Thread 19 From Trussterfuck to Sunakered

[DuncinToffee]

And so it continues

Previous thread
www.mumsnet.com/talk/_chat/4661264-thread-18-big-dog-halloween-edition

It might stop further interest rate rises?

Working people who aren't getting help need to join unions and demand rate of inflation wage increases.

Simply staggering numbers in OBR report. Real Household Disposable Income per person to fall more than 7% over next two years. Biggest fall on record. Taking incomes down to 2013 levels.

twitter.com/PJTheEconomist/status/1593219520713588737?t=Wuw55OeawhaCxm59nzz0Yw&s=19

The OBR says:

Over £100bn of additional fiscal support over the next two years cushions the blow of higher energy prices – but the economy still falls into recession and living standards fall 7% over two years, wiping out eight years’ growth.

Over the medium term, around £40bn in tax rises and spending cuts – in roughly equal measure – offsets higher debt interest and welfare costs and gets debt falling as a share of GDP.

Cross post!

So a 10% increase and an additional £900 for those on Universal Credit.

Nice.

Important enough to repeat

Sorry but just checking if you mean that or are you being sarcastic?

Reeves calls it "the Bobby Ewing strategy": Tories pretending the last 12 years were a bad dream, so that familiar cast members can return as if nothing happened.
^^
"It is not a dream. It's the everyday nightmare of Tory Britain. It's long past time the series was cancelled."

Jeremy Hunt confirms energy price guarantee will rise by £500 to £3,000 for 12 months from April.
^Extra support for poorest includes £900 for people on means tested benefits, £300 for pensioner h/holds and £150 for those on disability benefit. ^

It is indeed nice that even the Tories recognise the poorest in society, pensioners and the disabled need to be protected a little. Benefits are still too low.

twitter.com/PJTheEconomist/status/1593224272583225345?t=lG5eV3kiZuqMO18NJrqM-Q&s=19

Possibly most important chart in today's documents. Interest spending going through the roof. Responsible for most of the deterioration in public finances. High interest rates, high borrowing, high inflation, and huge amounts of debt held by Bank of England, cost us very dear

Here are the £ billion numbers. Simply huge. To repeat. The increase in debt increase spending forecasts is responsible for the greater part of the additional fiscal problem we face.

Spending more on debt interest than on any public service bar the NHS

Just catching up. Those charts 😱

Wow. The OBR forecasts that living standards in 2027-28 will be still be lower than they were before the pandemic. A huge, long-term squeeze on living standards.

twitter.com/benkentish/status/1593235081165955079?s=46&t=qBFShsY5S3XDDSyoBW-pqg

Important to know whether - as seems likely - the Government had these OBR forecasts when Truss and Kwarteng produced their so called ‘mini-budget’?

twitter.com/jmpsimor/status/1593237811356143617?s=46&t=qBFShsY5S3XDDSyoBW-pqg

I'd assumed that the OBR would have had to update post Truss - if so would be interesting to compare.

Hunt has actually implied that we can have Scandinavian level services on Singapore taxes! My brain just exploded.

Oh I thought that was Sunak. Interesting how many of Labour’s ideas they’ve stolen.

@Blossomtoes quite possibly it was Sunak, I can't tell the dimwits apart these days.

The cap going up is going to be brutal
Taxing EV's : nobody will bother buying one

Understandable @pointythings.

Dh won't be pleased...
He's only had his 6 months

I'm not sure why they want to tax the EV's tbh
Must be a good reason , but it feels odd

Some people will swallow this. And then get upset when NHS targets are missed, their passport isn't renewed in good time and there aren't sufficient policemen to investigate their burglary (never mind having a court open to hear to a case).

I just had a look at the comments on The Telegraph site. Tory voters are incandescent about this fiscal statement. I don’t think it’s achieved quite what Sunak and Hunt were hoping.

Because they need the duty
Will keep their friends at the oil company's happy too