I was under the impression that there wasn't a plan to extend the windfall tax under the first mini-budget, hence a reliance on borrowing for the bill relief.
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Liz Truss and the Conservative Party.
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I was under the impression that there wasn't a plan to extend the windfall tax under the first mini-budget, hence a reliance on borrowing for the bill relief.
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Busaholic
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The 'One Nation' group of Tory MPs meet on Mondays at 5 p.m Their 'guest' tonight is Liz Truss, anathema to most of them I would feel. Wonder whether she's turned up? I think she'll be out by Wednesday's PMQs.
The extension being called for was the Opposition wanted more than 65% of profits to be taxed. The current sunset clause on the windfall tax act is December 2025, unless the government actively does something to change it.
davetheguard
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To be honest, I'd hadn't realised there was any of them left as MPs in the party, it has gone so far to the right of its traditional position. The likes of Rory Stewart were all expelled, weren't they?
I thought Kwarteng's budget was adding a lot to the national debt, no different to Hunt's in that regard. The local bankers were so down on it too.
The remaining parts of Kwarteng's budget are the rise in stamp duty bands and the cancellation of the NI rise. But it seems Hunt is unwilling or unpermitted to consider a windfall tax.
Namechecking Wef (world economic forum) strongly reminds me of the conspiracy-Twitter hashtag wefpuppet. I don’t know of any other politics conversation it’s mentioned in.
Austerity seemed like an inevitable conclusion of the events around the time of the uncosted fiscal event, let alone the estimated costs or the market response to the cavalier attitude in the event. I think it’s safe to assume that the Tories can’t get a PM or chancellor who can do different, they are wedded to austerity and difficulty for the majority.
The remaining parts of Kwarteng's budget are the rise in stamp duty bands and the cancellation of the NI rise. But it seems Hunt is unwilling or unpermitted to consider a windfall tax.
Namechecking Wef (world economic forum) strongly reminds me of the conspiracy-Twitter hashtag wefpuppet. I don’t know of any other politics conversation it’s mentioned in.
Austerity seemed like an inevitable conclusion of the events around the time of the uncosted fiscal event, let alone the estimated costs or the market response to the cavalier attitude in the event. I think it’s safe to assume that the Tories can’t get a PM or chancellor who can do different, they are wedded to austerity and difficulty for the majority.
How can you govern a country with 256 varieties of cheese?
They certainly exist, they have some very scary ideas, and they certainly appear to *think* that they have a lot of influence over most of the governments of the world (eg. via their 'young leaders' program, which they claim many of the senior members of the Cabinet, along with the leaders of many other countries, have taken part in).
'The Great Reset' for example isn't really *much* of a conspiracy theory as the guy who runs the WEF wrote a book about it. You can buy it on Amazon.
https://www.amazon.co.uk/COVID-19-Great-Reset-Klaus-Schwab/dp/2940631123
The degree of such influence is really the only matter under debate, and I guess determines how much of a 'conspiracy theorist' you are in this matter. Quite possibly they may well be a bunch of total fantasists that think they have a lot more influence than they actually have. Though the governments and the financial institutions of the world appear to deem them serious enough to regularly attend their meetings in Davos - then again, maybe they just want a holiday and that's a good excuse
Gloster
Veteran Member
They say there are around 750 varieties, but it is probably ten with different bits added. Though de Gaulle was right about France.
brad465
Veteran Member
If I was her I'd go before then, or else she could have to make 649 complaints of bullying/harassment.
I don't think that anyone was speculating that there was? But equally there are a number of very wealthy people who have made a lot of money through our country undervaluing and selling off its assets, or would lose a lot from a move away from the neoliberal consensus.
kristiang85
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Why the hell did Truss send out Mourdant to answer the urgent question? Her premiership is on a thread, and surely there was no appointment too important not to delay to be able to attend the questions. And to have one of the rumoured rivals standing in for her too...
To me it says she is clearly not in charge, and there will be manoevures at the top of the party over the coming week.
To me it says she is clearly not in charge, and there will be manoevures at the top of the party over the coming week.
Kwarteng's budget was forecast to add £72bn to borrowing. The whole point of Hunt's is he's reversed most of the tax cuts/reimposed the cancelled tax rises.
Though the view on government borrowing isn't especially consistent, the Germans announced an energy support package that will involve €200bn of extra borrowing and the markets don't seem to have responded in the same way. Not to mention the borrowing we've been doing for the last couple of years for Covid support.
I also don't get this idea we're not doing a windfall tax. We are, it's been in place since May. They even announced an additional one to cover the electricity generators who have been making excessive profits. There are also a lot of people making claims about the excess profits of the oil and gas producers who are looking at worldwide operations. I think we'd be told where to go if we tried to tax stuff in other countries.
When you say they're wedded to austerity, what would you suggest as an alternative path? The markets are clearly opposed to excessive borrowing so it's either cutting spending or raising taxes. Taxation is a proportion of GDP is the highest it's been in 50 years, is there really the appetite to raise them further?
GS250
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Money= power
Given the current state of the affairs you do wonder how many Brits would vote for a Corbyn style government if offered?
It seems we've either got the choice of three neoliberal parties in England. Or of course added to this two fairly left of centre parties in Scotland and Wales.
DarloRich
Veteran Member
there is your actual conspiracy!
confidence is an economic principle. If people don't trust you they wont lend you money!
Corbyn and his army of cranks should not have been anywhere near the leadership of the labour party. They all need throwing out back into the SWP where they belong.
I think you would be closer to conspiracy with that!
I don't get your point - it just seems like a vague rant about globalisation. The fact NPower or someone open a call centre in India is hardly the work of a shadowy financial elite. It is simply profit driven! It is a decision i would make and i am not part of the special secret finance club!
As for "huge cross nation investment taking place": How do you think this country got rich?
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very few. They didn't last time they had a chance............................
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Investment. Regions that used to have lots of skilled, well paid jobs are now struggling. The mines, mills, and factories have closed, and the lack of support to redevelop these areas was criminal. We are reaping the sour fruit of the lazzeiz-faire attitude of the 1980's neoliberal consensus has lead to this; the market has provided low skilled jobs with little options for technical progression. We've taken short-sighted decisions that have often not delivered the savings that they promised, and have hobbled British industries at key moments.
It is all fine and good to follow the trade winds if they are going towards our destination, but if their course diverges from where we want to go, it's time to take a hand to the tiller, and reset the sails; maybe that way we avoid being dashed on the rocks.
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I wold be interested to see how a younger, economically left wing, and less willing to give easy points leader would do. Perhaps even an Andy Turnham type too.
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The time before, weren't the number of votes for Corbyn only a few percentage points behind the Tories? 40/44 if I remember correctly?
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Class 33
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It was a complete farce wasn't it! Just 8 and a half minutes it lasted! Including just 4 minutes of her answering journalists questions! Of which she was basically rabitting the same rubbish to each question! She looked very nervous throughout! And you can tell when she's near enough finishing answering Robert Peston's question, that she's looking very fed up, just wants to quickly finish her nonsense reply, and say "That's it everyone" and dash off! One MP commenting she was close to bursting out in tears at that point!
She's supposed to be appearing in parliament in Prime Minister's Questions on Wednesday at 12. Will she actually turn up or will she get someone else to take her place again?(like she did today!). If she does turn up, she'll have some tough questions to answer. And I wouldn't be too surprised if she bursts out in tears and dashes off!
She is not fit to be PM. She doesn't have enough experience and confidence to do this job. She doesn't know what she's doing properly! How an earth she got to be PM I don't know! If someone starts a new job, and they don't have enough experience and confidence to do the job and are finding it very difficult to deal with, then they need to own up and say "Sorry this job really is not for me. I'd like to resign immediately.". Otherwise management should let them go! The most important job in the country is the prime minister!
Investment Zones- one per Conservative constituency I imagine.
'The lady's not for turning up'- was she stuck in a fridge?
Maybe she was looking for the cheese in there, making a hard decision- Blue Wall Stilton or In The Red Leicester?
Germanys economy has been one of the strongest of the last 30 years. They have stable government, are predictable and stable. They are benefitting being a member of a large protectionist trade group that gives them considerable advantage to non members.
Taking urgent one off action would be supported by global banks, many of whom are fellow Europeans and see it as beneficial to themselves.
We, are looking like renegade yahoos right not, only a few steps from being a failed state, and isolationist… Foreignors would pay to watch our current stage show, but they would stop short of joining the cast.
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So how long has she got ?
Tonight, Tomorrow, Thursday ?
Well, that's an energy support budget.
If we'd stuck with energy support and better targeted tax relief (cutting VAT would have been better) the markets may have been less judgemental.
I actually think VAT should rise to 25% and reduce other taxes.
Online monopolies, large US retail, are avoiding taxes by offshoring, but VAT is at point of sale… it would level up the high street somewhat.
Given our precarious position, the VAT might come sooner than the other taxes are cut. Its also away of evenly apportioning tax.. wealthier by default will pay more than those with less to spend.
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I'm of the opposite view. VAT is highly regressive and hits those on lower incomes the worst.
Also, the fact that it is levied at the point of sale means that it has an amplified dampening effect on economic activity in this country, whereas we need to be importing fewer goods and associated inflation.
Howardh
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There's an argument for taking a load of stuff out of VAT (eg energy bills although that's currently 5% - might change before supper...) but increasing VAT on more less essential goods and services.
Dunno, but if you insulate your house or carry out repairs to exclude draughts (pretty essential these days) doesn't that attract VAT?
Exactly. The majority of reuse of factories and new build is warehousing and distribution where most jobs pay minimum wage or just above.
Further it is 6 years since the Brexit vote yet, correct me if wrong, we have not significantly reduced imports by increasing UK manufacturing / producing and hence increased self-sufficiency.
birchesgreen
Established Member
Because she has already gone, they just need a way to announce it.
Do I correctly recall this it how it used to be 50+ years ago with several rates of Purchase Tax and VAT was introduced at a single rate to cut the bureaucracy ? Were things now at a different rate e.g. energy, insurance not liable but only added later to the scope of VAT to get more tax from Joe & Joanne Public ?
A core problem was determining the category of some products. Now with so many shops e.g. supermarket chain s selling almost anything it would be even harder to control.
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Quite right!
This may not be correct but I would have thought that a real Brexit bonus might be that we could vary VAT on items such as those devised for energy saving. Maybe even have a low rate for items that are deemed 'essential' which would benefit those that are on lower earnings as they are more likely to spend their money on them. The now postponed cut in income tax was of very little benefit to those on minimum wage.
Quote - https://www.insulationhub.co.uk/zer...though lower prices charged by ESM installers.
I could agree with VAT if it was a tax on luxuries such as £1000 handbags and yachts, however the fact that it is levied on such a vast range of goods and services means that it is just a drag on lower household incomes and the economy.
If you put it on income tax instead, at least the burden could be proportioned according to ability to pay.
It also negatively effects imports specifically, where they can be hit by high VAT and high costs in Business taxes in their home country.
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