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

[nomadking]

Originally Posted by Pierre

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

It's not even 5%, as it's 5% of earnings above £150,000, not the whole £150,000. The greater the earnings are above £150,000, the nearer the reduction gets to 5%. Eg £15m income gets a 4.95% reduction, but a £160,000 income has a 0.3125% reduction.

[1andrew1]

Originally Posted by Pierre

Help me out as I'm not great with numbers

Is that you, Kwasi?

[noel43]

Originally Posted by nomadking

It's not even 5%, as it's 5% of earnings above £150,000, not the whole £150,000. The greater the earnings are above £150,000, the nearer the reduction gets to 5%. Eg £15m income gets a 4.95% reduction, but a £160,000 income has a 0.3125% reduction.

Miscalculation on my part. thought was getting rid of upper tax bracket completely

[nomadking]

Originally Posted by noel43

Miscalculation on my part. thought was getting rid of upper tax bracket completely

They will be paying 40% instead of 45% on income above £150,000.

The NI rise was never popular, so I doubt anyone will complain about it going away.
The 1% cut was already planned for 2024, all this has done is bring it forward to April 2023.
The removal of the 45% band is, however, perplexing, it helps no one who needs it, and those who will "benefit" will likely not even notice.

[Mr K]

Originally Posted by Paul

The NI rise was never popular, so I doubt anyone will complain about it going away.
The 1% cut was already planned for 2024, all this has done is bring it forward to April 2023.
The removal of the 45% band is, however, perplexing, it helps no one who needs it, and those who will "benefit" will likely not even notice.

Those on an NHS waiting list or needing ongoing care might notice the NI cut.

The 1% cut in income tax, and top rate cut we can't afford. All borrowing and making the next generation pay, again and stuffing the pockets of themselves and mates.

Increased riches for bankers at the expense of the NHS.
Why can't the greedy (b)ankers settle for a clap, like the nurses have to?

[1andrew1]

Like many observers, the mini budget strikes me as being a bit financially reckless. But two things I'm pleased about are altering planning permission for the cheapest form of energy - onshore wind turbines - and the re-introduction of VAT refunds for overseas retail customers.

We had all better hope this works. If it doesn't we'll have huge debt and an economy in recession, it will be a disaster and we'll have spent billions on a failed solution with a weak pound and very high borrowing costs. It would be the worst economic situation we've seen in decades?

Those who think it'll just be a matter of getting the Tories out will be wrong as well because in the event that happens then Labour will need to hike taxes without the ability to spend much.

[1andrew1]

Originally Posted by Damien

We had all better hope this works. If it doesn't we'll have huge debt and an economy in recession, it will be a disaster and we'll have spent billions on a failed solution with a weak pound and very high borrowing costs. It would be the worst economic situation we've seen in decades?

Those who think it'll just be a matter of getting the Tories out will be wrong as well because in the event that happens then Labour will need to hike taxes without the ability to spend much.

I guess if you're a new government in 2024/5 then there may still be an opportunity to introduce an energy providers' windfall tax, raise taxes on the higher paid and up corporation tax. But that won't make much of an impact on the debt mountain.

[Mr K]

As of tonight a dollar very nearly equals a pound. The UKs value is plummeting .

[OLD BOY]

Originally Posted by Mr K

So the NHS and social care, which is what it was intended for, can go swing.

False economy folks paid for by borrowing, to be paid back by us all with interest later. Bleeding socialists.

Nope. It just gets paid in a different way. Keep up, Mr K!

---------- Post added at 01:45 ---------- Previous post was at 01:42 ----------

Originally Posted by denphone

And the pound is falling. fast.

You do realise that a weak pound helps exports!

---------- Post added at 01:48 ---------- Previous post was at 01:45 ----------

Originally Posted by daveeb

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

Why is it strange? The lefties forced our last PM out of office, and you now have a new PM with a different plan.

Sooner or later, Starmer will realise his mistake

---------- Post added at 01:51 ---------- Previous post was at 01:48 ----------

Originally Posted by noel43

But the rich Will get a 46p tax cut.

Are you more concerned about the benefit to the rich than the positive impact this will have for the economy?

Don’t bother responding. I know the answer I will get from you !

---------- Post added at 01:55 ---------- Previous post was at 01:51 ----------

Originally Posted by 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.

The poor will always be poor. I don’t know why you are surprised by this.

If you can’t be arsed to get a decent job, why should hard working people have to pay for you? It’s our money they are stealing because they can’t be bothered. Go figure.

[jfman]

Originally Posted by OLD BOY

Nope. It just gets paid in a different way. Keep up, Mr K!

---------- Post added at 01:45 ---------- Previous post was at 01:42 ----------



You do realise that a weak pound helps exports!

---------- Post added at 01:48 ---------- Previous post was at 01:45 ----------



Why is it strange? The lefties forced our last PM out of office, and you now have a new PM with a different plan.

Sooner or later, Starmer will realise his mistake

---------- Post added at 01:51 ---------- Previous post was at 01:48 ----------



Are you more concerned about the benefit to the rich than the positive impact this will have for the economy?

Don’t bother responding. I know the answer I will get from you !

---------- Post added at 01:55 ---------- Previous post was at 01:51 ----------



The poor will always be poor. I don’t know why you are surprised by this.

If you can’t be arsed to get a decent job, why should hard working people have to pay for you? It’s our money they are stealing because they can’t be bothered. Go figure.

Positive impact on the economy.

Interesting, but unsurprising, your loathing of the poor has you in the gutter describing them as stealing as opposed to condemning employers who pay poverty wages that need supported by “in work benefits”.

Contemptible.

“The poor will always be poor” should be on the front page of the next Conservative manifesto.

Originally Posted by OLD BOY

Why is it strange? The lefties forced our last PM out of office, and you now have a new PM with a different plan..

These "lefties"?

Resignations from Johnson’s Government

Cabinet
Chancellor Rishi Sunak
Health Secretary Sajid Javid
Welsh Secretary Simon Hart
Northern Ireland Secretary Brandon Lewis
Education Secretary Michelle Donelan

Ministers
Will Quince, education minister
Alex Chalk, solicitor general
Robin Walker, education minister
John Glen, Treasury minister
Victoria Atkins, justice minister
Jo Churchill, environment minister
Stuart Andrew, housing minister
Kemi Badenoch, levelling up minister
Neil O'Brien, levelling up minister
Alex Burghart, education minister
Lee Rowley, business minister
Julia Lopez, culture minister
Mims Davies, work and pensions minister
Rachel Maclean, Home Office minister
Mike Freer, equalities minister
Edward Argar, health minister
Helen Whately, treasury minister
Damian Hinds, security minister
George Freeman, science minister
Guy Opperman, pensions minister
Chris Philp, technology minister
James Cartlidge, courts minister
Caroline Johnson, Conservative Party vice-chair
Luke Hall, deputy chair of the Conservative Party
Rebecca Pow, environment minister

Parliamentary private secretaries
Jonathan Gullis, Northern Ireland Office
Saqib Bhatti, Department of Health and Social Care
Nicola Richards, Department of Transport
Virginia Crosbie, Welsh Office
Laura Trott, Department of Transport
Felicity Buchan, Department of Business, Energy and Industrial Strategy
Selaine Saxby, Treasury
Claire Coutinho, Treasury
David Johnston, Department for Education
Duncan Baker, Department for Levelling Up
Craig Williams, Treasury
Mark Logan, Northern Ireland Office
Sara Britcliffe, Department for Education
Ruth Edwards, Scottish Office
Peter Gibson, Department for International Trade
James Sunderland, Department for Environment, Food and Rural Affairs
Jacob Young, Department for Levelling Up
Mark Fletcher, Department of Business, Energy and Industrial Strategy
James Daly, Department for Work and Pensions
Danny Kruger, Department for Levelling Up
Dr James Davies, Department of Health and Social Care
Gareth Davies, Department of Health and Social Care
Rob Butler, Foreign, Commonwealth and Development Office

Others
Bim Afolami, vice-chairman of the Conservative Party for youth
Andrew Murrison, trade envoy to Morocco
Theodora Clarke, trade envoy to Kenya
David Duguid, trade envoy to Angola and Zambia
David Mundell, trade envoy for New Zealand
Richard Graham, trade envoy for South East Asia

---------- Post added at 08:43 ---------- Previous post was at 08:41 ----------

Originally Posted by OLD BOY

The poor will always be poor. I don’t know why you are surprised by this.

If you can’t be arsed to get a decent job, why should hard working people have to pay for you? It’s our money they are stealing because they can’t be bothered. Go figure.

What salary level do you think a "decent job" has, so they don’t have to "steal our money"?

[Pierre]

Originally Posted by Damien

We had all better hope this works. If it doesn't we'll have huge debt and an economy in recession, it will be a disaster and we'll have spent billions on a failed solution with a weak pound and very high borrowing costs. It would be the worst economic situation we've seen in decades?

Those who think it'll just be a matter of getting the Tories out will be wrong as well because in the event that happens then Labour will need to hike taxes without the ability to spend much.

Whatever you do, don’t panic, or over react!

[Sephiroth]

To me, it's very simple.

The Guvmin's gone shit or bust with its (rather lame) measures. They didn't move the tax threshold between 20% and 40%.

The UK is already shit (as in broken) and well bust. So something unconventional like this might work whereas doing nothing or doing it Sunak's way doubles down on shit and bust.

Now, will the NHS improve? Not quickly and Coffey is difficult to pin down, which is what I hate about them.

And yesterday as Kwarteng was spouting, the same heads as before were busy nodding. Oh despair.