In todays news...

[mangocrazy]

The budget is a blatant giveaway to the already very rich. The poor get SFA, in fact you need to be earning in excess of £155.000 p.a. to benefit.

https://twitter.com/PJTheEconomist/stat ... nBwdUrAAAA

[JackyJoll]

in fact you need to be earning in excess of £155.000 p.a. to benefit.

https://twitter.com/PJTheEconomist/stat ... nBwdUrAAAA

Aren’t they lowering the basic income tax rate and NI?

[Pirahna]

The budget is a blatant giveaway to the already very rich. The poor get SFA, in fact you need to be earning in excess of £155.000 p.a. to benefit.

https://twitter.com/PJTheEconomist/stat ... nBwdUrAAAA

It's supposed to be. Truss is a big fan of "trickle down economics", make the rich richer in the hope that they spend a bit more. Everyone knows it's a load of bollox except Truss it would seem.

[Yorick]

The budget is a blatant giveaway to the already very rich. The poor get SFA, in fact you need to be earning in excess of £155.000 p.a. to benefit.

https://twitter.com/PJTheEconomist/stat ... nBwdUrAAAA

It's supposed to be. Truss is a big fan of "trickle down economics", make the rich richer in the hope that they spend a bit more. Everyone knows it's a load of bollox except Truss it would seem.

And you obviously have a masters degree in economics?

[Horse]

in fact you need to be earning in excess of £155.000 p.a. to benefit.

https://twitter.com/PJTheEconomist/stat ... nBwdUrAAAA

Aren’t they lowering the basic income tax rate and NI?

According to a comment on that link, other tax threshold changes will still be happening.

[mangocrazy]

This is the full text of the IFS response to the <cough> mini-budget. It's called a mini-budget so that it avoids prior scrutiny from the Office for Budget Responsibility, which tells you all you need to know about the current bunch of shysters (same as the previous bunch of shysters):

https://ifs.org.uk/articles/mini-budget-response

[irie]

The budget is a blatant giveaway to the already very rich. The poor get SFA, in fact you need to be earning in excess of £155.000 p.a. to benefit.

https://twitter.com/PJTheEconomist/stat ... nBwdUrAAAA

It's supposed to be. Truss is a big fan of "trickle down economics", make the rich richer in the hope that they spend a bit more. Everyone knows it's a load of bollox except Truss it would seem.

And you obviously have a masters degree in economics?

Some here will have Masters in economics, mine included a large economics component.

So having said that, the degree [sic] to which so-called "trickle down" economics works basically depends on government fiscal and income redistribution policy, central instructure investment, health spending, and so on.

[DefTrap]

I've not been keeping up, but I'm interested - in what way have you "timed the property market"? I realise you've just bought (and presumably also sold?) in the UK.

[Mr. Dazzle]

He's been chucking up loads of houses in a hurry and not finishing the roof properly to get ahead of the market.

[mangocrazy]

This is the government stepping in and doing something because the Bank of England hasn't.
I don't agree with all the changes but someone had to do something. I've explained it all in other threads and it's so far gone now that this is desperation from a chancellor who can actually see what's going on, so it was shit or bust.

So how come all the other Tory chancellors couldn't see what was going on and correct this self-inflicted shitshow - 12 years of it/them in fact?

[JackyJoll]

He's been chucking up loads of houses in a hurry and not finishing the roof properly to get ahead of the market.

Then he started a gang of remedial roofers.

[JackyJoll]

So how come all the other Tory chancellors couldn't see what was going on and correct this self-inflicted shitshow - 12 years of it/them in fact?

That’s worth discussing.

Sometimes they do things that the PM wants. Sometimes it’s to not lose an imminent election.

Some sincerely believe in tax&spend; some don’t.

Some may be persuaded by their oligarch or lizard overlords.

[Pirahna]

So how come all the other Tory chancellors couldn't see what was going on and correct this self-inflicted shitshow - 12 years of it/them in fact?

That’s worth discussing.

Sometimes they do things that the PM wants. Sometimes it’s to not lose an imminent election.

Some sincerely believe in tax&spend; some don’t.

Some may be persuaded by their oligarch or lizard overlords.

But none do things because they're the right thing to do to lift people out of poverty?

I'm just pissed off that they've managed to devalue the pound by 9p against the euro this year.

[Mussels]

So how come all the other Tory chancellors couldn't see what was going on and correct this self-inflicted shitshow - 12 years of it/them in fact?

That’s worth discussing.

Sometimes they do things that the PM wants. Sometimes it’s to not lose an imminent election.

Some sincerely believe in tax&spend; some don’t.

Some may be persuaded by their oligarch or lizard overlords.

But none do things because they're the right thing to do to lift people out of poverty?

I'm just pissed off that they've managed to devalue the pound by 9p against the euro this year.

Poverty is a relative calculation, you can lift an individual out of poverty but at the expense of someone else who replaces them.
A different calculation could be used but people that like quoting poverty figures don't want them to improve as it will muffle their drum

[Yambo]

Sometimes it’s to not lose an imminent election.

It's my belief that the Tories don't want to win the next election.

[mangocrazy]

So how come all the other Tory chancellors couldn't see what was going on and correct this self-inflicted shitshow - 12 years of it/them in fact?

The PM and MPC had a different agenda than you wanted, they haven't suffered financially, neither have their mates playing in the markets.

If you've got money and you understand economics then this is the best it's ever been for you (since 2008).
If you're poor and go from month to month on a wage then you're bolloxed for a few years.

So you agree that this budget was an entirely shameless ploy of making the rich richer while leaving those least able to dig themselves out of a hole even worse off? As a result the pound has tanked vs. every major currency - how can that benefit anyone living in the UK? They're not even competent - they signalled that they will need to borrow a shitload of money while at the same time causing their borrowing costs to rise drastically. How stupid is that?

[irie]

Some here will have Masters in economics, mine included a large economics component.

It's not done you much good has it

Stinky bait.

[JackyJoll]

Actual “trickle down” doesn’t describe it that well.

Government claims it is making it more worthwhile to run a business in the U.K.

[JackyJoll]

invest in the poor

Good phrase!

[Pirahna]

Government claims it is making it more worthwhile to run a business in the U.K.

As long as you don't need to import anything for that business, like raw materials for example, that may well be true.

But, the UK imports lots, something like 46% of food is imported. Shaft the value of the pound, food gets more expensive, cost of living rises. Wages need to rise to keep pace..... you see where this is going.