To wonder why Rishi is continuing to throw out money?

[MiaMarshmallows]

Just reading now about all these different sectors who are going to be getting an extra boost. Isn't this all just contributing to the borrowing and meaning that we will be paying this back for longer and longer?
I know it is needed to help get businesses up and running but he does seem to be throwing money around like paper confetti?

Sunak May be charming and good looking but his voting record portrays a somewhat different personality.

Voted against promoting equality and human rights
Voted against climate control measures
Voted for HS2
Voted for mass surveillance of people’s communication and activities
Voted against higher taxes on banks
Voted against EU nationals right to remain

It would be so good if we voted on policy.

it would be a mistake to assume that the person in the job, during the year when the government is scattering handouts like confetti, is therefore a person who, on other occasions, supports improved living conditions for those in need.

Not necessarily no but it depends on how it's done. So the Bank of England has been busy printing money since 2008 to buy back Government debt (so called Quantitative Easing - because it sounds more complex and then hopefully no one will ask any tricky questions). Despite printing billions interest rates have remained low since 2008. But the sheer scale of the Covid debt will make this approach more difficult but it might still work

Is the printed money still being used to prop up banks?

@Nat6999

Or it might be because the economy has been stimulated to get people back into work and there is opportunity to reverse some of the decisions. Tax reductions are not always vote winners . If you have any intelligence you will look at a whole package a government if offering ,not just things that benefit you as an individual.

The first rule of economics is as close to full employment as you can get to bring in tax and national insurance and reduce benefit payments .

Let’s at least give them a chance , this is the worst situation the country has been in for a long long time so let’s not try looking ahead to the election yet .

We have a dual affect of brexit and covid , it’s going to be a very difficult time . No denying that .

Give them a chance? They have been creaming billions of pounds of public money to Tory Donors, buying unsuitable PPE, wasting money & not being held responsible. It will be the lowest paid who will have to suffer for this, people on benefits who will have to pay higher prices & benefits are going up an average 35p per week, less than the price of a tin of beans.

@PigletJohn

it would be a mistake to assume that the person in the job, during the year when the government is scattering handouts like confetti, is therefore a person who, on other occasions, supports improved living conditions for those in need.

He's completely and repeatedly ignored the 3 million excluded self employed who are in need. He has, time and time again, denied they even exist!

@Nat6999

Give them a chance? They have been creaming billions of pounds of public money to Tory Donors, buying unsuitable PPE, wasting money & not being held responsible. It will be the lowest paid who will have to suffer for this, people on benefits who will have to pay higher prices & benefits are going up an average 35p per week, less than the price of a tin of beans.

Absolutely

@MiaMarshmallows

I get that, just think people are underestimating the recovery from all of this continuous giving out of furlough, grants and what not. The final number will be astronomical.

We have a fiat currency and literally can’t go bankrupt because we borrow in our own currency. A country is not a household.

Running a deficit for some time will see benefits from investment in infrastructure. Eventually if you run a budget deficit, interest rate payments will start to take up too much of it - at that point you then reverse stimulus and lower interest rates. But you do this when the economy is booming. Not when it’s in just.

The UK’s been mired in the misery of austerity for years based on an utter pack of lies. We never ran out of money. We can’t. Public spending right now to stimulate the economy is the right thing to do, then it will be balanced by interest rates.

*in bust

The rich will just get richer,
I may be mistaken but the highest earners such as those on six figures, are not going to be impacted in any negative way after today's budget.
Where as many 'middle earners' have now found themselves in the higher tax group.
Correct me if I am wrong?

The cynic in me thinks that they keep extending furlough because they know that if all of the furloughed middle earners suddenly found themselves on universal credit they would realise just how pitiful an amount it is. That you can't live on it to any reasonable degree and that perhaps voting for a political party that keeps reducing social welfare is not a very good idea after all...

@DoreenWinkings

The cynic in me thinks that they keep extending furlough because they know that if all of the furloughed middle earners suddenly found themselves on universal credit they would realise just how pitiful an amount it is. That you can't live on it to any reasonable degree and that perhaps voting for a political party that keeps reducing social welfare is not a very good idea after all...

of course, I dont think you even have to be a cynic to see that staying in power matters far more than the wellbeing of those over whom they rule

It isn't "Rishi" - it's Sunak, or Mr Sunak. He is far from your mate, and he wouldn't give a flying shite about you. Much in the same way as it isn't "Boris." He isn't your friend.

It's Sunak's job to keep wealthy people wealthy and poorer people poorer. Part of that is to convince us that the 'debt' incurred as a result of covid needs 'repaying', a lot like Thatcher's household approach to international finance.

Guess who will be suffering more austerity? It won't be wealthy tories, as a starter.

@LemonSherbetFancies

The rich will just get richer, I may be mistaken but the highest earners such as those on six figures, are not going to be impacted in any negative way after today's budget. Where as many 'middle earners' have now found themselves in the higher tax group. Correct me if I am wrong?

You are not wrong. Those on 6 figures will barely feel this, so used they are to paying taxes anyway. This will just be a drop in the ocean. They got off lightly.

If I didn't have the self employment grant I would be homeless now. End of.

I love Rishi

@Pan2

It isn't "Rishi" - it's Sunak, or Mr Sunak. He is far from your mate, and he wouldn't give a flying shite about you. Much in the same way as it isn't "Boris." He isn't your friend.

It's Sunak's job to keep wealthy people wealthy and poorer people poorer. Part of that is to convince us that the 'debt' incurred as a result of covid needs 'repaying', a lot like Thatcher's household approach to international finance.

Guess who will be suffering more austerity? It won't be wealthy tories, as a starter.

Taxes are not going up. In fact the tax free amount will still go up next year planned. The only tax going up is corporation tax. Only then for large and highly profitable companies. But is still going to be lower than our neighbours and compatible nations, hopefully still attracting investment from overseas.

Public spending is not being reduced. Where I live we are getting a new secondary school, a new dual carriageway and a new hospital.

I think Rishi has done a good thing with this budget. We are in for a rough ride this year and they have got employers ready and incentivised to employ. The only way out of this.

@DoreenWinkings

not only would people realise how shit UC is
They would also realise that for at least 9 months You also can’t claim for help with a mortgage and if you get any payments or earning in those 9 months that take you off UC even for a week or so you have to start the 9 month wait again for any help with regards to help with a mortgage.
So all of those furloughed people who have a mortgage can probably pay it on 80 percent of their income even if they have to cut back on stuff .
But if they were on UC and got no help with mortgage it would probably mean a huge amount of property all coming into the market at the same time or walking away and letting it get repossessed

Also I am not sure but are those that are furloughed included in the amount of people that are out of work or is it just those that are claiming JSA that are included on that number of unemployed
I remember many many years ago that people were “encouraged” to move to long term sick if they were on JSA as the people that claimed income support were excluded from the unemployed figures .So the unemployed figures would look better 😂

I don't think furloughed people are included in the unemployment figures because they (in theory) still have a job. The unemployment figures will rise sharply once furlough ends. However, it gives businesses a chance to open and work out what they can now afford.

Furlough is being tapered with business starting to pay a bit of it in July. We will see the first redundancies then.

@DoreenWinkings

The cynic in me thinks that they keep extending furlough because they know that if all of the furloughed middle earners suddenly found themselves on universal credit they would realise just how pitiful an amount it is. That you can't live on it to any reasonable degree and that perhaps voting for a political party that keeps reducing social welfare is not a very good idea after all...

It’s to help halt unemployment going up just before economy fully opens.

What proportion of furloughed are middle income? Many will be retail and hospitality

@mellongoose

I don't think furloughed people are included in the unemployment figures because they (in theory) still have a job. The unemployment figures will rise sharply once furlough ends. However, it gives businesses a chance to open and work out what they can now afford.

Furlough is being tapered with business starting to pay a bit of it in July. We will see the first redundancies then.

Hospitality and retail will be more active by then.

OP your point is valid, not so much about the idea of support, but the detail, especially the poor value and sometimes corrupt procurement over the past year.

Just as I think Mr Gove or Mr Hunt would have been a less bad Prime Minister and thousands fewer would have died, because they would have acted quicker, I think 'spreadsheet Phil' Mr Hammond or Mr Osborne would have spent money to counteract the economic impacts of the pandemic much better and more effectively.

I think Mr Sunak is the second worst Tory Chancellor of recent times after Mr Lamont, and indeed it's only because of the number 10 interference that he ended up with the post after the previous Chancellor resigned.

Because 5 per cent deposits to first time buyers last time (UKAR/ northern rock) worked out well didn’t it. Anyone remember the banking crash..People encouraged to borrow on the promise of rising house prices. Now trapped in negative equity repossessions, mortgage prisoners. But of course government doesn’t care about individuals as they have been paid back now buy the bank finally shifting all those “bad loans”

He didn’t mention Brexit. Odd that since it has a huge financial impact and costs. A deliberate attempt to hide the perfect storm and blame a virus?

The ‘600000’ of the 3 million ExcludedUK supposedly helped by this budget is likely to be as low as 150000 when calculations happen.