Politics
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02 Sep 26
17:15
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12 May 05
Spent the afternoon ducking and diving whilst being hammered by Kemi.
Anyone know when he will answer any questions he is asked?
Gilts at 28 year high so markets aren't a fan.
Anyone know when he will answer any questions he is asked?
Gilts at 28 year high so markets aren't a fan.
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It's so important to remember that many if not most of the posters on this forum are deeply mentally ill
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You'll need better bait than that.
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It's so important to remember that many if not most of the posters on this forum are deeply mentally ill
Good contribution as usual from the bear cub. He has still managed to hit 54,000 posts on this same Betfair forum though. |
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It does sum up the current state of politics in the UK and this forum that the only response to a new Prime Ministers first question time is only met by the Bear Cub accusing unkown people of being deeply mentally ill.
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Given that "bearcub" has been here for 14 years, shouldn't he have grown up by now ?
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I think bear cub was a term that was surreptitiously used by by persons that wanted to tell people that they were a midnight postman.
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Is there a Turing test for spotting a poster with multiple posting id's?
There's so many "same thinking" users on this forum, and it's such low brow same old same old "thinking". What's the market most of it's one person multiple usernames? |
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i thought he did OK
Gilts being high has nothing to do with Burnham and has impacted all countries but obviously constrains what he can do going forward No competent PM would rule out tax rises before a budget and given the economic turmoil around the world would be bonkers I think Kemi is pretty good as well but she leads a party who left the country with an awful legacy - the party of high immigration, stagnant growth and failed public services |
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Gilts being high had nothing to do with Truss either. It didn't prevent the media from gaslighting the country that it was all her fault that mortgage rates were no longer 1%, and helping to destroy a PM.
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Blakey Burnham is as bad as everyone imagined he might be. Zero substance, it's all hot air and faux irreverence. Claiming to have made tax cuts as pennies of vat will come off electricity for 3 months. Do me a favour, ffs. Moaning about Thatcher, double ffs.
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the issue with Truss is that she announced a budget with unfunded tax cuts - £45Billion
The budget was delivered without independent forecasts from the OBR This spooked investors and the Bond markets viewed the move as uncoordinated with the Bank of England inflation fighting goals therefore lowering investor confidence in UK fiscal management If Burnham makes the same mistakes he will face the same problems |
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I'll grant you that grunts of 'Truss crashed the economy' is a lot simpler for morons to believe. And there are actual living people that genuinely think their mortgage rate would still be 1% if she had not been nominally in charge for a month.
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Usual cider rewriting of history
If cider is correct how did Hunt correct things so quickly. |
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AI says
In October 2022, newly appointed Chancellor Jeremy Hunt systematically dismantled Liz Truss’s "mini-budget" to restore calm to panicked global financial markets. Following the September 23 announcement of £45 billion in unfunded tax cuts, investor confidence plummeted, causing the British pound to collapse, government borrowing costs (gilt yields) to skyrocket, and the Bank of England to intervene to prevent pension fund failures.To reverse the damage, Hunt executed an unprecedented fiscal policy U-turn. |
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And adds...
The Speculative Downside: The Cost of Correction While Hunt's emergency pivot successfully defused a systemic financial meltdown, it shifted the economic burden directly onto UK public services and households. To prove "we are a country that funds our promises and pays our debts," Hunt subverted growth stimulus in favour of economic austerity.In his subsequent Autumn Statement, he plugged the remaining fiscal deficit with £55 billion via "stealth" tax threshold freezes and spending curbs. Consequently, the independent Office for Budget Responsibility (OBR) noted that while the markets stabilized, the correction resulted in a historic drop in disposable household income over the following two years. |
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All of truss's proposed spending and borrowing of other peoples money without balancing the books is called "evil socialism" if it's spent on the average joe and it's called "free market capitalism" if it's just given to the wealthy 1%.
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What tax cuts are you referencing that added up to £45bn
the reversal of the NI increase £18bn Cancelling the Corporation tax hike £18bn cutting the basic rate of income tax £5bn Abolishing the top 45% income tax rate £2bn Stamp Duty Cut £1.5bn Other measures £2bn to 3bn including a dividend tax cut |
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How is not going ahead with a proposed tax hike, a tax cut?
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it means that if a tax hike is approved in the future reversing it leaves a hole in the budget
we can dance around wording but thats the top and bottom of it |
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You can try and dance around it if you want, keeping a tax rate the same is not a tax cut.
How much additional revenue are you factoring in? Obviously tax changes, change behaviour. Cutting corp tax sees revenue increase in the medium/long term (see Ireland for example). |
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I won't prejudice you and put you in the same bracket as them, but dumb liberalists actually believe that raising a tax rate does not throttle activity, and lowering a tax rate does not incentivise it.
Praps why Labour introduced a hike on the jobs tax, and didn't expect any changes to the number of folks being employed  |
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it was the treasury calculated the estimated £45bn - like anything it was forecast
The OBR offered to produce a formal economic statement to accompany the budget. Truss and Kwarteng deliberately bypassed them. The decision to deliver these tax cuts without this forecast was a primary reason for the market volatility as the markets couldnt verify how the govt planned to pay for the cuts. Kwarteng never produced any growth projections based on these tax changes as far as i can remember |
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there was no independent evaluation or macro economic growth projection to accompany the budget
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and to coin an old phrase, anything the obr and treasury claim isn't worth the paper it's written on. they are fully embedded in the tax and spend ideology, and crave left win political leaders.
people only have to look at THE REAL WORLD EXAMPLE of Ireland to see how significantly cutting the rate of corp tax significantly increases revenue. as business is attracted to your country. than means more jobs, more activity, more tax revenue. ergo, growth. it's not rocket surgery. |
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it's pretty basic economics tbf, so the only thing that people are left to conclude is that the destruction is deliberate, so it can be replaced.
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im not against tax cuts in some areas if it generates more tax income taking from the Laffer curve in economics
the point that cant be argued is that Truss and Kwarteng handled the budget badly and misjudged the market |
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for the wrong reasons. their diagnosis was spot on, the prescription was spot on. they did not realise that their own party would try to humiliate them. let alone the pile on from the likes of the bbc, sky, boe et al.
they thought they had about a year left, they were right (before the tories got ruined at an election). however, it seemed clear to me and I said it at the time, plenty of Tory MPs, perhaps even the majority preferred a labour government to a genuinely centre right one. it can be argued that they could have proposed the spending cuts first, or at the same time, but that would have created an even bigger pile on. |
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Cider,you could equally point at immigration though,population growth in Ireland is roughly 50% in 30 years.
Corpo tax and immigration are very much linked (re Ireland) Doubt very much that would be a goer in the UK who in fact raised their CT rates. |
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not really, as Ireland was on its knees after the GFC.
but nobody sensible is against high calibre, high spending, high tax contributing immigration. which would have predominately come from the large US corporates that based themselves in Ireland, not albanian car washers and south Asian just eats drivers. |
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We all know the next budget will do nothing to increase growth, reduce unemployment, make services better etc and will just another series of tax hikes (whether directly or indirectly). Burnham will come on and just like Starmer before him won't have any long term answers or solutions and will blame someone else. You dont need to be Mystic Meg to predict that.
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UK has a zero corporation tax rate for big companies, much lower than Ireland's 15%
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