2022 mini-budget discussion

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Quartz said:
According to the BBC someone on £20k gets an extra £167, or 0.8% and someone on £200k gets an extra £5k, or 0.25%.

I’ve said it before, but I care more for helping the poor be not poor than any benefit to the rich. What happens to the 90% is far more important to me than what happens to the 1%.

Looking at the BBC I see that a 1% tax cut is being brought forward and a 1.25% increase in National Insurance is being cancelled. These will benefit the poor considerably. The stamp duty threshold is being raised both for repeat buyers and for first time buyers; this will help those getting onto the property ladder, the aspirational voters. And then there’s cancelling the 45% rate. I wonder if, paradoxically, the BBC are hyping the last so much because it affects so many of them?
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Will be amusing to see Douglas Ross claim Nicola Sturgeon is now "under pressure" to axe the 45% 46% rate or risk throwing all those Scottish aspirational millionaires under the bus. :p
 
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I don’t know how to say this without sounding patronising so just take my word for it I am absolutely not being patronising.

As someone who is going to do well out of this, and having spoken to others in the same position we all agree we did not need this and why on earth was it done this way. We all moan about the tax we pay (I’m sure I can be quoted from this forum doing it) but I realise how lucky I am.

Now to the patronising bit. To those being so supportive do you fit into the “big benefit” category yourself? If so why are you such an outlier (in my experience) in terms of being grateful for that extra 10, 12 or 15k per year? If you are not in that category (i.e. say <200k household) why on earth are you so happy about it? I do not understand. I know there aren’t many but still, my god, stand up for yourselves :D
 
Already talked with my partner about making plans to emigrate again, while we're still young enough to do it fairly easily.

The prospect of getting old in this country now the Tories have torpedoed the public finances is not enticing, not unless you've stuffed away enough money to cover private health into retirement.

Pretty happy I have two non-sterling denominated pensions.
 
I'd like to be educated as to the logic of the current policies.

In 2015, from the IMF
we find that making the rich richer by one percentage point lowers GDP growth in a country over the next five years by 0.08 percentage points—whereas making the poor and the middle class one percentage point richer can raise GDP growth by as much as 0.38 percentage points (Chart 2). Put simply, boosting the incomes of the poor and the middle class can help raise growth prospects for all.
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If the aim is to encourage growth I'd like to be pointed to the logic. Hell, an OBR report would be a start.
 
adidan said:
I'd like to be educated as to the logic of the current policies.

In 2015, from the IMF


If the aim is to encourage growth I'd like to be pointed to the logic. Hell, an OBR report would be a start.
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I think you're looking at it the wrong way. IMO they are just trying to screw over Labour when they inevitably get in in 2024.
 
Quartz said:
Those with qualifications or experience get quite well paid. The average salary of an employed plasterer, for example, is £13.75 per hour hereabouts or £27,500 per year. That's pretty good. And that's the average salary; a skilled plasterer will earn more and the person running a company of plasterers much more. One of my neighbours was the last - he employed plasterers and other trades, about 100 people in all IIRC - and was worth a mint. No, £13.75 per hour is not megabucks, but it's well above minimum wage and it's a gateway to much more. An acquaintance has a business selling slightly specialist pipes, valves, pipe fittings, and the like - humble stuff, really - and drives a Bentley, which was new when he bought it.

You should read the start of 'The Millionaire Next Door' - you wouldn't notice most millionaires.
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The point was they all come from the environments that he grew up in as did I. The very same people he’s hating on he also will end relying on at some point. He may well be an educational boy wonder but he won’t be able to do what they do or what I do ect. I see a lot of people on here with an attitude of superiority because it appears they believe them are better because they earn more money. Good for them and good luck getting by without those they perceive to be beneath them.
 
That`s the grand plan... The backroom boys of the Tory party know they have broken it well and creamed off all the cream, COVID bought a unsuspected boost of cream and a jackpot prize for them in terms of contracts. So they may as well take the **** even more with the budget knowing full well the election is well and truly lost and leave the victors a complete mess where they can go back in 4-5 years time claiming they are the only party with fiscal responsibility................
 
"The real owners are the big wealthy business interests that control things and make all the important decisions. Forget the politicians, they're an irrelevancy. The politicians are put there to give you the idea that you have freedom of choice. You don't. You have no choice. You have owners. They own you. They own everything. They own all the important land. They own and control the corporations. They've long since bought and paid for the Senate, the Congress, the statehouses, the city halls. They've got the judges in their back pockets. And they own all the big media companies, so that they control just about all of the news and information you hear. They've got you by the balls. They spend billions of dollars every year lobbying lobbying to get what they want. Well, we know what they want; they want more for themselves and less for everybody else."

But I'll tell you what they don't want. They don't want a population of citizens capable of critical thinking. They don't want well-informed, well-educated people capable of critical thinking. They're not interested in that. That doesn't help them. That's against their interests. They don't want people who are smart enough to sit around the kitchen table and figure out how badly they're getting ****** by a system that threw them overboard 30 ******* years ago.

"You know what they want? Obedient workers people who are just smart enough to run the machines and do the paperwork but just dumb enough to passively accept all these increasingly ******** jobs with the lower pay, the longer hours, reduced benefits, the end of overtime and the vanishing pension that disappears the minute you go to collect it. And, now, they're coming for your Social Security. They want your f’ing retirement money. They want it back, so they can give it to their criminal friends on Wall Street. And you know something? They'll get it. They'll get it all, sooner or later, because they own this f’ing place. It's a big club, and you ain't in it. You and I are not in the big club." "This country is finished."
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Every time I hear this it makes more sense.
 
Something that's just occurred to me: this budget disproportionately benefits the lower paid because of the cancelling of the 1.5% National Insurance hike. Poorer people who are not retired get the majority of their income from salary whereas the rich get much of their income from sources other than salary - rents, dividends, share options, etc - which do not benefit from that cancellation.
 
Quartz said:
Something that's just occurred to me: this budget disproportionately benefits the lower paid because of the cancelling of the 1.5% National Insurance hike. Poorer people who are not retired get the majority of their income from salary whereas the rich get much of their income from sources other than salary - rents, dividends, share options, etc - which do not benefit from that cancellation.
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Nice try, but really? It’s 3 grand max ffs
 
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