2022 mini-budget discussion

Rids · 26 Sep 2022 at 08:01

I have always shied away from voting Labour as I didn't trust their economics, instead we've ended up with a Tory mini-budget that on the face it looks absolutely bat-**** mental. Massively higher borrowing and tax cuts... I've tried spending my way out of debt before, didn't go to well for me.

On the face of it I should be a 'winner' from this mini-budget, but given we're heading towards parity with the dollar I'm really not sure if anybody wins.

Goodie · 26 Sep 2022 at 08:02

mid_gen said:
Come on Tory supporters, tell me how this is good for the country. It's either deliberate vandalism, or I'm a better economist than our chancellor.

Come on @n111ck, your input is actually wanted for once.

Stretch · 26 Sep 2022 at 08:04

Rids said:
I have always shied away from voting Labour as I didn't trust their economics, instead we've ended up with a Tory mini-budget that on the face it looks absolutely bat-**** mental. Massively higher borrowing and tax cuts... I've tried spending my way out of debt before, didn't go to well for me.

On the face of it I should be a 'winner' from this mini-budget, but given we're heading towards parity with the dollar I'm really not sure if anybody wins.

I’ve not spoken to anyone who should have benefitted from the budget who doesn’t feel the same.

Freakbro · 26 Sep 2022 at 08:05

Chris Wilson said:
Well, I did say here on OC be careful what you wish for, when the lynch mob were in full on baying mode for Boris' head.

That's just because you're really an anti-democratic remainer, trying to thwart the will o' the people of their Brexity glory. Now we have it in full and can bask in its glory :cry:

413x · 26 Sep 2022 at 08:05

Rids said:
I have always shied away from voting Labour as I didn't trust their economics, instead we've ended up with a Tory mini-budget that on the face it looks absolutely bat-**** mental. Massively higher borrowing and tax cuts... I've tried spending my way out of debt before, didn't go to well for me.

On the face of it I should be a 'winner' from this mini-budget, but given we're heading towards parity with the dollar I'm really not sure if anybody wins.

This is it isn't it really.
Even if you get a little back in tax its going to be swallowed up in increased interest rates and and currency devaluation.

Here's 1000 pounds.
Oh but your mortgage, next holiday and anything you buy imported is 5000 more.

JamesH85 · 26 Sep 2022 at 08:07

Seems like the pound has settled somewhere in the 1.06 region for now..........

Uther · 26 Sep 2022 at 08:09

JamesH85 said:
Seems like the pound has settled somewhere in the 1.06 region for now..........

Oh that's alright then, disaster averted. Kwasi was right all along!
Errm...

JamesH85 · 26 Sep 2022 at 08:09

Uther said:
Oh that's alright then, disaster averted. Kwasi was right all along!
Errm...

Grim isn't it. What a disaster.

omnomnom · 26 Sep 2022 at 08:10

JamesH85 said:
Seems like the pound has settled somewhere in the 1.06 region for now..........

Pretty good result for the chancellors mates who've made a fortune.

VincentHanna · 26 Sep 2022 at 08:10

JamesH85 said:
Seems like the pound has settled somewhere in the 1.06 region for now..........

European markets have only been open 9 minutes.

Freakbro · 26 Sep 2022 at 08:10

Goodie said:
Come on @n111ck, your input is actually wanted for once.

Just read the Telegraph, it tells n111ck what to think on a daily basis

omnomnom · 26 Sep 2022 at 08:10

JamesH85 said:
Grim isn't it. What a disaster.

It should be a criminal act. Its a deliberate act to crash the economy.

JamesH85 · 26 Sep 2022 at 08:11

omnomnom said:
It should be a criminal act. Its a deliberate act to crash the economy.

And feed their mates millions.

Jono8 · 26 Sep 2022 at 08:11

Imagine being proud of ever having voted for brexit and these Tory morons.

You have wrecked the British economy. I hope all of you who voted for them and brexit feel immense amounts of shame.

200sols · 26 Sep 2022 at 08:11

Uther said:
Surely the BoE has to act quickly here...
Painful times ahead for a lot of people.

Emergency rate hike stinks of panic, they wont do it IMO.

Also gilts up again, leading the way.

U.K. 10Y	4.1420	+0.3130	+8.17%
U.K. 5Y	4.0765	+0.0155	+0.38%
U.K. 2Y	4.2560	+0.2630	+6.59%
Germany 10Y	2.1045	+0.0695	+3.42%
U.S. 10Y	3.793	+0.096	+2.59%
U.S. 5Y	4.1149	+0.1310	+3.29%
U.S. 2Y	4.3342	+0.1200	+2.85%

Really though, I kind of hope the ££ doesn't stabilise because that will just greenlight them to continue with this.

mid_gen · 26 Sep 2022 at 08:11

JamesH85 said:
Seems like the pound has settled somewhere in the 1.06 region for now..........

The BoE has a window this morning to re-assure markets.

Priced in 1.5% rise by end of the month now.

doodah · 26 Sep 2022 at 08:13

Educational treaties, that's a recent Brexit dividend/reason I was told of.

Freakbro · 26 Sep 2022 at 08:13

200sols said:
Emergency rate hike stinks of panic, they wont do it IMO.

That was my thought tbh, any emergency rate hike now will be viewed as panic and probably make the situation worse.

adidan · 26 Sep 2022 at 08:13

Chris Wilson said:
Well, I did say here on OC be careful what you wish for, when the lynch mob were in full on baying mode for Boris' head.

Even I have to laugh at just how soon after his totally unjustified ousting by the conservative party Left leaning folk on the Internet are wishing for his return

They're all part of the same Party that's been in power for twelve years. I wish none of them there.

Hell, even if I disagreed with the ideology of some Tories in years gone by at least I could count a few of them having some sense of ability and decency. I've seen none of that in over a decade.

Doggie2k · 26 Sep 2022 at 08:14

This is nothing but pure economic vandalism, the next inflation report will be through the roof!!!