To be completely confused by the mini budget?

[towelhammer]

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

He more or less said "fuck redistribution. Only growth and benefiting the rich is important".

It is a strongly redistributive budget: redistributing from the poorest to the richest. It was very obvious that was the intention when Truss & Kwarteng started shouting about the evils of redistribution.

I suspect you're a higher rate taxpayer.

I'm seriously worried about the cost of all this that we will inevitably have to pick up down the line. I guess Kwarteng and Truss reckon it won't be their problem as they won't be in power.

It's crazy how quickly levelling up as a philosophy was dumped.

There has never been a levelling up philosophy. "Levelling up" was a slogan, not a policy. They are still using the slogan as the name of a ministry whose remit is the exacty opposite.

I guess Kwarteng and Truss reckon it won't be their problem as they won't be in power.

When their political careers end (in 2024), they will be on the boards of companies that benefit from these measures.

Never understood the logic behind cutting taxes to fix all our problems.

Public services are on their knees as it is, this isn't going to help.

There has never been a levelling up philosophy

Obviously it was never carried out, but they at least pretended to care about it. They're not even doing that anymore.

OK - Resolution Foundation figures show that over 50% of funds from this budget will be going to the top 5% in terms of wage earners.

OVER 50% to 1 in 20 people

How can we as a society accept this?

For clarity (and just to help people imagine this): that's anyone earning about £80k or more.

Those on higher incomes pay an enormous amount of tax in the first instance (don't forget that!) Also those on higher incomes are not all 'rich'. People tend to spend what they earn!! This plan is to stimulate growth. Without growth, there may have to be cuts, which would hit more harder.

Levelling up is dead and gone. Covid and the cost of living ended that.Another

Boris promise that was never going to be fulfilled.

Exactly this.

It's ridiculous Cutting the taxes of the rich so they continue to get richer
No help for the lower income? Or disabled)
Last year PIP claimants were entitled to claim the warm home discount( £140)
This year we are not entitled(£150! but they have bunged us a sweetener of £150, so they appear to be considering Disabled people needs

'The best talent in banking' caused the 2008 crash; banker's bonuses don't lead to better decisions, they lead to risk taking for personal financial benefit.

Yep. No extra spend on the NHS, which is desperately, dangerously in need of it.

More benefit cuts.

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

For many once you earn over a certain amount you stop spending all your money. We will have a little more left each month and that will just get invested with the rest.

A windfall tax on the energy companies, plus uncoupling energy prices from wholesale gas prces, would have been a quick, effective and popular way to raise money.

What's the alternative, though? We don't have a functioning opposition.

Our household are higher income tax payers we can't understand how this is going to stimulate growth. The health service, schools are on their knees. The economy is fucked , slightly cutting stamp duty will do nothing rates are predicted to rise even further. Someone has to tell the truth and admit it's going to be painful. They cant because it's short term policies , they are going to lose the next election so are pushing through things that benefits themselves.

'New legislation to cut planning rules, get rid of EU regulations and environmental assessments in an effort to speed up building'

Oh, fuck.

And where does it get invested? As putting it in a bank doesn't earn much %.

Investments can be in the forn of small or large businesses, thus generating employment (with PAYE), into property, thus providing rental properties for people to live in.

It isn't. They just don't give a s**t. The main aim is to make their rich banker/ corporate lawyer friends even richer.
Except they will probably become poorer too as the markets clearly don't it (no surprise there). The pound is falling further.
The Tories are an absolute disgrace.

That is entirely irrelevant @edwinbear. Absolutely nothing to do with lower rate payers paying more.

If you are involved in the financial sector you should be aware that this budget is ridiculously risky for the whole UK economy.

Buying Property is all very well if your the one benefitting from it. The ones living in these places will be paying sky high rents no doubt

If you actually wanted to help lower paid people effectively through taxes, the obvious way to do so would be to lift the tax threshold significantly. Yes, everyone would get the same benefit, but the proportional effect on the poor would be dramatic, whilst on the rich, comparatively much less

The other way (that would help the economy) would be to allow people to earn more before losing benefits - thus they would be incentivised to go to work (if possible; this is simply not an option for some)

Simply giving more money to those who already have a lot? This is called "Trickle down economics" and was tried in the 80s in the US with Regan - and has been shown NOT TO WORK. All that happens is that the rich get richer, and do not spend more.