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I think that's part of westminster, the naming of constituent areas, seems a lot to remember, bet the poor speech writer got home late last night having to fill in that nonsense 🤣
I think that’s part of westminster, the naming of constituent areas
Yes, it is. It's the chuckling that seems out of place to me.
Hmm... paying people more bad... reducing NI good. 🤷🏻
Hmm… paying people more bad… reducing NI good.
Couldn't put it better myself, an extra 2% to spend on shiny stuff!
Well, it's easy to make the case that Charterhouse offers a world class education.
Well, it’s easy to make the case that Charterhouse offers a world class education.
And Yet Eton and Oxford inflicted a thick as mince prime minister on us. World class my ass!
Going into an election with a strategist who also works on behalf of a billionaire advocate of NHS Privatisation
Palantir are less interested in NHS privatisation as just creating a private surveillance state.
And Yet Eton and Oxford inflicted a thick as mince prime minister on us. World class my ass!
Seems pretty world class to me at least at the school/uni level. Start with shit and polish it until it sort of shines.
Outcomes for society arent the best but it is pretty much what any good parent would ask for.
Get their child to shine way beyond their abilities.
Talking of 'thick as mince', I see that Rishi's latest appointees are doing well. If anyone expected any upgrade on the last bunch of half-wits then prepare to be disappointed. Ladies and Gentlemen, the new Chief Secretary to the Treasury. Somewhere a village is mourning for the loss of its idiot...
Today we learned Laura Trott is the unthinking person’s Helen Whately
Somewhere a village is mourning for the loss of its idiot…
They probably noticed that she was missing when she went off to Oxford to study economics.
I still think it will be some feat for Labour to lose. They won;t be winning along the lines of the polls but I do think that a lot of people have now had enough of the tory party and Starmer is the sort of person they could bring themselves to vote for rather than say Corbyn.
Palantir are less interested in NHS privatisation as just creating a private surveillance state.
It's not necessarily about Palantir (except in terms of the latest dodgy NHS contract to nick your data), but more broadly about its owner Peter Thiel's agenda of moving the UK towards a US-style insurance-based model. Having one of his goons at the heart of government is not helpful, regardless of which arm of the Thiel corporate octopus he's attached to right now.
I still think it will be some feat for Labour to lose. They won;t be winning along the lines of the polls but I do think that a lot of people have now had enough of the tory party and Starmer is the sort of person they could bring themselves to vote for rather than say Corbyn.
Read the Starmer thread for more than a page and there's not much positives!
Start with shit and polish
I see a turd but no polish. A world class education system would see through the privilege and not hand out free passes to an imbecile who can't read a ****ing graph.
Having listened to hunt's statement it would be easy to think this was all good news but, as is always the case, detailed analysis of the OBR report is now underway so...
It says the largest contribution to that is the freezing of most income tax thresholds, so they don’t rise with inflation.
That so-called fiscal drag (the "drag" comes from people being dragged into higher tax brackets than they otherwise would have been - or having more of their income caught in a higher bracket) will net the Treasury £45bn by 2029 and create four million new income tax payers, according to the OBR.
Compare that £45bn gain to the cut in the main National Insurance Contribution rate - which will cost the treasury £10bn.
In effect, that tax cut is being funded by raiding our paycheques
and
with all the chat about falling inflation:
“We…expect inflation to remain higher for longer, taking until the second quarter of 2025 to return to the 2 per cent target, more than a year later than forecast in March.”
Only a few months ago, the OBR said inflation would drop to 0.9% next year.
What does this mean? Basically, interest rates will have to remain high for some time in order to control inflation
And, with all the talk of the economy looking up - what about how it feels for individuals?“Real GDP per person remains 0.6 per cent below its pre-pandemic peak and in the central forecast only recovers that peak at the start of 2025,” writes the OBR.
and
The OBR says:
The economy will grow this year by 0.6% - that's compared to a 0.2% fall forecast in March
But in 2024, growth is only expected to be 0.7% - compared to 1.8% forecast in March
And in 2025, growth is forecast to be 1.4%, rather than 2.5%
and
“Living standards, as measured by real household disposable income per person, are forecast to be 3.5 per cent lower in 2024-25 than their pre-pandemic level.
"While this is half the peak-to-trough fall we expected in March, it still represents the largest reduction in real living standards since ONS records began in the 1950s.”
and
In its report on the government's tax and spending plans, the Office for Budget Responsibility says Chancellor Jeremy Hunt has £27bn in fiscal headroom - and most of that has already been spent in the measures he has outlined in the Autumn Statement.
Fiscal headroom is how much money the chancellor has for cutting taxes or raising spending, taking into account the rules the government has set itself. So, for example, one of its key rules is that borrowing must not exceed 3% of GDP at the end of a five year period.
The OBR says in its report: "The chancellor spends virtually all of this on a 2p cut in NICs [National Insurance Contributions], permanent tax relief for business investment, and further welfare reforms, leaving debt falling by a narrow margin in five years."
and
Cost-of-living payments have been a lifeline for many people when it comes to paying the bills, although there is debate over how they were delivered. There is no promise to continue them beyond the spring.
and
Someone has to pay the price: a new age of austerity may be looming.
and
freezing thresholds is generating so much tax revenue, with inflation higher than forecast, that the tax burden remains at a post war high.
The OBR confirmed that by 2028 a truly astonishing £46bn will be raised by the freezes, in just one year.
and
Dr Sarah Hughes, chief executive of the mental health charity Mind, called the Autumn Statement "a backwards step for the UK, which people with mental health problems will feel sharply" with changes to assessments "brazenly motivated by a desire to save money".
Yep, smoke'n'mirrors; deception, really.
Should play well with right wing media, committed tories and the hard of thinking.
I think the odds are shortening on a spring election; budget in March promising more 'goodies' rapidly followed by a GE.
The left-wing (😉) summary of the Autumn Statement.
Having listened to hunt’s statement it would be easy to think this was all good news but, as is always the case, detailed analysis of the OBR report is now underway so…
LOL! Here, some candy for you to soften your stance. (govt "bribing" the people by some NI, tax cut etc)
How can a budget for economic growth not contribute to further inflation? Can someone explain please. Economist anyone?
The positives are it just can’t be as bad as the last 13 years and Starmer could get tory votes that others have failed to do so since Blair.
Starmer needs to spell out what he has in mind to tackle inflation and cost of living rather than wait until GE to reveal his plan. I really want to hear what he has to offer.
Current inflation or cost of living increment is really not some sort of "growth" (normally associated with economy performance) but more like world wide supply side shortage and most are just embarrass to point to the elephant in the room.
Starmer needs to spell out what he has in mind to tackle inflation and cost of living rather than wait until GE to reveal his plan.
I don't think he does.
This budget was designed to set a trap for him, to get him to do exactly what you said above, so that the Tory press can beat him with his plans before an election.
I think he needs to keep his powder dry.
Well, we are buggered but just to make sure, they have buggered us again to make sure that Labour can't un-bugger us as they will have bugger all money to repair all the crumbling institutions that make a happy and functioning society function.
Bugger.
I don’t think he does.
This budget was designed to set a trap for him, to get him to do exactly what you said above, so that the Tory press can beat him with his plans before an election.
I think he needs to keep his powder dry.
Starmer has not reveled his plan yet so that should be interesting the moment the date of GE is made public.
I feel the trap is for more the people rather than Starmer, because any other form of investments etc are not going to reduce the inflation.
In the current climate, in order to reduce the inflation (cost of living) there must be active govt intervention in the basic cost of economy (production), but then this is a market economy so nothing can be done other than making some minor adjustments in the hope that the whole situation will pass.
I blame the clown Boris.
Labour’s proposals to look at doing away with the current system of business rates look a lot like your rants of old chewkw.
Well, policy wise… you used slightly different language to Starmer and Reeves.
😉
LOL! Starmer must be lurking on STW.
The business rates is a good start but must be strategically applied to encourage SME and to keep the MNE sweet.
So inflation is only down because its the month that the energy price cap drops. Itll be back up again soon.
Hunt has more "Fiscal Headroom "(???) because........... inflation is going to be higher than expected, so income tax and VAT receipts will be higher........
How on earth they keep a straight face is beyond me.
He’s ‘fiscal headroom’ because Rishi froze tax allowances which generated hugely increased revenues (as it’s a stealth tax increase), then he’s now playing the hero saying you can have a fraction of that increase back
Hurray for fiscal drag
They’re taking us all for idiots
What’s the blue ties all about?
So inflation is only down because its the month that the energy price cap drops. It'll be back up again soon.
Partly. If the EPC goes up tomorrow as expected doesn't mean inflation will go back up, depends what the price was in Dec last year.
But also remember we all got £66 per month towards energy costs last winter as well. So while the EPC might be lower, what YOU individually are paying might not be a lot different. Hence what we have in our pockets being more than last year is not necessarily true either.
And as Binners has said, the change in tax thresholds outweighs the change to the NI rate.
There’s a Tory MP on Newsnight now telling us that black is in fact white.
Apparently we should all be grateful for this ‘tax cut’, despite it nowhere near compensating for what we’ve already lost through the stealth tax of freezing personal tax allowances
“The party told you to reject the evidence of your eyes and ears. It was their final, most essential command.
How on earth they keep a straight face is beyond me.
Yep my favourites due to things we’ve done inflations down, when they’ve done **** all and everyone knows it.
Yep my favourites due to things we’ve done inflations down,
First rule of economics.
When inflation rate goes up, that's due to war in Ukraine, fuel prices, factors outside Government control.
When inflation rate goes down, that's due to Tory fiscal control and management.
Hook, Line and Sinker!
Which bit of your tax burden will CONTINUE to rise did you miss?
I read somewhere that freezing of tax thresholds means that the current £12.5K limit would have increased to £18.5K by 2028 if adjusted for inflation.
Just heard Hunt say they made the right decision to pay down the covid debt
Lmfao. Does he even look at his own government's finances?
Covid spending 20/21 created - out of thin air = 319-430bn (varies due to Government accounting.) Which created a shortfall of about 300bn in tax receipts on the balance sheet. Of course the economy was mostly on shutdown.
From Parliament.uk publications:
Allegations of deficit financing
72.In 2020, the Bank of England conducted three rounds of quantitative easing, which raised the total amount of Government debt owned by the Bank from £425 billion to £875 billion (an increase of £450 billion). Minutes published by the Monetary Policy Committee set out the Bank of England’s explanations for each round of quantitative easing since March 2020:
That means no covid debt ever existed in plane language because the BoE purchased a suspiciously similar amount of 'debt' in the same period to what the government spent - with brand new money creation.
The whole tax cutting debacle has just become farcical, and nowhere near the truth.
Presumably the BofE will want the debt re-paying on the due dates though?
Or does it cancel it?
Autumn statement what autumn statement !!!!! An inverse dead cat ? or Dead cat to beat all dead cats ?
An inverse dead cat ? or Dead cat to beat all dead cats ?
A budget to **** over Labour if/when they win the next election and have to undo it all. That's all it is. Re-do the tax stuff, they'll be accused of raising taxes the second they're in power. Keep it as is, they'll be accused of leaving the economy to ruin.
It is solely a budget to make sure that Labour have a tough time undoing the mess.
This is the final throes, the full scorched earth policy. Take everything that isn't bolted down. Burn the rest.
it was kind of a reference to net migration figure upgrade raining all over the chancellors parade.