2022 mini-budget discussion

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:cry: :cry: :cry: :cry:, absolutely crazy. Have they learned nothing from 2008 and do they not appreciate the ever widening gap between the rich and ordinary people in this country?

I have to remind you that no one was held accountable for 2008, we didn't see high level bankers going to prison or being sanctioned in some way for gross professional misconduct and failure was often rewarded. What do they think is going to happen next time?
 
ltron said:
:cry: :cry: :cry: :cry:, absolutely crazy. Have they learned nothing from 2008 and do they not appreciate the ever widening gap between the rich and ordinary people in this country?

I have to remind you that no one was held accountable for 2008, we didn't see high level bankers going to prison or being sanctioned in some way for gross professional misconduct and failure was often rewarded. What do they think is going to happen next time?
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They do recognise it. And believe it's not big enough. They need to stamp out any hope from the working class that they can ever make it rich themselves short of a lottery win.
 
Quite right Liz. One thing I've always been worried about is that bankers might not be getting paid enough.

Amid all these fluff news stories about needing to invest in transport and green energy, NHS waiting times, the cost of living crisis, government corruption etc I think it's very easy to forget that some bankers are having to make do with a paltry £100k bonuses when they deserve ay least quadruple that!

We should judge the country by how it treats its most vulnerable citizens, and who among us could deny that bankers are among the most downtrodden and vulnerable people in our society.

Some of those hateful common people asking for pay rises are just a disgrace though. Have they no idea of the risk of inflation if they're able to pay their rent and bills AND buy food? Unbelievable.

Edit: for real I don't actually have very strong feelings about this change in the law in its own right... I think its very odd that it's anywhere near the top of the list of priorities for the new government though.
 
Uncapped bonuses aren't the problem. The problem is an economy that is rigged towards constant inflation via cheap debt. That's what's increasing wealth inequality.
 
Robbo said:
Listening to people who have dealt with him, Kwarteng sounds a nasty piece of work. He just arrogantly dismisses anyone who questions him.

Great to have as Chancellor.
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Are you and Itron putting him forward as an example of "black privilege", Eton, arrogance, and all that...? People here have been clamouring for Boris' head, and more multicultaralism in governement. Boris is gone, and you now have the latter in spades in this cabinet, but still there's dissent. The wrong type of black?
 
Kwasi by name, kwasi by nature...

It does seem a bit mad that while we're approaching a winter where tens of thousands of people will struggle to keep themselves warm and fed, at the same time our government is trying to figure out how to make the rich even richer.

What's even more mad is that this kind of behaviour was predicted years ago, and yet we still carried on down the path that all but guaranteed it would happen :cry:
 
Fundamentally this is being done to try and raise tax revenues because currently we are a little ****** with our buy now pay later mentality. Everyone wants to have the nice thins but doesn't want to have to ever face the reality of what that means. Most people have had a very high standard of living for a very long time on what is ultimately not a very high wage. That wasn't going to continue forever and now things have gone a bit south the Government are bailing everyone out and just adding to the national debt.

Give it a couple of years and everyone will be whinging that they are still paying a lot of money for their energy and fuel despite wholesale prices going down.

There is no problem letting bankers get massive bonuses as long as its properly regulated and monitored. The issue is that we can be fairly sure that they won't monitor this properly and will have shocked pikachu faces all around when banks start exposing themselves to excessive risk that infects their consumer facing business.
 
Haggisman said:
Kwasi by name, kwasi by nature...

It does seem a bit mad that while we're approaching a winter where tens of thousands of people will struggle to keep themselves warm and fed, at the same time our government is trying to figure out how to make the rich even richer.

What's even more mad is that this kind of behaviour was predicted years ago, and yet we still carried on down the path that all but guaranteed it would happen :cry:
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You realise that the government isn't paying those bonuses, and they are getting a share of the bonuses as tax revenue? What do you think happens to the money if it isn't paid out as bonuses?
 
Tony Edwards said:
Yes that is why they are making tax cuts as well.
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Tax cuts are popular. The Tories are somewhat unpopular. The Tories wouldn't give a single **** if the country had to burn in order for them to retain power.

Deregulating banking bonuses will increase taxes brought in. Will they compensate for the reduced tax revenue from tax cuts? I have no idea but they will certainly be better than tax cuts and no extra revenue.
 
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