Income tax - top 45% rate scrapped! Bonkers!

[HoppingKangaroo]

The 45% top rate of tax (which currently applies on earnings above £150,000) will be scrapped entirely. How will this help the economy? It will just add to the government debt and it just helps out the very weathly.
Why not have more help for the poorest in the country and not have tax cuts for the very wealthy.

Has any other Chancellor caused the pound to plunge so much in their first 3 weeks?

This is not a 1 day budget. Judge him in 9/12 months.

The Conservatives have just taken out a Wonga loan to put on the roulette wheel.

Fiscal responsibility my hole!🤣🤣🤣

You think we have that long to wait?

The effects of the budget are already pretty clear. The pound has sunk, cost of imports, including most obviously fuel is going to go up. Interest and consequently mortgage rates will go up. The cost of greed crisis will be much worse.

And they aren't even pretending that isn't what they have done.

This!!!!
Also, you may not like it , but high earners are mobile and yes cutting income tax will help entice more back..

What a perfect analogy 🤣🤣 it’s depressing how accurate that is.

"This is not a 1 day budget. Judge him in 9/12 months."

Are we allowed to judge the additional £70 billion borrowing now or do we have to wait 9/12 months to do that too?

Kwarteng castigated Brown for £9billion additional borrowing without waiting 9/12 months.

Pound has been weaker all year….
yes it dropped 4 % against the dollar, but 2% vs other currencies.
I agree…it is a risk, but I’m prepared to give them the benefit of doubt.

Tax take increased by £8billion when the 50% rate dropped to 45%.

These figures are disputed.

fullfact.org/economy/did-cutting-50p-rate-tax-raise-8-billion/

Don’t look at the absolute debt number, debt to GDP ratio is one of the lowest….so we have room to borrow and if it leads to higher GDP, then it will be worth it.

I haven't seen anything to back up that If.

Oh right. Can we judge the Prime Minister and the Chancellor on the pound having dropped all year yet then?

As I said, he’s been in the job a few weeks. He’s the most qualified chancellor the country has ever had, so let’s see how the economy is in 6 months time.

i think many will be surprised (pleasantly).

What was his job before that?
Was he a member of the government that has seen the pound plunge all year?

Also to add, the Stamp Duty cut is for the north of England (Red Wall counties).

He was, but I’m not sure you can put the responsibility on him.
he’s in the job now….I’m going to judge him in 6/9 months.
I think this budget and the one next year will win the tories the election in 2024.

Is it? Why?

House prices are considerably lower in the north than the south.
so £2.5k saving in the north in relative terms will be considerably larger.

Sign me up! 100%

So are posters on MN Labour voters?

Stamp duty has only been cut in some counties? I must have missed that.

Ah, so you are telling me that a member of the government was not responsible for that government's policies and their consequences.

Is it a bit like Boris only being responsible for the number 10 pot plants?

No - but on a relative basis will be more beneficial to north of England.

Look - I’m going to give him the benefit of the doubt. I will judge him in 6/9 months. If it all goes to pot, then it’s going to be cr*p for me and many, as it will almost certainly be a Labour government in 2024….which won’t be good for me.
so let’s see, it’s done now.