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

[1andrew1]

Originally Posted by Damien

To be fair banker bonuses weren't the cause of the crash and the majority of legislation that was put in to combat the causes remains.

I think you're right but I fear Truss's and Kwarteng's natural instincts are geared more around instinct and less on the boring but necessary due diligence.

However, this may all be academic if Truss decides she needs to focus a bit on her popularity.

Originally Posted by Damien

To be fair banker bonuses weren't the cause of the crash and the majority of legislation that was put in to combat the causes remains.

But, they were a symptom of the mind-sets prevalent at the time.

As I posted a couple of times in 2011 in a previous thread

Originally Posted by Hugh

The problem was they decoupled risk and reward - if they got it right, they got huge bonuses; if they got it wrong, they didn't lose anything (except, occasionally, their jobs).

As someone who worked as Head of Technology for a £3 billion a year t/o Financial Services Company (2003-2007), then as a Contract Programme Manager for Barclay Capital for a year, the things I saw and heard that were seen as "normal practice" were very scary - "excess was success"…

[jfman]

While I'm sure it was a populist measure - and I deed a deflection from structural failings - it's a legitimate question of when skill or ability ends and chance begins.

If they aren't willing to pay a banker with their own money, but are quite content to pay many multiples the amount they settled on after successful gambling with yours it certainly calls into question the basics of hard work the Conservatives tell us about just "getting a better job".

It may well be routine and expected but that merely underlines how toxic the industry is.

Originally Posted by jfman

While I'm sure it was a populist measure - and I deed a deflection from structural failings - it's a legitimate question of when skill or ability ends and chance begins.

If they aren't willing to pay a banker with their own money, but are quite content to pay many multiples the amount they settled on after successful gambling with yours it certainly calls into question the basics of hard work the Conservatives tell us about just "getting a better job".

It may well be routine and expected but that merely underlines how toxic the industry is.

Interestingly, a few years ago, EY (one of the big 4 Accounting companies) moved away from large bonuses as part of the compensation packages (for Equity Partners, anyway) - they moved what used to be the bonus and made it part of the annual salary ongoing.

[1andrew1]

This is the kind of spending that should increase UK productivity.

But how does this sit with the current unfunded tax cuts and high debt levels? Something else for the OBR to factor in?

Liz Truss pledges to reverse big cuts to key rail scheme in northern England

UK prime minister said Northern Powerhouse Rail would be built in full between Liverpool and Hull via Bradford

Liz Truss has pledged to reverse the decision to dramatically scale back the government’s flagship rail scheme in the north of England.

The prime minister said on Monday she would commit to a new high speed line spanning the entire width of northern England between Liverpool and Hull. This would include a stop in Bradford, a city with some of the worst public transport connections in the UK, which was controversially axed by the Boris Johnson government as part of a cost-saving drive almost a year ago.

Truss said the long-promised project, known as Northern Powerhouse Rail, would see a “full new line” built from Liverpool to Hull via Bradford. “I’m very clear about that,” she told ITV.

The Johnson administration was heavily criticised by local politicians and business leaders for cutting back NPR and parts of the HS2 high-speed project between London and the north to save money when it announced a £96bn investment known as the Integrated Rail Plan in November last year.

http://12ft.io/proxy?q=https://www.f...5-a5a37bd22c48

[OLD BOY]

Originally Posted by jfman

Here's a thought OB, rather than speculate on the income, wealth or otherwise of forum members why don't you accept that your understanding of economics is bordering on illiterate?

In no way shape or form does the so called growth plan deliver growth, against any independent barometer.

It's an attack on the working people of this great nation, which explains why you salivate over the prospect of it more than those well known lefties Michael Gove, Rishi Sunak and Grant Shapps.

The good news is at £65bn the Bank of England bailout eclipse Brown's (well intentioned) losses on gold. So you can retire that old trope, old boy.

Well, jfman, let me put something to you. Rather than attack the Truss approach as something that won’t work before you’ve actually seen what it is, based on your hatred of all things Conservative, why don’t you pause the bile until you’ve actually seen the plan, which will be accompanied by the OBR report?

Working people benefit considerably from this package of measures, a little matter that you ignore. You also ignore the simple fact that the additional rate of tax does not raise a significant amount of money and is therefore no more than a punitive tax on the people you hate.

[Sephiroth]

Truss has proved herself so far to be a total amateur. Here instincts were entirely wrong. To benefit people, you move the tax thresholds, not select the rich group to get an extra £2,500.

Next failure, please?

[1andrew1]

Originally Posted by Sephiroth

Truss has proved herself so far to be a total amateur. Here instincts were entirely wrong. To benefit people, you move the tax thresholds, not select the rich group to get an extra £2,500.

Next failure, please?

Ironically, solving the Brexit question once and for all was meant to end the divisions in the Conservative Party. In fact, it's resulted in talent being sidelined and the rest being even more divided.

[Dave42]

Originally Posted by OLD BOY

Well, jfman, let me put something to you. Rather than attack the Truss approach as something that won’t work before you’ve actually seen what it is, based on your hatred of all things Conservative, why don’t you pause the bile until you’ve actually seen the plan, which will be accompanied by the OBR report?

Working people benefit considerably from this package of measures, a little matter that you ignore. You also ignore the simple fact that the additional rate of tax does not raise a significant amount of money and is therefore no more than a punitive tax on the people you hate.

OB we have all seen what her plan was give big tax cuts to top 1% and bigger bonuses to bankers and try trickle down economics which does not work all though they did u turn on the 45% tax cut because of a tory revolt

as London school of economics study proved a study of over 50 years on giving more money to top 1% does not work as i posted in a earlier post on here

[1andrew1]

Originally Posted by OLD BOY

(Friday) Truss has not let me down. She will shake things up and show she is not going to be pushed around by anyone.

Do you still feel this way about her?

(Monday) Truss forced into U-turn on tax after week of market turmoil

https://www.reuters.com/world/uk/uks...rn-2022-10-03/

[jfman]

Originally Posted by OLD BOY

Well, jfman, let me put something to you. Rather than attack the Truss approach as something that won’t work before you’ve actually seen what it is, based on your hatred of all things Conservative, why don’t you pause the bile until you’ve actually seen the plan, which will be accompanied by the OBR report?

Working people benefit considerably from this package of measures, a little matter that you ignore. You also ignore the simple fact that the additional rate of tax does not raise a significant amount of money and is therefore no more than a punitive tax on the people you hate.

Bile and hate, do you actually proof read your posts to ensure they aren't emotional drivel?

Working people do not benefit from the weakening pound, or higher mortgate rates, that accompany this "plan". Future generations don't benefit from an ever greater amount of their taxes raised being used to pay interest on debt from unfunded (and unnecessary) expenditure today. Safe to say I'll continue to criticise economic plans that don't work, and continue to believe that higher earners should pay a higher proportion of their earnings in tax than lower earners to fund better public services. This is a coherent and legitimate position to hold in a democracy, OB.

[Sephiroth]

Originally Posted by OLD BOY

Well, jfman, let me put something to you. Rather than attack the Truss approach as something that won’t work before you’ve actually seen what it is, based on your hatred of all things Conservative, why don’t you pause the bile until you’ve actually seen the plan, which will be accompanied by the OBR report?

Working people benefit considerably from this package of measures, a little matter that you ignore. You also ignore the simple fact that the additional rate of tax does not raise a significant amount of money and is therefore no more than a punitive tax on the people you hate.

If I've understood you correctly, you are referring to the 45% tax rate.

The 45% rate thing, stood out as a gift of £2,500 to well-off workers. Now that the Chancellor has dropped this ridiculous proposal, he hasn't squared the circle because he hasn't raised the tax thresholds which really would have benefited everyone.

[1andrew1]

Originally Posted by Sephiroth

If I've understood you correctly, you are referring to the 45% tax rate.

The 45% rate thing, stood out as a gift of £2,500 to well-off workers. Now that the Chancellor has dropped this ridiculous proposal, he hasn't squared the circle because he hasn't raised the tax thresholds which really would have benefited everyone.

Old Boy is somewhat vague but I assume when he says "Working people benefit considerably from this package of measures" he's referring to the reduction in basic rate tax and removal of the NI increase.

Today is another hits show with different stories from Truss and her Minister on whether benefits will be increased in line with inflation

Benefits should rise with inflation, says Penny Mordaunt - taking very different line to PM

Benefits should rise with inflation, Commons leader Penny Mordaunt has said.

In an interview with Times Radio, the cabinet minister said she had "always supported" keeping pace with inflation and it "makes sense to do so".

"We want to make sure that people are looked after and that people can pay their bills," she said.

"We are not about trying to help people with one hand and take away with another."

This appears to be a very different line to that taken by Liz Truss and Brandon Lewis - see two posts below - amid speculation a Tory row is brewing on this issue.

https://news.sky.com/story/politics-...truss-12593360

[jfman]

Originally Posted by 1andrew1

Today is another hits show with different stories from Truss and her Minister on whether benefits will be increased in line with inflation


https://news.sky.com/story/politics-...truss-12593360

She’s toast. Her legitimacy is at or near zero if cabinet ministers are openly going out and undermining collective responsibility.

[denphone]

Originally Posted by jfman

She’s toast. Her legitimacy is at or near zero if cabinet ministers are openly going out and undermining collective responsibility.

Those YouGov polls on Truss and the chancellor the other day were extremely damning.