Liz Truss Resigns [Who'll be the next Prime Minister?]
23-09-2022, 10:54
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#286
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cf.mega poster
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Re: New Prime Minister: Liz Truss
Quote:
Originally Posted by denphone
Strange how that suddenly appears in the last 2 years of the electoral cycle.
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That's always the time they seem to start watering it
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23-09-2022, 10:56
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#287
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Architect of Ideas
Join Date: Dec 2004
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Re: New Prime Minister: Liz Truss
“Politically toxic and economically dubious” - one Conservative MP.
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23-09-2022, 10:59
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#288
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Still alive and fighting
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Re: New Prime Minister: Liz Truss
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.
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“The only lesson you can learn from history is that it repeats itself”
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23-09-2022, 11:04
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#289
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Still alive and fighting
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Re: New Prime Minister: Liz Truss
And the pound is falling. fast.
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“The only lesson you can learn from history is that it repeats itself”
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23-09-2022, 11:06
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#290
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Remoaner
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Re: New Prime Minister: Liz Truss
The pound was already weak. I noticed it the other day trying to buy something in dollars.
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23-09-2022, 11:15
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#291
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cf.addict
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Re: New Prime Minister: Liz Truss
Quote:
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.
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But the rich Will get a 46p tax cut.
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23-09-2022, 11:17
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#292
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Re: New Prime Minister: Liz Truss
Quote:
Originally Posted by denphone
And the pound is falling. fast.
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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
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23-09-2022, 11:20
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#293
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The Dark Satanic Mills
Join Date: Dec 2003
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Re: New Prime Minister: Liz Truss
It's a bonanza.
---------- Post added at 11:20 ---------- Previous post was at 11:20 ----------
Quote:
Originally Posted by noel43
But the rich Will get a 46p tax cut.
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How do you work that out?
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23-09-2022, 11:22
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#294
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Remoaner
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Re: New Prime Minister: Liz Truss
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.
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23-09-2022, 11:31
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#295
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cf.addict
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Re: New Prime Minister: Liz Truss
Quote:
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?
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Because they are abolishing the upper tax bracket for anyone earning more than £150,000.
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23-09-2022, 11:35
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#296
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Re: New Prime Minister: Liz Truss
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.
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23-09-2022, 11:44
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#297
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cf.mega poster
Join Date: Dec 2013
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Re: New Prime Minister: Liz Truss
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"
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23-09-2022, 11:50
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#298
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Re: New Prime Minister: Liz Truss
Quote:
Originally Posted by Damien
The pound was already weak. I noticed it the other day trying to buy something in dollars.
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As Den says, it's even weaker today. The markets think we're over-leveraged.
I thought this concerning!
Quote:
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.
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23-09-2022, 12:09
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#299
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Architect of Ideas
Join Date: Dec 2004
Posts: 10,507
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Re: New Prime Minister: Liz Truss
Quote:
Originally Posted by 1andrew1
As Den says, it's even weaker today. The markets think we're over-leveraged.
I thought this concerning!
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But… but… Gordon Brown…. Gold reserves….
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23-09-2022, 13:00
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#300
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The Dark Satanic Mills
Join Date: Dec 2003
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Re: New Prime Minister: Liz Truss
Quote:
Originally Posted by noel43
Because they are abolishing the upper tax bracket for anyone earning more than £150,000.
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Help me out as I'm not great with numbers, Which is 5%. How does that equate to a 46p tax cut?
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