The budget

[Ms NTL]

Let's focus on the budget! (Muslims or not)

In particular people on the lowest incomes:

people on the lowest incomes, or those earning between £55,000 and £131,000 are worse off after government tax changes.

https://news.sky.com/story/budget-la...-live-13040934

I ain't making £131,000, do I qualify for universal whatrever-is-called benefit?

The NI cut is a headline grabbing initiative that will make people feel richer because the net pay amount that is on their payslip and which appears on their bank balance will be numerically larger - significantly so, for middle earners and upwards. But as he hasn’t increased tax thresholds in line with inflation for several years now, we are all worse off in real terms even after the NI cut.

This will have been a useful exercise for the economy if it prompts consumer spending sufficiently to jolt it back into life, however mostly it’s a blatant electioneering stunt, with the added bonus of, if it doesn’t work and Labour gets in, screwing their own economic plans from day one.

I noticed the official Treasury PR photo of Jeremy Hunt preparing his budget had him sitting beneath a framed portrait of Nigel Lawson.

Jeremy Hunt is not Nigel Lawson.

[Sephiroth]

It's a shit budget because it does not address any of the root causes of our problems nor does help the people at the low end of income.

[jfman]

Originally Posted by Sephiroth

It's a shit budget because it does not address any of the root causes of our problems nor does help the people at the low end of income.

Only a General Election can do that.

[denphone]

Originally Posted by Sephiroth

It's a shit budget because it does not address any of the root causes of our problems nor does help the people at the low end of income.

Its a politically motivated short term budget rather then a budget which would improve things for this country in the long term.

[Taf]

I stocked-up on beer, expecting a tax hike. Well, at least I won't have to buy any more for a while.

I no longer pay N.I., have not had Child Benefit for over a decade, so it was a nothing budget for me.

[1andrew1]

Originally Posted by Sephiroth

It's a shit budget because it does not address any of the root causes of our problems...

Indeed. The UK remains in the icy grip of the productivity slump that began with the 2008 Global Financial Crisis and was topped up by Brexit. It means living standards are falling whilst taxes are increasing. Whilst the OBR and other economic bodies talk about it, Brexit was conspicuous by its absence in Hunt's list of reasons for the ongoing productivity slump. It's the economic elephant in the room.

The UK sadly remains on track for its predicted 15% reduction in trade intensity as a result of Brexit. So what? Trade intensity increases competition and allows countries to specialise in what they're relatively more efficient at, thereby increasing productivity.

[mrmistoffelees]

Personally, I’ll continue to get hammered on tax. I’m not a massive drinker so not much of an impact there, lung lollies well obviously there’s an increase there


Meh for me

[jfman]

Originally Posted by 1andrew1

Indeed. The UK remains in the icy grip of the productivity slump that began with the 2008 Global Financial Crisis and was topped up by Brexit. It means living standards are falling whilst taxes are increasing. Whilst the OBR and other economic bodies talk about it, Brexit was conspicuous by its absence in Hunt's list of reasons for the ongoing productivity slump. It's the economic elephant in the room.

The UK sadly remains on track for its predicted 15% reduction in trade intensity as a result of Brexit. So what? Trade intensity increases competition and allows countries to specialise in what they're relatively more efficient at, thereby increasing productivity.

Capitalism has the UK in a death spiral. The Government restricts itself arbitrarily from investment, the private sector won’t either it’s just there to extract, extract, extract and offshore the profits. Wages are so low, and inflation so high, there’s limited scope to raise taxes in any significant way. Living standards have taken enough of a hit.

There’s one way out and it’s the big “do not touch” button. A wealth tax.

[Sephiroth]

How will a wealth tax increase wages?

[jfman]

Originally Posted by Sephiroth

How will a wealth tax increase wages?

I didn’t say that it would. It’s not the only useful measure or desirable output.

[1andrew1]

Originally Posted by Sephiroth

How will a wealth tax increase wages?

It could increase net wages if receipts from a wealth tax could justify a reduction in income tax.

Given the state of the economy, we'll probably have to do a wealth tax without a reduction in income tax if councils aren't to go to the wall next year.

[Pierre]

Originally Posted by jfman

Capitalism has the UK in a death spiral.

Are you suggesting communism as an alternative, because that’s always turned out great?

Or a third way? Which I’d be happy to listen to.

[Julian]

Undoubtedly el gov will pump out another budget before the election later this year...

[Sephiroth]

Originally Posted by Julian

Undoubtedly el gov will pump out another budget before the election later this year...

They are delusional. Yesterday's budget went down like a lead balloon because people aren't as stupid as the government. They scraped the rim of the empty lasagne bowl with nothing in the larder.

Fortunately, the financial world did not collapse onto the government Truss style so there won't be another budget in the immediate weeks!