To be completely confused by the mini budget?

[towelhammer]

Just baffled really, how is it going to boost the economy & improve public services?

Good question!

It's ridiculous. Benefitting the rich as usual.
I just want functioning public services.

It isn’t.

The logic is cutting taxes gives people more money to spend thus boosts the economy.

How this squares with the Bank of England raising interest rates to curb inflation is beyond me. The two points of view are polar opposites as far as I can see. One side saying spend to help the economy, the other wanting to limit spending.

All that is certain is that however it's dressed up, we'll be poorer after the plans are announced, just like after every other budget I've lived through.

It's obvious they know they are going to lose at the next general election, so they are desperate/might as well do things that will benefit themselves, friends and family. I don't see how any of it will people on benefits or lower incomes. They aren't going to be paying stamp duty or in the higher tax bracket or getting a bankers bonus. What happened to levelling up?!

I loved the way they called a home an asset 🙄

Well, seeing as we are a low wage economy and with inflation and interest rates as they are, the money just isn’t there to spend.

@Dotjones that's what i'm so confused by

The jury is out. Austerity didn’t work. This budget is meant to promote growth. Let’s see.

I guess if I have an extra tenner in my pocket I can continue to buy my usual groceries, which I couldn't do if they went up a tenner but I didn't have it. The shops get that tenner and can buy their usual stock for me to buy, which they couldn't do if I wasn't buying it. And the government get their usual tax back in the expenditure of it.

Might be totally wrong.

It's horrible. All that debt being added just to cut the top tax rates! Those that can actually afford to contribute will be asked to pay less. Our kids will be paying this off for years.

Imagine...

Have they mentioned stamp duty?

yes good for FTBs but not obviously good as just a prop.

Fundamentally, the Tories don’t believe in improving public services. They’d rather businesses bled them dry for profit and, for example, flood the country with raw sewage.

What's confusing?! All those 6 figure earners on MN (99.9% right?) should be rejoicing!

It's disgusting. Makes me physically sick that they are giving wealthy people more money whilst we literally have children going cold and hungry.

Its morally repugnant . Tories are evil.

It isn't, and that's the point. They don't care anymore. They know they are out at the next election so they are doing everything they can in the meantime to boost their pockets and that of their mates. Look at the business interests of the people in Cabinet. They don't care about us normal folk. They have no interest in improving your lives. They don't give a shit about public services. As far as they are concerned, they can get everything they need from the private sector.

The sooner the British public wake up and realise that the Conservatives are only in power to serve their self interests the better.

Tbf we will benefit but you're not really if public services are destroyed. An fairer more equal society is better for all.

I can't help thinking she's been planted by one of the other parties to destroy what's left of the Conservative party. Ultimately there's a limit to what people can spend and it'll just drive the cost of things higher for those on lower wages.

I’m in Scotland and desperate to buy a first property. Interested if anything will change with our stamp duty here (which was already much higher than in England, with this change there’s now a massive gap!)

It seems like the opposite of austerity to me? I’ve no idea if it’ll work but I think the consensus is that austerity didn’t.
personally I will be better off as I am a full time worker so will pay less tax and will be able to spend more ( on my children no doubt not actually myself!)

I said exactly the same to DP this morning! Sadly I think she just is that batshit...

The jury is not "out" at all.

The last Tory chancellor to do this sort of thing, was under Heath/Barber in 1972, led to a very short term boom followed by a market collapse.

Sterling and Gilts have already fallen dramatically, as has the ftse.

Corporation tax has been at 19% for several years and has not led to an increase in growth.

This is a budget for the wealthy, with no requirement to invest monies saved.

The tories have just very unapologetically decided to make the rich richer & fuck everyone else.

Cutting income tax on the rich by 5% (well actually less because it's only on that higher part but...) and yet lower earners get just 1%? That's the Tories benefitting the rich again. And I say this as someone who's voted Tory for several years (and in the past Labour and Lib Dem, I am fickle) Do they actually not see that? Do they think that appealing to the rich is going to win them the next election? Very frustrating.