2022 mini-budget discussion

[GordyR]

The markets appear to like it as the pound has been recovering. Must be good if the markets like it as so many here were holding up the markets as the example for the mini budget being bad and that they know best.

Absolutely astonishing... Do you understand even the slightest bit of what's going on at all?

 

[delta0]

So basically the tweet is accurate. (if the household has about £450k in savings on a £30k salary) lol seriously..

In London usually people buy a house together so not likely to need that much. Plus as we know an average salary does not necessarily mean you buy an average property.

 

[mid_gen]

HM Treasury shouldn't be allowed to publish lies like this to cover up for Kwasi's incompetence. Damn lies

How does somebody on £30k per annum afford a £600k house as a first time buyer when their 25-year mortgage of £600k @ 4% interest would cost £3167 per month, so £38,000 per year????

https://twitter.com/x/status/1575493522265759744

Someone on £30k buying a £600k house

There is a reason why Kwasi stopped the OBR releasing their numbers, the reason is that they are complete ********.

 

[Uther]

Nope, they are assessing the pension triple lock as well as its not affordable for them to increase pensions by inflation next year. They really will slump in the polls if they lose their blue rinse brigade votes.

Scrapping state pension triple lock ‘under consideration’, warns minister

Chris Philp did not rule out backing down from the 2019 manifesto commitment

www.telegraph.co.uk

They'll get absolutely wiped out at the next election.

 

[n111ck]

I see the UK is not in recession - useless 'experts'... lol

 

[Murphy]

HM Treasury shouldn't be allowed to publish lies like this to cover up for Kwasi's incompetence. Damn lies

How does somebody on £30k per annum afford a £600k house as a first time buyer when their 25-year mortgage of £600k @ 4% interest would cost £3167 per month, so £38,000 per year????

Spoiler

https://twitter.com/x/status/1575493522265759744

Someone should tell them their little stunt of a mini-budget, that was totally unnecessary as the could've waited until the proper budget, cost everyone in the UK an average of at least £1k. (the £65bn the bank used to bail out pensions funds divided by UK population).

I see the UK is not in recession - useless 'experts'... lol

Someone doesn't understand how GDP is calculated different on a monthly vs quarterly basis.

 

[thenewoc]

Well the savings are then split as well then?

Not really. How a couple divide up their bills is up to them. The savings on stamp duty and energy bills are still what they've stated them to be and the example for someone earning £30k is still valid. The additional home owner that is earning would also be saving tax on their income which wasn't demonstrated in the example.

 

[delta0]

I see the UK is not in recession - useless 'experts'... lol

Not yet but it’s unavoidable. Europe is expected to go into recession by the end of the year and last until Q2 ‘23

 

[Dirk Diggler]

I'll always remember at school, aged around 11, ..., offering to demonstrate it with a box of matches

 

[Murphy]

Not yet but it’s unavoidable. Europe is expected to go into recession by the end of the year and last until Q2 ‘23

- useless 'experts'... lol

 

[chroniclard]

Not really. How a couple divide up their bills is up to them. The savings on stamp duty and energy bills are still what they've stated them to be and the example for someone earning £30k is still valid. The additional home owner that is earning would also be saving tax on their income which wasn't demonstrated in the example.

You're funny.

 

[thenewoc]

Absolutely astonishing... Do you understand even the slightest bit of what's going on at all?

Yes the government are resizing the cost of the state to balance the budget announcements. That was always their intention to reduce the reach of government into people's lives and have a smaller state, less red tape etc.

 

[GordyR]

I see the UK is not in recession - useless 'experts'... lol

Eh?

This is a slight upwards revision of the Jan-March figures, that's all; you do understand that right?

The revisions also showed a sharper contraction in 2020 (-11% vs previous estimate of 9.3%).

UK GDP is now estimated to be 0.2% still below its pre-covid level in Q4 19, down from previous estimate of 0.6% above.

Paul Dales, chief UK economist at Capital Economics, says:

The good news is that the economy is not already in recession. The bad news is that contrary to previous thinking, it still hasn’t returned to pre-pandemic levels. It’s the only G7 economy in that situation and it makes the chancellor’s fiscal plans look even more untenable. So despite the better news on the performance of the economy in Q2, the overall picture is that the economy is in worse shape than we previously thought. And that’s before the full drag from the surge in inflation and leap in borrowing costs have been felt.

 

[Dirk Diggler]

The markets appear to like it as the pound has been recovering. Must be good if the markets like it as so many here were holding up the markets as the example for the mini budget being bad and that they know best.

I'm sure the £65 billion of tax payers money has absolutely nothing to do with any recovery, it's all the result of pure Tory fiscal genius.

Not a Trusster****. Oh no.

 

[thenewoc]

I'm sure the £65 billion of tax payers money has absolutely nothing to do with any recovery, it's all the result of pure Tory fiscal genius.

Not a Trusster****. Oh no.

Part of the cost of getting on a better footing for a quicker recovery vs a deep and long recession. Don't worry about more borrowing and running up a bigger deficit, the US has always kicked the can further down the road and I'm sure they're not the only ones.

 

[n111ck]

Its lucky the doom scrollers on here aren't in charge.

 

[Murphy]

Yes the government are resizing the cost of the state to balance the budget announcements. That was always their intention to reduce the reach of government into people's lives and have a smaller state, less red tape etc.

It was?

I thought this was their plan...

Conservatives | Help us renew

Help us renew our country again.

www.conservatives.com

 

[Uther]

Part of the cost of getting on a better footing for a quicker recovery vs a deep and long recession. Don't worry about more borrowing and running up a bigger deficit, the US has always kicked the can further down the road and I'm sure they're not the only ones.

I'm sure with your brilliance you must work at the Treasury?

 

[Colonel_Klinck]

Part of the cost of getting on a better footing for a quicker recovery vs a deep and long recession. Don't worry about more borrowing and running up a bigger deficit, the US has always kicked the can further down the road and I'm sure they're not the only ones.

They've just borrowed a ridiculous amount of money to pay for tax cuts which is why the markets ran like hell from UK bonds. They have literally kicked not a can but a 45 gallon barrel down the road. I'm amazed even you are trying to defend this policy.

 

[GordyR]

Yes the government are resizing the cost of the state to balance the budget announcements. That was always their intention to reduce the reach of government into people's lives and have a smaller state, less red tape etc.

Jesus Christ... I don't even know where to begin with you.

But lets park the fact that that's a hilariously detached from reality interpretation; instead I would like to know your response to the question that you failed to answer when I asked it of you two days ago.

So, bearing in mind that the OECD listed the UK as having the 2nd least regulated business environment in the G20, prior to Brexit; exactly what red tape do you think that they are going to be cutting, and why do you think it would be a good thing?