Liz Truss Resigns [Who'll be the next Prime Minister?]

[daveeb]

Originally Posted by denphone

Strange how that suddenly appears in the last 2 years of the electoral cycle.

That's always the time they seem to start watering it

[jfman]

“Politically toxic and economically dubious” - one Conservative MP.

[denphone]

And they call the Conservatives the party of economic competence.

If any other political party did this they would be crucified by large parts of the media.

[denphone]

And the pound is falling. fast.

The pound was already weak. I noticed it the other day trying to buy something in dollars.

[noel43]

Originally Posted by Damien

No although they'll benefit from the 1% income tax cut if they have a private pension in addition to the state one.

But the rich Will get a 46p tax cut.

[jonbxx]

Originally Posted by denphone

And the pound is falling. fast.

On the other side, gilts yields are going up fast, increasing the cost of borrowing for the government - https://markets.ft.com/data/bonds/te...mmary?s=UK10YG

Yikes

[Pierre]

It's a bonanza.

---------- Post added at 11:20 ---------- Previous post was at 11:20 ----------

Originally Posted by noel43

But the rich Will get a 46p tax cut.

How do you work that out?

I am surprised they didn't rise the 40% threshold. I thought that would be ahead of the dropping of the 45% rate. It would help a lot more people in the middle.

[noel43]

Originally Posted by Pierre

It's a bonanza.

---------- Post added at 11:20 ---------- Previous post was at 11:20 ----------



How do you work that out?

Because they are abolishing the upper tax bracket for anyone earning more than £150,000.

[GrimUpNorth]

So we've tried levelling up which didn't work now we're trying trickle down and all that's happening is the richest are still getting richer. All Liz has shown is whether up or down whatever the Conservatives call it their aim is to increase the wealth of the wealthy at the expense of everyone else.

Anything traded in $'s is going to cost more so any marginal tax break enjoyed by the masses will be swallowed up in the increased cost of living.

[1andrew1]

Guide here. Not sure many of us will need more than the first few lines.



Source: https://www.ft.com/content/3a0c52cd-...c-01fe7cd4e89e
"Kwasi Kwarteng scraps top rate of income tax in £45bn package of cuts"

[1andrew1]

Originally Posted by Damien

The pound was already weak. I noticed it the other day trying to buy something in dollars.

As Den says, it's even weaker today. The markets think we're over-leveraged.

I thought this concerning!

The additional [£72bn] borrowing is far more expensive for the government than previously, with the two-year cost of borrowing rising to 3.9 per cent from 0.4 per cent a year ago.

[jfman]

Originally Posted by 1andrew1

As Den says, it's even weaker today. The markets think we're over-leveraged.

I thought this concerning!

But… but… Gordon Brown…. Gold reserves….

[Pierre]

Originally Posted by noel43

Because they are abolishing the upper tax bracket for anyone earning more than £150,000.

Help me out as I'm not great with numbers, Which is 5%. How does that equate to a 46p tax cut?