to U turn on 45p tax rate….. on 11:19 - Oct 3 with 748 views | HARRY10 |
"horrendous optics"
What hip newspeak is this Daddio ? | | | |
| Kwarteng to U turn on 45p tax rate….. on 11:20 - Oct 3 with 748 views | Swansea_Blue |
| Kwarteng to U turn on 45p tax rate….. on 11:12 - Oct 3 by ElderGrizzly |
That will probably hurt them more than any 'protest by pleb' |
I'm sure there's plenty of rubles flowing in from elsewhere! | |
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| Kwarteng to U turn on 45p tax rate….. on 11:21 - Oct 3 with 747 views | Swansea_Blue |
| Kwarteng to U turn on 45p tax rate….. on 11:19 - Oct 3 by HARRY10 |
"horrendous optics"
What hip newspeak is this Daddio ? |
I am super hip, it's true. Well down with the yoof innit. Boomshaka. | |
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| Kwarteng to U turn on 45p tax rate….. on 11:23 - Oct 3 with 740 views | bungaytractor |
| Kwarteng to U turn on 45p tax rate….. on 11:01 - Oct 3 by GlasgowBlue |
One has just jumped ship.
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Should of used his money to get a nicer tie and decent hair cut......
Bloke looks like hes been dragged through a hedge | | | |
| Kwarteng to U turn on 45p tax rate….. on 11:30 - Oct 3 with 727 views | HARRY10 |
| Kwarteng to U turn on 45p tax rate….. on 11:23 - Oct 3 by bungaytractor |
Should of used his money to get a nicer tie and decent hair cut......
Bloke looks like hes been dragged through a hedge |
should have | | | |
| Kwarteng to U turn on 45p tax rate….. on 11:33 - Oct 3 with 721 views | nrb1985 |
| Kwarteng to U turn on 45p tax rate….. on 07:55 - Oct 3 by SuperKieranMcKenna |
There may be some improvement in Sterling but it won’t fully recover:
- The new leadership have confirmed themselves to be simpletons with no regard for listening to advice. There’s still a lot of scope for other damaging policies.
- USD remains incredibly strong (against most major currencies). The Fed has been way ahead of the BoE in terms of rate rises and economic stimulus. At some point the Fed might have to cool the Dollar if it starts to negatively impact exports. |
The Fed aren't going to stop until the job market cracks and looking at last week's initial jobless claims, it's still showing remarkable resilience. We'll see what Friday's jobs report for September says but consensus again is +300k - which is massive.
If the Fed continue to hike it leaves everyone else playing catch up as you say below.
The crux of why we are in a worse spot than everyone else though is, in my opinion;
a) UK economy is far more susceptible to interest rate rises than elsewhere.
b) These morons in government are effectively pouring petrol on a bonfire with simulative fiscal policy at literally the worst possible time, meaning BoE are likely going to have to do consecutive 100bps hikes or even 150bps in November.
Need to get these clowns out of of Govt ASAP or I think there is going to be a housing market crash that dwarfs 2008. [Post edited 3 Oct 2022 11:37]
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