Liz Truss

[Victorian]

The most likely answers to reducing inflation quickly are so radical that they will never be adopted.  Labour would not propose them any more than the Tories.  We're talking about price capping,  direct subsidies,  higher taxes for many,  more sovereign debt to be taken on and parked for decades,  bringing the domestic energy market under public control,  temporary nationalisation in other areas.

 

If you want to help the poorest and the struggling.

 

But that aint happening so I see no good things on the horizon for the poorest.  

[The Mighty Thor]

One of Truss' campaign team Tory MPs was on the news earlier saying the she knew exactky how to stimulate the economy - cut corporation tax. 

His exact words were "ours is higher than France, just let that sink in for a moment' 

There you go. Uncap bankers bonuses and cut the tax profiteering companies have to pony up. 

[Victorian]

1 minute ago, The Mighty Thor said:

One of Truss' campaign team Tory MPs was on the news earlier saying the she knew exactky how to stimulate the economy - cut corporation tax. 

His exact words were "ours is higher than France, just let that sink in for a moment' 

There you go. Uncap bankers bonuses and cut the tax profiteering companies have to pony up. 

 

It's a better way to create economic growth than cutting personal taxation.  But you've got a point about corporate behaviour.  Maybe there's a way to incentivise them to translate better post-tax profits into reduced margins,  etc.

[Victorian]

Labour supply is a positive input into creating economic growth.  It facilitates economic supply meeting demand.

 

Labour supply eh?  How does Brexit Britain and it's hangover of idiocy consider that?  

[Lone Striker]

14 minutes ago, Victorian said:

The most likely answers to reducing inflation quickly are so radical that they will never be adopted.  Labour would not propose them any more than the Tories.  We're talking about price capping,  direct subsidies,  higher taxes for many,  more sovereign debt to be taken on and parked for decades,  bringing the domestic energy market under public control,  temporary nationalisation in other areas.

 

If you want to help the poorest and the struggling.

 

But that aint happening so I see no good things on the horizon for the poorest.  

Your 1st para sounds much like  what economists used to call a "command economy" (maybe they still do ?) - but the era  of free market liberalisation which swept the globe during the Thatcher years destroyed any chance of that ethos having any credibility with voters.     

[Victorian]

2 minutes ago, Lone Striker said:

Your 1st para sounds much like  what economists used to call a "command economy" (maybe they still do ?) - but the era  of free market liberalisation which swept the globe during the Thatcher years destroyed any chance of that ethos having any credibility with voters.     

 

I agree.  Nobody would vote for it.  No party would campaign it.  But the free market of the past is also obsolete.  It cannot deliver what it once could.

[Lone Striker]

7 minutes ago, Victorian said:

Labour supply is a positive input into creating economic growth.  It facilitates economic supply meeting demand.

 

Labour supply eh?  How does Brexit Britain and it's hangover of idiocy consider that?  

In theory, there should be enough people living   in the UK to fill a lot of the jobs currently vacant as a result of Brexit.    Recruitment has been hindered by Covid & lockdowns, but there seems to be something lingering in the British psyche from pre-2019 that blinkers  a lot of folk from even considering some job sectors like hospitality, food production, social care, farm labouring etc

 

Boris's nonsense soundbite "high skill, high wage economy"  didn't help.

[manaliveits105]

5 hours ago, hughesie27 said:

Going to be the perfect opponent for Sturgeon. And by perfect, I mean Sturgeon will wipe the floor with her. 

Wouldn’t 

[Victorian]

10 minutes ago, Lone Striker said:

In theory, there should be enough people living   in the UK to fill a lot of the jobs currently vacant as a result of Brexit.    Recruitment has been hindered by Covid & lockdowns, but there seems to be something lingering in the British psyche from pre-2019 that blinkers  a lot of folk from even considering some job sectors like hospitality, food production, social care, farm labouring etc

 

Boris's nonsense soundbite "high skill, high wage economy"  didn't help.

 

Yes.  It's enormously difficult to supply domestic labour in those areas.  Wider,  it isn't helped by the effects of the so-called 'great retiral' of people.  A very large number of people have exited the labour market through earlier retiral or who have reduced their working hours patterns,  etc.  It has a knock on effect in the labour market.

[The Mighty Thor]

2 minutes ago, Victorian said:

 

Yes.  It's enormously difficult to supply domestic labour in those areas.  Wider,  it isn't helped by the effects of the so-called 'great retiral' of people.  A very large number of people have exited the labour market through earlier retiral or who have reduced their working hours patterns,  etc.  It has a knock on effect in the labour market.

The UK has had a very large number of migrant workers for a long time.

 

In the twisted world of the Brexit loons these jobs were going to be taken by British workers who have been prevented from earning a crust by Johnny Foreigner. 

 

So they made the UK  as inhospitable a place as possible for migrants even settled ones. Surprisingly they went home and now nobody wants to do the health and social care jobs, the hospitality and service jobs and here we are. 

[Victorian]

2 minutes ago, The Mighty Thor said:

The UK has had a very large number of migrant workers for a long time.

 

In the twisted world of the Brexit loons these jobs were going to be taken by British workers who have been prevented from earning a crust by Johnny Foreigner. 

 

So they made the UK  as inhospitable a place as possible for migrants even settled ones. Surprisingly they went home and now nobody wants to do the health and social care jobs, the hospitality and service jobs and here we are. 

 

All part of political parasites giving people what they were conditioned to believe they wanted.

[Ainsley Harriott]

Liz promising to reverse the NI increase Boris put in place. Folk should stop making I doubt she's as bad as Elsie and her merry band of bigots.

[The Mighty Thor]

19 minutes ago, Ainsley Harriott said:

Liz promising to reverse the NI increase Boris put in place. Folk should stop making I doubt she's as bad as Elsie and her merry band of bigots.

How are they going to fund the NHS to clear the backlog since Since Spaffer wasted billions on track and trace and lining his mates pockets with dodgy PPE deals?

 

What's the incoherent wibble at the end?

[frankblack]

Neither Sunak nor Liz Truss have a hope in hell of getting the Tories back in.

 

Labour landslide beckons.  They only had one chance to save themselves and that was with soneone not associated to the Boris shitshow.

[Cade]

Swivel-eyed loon: "We're going to make Post-Brexit Britain a high-wage, high-skill economy!" 

 

High-skill worker: "Can I have a pay rise?"

 

Swivel-eyed loon: "No you can't, you commie fecker"

High-skill worker: "Right, me and my skills are off to Europe then"

 

That's about right, isn't it?

[Lone Striker]

1 minute ago, frankblack said:

Neither Sunak nor Liz Truss have a hope in hell of getting the Tories back in.

 

Labour landslide beckons.  They only had one chance to save themselves and that was with soneone not associated to the Boris shitshow.

Hmmmm.... I'd like to think so, but the new PM has 2 years to produce some fake rabbits out the hat  that convinces enough of the gullible dafties that he/she/they are still better than Sir Keir/Labour.   

 

 

[Lone Striker]

4 minutes ago, Cade said:

Swivel-eyed loon: "We're going to make Post-Brexit Britain a high-wage, high-skill economy!" 

 

High-skill worker: "Can I have a pay rise?"

 

Swivel-eyed loon: "No you can't, you commie fecker.     If we give you a payrise, we'll have to increase our prices, lose customers and we'll have to shut down.   Now get on with your job, and be grateful you've even got one"

High-skill worker: "Right, me and my skills are off to Europe then"

 

That's about right, isn't it?

😃 ..... with additional response.

[Jambo-Jimbo]

I think she'll be the best PM the UK has....................in October.

 

Seriously though, the prospect of Liz Truss being the next PM, scares the fecking life out of me.

[frankblack]

Just now, Lone Striker said:

Hmmmm.... I'd like to think so, but the new PM has 2 years to produce some fake rabbits out the hat  that convinces enough of the gullible dafties that he/she/they are still better than Sir Keir/Labour.   

 

 

 

Looks like Sunak will win and raise taxes.  No chance he will get elected during a cost of living crusis when people cannot heat their homes.

[i wish jj was my dad]

1 hour ago, The Mighty Thor said:

One of Truss' campaign team Tory MPs was on the news earlier saying the she knew exactky how to stimulate the economy - cut corporation tax. 

His exact words were "ours is higher than France, just let that sink in for a moment' 

There you go. Uncap bankers bonuses and cut the tax profiteering companies have to pony up. 

That's the kinda thing that makes me want to get the pitchforks out. Greedy rich b'stards wreck the economy and some are absolutely coining it in right now so cut their tax and reduce the public services that it funds. That will help people with the cost of living crisis. 

We need to do something really radical like nationalise the energy sector (not even sure if that is do-able tbf) or the public transport system and ignore profit for the next 10 years. Just let the state take the weight of something big from Joe punter so he/she/they can go about their normal business without worrying whether the trip to work or putting the heating on impacts on the ability to feed the bairns.

[Victorian]

Pay rises for all in isolation is no solution.  In a commercial context,  pay rises are a direct input cost = higher business overheads.  Most businesses,  in order to stay trading,  need to adjust their retail price upwards to take account of their additional overheads.  Directly inflationary.  

 

 

[i wish jj was my dad]

13 minutes ago, Cade said:

Swivel-eyed loon: "We're going to make Post-Brexit Britain a high-wage, high-skill economy!" 

 

High-skill worker: "Can I have a pay rise?"

 

Swivel-eyed loon: "No you can't, you commie fecker"

High-skill worker: "Right, me and my skills are off to Europe then"

 

That's about right, isn't it?

I went ape shit at my boss (good guy) when I was told how lucky we were to be in the jobs we are compared to our counterparts. As it happens I know i am lucky but the minute the employer starts a race to the bottom whether it be money or terms and conditions you know they have lost the argument.

[The Mighty Thor]

11 minutes ago, i wish jj was my dad said:

That's the kinda thing that makes me want to get the pitchforks out. Greedy rich b'stards wreck the economy and some are absolutely coining it in right now so cut their tax and reduce the public services that it funds. That will help people with the cost of living crisis. 

We need to do something really radical like nationalise the energy sector (not even sure if that is do-able tbf) or the public transport system and ignore profit for the next 10 years. Just let the state take the weight of something big from Joe punter so he/she/they can go about their normal business without worrying whether the trip to work or putting the heating on impacts on the ability to feed the bairns.

It'll never happen. 

 

The energy market is in the shit state its in because of Tory competitive free market economics. 

Same with the railways. 

 

Everything is for profit. Everything. 

[Seymour M Hersh]

43 minutes ago, Jambo-Jimbo said:

I think she'll be the best PM the UK has....................in October.

 

Seriously though, the prospect of Liz Truss being the next PM, scares the fecking life out of me.

 

You must shit your pants when you hear a car backfire. 

[i wish jj was my dad]

14 minutes ago, The Mighty Thor said:

It'll never happen. 

 

The energy market is in the shit state its in because of Tory competitive free market economics. 

Same with the railways. 

 

Everything is for profit. Everything. 

I'm no economist but surely it is worth considering? Just like nationalising transport. I'd go as far as steel (think McDonnell/Corbyn mooted that) and possibly ship building although it looks like we fecked that up. The point is we need to maintain parts of the national infrastructure to keep the country from grinding to a halt. For transport that means making it easy for people to get around at low cost without cars choking up the network at a huge cost financially while pumping out carbon.

For me personally  it currently costs me c£15 and at least 2.5 hours for the 45 mile round trip to get to work each day. There is no cheaper or quicker alternative. Maybe a ticket from the station and a tram or bus could be incorporates into the cost at say £5-7 and get me to work in a similar time frame would take the pressure off the roads which could then be used by buses and trucks that are delivering people and supplies. A national rail might lose some money but we take the pressure off the roads. Folk are more productive and fuel costs  are minimised. That's before the environmental benefits and savings on constantly fixing the roads are considered. 

[Lone Striker]

Another thing that really annoys me about all this mention of high inflation is the response from Sunak that he'll bring it "under control" first before giving the green light to tax cuts.   

 

I'd like to see some folk challenge him to define what "under control" means.

 

Also, the average annual inflation rate in the UK since 2015 is just over 3%  - so something which cost £1 in 2015 is likely to cost £1.23 now.    If inflation during the 12 months of 2022 is 10%, then that 1.23 item at the start of the year will likely be £1.35 at the end of the year.   So in the space of 8 years, it will have gone up by more than a third.

 

Anyone's wages gone up by a third since 2015 (not counting job change/promotion rises) ?

 

No doubt if Sunak or Truss preside over a big drop in the headline annual inflation rate during 2023 back down to 3%, they'll shout it from the rooftops - while totally ignoring the fact that living costs will still actually be  still rising.  They never come down.  

 

[Jambo-Jimbo]

27 minutes ago, Seymour M Hersh said:

 

You must shit your pants when you hear a car backfire. 

 

Pure trembling I am, son.

[Seymour M Hersh]

42 minutes ago, Jambo-Jimbo said:

 

Pure trembling I am, son.

 

Well you said you were scared to death so I figured the slightest thing would scare you shitless, son. 

[Jambo-Jimbo]

18 minutes ago, Seymour M Hersh said:

 

Well you said you were scared to death so I figured the slightest thing would scare you shitless, son. 

 

A figure of speech, I'd have thought a smart guy like you would have known that.

[Seymour M Hersh]

13 minutes ago, Jambo-Jimbo said:

 

A figure of speech, I'd have thought a smart guy like you would have known that.

 

Not a pathetic overreaction then?

[Jambo-Jimbo]

22 minutes ago, Seymour M Hersh said:

 

Not a pathetic overreaction then?

 

Correct.

[Seymour M Hersh]

Just now, Jambo-Jimbo said:

 

Correct.

 

[Gordon Zola]

[Jambo_jim2001]

[Pans Jambo]

18 hours ago, Victorian said:

 

Tax cuts are inflationary with further economic lever consequences (interest rates).  Tax cuts may well balance out with the negatives at and beyond a point in the food chain of wealth/income but it will be a horror show for the poor.  

 

Inflation is everything.  Even Thatcher knew that.  

Inflation is not high just now because folk have been given huge pay rises over the last 10 years or we are spending too much money. Its because of Brexit, Ukraine, supply chain issues due to Covid and greedy bassa fuel companies etc.

Letting people have a bit more of their own cash wont change that in the current situation. I dont think BMW’s order book will bulge if we get a reversal on the the N.I. Tax hike. 

[Cade]

Yes, in the 1970s inflation was helped to rise by inflation-busting pay rises over a sustained period.  

Inflation is not high due to high wages in 2022.

 

Since this junta came to power in 2010, most people have seen a decline in their disposable income.

 

So the argument that inflation will come down if we make people even poorer is a load of old shite.

Edited July 24, 2022 by Cade

[Byyy The Light]

We need a new economic model for economies as developed as ours. Never ending growth is a myth and the reason we’re in this shit show.

 

There needs to be cross party collaboration on it because it is absolutely vital for the future of the population of the country.

 

Some laugh eh? Expecting politicians to work and act for the benefit of the people and not their own pathetic political bubble.

 

 

[Victorian]

1 hour ago, Pans Jambo said:

Inflation is not high just now because folk have been given huge pay rises over the last 10 years or we are spending too much money. Its because of Brexit, Ukraine, supply chain issues due to Covid and greedy bassa fuel companies etc.

Letting people have a bit more of their own cash wont change that in the current situation. I dont think BMW’s order book will bulge if we get a reversal on the the N.I. Tax hike. 

 

The main inflationary inputs are well known and very hard to tackle.  Energy market.  Petrol prices.  Food prices.

 

But additional domestic caused inflation will make the period of high inflation last longer,  which is extremely bad for the poorest.  Wage rise inflation is two-fold.

 

1.  It creates economic demand.  Our current economic supply can't accomodate any more demand because our labour market is a basket case.  The thing that changes is price.  Upwards.

 

2.  Commercial context wage rises are a business input cost.  Businesses suffer higher overheads (wages) ao they need to adjust their end prices.  Upwards.

 

Not all wage rises are input costs because they are not based in commerce.  

[Victorian]

If the only aim is to give the poorest a chance to survive the crisis then the answer is direct financial support in some form.  Prevent large sectors of the economy from being forced into unaffordable wage rises in order to keep business costs down.  Partly fund the direct support by not cutting personal taxation.  If anything taxes should rise.

 

It wont take much for the inflationary spiral to kick in.  While labour supply is so dire,  there is a danger of wage rises out of desperation.

 

 

[manaliveits105]

We are all doomed comrades  - doomed I tell you 

[Harry Potter]

On 23/07/2022 at 13:12, Victorian said:

So,  Liz Truss.  The topic of the thread.

 

Her own economic adviser has admitted that her tax cuts may well result in interest rates reaching 7%.  Seven ****ing percent.

 

Tax cuts for the sitting pretty party loyal.  Unaffordable mortgage and personal credit repayments for the peasants amidst a wider cost of living shock.

 

These people are vandals.

remember the rates at 15%🤔.

[gogsfaepenrith]

2 hours ago, Harry Potter said:

remember the rates at 15%🤔.

17% over here, 

[A Boy Named Crow]

37 minutes ago, gogsfaepenrith said:

17% over here, 

Which Penrith are we talking about?

[Harry Potter]

2 hours ago, gogsfaepenrith said:

17% over here, 

😦

[I P Knightley]

Probably about time we moved on from the Johnson thread and gave this fine lady pride of place on the JKB "let's turn the subject round to Scottish Independence" platform.

 

Her first PMQs today and one thing that was noticeable is that she can't keep up her new practised voice for very long. She was very quickly into her Jan Ravens "I KNOOOW!" persona. Other than that, no attempt to answer any questions as they were set except for the softballs from her own back bench. I reckon she was just frothing at the gash to be sitting in that seat for the day - nothing else matters to her.

 

[dobmisterdobster]

We might actually have a Conservative Prime Minister this time instead of Blue Blairites. You never know.

[Mikey1874]

Time for the greatest hits

 

 

[Mikey1874]

One thing is the dishonesty about her background and upbringing. She says she had things tough but lived in the wealthiest areas of both Paisley and Leeds. 

[I P Knightley]

1 minute ago, Mikey1874 said:

One thing is the dishonesty about her background and upbringing. She says she had things tough but lived in the wealthiest areas of both Paisley and Leeds. 

I like the earlier comparison to Groucho Marx. She has principles but will change them to suit whoever's asking.

 

She is an awful woman with absolutely no qualities that we need in a Prime Minister.

[dobmisterdobster]

14 minutes ago, Mikey1874 said:

One thing is the dishonesty about her background and upbringing. She says she had things tough but lived in the wealthiest areas of both Paisley and Leeds. 

 

This isn't the X Factor or BGT where you need to have a tragic backstory.