To be completely confused by the mini budget?

[towelhammer]

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

The simple message is: if you are rich.. You are so fine and bloody dandy! and any extra money possible is coming your way f! to you fat twats! We lower class hard working people have to work our arses off with the lowest wages and biggest heating bills etc! Fucking knobs all of tories! Remember this at the polling station next time there is an election

Tax cuts costs £45billion

How do they pay for the shortfall?

Cut services or increase borrowing. Services are scraping through as it is. So they are borrowing an additional £72 bn (so I think around £240bn in total).

We won't pay that back of course but we will need to cover the interest.

Thankfully sterling is stable and inflation is low, oh wait...

Absolutely repugnant.
Why couldn't they just raise the tax threshold instead - that would immediately benefit lower earners?
I imagine there are many people like myself, low-waged and entitled to working tax credits/universal credit, yet if I do overtime I literally shoot myself in the foot as I potentially go over the tax threshold and also get a reduction in tax credits, meaning I end up working those extra hours for a few pounds an hour.

This is a real Tory budget and no mistake. Limits on bankers' bonuses and oil companies' profits removed too.

I think this is the mindset they are trying to challenge, 'i won't do anything to try and earn any more money because it might effect my cash payments from the govt and I might actually have to start paying money to the government'

I don't get your point. How does it challenge this mindset? Would you work extra hours if you only got £5 for them?

In that a lot of people seem to see this budget as giving money to the rich and taking it from the poor. Whereas tax cuts are actually allowing people to keep more of their own money. The mindset that the default position should be that it is a choice as to whether you work more or less and the govt will make up the difference.

I don’t understand why so many people who are lower incomes (basically the majority of people in the UK) vote conservative. This is what they do, what they have always done. The only people conservatives benefit is the rich. Like not even middle class, but rather the highest earners in the country, which is such a small percentage of people in the country. I just don’t get it.

The thing that annoys me is when people complain about poor healthcare in the NHS due to cutting costs from the government, or the educational system in the UK getting worse again due to poor funding by the government, and so on. Yet when you ask them who they voted for 9 times out of 10, they will say conservative… 🤦‍♀️

I just don’t think people connect the dots. Conservatives interests are to make the rich richer and the poor poorer. And most people are not rich (even when they think they are). If you use the NHS, if you have children in the education system, then conservatives are not going to benefit you. Stop voting for them. (Btw Voting any other party than labour, you may as well be voting conservative)

For the few in the higher earning category you may think they are helping you out, but really they are giving with one hand to take out the other. The costs of living are raising at an alarming rate, mortgages, bills, food, all essential things increasing with inflation. People are going to be pushed into desperate situations and ultimately poverty.

It isn't.

It isn't designed to.

It's intended to make some people better off and some people suffer.

That's it.

An income tax cut of 0.5% (20% to 19%) is neither here nor there when prices are rising by at least 10%, surely?
Yet the tax reduction to the higher tier will benefit higher earners by a considerably higher proportion.
Someone on £200,000 will benefit from paying over £5000 less tax under the new changes and £10,000 less NI - 7.5% better off.
Someone on 20,000 will benefit by £80 less tax and, £80 less NI - 0.8% better off.
How is it fair that the rich benefit so much more?

The headlines will be full on tomorrow. I’m imagining the same without the top tax cut and they’d get away much more lightly. I don’t really get the desire for carnage but maybe it’ll pass or they’re hoping it will

I don't understand why she didn't raise the higher rate threshold. That would be popular, would actually increase productivity, would put money back into the economy, and give the Tories half a chance of being voted back in at the GE.

They're just looting while they can until the police turn up. LOL.

I don't know about the tax credits aspect of this, but in non-tax credit situations, being taken over the tax threshold still means you earn more money than you otherwise would've. When I needed extra cash I did this, worked in a bar for £8 per hour at basic rate (20%) as it was a second job and the allowance was on my main job. The extra £200 a month in my hand made a huge difference

Just read that the exchange rates have crashed in the light of this budget and that the UK's finances are now being seen internationally as akin to a developing nation.

Over the numerous threads, not read a single critic say they want carnage.

But carnage is the global markets view on what can only be called totally irresponsible tax cuts borrowing and spending.

Its not the 45% cut, frankly, thats small beer, not desirable but not important either or even the CT or NI reversals... its the approx 200 billion in borrowing that they are concerned about and so should you be, all of us who love the UK should.
In 18 months time, when gas is still super high, what then? this is what the markets don't understand.

We will be paying for this with hi inflation and interest rates for many years to come but unlike in 1972 when the Tories were last so reckless, there will be no North Sea oil to bail us out.

But most Tory voters aren't going to benefit any more than Labour or Lib Dem voters will. A small % of Tory voters will be on mega-bucks and will therefore save £000s but most are on much smaller incomes. My parents - staunch Tory voters until Boris when their opinions have faltered - are pensioners. They'll get peanuts more. I've voted Tory the last 2 or 3 times (reluctantly last time as I wanted Brexit, albeit not the one we got) but I'm only going to benefit by under £1k because I'm on an average amount. To be honest I'd vote Labour in a flash if I thought they had a decent bunch of people capable of running the country and could identify what a woman is correctly. And that's what might give us another Tory govt - Labour being inept again. If they sorted themselves they could romp it with a few half-decent policies.

Over the numerous threads, not read a single critic say they want carnage.

No I’m not talking about critics on here wanting it I meant carnage for the Tories

They could have had entirely different headlines without the top cut tax rate

Granted maybe other issues but small tax cuts for all will be subsumed by the largest cut

When you are being paid minimum wage anyway and face the prospect of earning a minimal amount for doing more of the fairly arduous job that I do, I challenge most people to say they would. I don't make the rules regarding benefits, but I do qualify for tax credits that are highly significant for keeping me out of debt. As a lone parent, I have to decide whether, with regards to overtime, it is worth being out at unsociable hours earning a pittance or living very carefully within what I already earn along with what am entitled to under the benefits system and spending quality time with my dependents...

And, quite understandably, you choose to take the preferable lifestyle option that is on offer because you are subsidised by the state, the state being other members of society.

Can I ask what you do @Twillow? Apologies if you've already said

Retail (but not a glamorous standing behind a counter bit!)

It's not.

If you're rich, you're going to get richer

If you're poor, you're fucked.

So nothing new - the Tories are looking after themselves.

I predict riots this winter

Fair point accepted.

Yes i agree very odd, this is all very much self inflicted, started with their crazy energy policy and its borrowing demands and cumulated in possibly the worst budget seen since the 1930s.

Truss did say she wanted to be unpopular, she will now get her wish.

Well it is a radical thing and somewhat of a gamble but 364 experts wrote to Margaret Thatcher and said what she did was wrong at the time. But of course we enter the time of prosperity afterwards. The problem is that nothing else anybody has done has worked. I’m not an economist and neither is anybody else here probably who is commenting. But this is a radical proposal and if the economics have the desired trickle down effect then the economy will recover. Time will tell

Truss did say she wanted to be unpopular, she will now get her wish.

Indeed!!

What makes you think trickle down will work this time when all the evidence from previous experience points to the contrary?