Mini Budget

[Dazo]

Thought it deserved its own thread. 

 

So far……
 

1. Chancellor Kwasi Kwarteng has outlined a series of measures he believes will boost growth
2. The basic rate of income tax has been cut to 19p in April 2023 and the top rate of tax for higher earners abolished
3. The threshold before stamp duty is paid has been raised to £250,000 - for first time buyers it is raised to £425,000
4. The cap on bankers' bonuses has been lifted, and a planned rise in corporation tax has been scrapped
5. An increase in National Insurance has been reversed, and low-tax investment zones will be set up across the UK

[Unknown user]

3 minutes ago, Dazo said:

Thought it deserved its own thread. 

 

So far……
 

1. Chancellor Kwasi Kwarteng has outlined a series of measures he believes will boost growth
2. The basic rate of income tax has been cut to 19p in April 2023 and the top rate of tax for higher earners abolished
3. The threshold before stamp duty is paid has been raised to £250,000 - for first time buyers it is raised to £425,000
4. The cap on bankers' bonuses has been lifted, and a planned rise in corporation tax has been scrapped
5. An increase in National Insurance has been reversed, and low-tax investment zones will be set up across the UK

 

Can't wait to hear what those on benefits will receive to help with a situation so bad that even the middle classes are genuinely worried.

 

Oh never mind, they uncapped bankers' bonuses, we're good.

[XB52]

3 minutes ago, Smithee said:

 

Can't wait to hear what those on benefits will receive to help with a situation so bad that even the middle classes are genuinely worried.

 

Oh never mind, they uncapped bankers' bonuses, we're good.

Plus a tax cut of £7,500 for those poor people scraping by on £300k

[FWJ]

Will these measures apply in Scotland too?

[1971fozzy]

1 minute ago, FWJ said:

Will these measures apply in Scotland too?

I wonder this too.  I’m sure we set our own tax rates but I’m sure there’s a limit on what we can raise in proportion to U.K. ? 
I can’t see her not following suit surely ?

[Pans Jambo]

Hope folk can really see what the tories do for the working classes. Nowt!

 

So if you don't get a "higher paid job" or "work more hours" they are going to reduce or remove working tax credit (or whatever its called nowadays). Who does that help?

 

If you earn over £150,000 you now pay 5% less tax than before. Who does that help? The already wealthy!

 

Bankers will be high fiving and breaking open the champerz as we speak! Who does that help? The already wealthy!

 

Exactly how many first time home buyers go for properties over £425K? Who does that help? 

 

The National Insurance increase getting reversed. Who does that help if you are on less than £25K a year? Its peanuts to them but decent for the already wealthy!

 

Low to medium paid (anyone on less than £50K or so) gains very little. Higher and extremely high paid gains are huge.

 

Taking away the right to negotiate or strike! Dickensian move designed to help their private sector pals.

 

tories last 2 years in power making sure themselves, their chums and their future employers are all rolling in it.

 

Utter shitehawks!

[Dazo]

6 minutes ago, FWJ said:

Will these measures apply in Scotland too?

Doubtful she would rather we paid more tax to fund independence, bus passes and prescriptions. 

[Dennis Reynolds]

Wage rises for the lowest paid causes inflation but tax cuts for the rich boosts the economy. Tories gonna Tory.

[The Old Tolbooth]

They don't even have red faces when doing this either, utter scum! 

[Pans Jambo]

3 minutes ago, Dazo said:

Doubtful she would rather we paid more tax to fund independence, bus passes and prescriptions. 

So would the majority given the last election results it would seem.

[Ray Gin]

7 minutes ago, Pans Jambo said:

Hope folk can really see what the tories do for the working classes. Nowt!

 

So if you don't get a "higher paid job" or "work more hours" they are going to reduce or remove working tax credit (or whatever its called nowadays). Who does that help?

 

If you earn over £150,000 you now pay 5% less tax than before. Who does that help? The already wealthy!

 

Bankers will be high fiving and breaking open the champerz as we speak! Who does that help? The already wealthy!

 

Exactly how many first time home buyers go for properties over £425K? Who does that help? 

 

The National Insurance increase getting reversed. Who does that help if you are on less than £25K a year? Its peanuts to them but decent for the already wealthy!

 

Low to medium paid (anyone on less than £50K or so) gains very little. Higher and extremely high paid gains are huge.

 

Taking away the right to negotiate or strike! Dickensian move designed to help their private sector pals.

 

tories last 2 years in power making sure themselves, their chums and their future employers are all rolling in it.

 

Utter shitehawks!

 

Absolute snakes.

[Dazo]

5 minutes ago, Pans Jambo said:

So would the majority given the last election results it would seem.

Not actually the majority though was it. Certainly won an election landslide though. 

[New Town Loafer]

No issue with people being able to keep more of the money they make. Taxation is robbery.

 

The concern is what will actually be done to help people who will struggle big time for the foreseeable. Haven’t seen any evidence that this is actually being addressed.

[FWJ]

12 minutes ago, Dazo said:

Doubtful she would rather we paid more tax to fund independence, bus passes and prescriptions. 

And tertiary education amongst other things….

The bus pass thing helps keep some quieter, rural services going. (Although some smaller villages’ shops note that they lose potential customers to larger towns because over 60s have a ‘day out’ and do their shopping elsewhere)

Edited September 23, 2022 by FWJ

[Pans Jambo]

2 minutes ago, Dazo said:

Not actually the majority though was it. Certainly won an election landslide though. 

Facts are facts. She won because she got the most votes, your lot didn't. 

 

Anyway, unless your are a corporate banker or earn over £15K P/A you cant be happy with that shit show? Surely?

Edited September 23, 2022 by Pans Jambo

[Ray Gin]

 

[Unknown user]

Just now, Ray Gin said:

 

This

[FWJ]

16 minutes ago, Pans Jambo said:

Hope folk can really see what the tories do for the working classes. Nowt!

 

So if you don't get a "higher paid job" or "work more hours" they are going to reduce or remove working tax credit (or whatever its called nowadays). Who does that help?

 

If you earn over £150,000 you now pay 5% less tax than before. Who does that help? The already wealthy!

 

Bankers will be high fiving and breaking open the champerz as we speak! Who does that help? The already wealthy!

 

Exactly how many first time home buyers go for properties over £425K? Who does that help? 

 

The National Insurance increase getting reversed. Who does that help if you are on less than £25K a year? Its peanuts to them but decent for the already wealthy!

 

Low to medium paid (anyone on less than £50K or so) gains very little. Higher and extremely high paid gains are huge.

 

Taking away the right to negotiate or strike! Dickensian move designed to help their private sector pals.

 

tories last 2 years in power making sure themselves, their chums and their future employers are all rolling in it.

 

Utter shitehawks!

They are utterly shameless. Just brazen.  

[Don Dan]

The Rich get Richer after that budget

[Lovecraft]

Not even pretending or trying to be subtle now.

 

[FWJ]

1 minute ago, Lovecraft said:

Not even pretending or trying to be subtle now.

 

I suppose that’s the only thing in their favour.  They’re not trying to hide it, no weaselling about.  They are up-front the party for the very wealthy.  Not even the aspirational lower-middle class, they’re going to get stuffed by the cost-of-living crisis / mortgage rate increases etc.

[Don Dan]

Just now, FWJ said:

they’re going to get stuffed by the

Voters at the next election. 

[Victorian]

Worse than expected.  A total smash and grab raid on tax receipts.  And will do **** all for the economy.

 

Full on,  overt,  right wing thievery.

[Horatio Caine]

The WG has so many pieces of shit in it, it's becoming a full scale dump.

[Don Dan]

https://www.ft.com/content/a9be9db6-a91e-48e4-8d69-4bbfff7e0f5f

[BlueRiver]

The only parts to me that don’t sound like an utter disaster there are the investment zones and the reversal of the NI hike. The rest of it is just mind boggling. 
 

There is always talk that Corbyn’s politics were from the 70s. Why does the same finger not get pointed at the Tories for persisting with this 1980s style trickle down bollocks. 

[Pans Jambo]

Changing laws to stifle unions and allow employers to do what they want is really bad. 

 

They're extra pissed off because the railways will be on strike when the tory party conference is on 

[Mikey1874]

Seems a lot of rich people think they work harder than poorer people. 

[Cade]

Huge tax cuts

Huge borrowing increase to pay for it

 

National debt soars.

Markets fall

Pound falls

 

[Mikey1874]

47 minutes ago, FWJ said:

Will these measures apply in Scotland too?

 

44 minutes ago, 1971fozzy said:

I wonder this too.  I’m sure we set our own tax rates but I’m sure there’s a limit on what we can raise in proportion to U.K. ? 
I can’t see her not following suit surely ?

 

Scottish Government is planning a budget statement soon in response to this.

 

Scottish income tax rates are separate. So the higher tax rate (which is actually 46%) still applies in Scotland. We actually have a lower rate of 19% already but Scottish Government have some decisions to make.

 

National Insurance is UK wide so we get that. 

[Victorian]

4 minutes ago, Cade said:

Huge tax cuts

Huge borrowing increase to pay for it

 

National debt soars.

Markets fall

Pound falls

 

 

Not surprised.  It's extreme vandalism of the economy.  It's one thing to bemoan orthodoxy but it's quite another to replace it with economics for the insane.

[Mikey1874]

17 minutes ago, Victorian said:

Worse than expected.  A total smash and grab raid on tax receipts.  And will do **** all for the economy.

 

Full on,  overt,  right wing thievery.

 

Brilliant if you sell champagne. 

[Pans Jambo]

Its this line that sticks in my craw. Unbelievable heartlessness on the low paid of our society who often have some hard jobs to do (care workers, nursery workers, cleaners and zero hour workers etc.)

 

He said that would mean 120,000 more people on Universal Credit "take active steps to seek more and better-paid work, or face having their benefits reduced".

 

Complete barstewards!!!

Edited September 23, 2022 by Pans Jambo

[Konrad von Carstein]

[Mikey1874]

Just now, Victorian said:

 

Not surprised.  It's extreme vandalism of the economy.  It's one thing to bemoan orthodoxy but it's quite another to replace it with economics for the insane.

 

The thing is with the time it takes for these things to become reality in terms of tax revenues, I'd reckon today's measures, if they work could help years 2 and 3 of the next Labour Government increase public spending. 

[Dazo]

30 minutes ago, Pans Jambo said:

Facts are facts. She won because she got the most votes, your lot didn't. 

 

Anyway, unless your are a corporate banker or earn over £15K P/A you cant be happy with that shit show? Surely?

National insurance decrease will pay our energy rises. Elderly parents are buying a retirement flat so the stamp duty will help them a little too. The rest doesn’t impact me either way. 

[Mikey1874]

Just now, Dazo said:

National insurance decrease will pay our energy rises. Elderly parents are buying a retirement flat so the stamp duty will help them a little too. The rest doesn’t impact me either way. 

 

£330 isn't going to cover energy price increases. It won't cover food price increases. 

[Pans Jambo]

7 minutes ago, Dazo said:

National insurance decrease will pay our energy rises. Elderly parents are buying a retirement flat so the stamp duty will help them a little too. The rest doesn’t impact me either way. 

Wont pay for energy increases unless you earn around £100K a year as you will be better off by around £1000 P/A because of the NI decrease. An average wage of around £30K will be better off by £218 P/A or £18.17 per month.

 

https://www.bbc.co.uk/news/business-63001463

Edited September 23, 2022 by Pans Jambo

[Taffin]

Likely a vote winner tbh.

[Taffin]

1 minute ago, Pans Jambo said:

Wont pay for energy increases unless you earn around £100K a year as you will be better off by around £1000 P/A because of the NI decrease. an average wage of around £30K will be better off by £218 P/A or £18.17 per month.

 

Not a million miles off covering mine. My bill is projected to go up by c.£290

[XB52]

It's so sad that our resident tories just can't bring themselves to say anything bad about this car crash of a budget. "doesn't affect me" and "a vote winner" says it all really. Couldn't give a **** if people starve as long as they are OK. 

[Don Dan]

24 minutes ago, Pans Jambo said:

Changing laws to stifle unions and allow employers to do what they want is really bad. 

 

They're extra pissed off because the railways will be on strike when the tory party conference is on 

It’s a recipe for a mass strike as the reality  kick in. 

Edited September 23, 2022 by Imaman
Reality

[Guest]

This must be what .net looks like when the HMFC Accounts are issued.

[Taffin]

2 minutes ago, XB52 said:

It's so sad that our resident tories just can't bring themselves to say anything bad about this car crash of a budget. "doesn't affect me" and "a vote winner" says it all really. Couldn't give a **** if people starve as long as they are OK. 

 

You don't think it's a vote winner?

 

Never said it was a vote winner for me. I won't be voting for anyone.

[Pans Jambo]

2 minutes ago, Taffin said:

 

Not a million miles off covering mine. My bill is projected to go up by c.£290

That's good for you. 

 

If you and your partner live in a rented accommodation with a kid and are both on a full-time low paid job...What do they get?

Threatened to either A- Work more hours, or B- Get a higher paid job.

 

I'll get the bunting out for you.

[Mikey1874]

Definitely a lot of people paying mortgages going to suffer badly. Interest rates heading upwards. Also the knock on effect for renters as people paying more expensive mortgages put up rents to cover it. 

 

Not really discussed much. Repossessions and homelessness. 

 

Guy supporting this casually saying 4% base rates will be fine. 

Edited September 23, 2022 by Mikey1874

[Taffin]

Just now, Pans Jambo said:

That's good for you. 

 

If you and your partner live in a rented accommodation with a kid and are both on a full-time low paid job...What do they get?

Threatened to either A- Work more hours, or B- Get a higher paid job.

 

I'll get the bunting out for you.

 

No idea, I haven't looked.

 

I'm just saying it's not as straight forward as saying it won't be close to covering the bill increase. In many cases it will be close to it, I don't earn big money and live in a single bed flat. I'm quite literally Mr average on those kind of metrics...which is why I think it will be a vote winner. 

[Taffin]

Just now, Mikey1874 said:

Definitely a lot of people paying mortgages going to suffer badly. Interest rates heading upwards. Also the knock on effect for renters as people paying more expensive mortgages put up rents to cover it. 

 

Not really discussed much. Repossessions and homelessness. 

 

I think that will come but we're a bit away off from that currently imo. The affordability checks are quite tight these days, it's a kick in stones for sure but this rate increase isn't at a level that should make it unaffordable for people.

[Malinga the Swinga]

3 minutes ago, XB52 said:

It's so sad that our resident tories just can't bring themselves to say anything bad about this car crash of a budget. "doesn't affect me" and "a vote winner" says it all really. Couldn't give a **** if people starve as long as they are OK. 

You do realise that the first intention of this, and every single piece of government legislation, is to try and gain enough votes to ensure that they get re-elected at next election. They are attempting to shore up their core support and that is their priority.

The same goes for our own government in Scotland.

Did you really expect anything different? It's what politicians do.

[joondalupjambo]

9 minutes ago, Taffin said:

Likely a vote winner tbh.

It could be, not up here in terms of Tory gains but down south possibly.  It is going to hinge on the Red Wall seats that turned blue because they thought they were getting rid of Johnny Foreigner and seeing the NHS get 360k a day more.  If they have seen through this mob then it will not be such a sure thing for the Tories.   I suspect that nearer the next election it is then that the Tories will give to the poor so it will be a case of do they fall for it a second time or return to Labour.   Interesting two years ahead down south for sure.