Please or to access all these features

AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Is the Chancellor about to crash the economy?

389 replies

Startingagainandagain · 09/01/2025 18:02

I will start by saying I voted Labour, but I am increasingly concerned about what the government has done so far.

Today there are warning that food prices could shoot up, the pound is going down, there were big jitters on the bonds market and government borrowing is higher than planned.

More generally Reeves seems to have spooked businesses and they have no will to expand or employ more people.

I agreed that the Tories left a total mess.

But Labour seems to just go from bad to worse and I am really starting to wish she could be replaced by someone more competent to restore some confidence.

OP posts:
Thread gallery
8
BIossomtoes · 11/01/2025 22:06

Has there been an announcement about benefits or is this more scaremongering?

Dismaljanuary · 11/01/2025 22:03

Probably not because the far left momentum etc are too violent

Julen7 · 11/01/2025 21:46

Dismaljanuary · 11/01/2025 21:44

Omg if this was the tories people would be screaming blue murder

The Tories didn’t dare do it

Dismaljanuary · 11/01/2025 21:44

Omg if this was the tories people would be screaming blue murder

Lonelycrab · 11/01/2025 21:39

So stripping benefits to the disabled and disadvantaged is now the key to our future prosperity as a country?!? WTAF.

How far we have fallen

ThisOldThang · 11/01/2025 21:26

@Startingagainandagain

But those doctor and consultant's letters are based upon self-reported symptoms. It's clearly not the same as a brain scan that shows brain damage or epilepsy.

There was somebody posting on Mumsnet about her PIP claim because she 'was too anxious to leave the house', but her very recent posting history contained a trip to a theme park. Yes, I know there are good and bad days, but there are also people that are abusing the system. Unfortunately, it's simply impossible to tell who's who, so I think everybody except those under close psychiatric care are going to lose their PIP.

Anyway, Labour are apparently looking to cut PIP drastically, so we'll just have to wait and see.

Startingagainandagain · 11/01/2025 20:10

@ThisOldThang

''Anxiety' isn't and everything is based upon self-declared symptoms.'

This is incorrect.

PIP applications require detailed medial evidence to be provided and the healthcare professionals who look after the person (GP, consultant) are contacted by the DWP and asked to confirm what the person has written.

No one is going to be awarded PIP by simply writing 'I have anxiety' on the form.

This is just Daily Mail type propaganda.

I note you haven't explained what will happen to these people if you remove their disability benefits. Their condition is not going to magically improve.

Not to mention that many people who get PIP work and use that support to remain in employment.

OP posts:
EasternStandard · 11/01/2025 19:29

Nomdemare · 11/01/2025 18:51

Yes - this is absolutely right. I remember in the months post Brexit I attended a session in London specifically aimed at entrepreneurs/startups and this was hosted by a Chinese trade organisation. All very keen to buy into U.K. businesses on the cheap/find opportunities at a vulnerable time.
It’s not protectionism to say I am concerned about overseas interests buying up U.K. assets. It makes me worried for our long term security.

Are other comparable countries doing the same with ramping up the invitation for Chinese investment?

Obviously there are purchases here already but it seems a mixed bag wrt views on China and how close to be

Nomdemare · 11/01/2025 18:51

Badbadbunny · 10/01/2025 20:10

Chinese and Russians are buying up everything else, i.e. power supplies, utilities, manufacturing industry, residential property, retailers, etc. Why wouldn't they want to buy farmland? It's not about making short term profits - the billionaires are rich enough - it's about long term growth and control.

Yes - this is absolutely right. I remember in the months post Brexit I attended a session in London specifically aimed at entrepreneurs/startups and this was hosted by a Chinese trade organisation. All very keen to buy into U.K. businesses on the cheap/find opportunities at a vulnerable time.
It’s not protectionism to say I am concerned about overseas interests buying up U.K. assets. It makes me worried for our long term security.

Nomdemare · 11/01/2025 18:47

Dreamingofgoldfinchlane · 10/01/2025 00:08

I voted Labour and don’t think Reeves has what it takes. I knew that as soon as she focused on VAT for schools and winter fuel allowance in a borderline obsessed way that she wasn’t a strategic thinker.

It's fairly obvious every time she opens her mouth that she does very little thinking at all. Woefully incompetent and surely on borrowed time now.

I’d agree. But I’ve looked at Paddy Power and there’s no market as yet on if/when she will resign or be replaced.

Username056 · 11/01/2025 18:21

Posted on a different thread that rumours in news outlets today seem to be that welfare budget is going to come under scrutiny as there is no headroom for further borrowing.

PIP mentioned. Currently costs £23 billion per annum and forecast to increase to £34 billion by 2029 if current trends continue.

SerendipityJane · 11/01/2025 18:17

twistyizzy · 11/01/2025 18:04

It was Labour who held Truss accountable for gilts/bonds and claimed she crashed the economy based on the performance of that metric. Well by the same metric they accused Truss of crashing the economy, they have now crashed it. So it could be argued that Labour created this mantra of "crashing the economy".

You totally didn't answer me.

Marchitectmummy · 11/01/2025 18:16

WidgetDigit2022 · 11/01/2025 08:49

That’s interesting as of everyone I know, those working in public sector earn the least. Then charity. Then private, many of whom have annual bonuses and often international travel.

Who exactly are you referring to? Social worker team managers? Head teachers? Head of finances? Which workers are you suggesting are being paid more than private?

Directors of services, associate directors, heads of service, council leaders. All often career local authority people qho would not earn salaries they are awarded in rge private sector.

Some head teachers at the top of their payscale are paid higher than their private school equivalent.

Some NHS managers absolutely, those emppoyed by the CCG or whatever they are initialised as now.

3rd sector I can tell you absolutely do not earn less than private sector for all roles. A design manager role at a housing association often 80k, more likely 65k if developer aka private.

Have a look at PA roles in 3rd sector and compare that to private equivalent normally more in charity.

BIossomtoes · 11/01/2025 18:15

twistyizzy · 11/01/2025 18:04

It was Labour who held Truss accountable for gilts/bonds and claimed she crashed the economy based on the performance of that metric. Well by the same metric they accused Truss of crashing the economy, they have now crashed it. So it could be argued that Labour created this mantra of "crashing the economy".

In what world is a 0.3% increase in gilt yields anything approaching a crash?

twistyizzy · 11/01/2025 18:04

SerendipityJane · 11/01/2025 18:02

If Labour is "crashing the economy" then how come we aren't all millionaires with our own hospital wings after 14 years of Tory excellence ?

It was Labour who held Truss accountable for gilts/bonds and claimed she crashed the economy based on the performance of that metric. Well by the same metric they accused Truss of crashing the economy, they have now crashed it. So it could be argued that Labour created this mantra of "crashing the economy".

HelloWorldItsNiceToMeetYou · 11/01/2025 18:03

jasjas3008 · 09/01/2025 18:26

Economists and City experts are saying the Bond issue is a global one, with higher yields across all major economies, UK - 4.8% vs USA 4.7%

Germany has seen yields almost double, France and Italy all up by 50%

People are worried about Trump, when was the last time a President election said he would invade another NATO member or allow the Russians to take a democratic European state? and thats before we get to Trumps tax cutting, funded by borrowing promises....

However, she did borrow and introduced tighter fiscal rules, so that has put us in a worse position.

£/$ still reasonable high and £ has held its own against the Euro.

However, non Labour supporters will do all they can to blame Labour for ALL of it, just as they are trying to blame Labour for the NHS crisis.

But please put this in perspective, UK gilt yields have averaged 4.3% over the last 12months, they are now 4.8%

Under Truss, they went from 1.8% to 4.5%... and ruined many DC pensions.

This is a balanced and informed post. Thanks

twiddlingthumbs69 · 11/01/2025 18:02

I unwittingly went to a talk last night by one of Tony Blair's spin doctors. She was praising Starmer and had the absolute nerve to tell us (all over 65) that Labour are cutting back on help for the elderly so that they can plow more money into the young, as their the ones that need it!
How she wasn't shot on the spot it beyond me.

SerendipityJane · 11/01/2025 18:02

If Labour is "crashing the economy" then how come we aren't all millionaires with our own hospital wings after 14 years of Tory excellence ?

ThisOldThang · 11/01/2025 18:01

Startingagainandagain · 11/01/2025 14:38

' PIP and DLA removed from all but the most seriously disabled and not available for invisible conditions.'

This is so pathetic...

So you want people with autism, bipolar disorder or any other mental health issues, epilepsy, brain injury, fibromyalgia to be left to rot because you can't see their disability like you can when someone is in a wheelchair or has lost an arm or a leg?

What do you expect these people to do then? die?

I am truly appalled by this type of comment.

Honestly if Reeves now targets the disabled it will the end of her time as chancellor.

PIP has been shown by the DWP own research to have literally 0% of fraudulent claims.

First they came for the pensioners

Then they came for the disabled...

What happens when this Tory 2.0, so called Labour, government runs out of vulnerable people once they have all frozen to death or died of hunger or despair?

Brain injuries and epilepsy are visible and quantifiable conditions.

'Anxiety' isn't and everything is based upon self-declared symptoms.

The country is teetering on the brink of bankruptcy. We either cut benefits now or abolish benefits later.

BIossomtoes · 11/01/2025 17:56

Justhere65 · 11/01/2025 17:47

I’m probably a lot older than you and lived through it.

Really? I was born in 1953 - you?

Justhere65 · 11/01/2025 17:47

BIossomtoes · 11/01/2025 17:39

It’s bollocks. HTH.

I’m probably a lot older than you and lived through it.

BIossomtoes · 11/01/2025 17:39

Justhere65 · 11/01/2025 17:38

Because it is correct.

It’s bollocks. HTH.

Justhere65 · 11/01/2025 17:38

BIossomtoes · 11/01/2025 09:39

How do you type this nonsense with a straight face?

Because it is correct.

SerendipityJane · 11/01/2025 15:54

Dreamingofgoldfinchlane · 11/01/2025 15:47

Cuts to disability benefits are supposedly one of the areas under scrutiny in a deperate attempt to regain control of the economy according to the press. Now is the time to contact your MP to voice your concerns, if you haven't already done so.

Well if it weren't for the disabled we'd all be execs at Goggle with gold leaf bogroll, so maybe it's time ?

Dreamingofgoldfinchlane · 11/01/2025 15:47

Fluffyhoglets · 11/01/2025 14:48

Fortunately the people running the country realise that this would result in a break down of civilised society.
Any deadwood went a long time ago.

I don't want to see sick and disabled people living on the streets if they dont have family to take them in.

Cuts to disability benefits are supposedly one of the areas under scrutiny in a deperate attempt to regain control of the economy according to the press. Now is the time to contact your MP to voice your concerns, if you haven't already done so.