oowee Posted September 23, 2022 Report Share Posted September 23, 2022 A most unusual set of proposals. Former US Treasury secretary Larry Summers warned the pound could fall below the dollar due to the huge spending commitments outlined by Mr Kwarteng. "It makes me very sorry to say, but I think the UK is behaving a bit like an emerging market turning itself into a submerging market," Mr Summers told Bloomberg. "Between Brexit, how far the Bank of England got behind the curve and now these fiscal policies, I think Britain will be remembered for having pursuing the worst macroeconomic policies of any major country in a long time." Sometimes you have to bet against the house but I just wish they were not doing it with my money. Quote Link to comment Share on other sites More sharing options...
Hicky Posted September 23, 2022 Report Share Posted September 23, 2022 (edited) Screams of admitting they’ve ****** up in the past, also screams **** the poor, let’s get rich guys! Edited September 23, 2022 by Hicky Quote Link to comment Share on other sites More sharing options...
Vince Green Posted September 23, 2022 Report Share Posted September 23, 2022 To be honest, I don't think any of the counter proposals were any better. Deck chairs on the Titanic comes to mind Quote Link to comment Share on other sites More sharing options...
Weihrauch17 Posted September 23, 2022 Report Share Posted September 23, 2022 20 minutes ago, oowee said: A most unusual set of proposals. Former US Treasury secretary Larry Summers warned the pound could fall below the dollar due to the huge spending commitments outlined by Mr Kwarteng. "It makes me very sorry to say, but I think the UK is behaving a bit like an emerging market turning itself into a submerging market," Mr Summers told Bloomberg. "Between Brexit, how far the Bank of England got behind the curve and now these fiscal policies, I think Britain will be remembered for having pursuing the worst macroeconomic policies of any major country in a long time." Sometimes you have to bet against the house but I just wish they were not doing it with my money. Nor mine, FTSE 250 down 25% this year and still going down by the day.! Quote Link to comment Share on other sites More sharing options...
enfieldspares Posted September 23, 2022 Report Share Posted September 23, 2022 What everyone fails to realise (and was told to me by my late father who owned a worsted spinning mill and was taxed at 97% back in the 1960s and 1970s) is that for employed high earners tax is irrelevant and lowering it or raising makes no difference to recruiting or retaining "the best". What he said was that the you pay a man what he is worth and according to the tax he pays on what you pay him". That's to say if he is worth £100,000 a year and is taxed at 40% you pay him £170,000 and if he is taxed at 60% you pay him £220,000 or what ever the calculation is so that he takes home that £100,000. Quote Link to comment Share on other sites More sharing options...
millrace Posted September 23, 2022 Report Share Posted September 23, 2022 So how does giving people more money at same time as saying don't spend money to prevent inflation rising a policy???? Also noted a report forecasting a emergency 1% interest rise next week...... This is only ending 1 way....... Quote Link to comment Share on other sites More sharing options...
oowee Posted September 23, 2022 Author Report Share Posted September 23, 2022 (edited) 16 minutes ago, millrace said: So how does giving people more money at same time as saying don't spend money to prevent inflation rising a policy???? Also noted a report forecasting a emergency 1% interest rise next week...... This is only ending 1 way....... 🙂 The worst govt in the history of UK they should stand for election in Turkey? I just don't get any of it. The stamp duty change is completely bonkers let alone the tax cuts and the NI reversal ????? Edited September 23, 2022 by oowee Quote Link to comment Share on other sites More sharing options...
Newbie to this Posted September 23, 2022 Report Share Posted September 23, 2022 I'm just waiting for the speed limit abolishment on the motorways. Quote Link to comment Share on other sites More sharing options...
Weihrauch17 Posted September 23, 2022 Report Share Posted September 23, 2022 The upside is none of it will matter when she gets us Nuked. Quote Link to comment Share on other sites More sharing options...
billytheghillie Posted September 23, 2022 Report Share Posted September 23, 2022 Just a reverse Robin Hood. Quote Link to comment Share on other sites More sharing options...
enfieldspares Posted September 23, 2022 Report Share Posted September 23, 2022 (edited) As was said on the radio today they'll all be cheering the Stamp Duty cut. Until in six months time gthey'll be squealing as the interest on their mortgage on this new purchase is now squeezing them dry. And then as the economy collapses when the six month business energy help is withdrawn they'll be ending up being repossessed. I get no joy from predicting this but I'm so glad I've only nine months left on my mortgage and eighteen months before...at age sixty-six...my state pension. AND WHERE IS THE PROMISED BREXIT ABOLITION OF VAT ON DOMESTIC FUEL? Edited September 23, 2022 by enfieldspares Quote Link to comment Share on other sites More sharing options...
oowee Posted September 23, 2022 Author Report Share Posted September 23, 2022 (edited) 23 minutes ago, billytheghillie said: Just a reverse Robin Hood. How is it going to be paid for? What note will Truss leave for the next Govt? Not only have we left nothing but we have maxed out the credit card? Edited September 23, 2022 by oowee Quote Link to comment Share on other sites More sharing options...
Ratlegs Posted September 24, 2022 Report Share Posted September 24, 2022 How's income tax cut going to help pensioners????? Suppose they want to kill us all off and spend the money on boat people He's giving all the money to the rich now they can buy more rural cottages and push local kids out Quote Link to comment Share on other sites More sharing options...
oldypigeonpopper Posted September 24, 2022 Report Share Posted September 24, 2022 Hello, a typical Tory budget, 9 hours ago, billytheghillie said: Just a reverse Robin Hood. Well put Billy 👍 Quote Link to comment Share on other sites More sharing options...
old man Posted September 24, 2022 Report Share Posted September 24, 2022 12 hours ago, Hicky said: Screams of admitting they’ve ****** up in the past, also screams **** the poor, let’s get rich guys! ☝️☝️ Quote Link to comment Share on other sites More sharing options...
old man Posted September 24, 2022 Report Share Posted September 24, 2022 11 hours ago, oowee said: 🙂 The worst govt in the history of UK they should stand for election in Turkey? I just don't get any of it. The stamp duty change is completely bonkers let alone the tax cuts and the NI reversal ????? Possibly? Turkiye wouldn't entertain them following their re-branding? 10 hours ago, oowee said: How is it going to be paid for? What note will Truss leave for the next Govt? Not only have we left nothing but we have maxed out the credit card? It's ok here to kick it down the road as the road is on sand anyway? Quote Link to comment Share on other sites More sharing options...
old man Posted September 24, 2022 Report Share Posted September 24, 2022 (edited) 2 hours ago, Ratlegs said: How's income tax cut going to help pensioners????? Suppose they want to kill us all off and spend the money on boat people He's giving all the money to the rich now they can buy more rural cottages and push local kids out They don't want to help us ordinaires, just plunder what little is left to make their mates even wealthier it seems? I bet the number of off shore accounts for the baksheesh to flow into has increased? Just illustrates the level of indoctrination and stupidity to think that giving tax rebates to non payers is a way out of this mess? Edited September 24, 2022 by old man Quote Link to comment Share on other sites More sharing options...
Lloyd90 Posted September 24, 2022 Report Share Posted September 24, 2022 I think they know they are absolutely finished in the next General Election so are milking the country for what they can for the next 2 years. Mortgage rates from high street lenders are already hitting almost 4%, if someone's fix ends this year and they re-mortgage they are going to see a significant increase in their monthly payment. Add onto that the additional cost of energy, of fuel, increased cost of food, the stagnation of wages, etc etc etc. Take an average mortgage debt of £250,000... if someone remortgaged at today's rates their monthly payment could increase by as much as £300! And then to polish it off they go and give people earning over £150,000 a fairly decent tax cut. Absolute nuts. It seems the reign of Tory Light under Johnson is finished. Quote Link to comment Share on other sites More sharing options...
Hicky Posted September 24, 2022 Report Share Posted September 24, 2022 I wonder how bad it has to get before hindsight makes voting Corbyn seem like a viable alternative to voting this cesspit of selfserving tools in? Quote Link to comment Share on other sites More sharing options...
Rem260 Posted September 24, 2022 Report Share Posted September 24, 2022 30 minutes ago, Hicky said: I wonder how bad it has to get before hindsight makes voting Corbyn seem like a viable alternative to voting this cesspit of selfserving tools in? Bubonic plague? Quote Link to comment Share on other sites More sharing options...
Lloyd90 Posted September 24, 2022 Report Share Posted September 24, 2022 44 minutes ago, Hicky said: I wonder how bad it has to get before hindsight makes voting Corbyn seem like a viable alternative to voting this cesspit of selfserving tools in? It doesn't matter who's in opposition. once things are this bad (as they are right now) people will vote for the oppossition on the basic that it couldn't be any worse than the current lot. Wait until the next year or two, as people come off their fixed rate energy bills and fixed term mortgages, and come onto the new deals. There's a lot of people in that position that haven't been effected yet but the pain is on the way. Its beyond belief the decisions made yesterday, hard times all round, businesses going bust from energy crisis, etc, so they give people who earn over £150,000 a big tax cut. Quote Link to comment Share on other sites More sharing options...
Hicky Posted September 24, 2022 Report Share Posted September 24, 2022 49 minutes ago, Lloyd90 said: It doesn't matter who's in opposition. once things are this bad (as they are right now) people will vote for the oppossition on the basic that it couldn't be any worse than the current lot. Wait until the next year or two, as people come off their fixed rate energy bills and fixed term mortgages, and come onto the new deals. There's a lot of people in that position that haven't been effected yet but the pain is on the way. Its beyond belief the decisions made yesterday, hard times all round, businesses going bust from energy crisis, etc, so they give people who earn over £150,000 a big tax cut. Agreed, I cannot imagine the logic(beyond idealistic intentions) that bailing out energy companies rather than going for public ownership wasn’t/hasn’t been considered. If this was another country there would be riots on the streets by now, if France it would of been 18months ago! Bankers-no cap on wages….nurse-sod you have your minimal increase(wiped out by inflation) otherwise you’ll fuel inflation rising you peasants! Quote Link to comment Share on other sites More sharing options...
oldypigeonpopper Posted September 24, 2022 Report Share Posted September 24, 2022 4 hours ago, oldypigeonpopper said: Hello, a typical Tory budget, Well put Billy 👍 Saying this I just wonder what the Labour Party would have done if they had been in government 🤔 Quote Link to comment Share on other sites More sharing options...
Yellow Bear Posted September 24, 2022 Report Share Posted September 24, 2022 3 minutes ago, oldypigeonpopper said: Saying this I just wonder what the Labour Party would have done if they had been in government 🤔 stung everyone to pay for large pay rises for the big unions Quote Link to comment Share on other sites More sharing options...
old man Posted September 24, 2022 Report Share Posted September 24, 2022 43 minutes ago, Hicky said: Agreed, I cannot imagine the logic(beyond idealistic intentions) that bailing out energy companies rather than going for public ownership wasn’t/hasn’t been considered. If this was another country there would be riots on the streets by now, if France it would of been 18months ago! Bankers-no cap on wages….nurse-sod you have your minimal increase(wiped out by inflation) otherwise you’ll fuel inflation rising you peasants! May be interpreted by some as the start of a class war? Quote Link to comment Share on other sites More sharing options...
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