To be completely confused by the mini budget?

[towelhammer]

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

Very bad news for public services and presumably more cuts are on the way. I'm convinced the next step will be to move away from free at the point of use NHS services for everything but emergencies. Surely anyone who can afford it is now looking at if/how they would access healthcare privately should the need arise? We shall see. One thing's for sure, I would not want to be poor or dependent on public services under this government.

The issue with this is the erosion of the tax base. Higher incomes are more volatile and there's huge variance, therefore far less reliability in the consistency of taxes collected at the upper end. Eventually you'd get to a point where you can't raise the threshold much more – and under Cameron it rose far faster than inflation anyway.

There's also something to be said for ensuring everyone has a 'stake' and pays a small amount of tax on their income, rather than a situation where large numbers of people pay no tax at all (I include people at both ends of the spectrum in this).

Typical Tories, helping the rich. The top 1% are the ones who have benefited the most from this budget.

We need a General Election, and we need to kick them out.

Exactly that. We reconciled ourselves some time ago to having to pay for any knee/hip replacements we may need. I’ve already paid for cataract surgery. Free at the point of use will wither on the vine. I really feel for people with no choice.

Here we go again...

Kwarteng and his budget have nothing to do with the opposition.

In our case a mix of global ETFs, some high dividend UK ETFs and satellite investments and rental property.

Let's not pretend I'm doing my tenants a favour, they have made us a significant amount of money over the last 10 years for very little "work". We are also not investing in start ups but big businesses, many of which are not in this country.

I wonder how they'll react to the up coming strikes?

This makes me want to scream. The biggest problem with the opposition is that they don't get media air time so the public don't get to hear most of what they say.

They are so much less greedy and insane than the current government but all you hear is that there's no alternative. What a load of rubbish.

Can someone explain the stamp duty to me as I think I’m reading it wrong. I am buying a home (not a first time buyer but my partner is - this will
be a joint mortgage) Do we just pay stamp duty on the anything over 250000 or just if your purchase is over 250000?

You pay the same stamp duty as everyone else because only one of you is a first time buyer.

Thank God the really wealthy are OK, I've been really worried about them!

I do find it a little strange that the rich have to be incentivised to work harder but the poor need punitive measures but then I'm no Tory.

Even the DM readers are outraged

They will just ignore them.

It's just Looting.
Whilst they can.
It's disgusting.

But what do I know.
I'm a Carer. On £68 p/w.
Disabled myself.
I need to stop being a 'useless eater', or JRM & LT would happily see me in the workhouse or worse.

It's such shit economics. Part of my degree that I did 30 years ago I was looking at how how trickle down economics just does not work.
If you give somebody who has has lots of money an extra £1000 a year they tend to save it. It benefits no one.
If you give someone on a basic income £1000 a year they will spend it, generally at a local level. That money is then circulated into the economy. Creating jobs.

Low taxes might attract some investment but Brexit has meant that if the business includes any sort of trade with the EU they won't touch us with a barge pole because of all the extra tariffs and expenses brexit has created.
If anyone ever says that the Tories look after the economy again they will be either stupid or rich.

Correct that you won't get the first time buyer rates (if one person is not then it rules it out for the whole purchase).

But your SDLT will be less than it would have been yesterday, because the threshold at which everyone (ignoring second properties for a minute) starts paying has gone up to £250k. So now you pay on the bit above £250k only, as opposed to £125k.

Tweet from Institute for Fiscal Studies:

Worth repeating. Take all the tax changes coming in over next few years and:

If your income is < £155k, you lose

If your income is > £155k you win

If your income > £1m you gain more than £40,000 t.co/TkkGIKvNrl

— Paul Johnson (@PJTheEconomist) September 23, 2022

Wonder how those "Red Wall" voters who "lent" their votes to the Tories are feeling today.

Pretty stupid, I should think.

And probably very angry.

Angry with the Tories for lying to them, and angry with themselves for having been taken in by them.

They were warned, but they chose not to listen to the warnings. You reap what you sow, I suppose.

At the time, I remember them being described as “turkeys voting for Christmas”.

I dont understand why not many are happy - basic rate income tax will decrease to 19% and NI increase reversed. I work full time, it will benefit me by hundreds of pounds, great!!

It's letting people keep more of their own money, taxing them less. Seems fair. The state doesn't owe anyone a living.

I'd like to see the maths on this.
All these companies that are making huge profits (oil, gas, petroleum, supermarkets, Any others?) - are their taxes balancing out the reduction from our lower rates?

You don't care about the impact on public service funding and the national debt then?