Where do we think the money is coming from? They're obviously going to borrow it.

 

I agree with the comments it's economic lunacy. The pound has pummeled - I don't even know what the Tories are trying to do here except self-destruct and appeal to the people who would already vote for them. I get people don't like Starmer or the Labour Right, but there's no way any sort of Labour government would ever deliver as shocking a budget as the one we've just witnessed.

 

Their plan is not credible and was tried in the 1970s when we were in a bad situation and didn’t work then. None of the measures will help those who are most in need and will only excarbate existing inequalities in society. Also, there appears to be no additional funding or support for the NHS or social care which is on its knees after years of cuts and lack of investment. I am afraid the future in this country looks very bleak.

Their plan is not credible and was tried in the 1970s when we were in a bad situation and didn’t work then. None of the measures will help those who are most in need and will only excarbate existing inequalities in society. Also, there appears to be no additional funding or support for the NHS or social care which is on its knees after years of cuts and lack of investment. I am afraid the future in this country looks very bleak.

 

They've said the funding care for the NHS will stay the same (through extra borrowing). Just can't see how this benefits the country, it's really bleak and a massive gamble which benefits the 1% of society

I thought that Brexshit was for "more money for thr NHS", not lower taxes for the rich? Time to axe Brexshit and call another vote, but this time with how Brexshit is for the rich!!!

This is quite possibly the most economical illiterate thing I have seen a capitalist nation do in my lifetime.

 

 

It is entirely unfunded and a pure ideological move that has no grounding in reality or facts. Scraping the 45% tax rate is insane.

I’m really worried by what’s been announced in the budget today. I think Truss & Co seem to have no real idea about what they are doing by making substantial tax cuts which are likely to benefit the richest most and do little to stimulate growth. You need proper investment for growth.

 

I don't know much about economics but I am guessing that they are trying to make the UK more business-friendly and encourage investment with the tax cuts?

Edited September 23, 20222 yr by TheSnake

The pound has fallen below 1.10$ for the first time since 1985 in response to the governments tax cuts. The 1.10$ threshold is quite significant and suggests the market has no confidence in the government’s economic approach and as a result, we may well see further damage to the economy such as increased inflationary pressure and further rises in interest rates. This is the opposite of what everyone wants but when you have an incompetent government who don’t know what they are doing then what can we expect. It will be short term gains for long term pain.

Edited September 23, 20222 yr by neill2407

I don't know much about economics but I am guessing that they are trying to make the UK more business-friendly and encourage investment with the tax cuts?

 

The problem is the cuts will benefit the richest most - it has been estimated in the Guardian today that someone earning £1m a year will gain £55,220 pa but a worker on a salary of £20k pa will only benefit by £157 per year. Is this really fair? Will it help the economy recover? Think about it like this. Many workers on average salaries will see more money in their pay packets soon but all of this will be swallowed up by increased energy prices, rising mortgage payments and higher prices for goods so they will actually be less well off in the long run. The only thing this budget will do is help the rich and widen social inequalities further in this country.

Edited September 23, 20222 yr by neill2407

It's blatant stripping of assets from the country overall (and inevitably public services when they have to make cuts) to give to their wealthy corporate mates. Expect lots of these Tories to make a fortune in "consultancy" on the side. Feel sorry for the young who have to pay the burden of this debt for generations to come. Certainly NOT a levelling up budget - not that anyone with half a braincell ever believed the Tories would have ever done that.

Edited September 23, 20222 yr by Smint

There is a very interesting article in the Guardian today about what happened in the early 1970s when the government implemented big tax cuts to try and stimulate the economy during a period of high inflation. The only positive outcome was a labour minority government being elected. Could history repeat itself again? I can’t post the link as I’m a new member!

It's not been too long since we had days of dramatic market reactions but lately it's been too horrifying to watch (energy prices). This time it's closer to the feeling of schadenfreude when the pound tanked after the 2016 referendum, especially since I earn in euros.

This is quite possibly the most economical illiterate thing I have seen a capitalist nation do in my lifetime.

It is entirely unfunded and a pure ideological move that has no grounding in reality or facts. Scraping the 45% tax rate is insane.

It is the most irresponsible, reckless, dangerous and economically illiterate budget in my lifetime, and that's quite a long time. They really do seem hell-bent on ensuring that the winners of the next election have to spend the whole of their term trying to make a start on repairing the damage done by Johnson and Truss.

These are unbelievable. It's like they're not even trying to hide how much they're trying to make the rich richer and NOW of all times?! Bankers Bonuses scrapped is the most audacious though, there is not a single way to frame that that doesn't look like a giant middle finger to everyone struggling to pay bills.

 

Who in their right minds would be hooked in by this that aren't already? The mind boggles.

The banker's bonus cap although grotesque optics is not really a tax cut, just a restraint on pay and could be argued to bring more city talent, although the reasoning of it in the first place was that it encoiuraged extra risky behaviour which seems not to have been mentioned. The removal of the 45% tax rate for those on the £150K is the worst for me as they aren't giving much back at all.

Utterly disgusting this is why I would NEVER ever vote Tory. I hope all the Boris followers swallowing “let’s get Brexit done” and voting in conservatives when it was never going to benefit them realise what utter idiots they have been. I am quite lucky in that we are fairly well off so although we are tightening our belts a little with increases we are going to be ok, I feel so much for those who are worrying about getting through the winter or feeding themselves / families!

Feel sorry for the young who have to pay the burden of this debt for generations to come.

 

And to think the Cameron era austerity Tories always used to say things like this criticising Labour for borrowing too much!

The more I look at the budget, the more obvious that it is is a quick money grab for the rich/party donors/conservative MPs before they lose the next GE by a landslide.

 

The budget will cause interest rates to rise higher than they otherwise would have. And now with the market showing no confidence in the government's plan with the pound falling over 3% today and under $1.10 for the first time in a very long time, will also contribute to inflation. It'll also make the UK more susceptible to oil/gas prices as they are usually traded in $ for.

 

Winter of discontent incoming?

Edited September 23, 20222 yr by Envoirment

It's worth remembering that after the 2010 election the Tories were saying that it was vitally important that a government be formed asap to satisfy the financial markets. Somehow, they don't seem to give a stuff about the markets now.

It's very much feels like the first lines of a 2-year suicide note for a Tory government. There's less than nothing for those struggling at the moment. I didn't think it would take as short of a time for her to be worse than David Cameron (my least favourite of the Tory PMs since 2010), but she's done it.

 

Now Labour just need to spend the next 18 months playing a game of "Don't be mental" and they'll have the keys to No.10 sewn up.

Oh dear Lord, definitely what I didn’t need to read after a long week.

It will be interesting how the right wing newspapers will react to this budget - will any think it has gone too far.

 

There must be quite a bit of opposition to it in the Tory party too.