To be completely confused by the mini budget?

[towelhammer]

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

What a disgusting budget. The rich get richer.

I am on a middle income and we barely get anything back.

I understand that borrowing to invest in things like infrastructure can get a country out of a recession.

I don't see how tax cuts to wealthy do same - it's like the US Trickle down economics which I thought didn't work.

What about the environment and the NHS. If the NI is reversed, where is the money coming from for the NHS and the Care system? Was there an announcement on how it will now be funded?

how is it going to boost the economy & improve public services?

When did he say anything about improving public services? Why would he have any interest in public services?

I guess the NHS is not a priority. The Tories have never really been big fans of public services in any case.

As for doing something about climate change, yes... that too seems to have been brushed aside. She could have used the emphasis on growth, which seems to be her favourite word, to really invest in the development of green technologies and green industries, but no, she isn't interested. Far better to let the bankers have their big bonuses...

Access to capitol markets is what attracts banks, not salaries which KK said had not fallen, bonuses down, wages up = remuneration stays the same.

Corp tax rate has been 19% for a while, its not being cut and hasn't led to anyone investing here, we've lost free and fair access to EU, at 19% its already the lowest in G7.
Business doesn't relocate on a tax rate, its certainty they need and this budget doesn't give that, exactly the opposite.

Ask what people want? 1p cut to income tax or a 2 year wait for treatment or a 8hour wait for AE ?

Public services have to be paid for, they are non profit making.

This is the problem. So many people still make the assumption that the government cares about ordinary people and that they want to improve public services. Despite abundant evidence to the contrary. It's curious.

What did they say about the unemployed? I thought I heard him say there would be sanctions/benefit cuts for people if they don’t actively seek work. I thought that was already the rule. What did he say?

Was there an announcement on how it will now be funded?

Yes, a 30% increase in government borrowing this year, and increased borrowing in future years. That's why the value of government bonds has just dropped to its lowest ever level, the pound has fallen to its lowest level since 1985 and money-markets are expecting a 1% increase in interest rates next month.

Public services have to be paid for, they are non profit making.

Yet great swathes of it are privatised by stealth, propped up by the public purse. Look at what the average council is paying for a residential place for a child in care in the private sector, instead of that money being kept in house to deliver services not for profit. It’s disgusting.

Most of these very rich bankers tend to use their bonuses to buy property abroad and spend it that way. Or employ good accountants to find more tax loopholes for them to siphon off a lot of it off shore.

@gatehouseoffleet

I am not sure how cutting taxes increases available funds to invest in those things.

A smaller percentage of a larger economy brings in more tax revenue than a larger percentage of a smaller economy.

They are trying to stop the market crashing but to be honest the rates have already risen by another 0.5 percent they will rise again. People's budget for buying houses will have to come down.

and the pound has dropped further

I agree. They should also sort out the issue of child benefit and loss of personal allowance for those earning over £100,000 creating marginal tax rates of about 60%.

Plus the issue of how unfair the child benefit high income charge is applied.

I have no issue with people earning more being taxed more (or losing access to certain benefits) but make sure it's both fair, simple and transparent. And that the effect of any tax is worth doing not just politically driven.

I don't know where you're based but this will massively help FTB in the areas of the country that are really unaffordable. We're buying a flat in London and this change is worth £10k to us

...And the amount the government has to pay to borrow money will be shooting up.

Trickle down economics. They hate it being called that because it highlights what a scam it is, but there's no other term for it.

Trickle down !
More like dribble on us all from a great height.

Austerity didn't work, brexit didn't work, but maybe this crazy scheme will!

(I'd say levelling up didn't work, but they didn't even try it and I guess never will now, so I won't.)

I'm just SO glad they removed the bonus cap for bankers.

That'll help all those front line contact centre and branch workers on minimum wage right.

Right?!

Oh my mistake, it'll only benefit those already on a £200k salary.

We're buying a flat in London and this change is worth £10k to us

No it isn't, because the price of property will immediately rise. Property sells for what people can afford to pay for it. If there's no stamp duty, asking prices go up to match what the previous cost including stamp duty would have been. It's been done before and always has the same result.

No thanks. I’ll donate it to the foodbank, at least they’ll spend it on something sensible targeted at the right people.

It is a General Election budget to try to keep Tory voters and anyone who who pays higher rate income tax or might buy a house.
It's shameful- 234billion of public debt- 72 billion of which has been added today - directly into the pockets of the very wealthy and paid back by the rest of the country for the rest of their lives and the lives of their children.

Yes, that would indeed be true, if the economy grew sufficiently to offset the cost of the tax cuts. The real question is whether the government has done enough to make the economy grow.

Truss seems to believe that tax cuts are enough to magically drive growth. Few economists agree with her, and most would argue that you need proper investment in infrastructure in order to grow. Time will tell who's right.