Black Monday anyone? The tories should be in jail

[Upthebracket22]

The pound is now at its lowest point against the dollar since decimalisation in 1971 at 1.03. It’s probably going lower and the Bank of England will likely need to step in with an emergency interest rate rise today. Black Monday possibly?

All because of the mini budget on Friday. The Tories should be in jail. Especially if their rich backers were shorting the pound as it appears to get rich.

I wouldn’t say I want Johnson back - the spending was insane and stress inducing -but it was easy to see a shift to the right would occur if he got booted out

Basic rate cut by 1ppt from April 2023 – from 20p to 19p
This is the first cut to the basic rate of Income Tax in 15 years (the last cut to the basic rate was in 2008- 09).

19% is the lowest the basic rate has ever been in the modern Income Tax system.

This is a tax cut worth over £5 billion for workers, savers and pensioners.

31 million taxpayers will benefit from this policy in 2023-24, with an average gain of £170.

I think it's good to allow people to keep more of the money they earn.

Especially when the press have been telling us there's a cost of living crisis and SOMETHING MUST BE DONE!

Well something has been done.

You're welcome.

Are there no meaningful checks and balances? Accountability, hello?

Why on earth do you need them when you are delivering The Will Of The People ? People were queueing up to get rid of these outdated notions if you hadn't noticed. Protest ? How can any protest against a democratically elected government possibly be legitimate ? That's not how we do things in Britain.

Well, not anymore.

Yes - something was done.

Independent analysis shows that if you earn less than £150K, you will lose out and end up paying more.

Mind you, if you DO earn more than £150K (I wish!!!), you are literally laughing all the way to bank

Basic rate cut by 1ppt from April 2023 – from 20p to 19p

How much do you think energy - priced in dollars - will go up by then ? 1p in the pound. If I wanted to see squirrels, I'd look out the window.

That's not a squirrel it's the actual budget decision you are all weeping and wailing about.

They had a binary choice this summer , vote for the man who screwed over Boris Johnson or the woman who will screw most of us over. Most of the 160,000 were clearly in awe of Ms Truss and her old school economics of cutting taxes and borrowing. The ones who voted for Mr Sunak were much more pragmatic that this was a bad idea and to apply caution.
Time will tell. So far it's not looking that good and I want to know how they intend to get us to pay it all back ( putting up taxes ?)
Or just hope someone else has the problem a few years down the lines.

For "checks and balances" read "pesky bureaucratic regulations getting in the way of proud British common sense". That's what we left the EU to get rid of, remember?

We've had decades of media-led conditioning to make us think that checks and balances are somehow a bad thing. Now we get to see what happens when evil and incompetent people in power are freed from them.

Mandelson predicting a 1997 Labour Blair-like landslide now. The problem is with a bankrupt economy there will be little scope to deal with the inevitable problems that a decade or more of Tory misrule has left us.

Is that a very badly judged ‘joke’ @SerendipityJane? If so, it’s not funny in the slightest - it’s quite crass.

31 million taxpayers will benefit from this policy in 2023-24, with an average gain of £170

Thats not going to work if your currency drops through the floor and your base rate goes skyward like it’ll likely have to. That seems to be where we’re heading doesn’t it?

Except - as the Chancellor himself said - it's not a budget. So instafail for your grasp of anything.

kissingfrogs25

If this Field of Dreams policy is likely to work if we just cross our fingers and through sheer force of will, wish it so, why isn't it bearing fruit in Turkey or Hungary?

Of course, neither Truss, or her one-time shag Kwarteng are 'thick'. But theorectical game theory that isn't tempered by a varied life experience (being a banker and then onto the tory party is an echo chamber) or a willingness to learn from others is Dunning Kruger in action. Of course, there are rich people applying soft pressure on top of this and a bloody minded belief that only they know what's right.

I knew Jacob Rees Mogg at university. And weirdly Victor Orban when he was visiting the UK. On the surface, charming and polite, underneath lurked a revulsion towards 'lesser' humans that was truly frightening.

Ah well, you clearly win on pedantry.

Also, we can all relax, everyone - it’s fine. We’re not actually in a recession, just a technical recession, so it’s all groovy*.
amp.theguardian.com/politics/live/2022/sep/23/mini-budget-2022-chancellor-kwasi-kwarteng-tax-cuts-live

• That’s what our Chancellor thinks anyway.

The Guardian!

Tee hee.

Also, re red tape, if our regs don't align with other trading blocs (this applies to manufacturing, financial services, jurisprudence) then you can't do business smoothly, and therefore increase any red tape.

road to hell n that

Is that a very badly judged ‘joke’ @SerendipityJane? If so, it’s not funny in the slightest - it’s quite crass.

If you think that's crass, wait until it smacks you in the face that not only are there real people in the real world that believe that, but that they are probably a few metres from where you are now.

Someone voted these people in.

You mean being pedantic.

The humour police are out in force today I was threatened with banning and a police visit for a crass joke have they not heard of Frankie Boyle or Jo Brand?

Are you suggesting that the Guardian is making up quotes and passing them off as verbatim, live conversation? Or, what?

They do have form for lurching to the right.

I have to say though there's a fair few right leaning pundits/ business people publicly wtf about the "not budget" we've had.

the average saving of 170 is skewed to the higher levels

Basic rate tax payers will save on average 130 and those on the average salary will save even less

And yes it's wiped out by the additional inflation

And yes it's wiped out by the additional inflation

My point exactly. Doesn’t matter what you promise really, if In the act of making that promise, your actual economy implodes.

And the Bank of England says they will have no hesitation raising interest rates...