Mini Budget

[Louis the fly]

The new Tory Chancellor has announced his vision on how to grow the economy, billed as a fiscal event or mini budget.
This was no mini budget but the biggest tax give away for 50 years. The recipients of the Chancellor's generosity are the already wealthy who saw their fortunes rise as the statement was made in the Commons. Once again widening the enormous gap in UK society between the haves and have nots. The theory is if the rich are richer they will invest more and everyone will benefit, this has been tried many times before and always failed. Restrictions on banker's bonuses are scrapped. People lining up at the ever growing food banks and those dreading the coming winter must be delighted at the news. We as a country are now more in debt than ever because the way to pay for the Chancellors plans is to borrow more.
Inflation will rise, interest rates will rise, recession deeper. Tory economics.

[James Curry]

Never thought I would say this, but even Boris would never have allowed a budget like this to happen. Talk about giving all but the well off the middle finger.
One thing it will acheive, this will leave the Tories unelectable come next general election. Bankers bonus capped removed seriously anyone think this a wise move. I reckon even the bankers will be embarrassed, 45% tax rates dropped to 40%, Joe public gets a tax cut of 1%.

I would imagine there will be yet another brain drain from the UK. What young person in their right mind would want to stay and build a future for themselves and family after this .
If the UK was a latin American country there would be riots on the streets, maybe there will be yet.

[Johnny Kieran]

Just goes to prove that Boris really was the best of a bad bunch. Come back Boris, the fatcats are at it again.

[Colin McClelland]

Our idiot Prime minister said the fiscal night mare that we are now in is a price worth paying ,for our support of the Ukraine.. Roll on the next election.

[James Curry]

A price worth paying. It is the next generation who will have to do the paying.

[Des Taff Jenkins]

We have a New Labour Govt who said that they are to give the wealthy a huge tax reduction worth around $250billion,they say they have no choice as the previous Govt passed the bill into law, but they are now under enormous pressure to rescind it, as it will do nothing for ordinary workers. Even Joe Biden said the other day that the trickle down effect has never worked. Conservative economics are a farce and only the most glued on supporters would agree with those kind of budgetary measures, they are going to bring the economy back to normal, and stop spiralling costs. Unless it is in the big yachting yards
Des

[happy daze john in oz]

The tax cuts here in Oz will give the average poli an additional $10,000 a year according to one source.
But in general the whole tax system is stuffed, here in Oz and UK as it is in many other.

UK has VAT on power bills, we do not but we have double taxation on fuel.
There is the rate of 44.5 cents per liter, increases in line with inflation twice a year, then we have GST added to that.

The simplest way to tax is with a flat tax rate, USA has one at 20%, that way all people pay the same rate no matter their occupation.

With tax at that rate the GST/VAT rate can be set higher, 15% in Oz and 25% in UK.
You may shout at this, but it is a much fairer system where you only pay tax on what you use.
Use more, pay more.

Heer in Oz we have a national debt of some $1 trillion as a result of support during the pandemic.
Labor say it was the fault of the previous Liberal gov, but had they been in power it would have been no worse, maybe even worse.
Thye proposed at one time to give all persons $300 to be vaccinated, would have only added about $1 billion to the bill.

No gov of any persuasion ever gets it right, the only way it will work is if industry and small business are given greater powers to influence the gov of the day.

But there is another problem with the continuing increase in interest rates, there is no observation at the end of any month as to how the latest increase has had an effect.
It takes three months to find out.
My guess, by middle of 2023 they will need to reduce rates in an effort to undo the damage of the recession it has caused

[James Curry]

Pound falls against every currency in the world after hitting all-time dollar low. Good to see the new budget is working then. Let's see the GBP V the US$. Oil is priced in Dollars the GBP is falling so we need to spend more pounds to buy oil because the pound is weak against the dollar and all other world currencies.

It must be something to do with the month of September and a year with a 2 in it 2022 the current clown has made an even bigger balls up than another clown did in September 1992(Black Wednesday)

VAT on rates.

Standard rate 20% Most goods and services
Reduced rate 5% Some goods and services, eg children’s car seats and home energy
Zero rate 0% Zero-rated goods and services, eg most food and children’s clothes.

The rates above are for those who think the UK VAT rate is 25%

[j.sabourn]

#7 In affect John the increase in interest rates is good for the OAPs. We don’t borrow money we try to save for a rainy day. The past period of low interest rates has played havoc with the elderlys small savings . My self personally am happy to see them rise but only if the bank puts them up also on peoples savings . They are always slow in doing this and don’t ever pass on the full increase to their customers. Whenever we borrowed money in the old days you were always only allowed to borrow what you could afford to repay. This giving out ad lib of recent years was always going to finish bad .Pleased I don’t owe the banks money . JS

[Keith Tindell]

Agree John, i retired at 53, and walked into the building society, wrote a small cheque which paid off my mortgage, and i have never borrowed money since. The only money i technically borrow is on my credit card, which is paid in full every month. Credit cards are one of the main problems with debt, too easily used, and high interest. You being of a similar age to myself, will recall in our youth, if we wanted anything on credit, or the never never as it was known, would have to have a deposit, and they would question your out goings. The deposit on most electrical items was a third i think. We need to go back to those times i think.kt