UK Politics

[steviewevie]

17 minutes ago, ian the worm said:

Actually brought a tear to my eye en watching the first five minutes. Sunak has generally behaved decently and this was such a sweet tribute and first question. 
 

 

He'll be working for Elon Musk in a few weeks.

[Crazyfool01]

21 minutes ago, ian the worm said:

Actually brought a tear to my eye en watching the first five minutes. Sunak has generally behaved decently and this was such a sweet tribute and first question. 
 

 

Did you also watch his response ? 

[steviewevie]

Doomster latest

 

[Ryan1984]

Can somebody explain the budget to me like I’m 5? Seems a lot of level-headed people seem happy with it? But the Music Venue Trust definitely are not, so just wondering where everything sits.

[lazyred]

1 hour ago, Ryan1984 said:

Can somebody explain the budget to me like I’m 5? Seems a lot of level-headed people seem happy with it? But the Music Venue Trust definitely are not, so just wondering where everything sits.

I'll  have a go but I'm no expert.

Taxes and borrowing are going up to pay for public services, especially the NHS and education, and to increase investment. Still to come are details of 4 billion benefit cuts and some areas won't have an increase immediately.

 

The bulk of the tax rises falls on businesses. The OBR forecast for the next 5 years is that private investment will be depressed and the economy won't grow by enough to cover the extra borrowing. The knock on effects are interest rates reducing more slowly, lower wage rises and more unemployment. So they also forecast that household income won't improve.

 

It comes down to whether they can increase public sector productivity and whether the extra investment delivers more growth than the OBR forecast.

 

Music venues will be hit by the extra business costs. Their business rates, wages and employers national insurance will go up.

 

 

[steviewevie]

6 hours ago, lazyred said:

I'll  have a go but I'm no expert.

Taxes and borrowing are going up to pay for public services, especially the NHS and education, and to increase investment. Still to come are details of 4 billion benefit cuts and some areas won't have an increase immediately.

 

The bulk of the tax rises falls on businesses. The OBR forecast for the next 5 years is that private investment will be depressed and the economy won't grow by enough to cover the extra borrowing. The knock on effects are interest rates reducing more slowly, lower wage rises and more unemployment. So they also forecast that household income won't improve.

 

It comes down to whether they can increase public sector productivity and whether the extra investment delivers more growth than the OBR forecast.

 

Music venues will be hit by the extra business costs. Their business rates, wages and employers national insurance will go up.

 

 

penny off a pint though.

[steviewevie]

 

[lazyred]

3 hours ago, steviewevie said:

penny off a pint though.

It looks tough for pubs and small shops next year. 

They could have taken more from tax reliefs, pensions and unearned incomes instead of small businesses. 

[Crazyfool01]

1 hour ago, steviewevie said:

 

I thought Labour weren’t doing any interviews with them ? Rather than cancelling did it actually exist in plans anyway ? 

[steviewevie]

21 minutes ago, lazyred said:

It looks tough for pubs and small shops next year. 

They could have taken more from tax reliefs, pensions and unearned incomes instead of small businesses. 

That NI rise is easier to raise lots of money thoug. There will probably have to be more tax rises before next election too

[steviewevie]

That Paul Johnson IFS bloke keeps pouring cold sick all over the budget.

[lost]

Its alot of taxing and spending for very little growth.

 

My biggest gripe would be has a party ever deviated from its manifesto so quickly after being elected? You wonder what the point is in manifesto's going forward and we may as well have U.S style personality style elections in future.

Edited 6 hours ago by lost

[steviewevie]

26 minutes ago, lost said:

Its alot of taxing and spending for very little growth.

 

My biggest gripe would be has a party ever deviated from its manifesto so quickly after being elected? You wonder what the point is in manifesto's going forward and we may as well have U.S style personality style elections in future.

Where did they deviate? The fiscal rules and NI rise?

I guess they will always argue that they didn't know what they had inherited had such a big hole etc...which is kind of disingenuous but with a little bit of truth in it. Did they say they wouldn't change fiscal rules? As for NI they will always argue they promised not to raise taxes for working people...which I guess people will argue about till the end of time what this actually means and whether a pledge was broken or not.

But yeah, they gave no indication that they would do all this in manifesto...a bit of honesty pre election would have been nice, but then they might have lost!

[steviewevie]

should add that both main parties were being dishonest about country's finances pre election.

[steviewevie]

[lazyred]

2 hours ago, lost said:

Its alot of taxing and spending for very little growth.

 

 

The reports/spin are that the OBR didn't include the effect of things like planning reforms on future growth. Also the Govt are hoping foreign sovereign wealth funds and British pension funds will invest in the big infrastructure projects so overall private investment might not decrease.

Edited 4 hours ago by lazyred

[lost]

1 hour ago, steviewevie said:

 

New contender for island of garbage jokes.

[lost]

pound collapsing as well:

 

 

[steviewevie]

Reeves will have to resign and be replaced by someone who'll reverse the borrowing and stick up income tax instead.

Edited 2 hours ago by steviewevie

[steviewevie]

 

[steviewevie]

It's all gone Liz Truss.

[Crazyfool01]

12 minutes ago, steviewevie said:

It's all gone Liz Truss.

Markets fell in the US didnt they and ours followed ? 

[Crazyfool01]

The reporting of this is bollocks and will the markets become jittery as a response to that ? 

[steviewevie]

1 minute ago, Crazyfool01 said:

Markets fell in the US didnt they and ours followed ? 

dunno...everyone is getting jiggy with it because of that Truss budget market meltdown.

[steviewevie]

1 minute ago, Crazyfool01 said:

The reporting of this is bollocks and will the markets become jittery as a response to that ? 

They see a lot of borrowing and forecasts of lowish growth.