‘Mini’ budget

[User00035]

GB News conducted a straw poll of delegates at the Labour Party conference to see what they thought of Truss's policy of relaxed immigration rules. Every single one said we don't have enough immigration and Labour should increase it. Some said there was no such thing as illegal immigration because it's too hard to define in law and who are we to judge anyway, so we should welcome everyone.

Everyone of them also stated that we need to expand the population to grow the economy. So we have an uncompetitive, low productivity, over-regulated, over-taxed, indebted economy, with a sclerotic civil service, a crumbling health system, dysfunctional policing, our judiciary outsourced to overseas courts, and the only answer the opposition have is to make all of those things worse but with increased taxation and multiple millions added to the population.
Yep, that's our next government talking folks.

 

[Mungo]

GB News conducted a straw poll of delegates at the Labour Party conference to see what they thought of Truss's policy of relaxed immigration rules. Every single one said we don't have enough immigration and Labour should increase it. Some said there was no such thing as illegal immigration because it's too hard to define in law and who are we to judge anyway, so we should welcome everyone.

Everyone of them also stated that we need to expand the population to grow the economy. So we have an uncompetitive, low productivity, over-regulated, over-taxed, indebted economy, with a sclerotic civil service, a crumbling health system, dysfunctional policing, our judiciary outsourced to overseas courts, and the only answer the opposition have is to make all of those things worse but with increased taxation and multiple millions added to the population.
Yep, that's our next government talking folks.

I’m curious about your statement that our judiciary is being outsourced.

I’d not seen this - what are you referring to?

 

[Ade8mm]

Kwarteng was a paid consultant to Odey Asset Management
Odey Hedge Fund reportedly increased 145% so far this year
(Shorting UK Government bonds)

I'l leave that one with you.
Ade

 

[Heym SR20]

Kwarteng was a paid consultant to Odey Asset Management
Odey Hedge Fund reportedly increased 145% so far this year
(Shorting UK Government bonds)

I'l leave that one with you.
Ade

Sad thing is this doesn’t surprise me at all. The mini budget makes perfect sense if you are shorting against Sterling.

Still I suppose putting up interest rates may increase demand for Sterling so that may help strengthen things.

The other thing is that UK goods will be cheaper and thus may be in more demand. So things like the well known British Jaguar and Landrover brands should do well. Oh - most aren’t actually made in the UK any more, but that’s ok as all the profits will go to Tata, which in Rees Mogg’s world is still Pink in colour and India is part of the British Empire.

 

[Rasputin]

Genius? You have to be joking.
This is serious stuff, not the usual scenario of the money markets getting their nickers in a twist.
Just for once I'll benefit from this, but I feel sorry for those with mortgages and unfunded debt like too much credit card borrowing.

Sterling slides back towards record low as Bank of England and Treasury fail to reassure markets – as it happened

Bank of England says it ‘will not hesitate’ to change interest rate but appears to be trying to squash expectations of an emergency rise

www.theguardian.com

Don’t worry about the mortgages they own just about inflation proof assets. It’s the poor people without a foot on the ladder that get battered yet again. As for the credit card debt well that’s their own fault for us normalising debt.

Mixed views on the pound tanking personally my father draws a € pension so it’s somewhat good and my bonuses $ downside cost of living probably negates the gains atm.

 

[Rasputin]

GB News conducted a straw poll of delegates at the Labour Party conference to see what they thought of Truss's policy of relaxed immigration rules. Every single one said we don't have enough immigration and Labour should increase it. Some said there was no such thing as illegal immigration because it's too hard to define in law and who are we to judge anyway, so we should welcome everyone.

Everyone of them also stated that we need to expand the population to grow the economy. So we have an uncompetitive, low productivity, over-regulated, over-taxed, indebted economy, with a sclerotic civil service, a crumbling health system, dysfunctional policing, our judiciary outsourced to overseas courts, and the only answer the opposition have is to make all of those things worse but with increased taxation and multiple millions added to the population.
Yep, that's our next government talking folks.

Idiots walk amongst us. No hope and probably the only reason the conservatives have clung on.

 

[Foxyboy43]

Hmmm. So let’s see - the nutnuts government can either hock the family silver spend i.e. borrow, their way out of serious trouble or clamp down on the great unwashed populace’s purse. Well…. the second of the two will be immediately felt and really, really quite annoying to the public who oddly enough are the voters at the next election whilst the first option of course offers all sorts of, ahem, further squillions of debt “benefits“ to said potential voters and crikey may well see the little piggies with their snouts firmly in the trough government re-elected.
Gosh that really is a tough one!

 

[Klenchblaize]

Oh to be in Italy with a hard right PM

This is for you:

K

 

[Fair Hill]

US singer 50 cent has announced he now wants to be known in the U.K. as 1 pound.

 

[Utectok]

So - are we doomed?

Or was it an iconoclastic stroke of genius?

I don’t understand the logic of it at all, and investors certainly seem spooked.

Doomed I mean borrowing money for tax cuts to the rich is utterly bonkers. I’d like low taxes but don’t want my grandkids paying for them

 

[Fair Hill]

Not quite doomed but ye are in a bit of a sticky situation at this present time.

Exports are in decline as a direct result of Brexit, this mini budget will drive up the cost of raw materials and compound the problem.

Imports are going to cost more as a direct result of this mini budget because it has driven the value of the £ into the crapper.

Banks have started to cease offering mortgages until the dust settles and those lucky enough to have one better get ready for a whole world of pain.

In the meantime a policy of promoting immigration is to be pursued in order to have a workforce that will work for peanuts to make Britain great again. When all these cheap immigrant workers are made redundant it’s around about then ye will be doomed.

I’m planning another visit over to ye soon enough to do my bit to boost yer economy and support small businesses like hotels, craft breweries and mid priced restaurants if that’s any consolation.

“It’s not much but it’s more”, said the sparrow as he watched his wee drop into the ocean.

 

[Miki]

Not quite doomed but ye are in a bit of a sticky situation at this present time.

What would you suggest the Gov do to get out of it then Benny ?
It's no good sitting there rubbing your gums and croaking at the wireless, lets have some constructive, positive ideas.

Come on your a European citizen, which of your policies should we adopt ?

 

[Apthorpe]

Not quite doomed but ye are in a bit of a sticky situation at this present time.

Exports are in decline as a direct result of Brexit, this mini budget will drive up the cost of raw materials and compound the problem.

Exports are actually increasing fairly steeply. Why would you not spend the 10 seconds necessary to find that your premise is wrong?

Imports are going to cost more as a direct result of this mini budget because it has driven the value of the £ into the crapper.

Although imports are more expensive, it is not because of the effect of this budget. The current situation is the consequence of the Bank of England being too soft on inflation. For all the brainless commentary in the media, a tax cut amounting to less than £2 billion is incapable of making the slightest difference to anything.

Banks have started to cease offering mortgages until the dust settles and those lucky enough to have one better get ready for a whole world of pain.

As someone who has one, I'd say that some pain is severely overdue. The level of the housing market is absolutely outrageous, and it needs a good hammering.

In the meantime a policy of promoting immigration is to be pursued in order to have a workforce that will work for peanuts to make Britain great again.

I think you mean a workforce that will work for peanuts to keep your holiday cheap (See below).

When all these cheap immigrant workers are made redundant it’s around about then ye will be doomed.

You're right on this. We could certainly do with a near stop to immigration and an initially painful transition to a more productive economy. Of course, there's not really anything we can do to keep the Irish out. Except that if or when reunification occurs, then it would make sense to firmly close that door with Ireland.

I’m planning another visit over to ye soon enough to do my bit to boost yer economy and support small businesses like hotels, craft breweries and mid priced restaurants if that’s any consolation.

“It’s not much but it’s more”, said the sparrow as he watched his wee drop into the ocean.

 

[Apthorpe]

Doomed I mean borrowing money for tax cuts to the rich is utterly bonkers. I’d like low taxes but don’t want my grandkids paying for them

Most of the money is directed to tax cuts for the lower earning.

I’ve never seen people complain so much about being taxed less. Besides which £150,000 is not a salary that makes anyone rich. You can’t even afford a normal family house on twice that salary in London, even ignoring the fact that you‘d be slapped with a six figure stamp duty bill. The fact is that even a £500,000 salary does not make anyone rich - certainly more comfortable, but still restricted to living in a modest flat or a small terraced house in Central London. Obviously, that seems like a completely different planet to anyone living outside the South East, but the fact is that a disproportionately large part of the nation’s total activity is done in and around London. If you make a point of unduly penalising the people who are paying for the modern world, large parts of which you take for granted, then that is a very foolish and certainly counterproductive policy.

 

[Miki]

Well said Mr @Apthorpe in the majority, however I don't agree with fully closing the door on Eire or the 'near stop on immigration'. Not because i want a huge influx of low paid workers but because there are many that could/wou;ld add value to our econmy and wellbeing.

Some people might think that Mr Fair (Benny) HIll comes over as an 'arrogant know it all' possibly because he associates with the wealthy, patriotic set in SW Eire (by his own admission Go Wales great idea Not ).

Do you think the world is flat Benny or that the Protocols of the Elders of Zion was true ?

 

[Apthorpe]

Well said Mr @Apthorpe in the majority, however I don't agree with fully closing the door on Eire or the 'near stop on immigration'. Not because i want a huge influx of low paid workers but because there are many that could/wou;ld add value to our econmy and wellbeing.

I agree in principle, but the fact of the matter is that a lot of our immigration is sold to us as being high-skilled when actually it is a scam involving universities admitting anybody who will pay fees, many of whom are odious in their values, and providing them with a route to permanent immigration.
As regards closing the door on Ireland, you will see that I wrote that in reference to a situation where Ireland elects to walk out of the door first.

Some people might think that Mr Fair (Benny) HIll comes over as an 'arrogant know it all' possibly because he associates with the wealthy, patriotic set in SW Eire (by his own admission Go Wales great idea Not ).

Do you think the world is flat Benny or that the Protocols of the Elders of Zion was true ?

 

[norcan]

People who suggest that my £580k salary makes me a wealthy man simply aren't taking into account the costs associated with sending my four sons to Eton, maintaining a fleet of luxury SUVs, and living in a flying castle.

Besides which, the £25000 tax cut doesn’t even cover an extra nanny.

 

[Fair Hill]

What would you suggest the Gov do to get out of it then Benny ?
It's no good sitting there rubbing your gums and croaking at the wireless, lets have some constructive, positive ideas.

Come on your a European citizen, which of your policies should we adopt ?

What would you suggest the Gov do to get out of it then Benny ?
It's no good sitting there rubbing your gums and croaking at the wireless, lets have some constructive, positive ideas.

Come on your a European citizen, which of your policies should we adopt ?

Miki, I don't bother trying to explain things to the likes of yourself, you tried to bluff that you understand economics over on that Welsh thread and had your posterior handed to you on a little platter. Like a lot of buffers do you then resorted to attacking the poster instead of the post hoping for a reaction that would distract from your publicly displayed ignorance.

You're following me around threads now craving attention, rather than humiliate you I'll just use the ignore function.

Slán.

 

[Mungo]

Most of the money is directed to tax cuts for the lower earning.

I’ve never seen people complain so much about being taxed less. Besides which £150,000 is not a salary that makes anyone rich. You can’t even afford a normal family house on twice that salary in London, even ignoring the fact that you‘d be slapped with a six figure stamp duty bill. The fact is that even a £500,000 salary does not make anyone rich - certainly more comfortable, but still restricted to living in a modest flat or a small terraced house in Central London. Obviously, that seems like a completely different planet to anyone living outside the South East, but the fact is that a disproportionately large part of the nation’s total activity is done in and around London. If you make a point of unduly penalising the people who are paying for the modern world, large parts of which you take for granted, then that is a very foolish and certainly counterproductive policy.

What would you define as rich?

 

[Apthorpe]

What would you define as rich?

I’m not exactly sure but perhaps …..Having an excess of money beyond what is reasonable to provide for accommodation, food, healthcare, education, retirement savings, transport, one or two leisure activities per week, and perhaps a couple of holidays per year. That doesn’t seem excessive in any way. What would you define as rich?