Chancellor delivers plan for stability, growth and public services

[tweetiepooh]

Why don't they reintroduce the tax on winnings on gambling? Not the odd scheme where you chose to pay on stake or winnings but something simple like 10% on any single win over £1,000,000. (Take into account prizes split over years on a single stake.)
You could make the threshold higher if you think a million is too small. A few 10%'s of some of those big Euro wins would bring in quite a bit, not huge but every little helps and getting £144 million instead of £160 really won't hurt that much.
The change in capital gains is likely to hurt me a bit.

[1andrew1]

Originally Posted by Paul

Taking incomes down to 2013 levels ?
Dont really understand what that means ?
My income will still be higher than 9 years ago.
[ My expenditure will be higher though ]

Someone raised a similar point at a Sky News Q&A.

Can you explain how the 7% fall in disposable income talked about is made up?

Ian King, business presenter:

In a word, inflation. Rising prices.

As the OBR put it: "On a fiscal year basis, Real Household Disposable Income per person (a measure of living standards) falls by 4.3% in 2022-23, which would be the largest since ONS records began in 1956-57.

"That is followed by the second largest fall in 2023-24 at 2.8%."

[nomadking]

Originally Posted by 1andrew1

Someone raised a similar point at a Sky News Q&A.

How come there wasn't a bigger fall in the late 1970s, when inflation was twice the current level, and wage increases were very restricted?

[TheDaddy]

Originally Posted by nomadking

How come there wasn't a bigger fall in the late 1970s, when inflation was twice the current level, and wage increases were very restricted?

Probably because rent/ mortgages and utility bills weren't so high, unless you're going to say wage increases have kept pace with those increases

Originally Posted by Kursk

You’re not married to that shouty bloke who hangs out in Westminster are you Maggy? Down with everything!

Nope!It's all my opinion.

[nomadking]

Originally Posted by TheDaddy

Probably because rent/ mortgages and utility bills weren't so high, unless you're going to say wage increases have kept pace with those increases

Inflation is inflation, doesn't matter what it's made up of.
Link

Wilson, and Callaghan, who succeeded him as Prime Minister after Wilson resigned for health reasons in 1976, continued to fight inflation, which peaked at 26.9 per cent in the 12 months to August 1975.

...
Phase I of the pay policy was announced on 11 July 1975 with a white paper entitled The Attack on Inflation. This proposed a limit on wage rises of £6 per week for all earning below £8,500 annually. The TUC General Council had accepted these proposals by 19 votes to 13. On 5 May 1976 the TUC accepted a new policy for 1976 increases, beginning 1 August, of between £2.50 and £4 per week with further years outlined.

It all sounds like meaningless numeric trickery to me.

Either way, I dont get why its being portrayed as the end of the world.

My "living standards" in 2013 were not exactly poor/bad.

[Julian]

Originally Posted by Paul

It all sounds like meaningless numeric trickery to me.

Either way, I dont get why its being portrayed as the end of the world.

My "living standards" in 2013 were not exactly poor/bad.

Their output is assumptions based on assumptions.

Completely meaningless stuff produced by think tanks which are repeatedly wrong.

Hunt chose to quote them as he cherry picked some "forecasts" which suited his agenda.

bbc, guanriad, mail, express and the rest of the discredited media choose other assumptions that suit their agenda.

Originally Posted by Kursk

There have been stormy waters to navigate. Seasoned crew bring experience to the helm .

the seasoned crew who got us into this mess?

OK, then…

[1andrew1]

Originally Posted by nomadking

Inflation is inflation, doesn't matter what it's made up of.
Link

If essentials go up like food and electricity, it has more of an impact on disposable income than things like foreign holidays and diamonds, for example.

[denphone]

Originally Posted by Hugh

the seasoned crew who got us into this mess?

OK, then…

Is that the seasoned crew that went headlong into the iceberg on the horizon.

[nomadking]

Originally Posted by 1andrew1

If essentials go up like food and electricity, it has more of an impact on disposable income than things like foreign holidays and diamonds, for example.

So when have the price of diamonds ever figured in inflation figures? How would inflation rates in double figures for several years in tne 1970s, NOT led to a drop in living standards?

[Kursk]

Originally Posted by Maggy

One big huge raspberry to this reorganised shower of a crappy government.

Originally Posted by Maggy

Nope!It's all my opinion.

Not your most insightful or articulate opinion then but if you feel better for it, well, go you!

Originally Posted by Hugh

the seasoned crew who got us into this mess?

OK, then…

The stormy waters got us into this mess.

Originally Posted by denphone

Is that the seasoned crew that went headlong into the iceberg on the horizon.

See post #28. Sigh.

Originally Posted by Kursk

Not your most insightful or articulate opinion then but if you feel better for it, well, go you!


The stormy waters got us into this mess.



See post #28. Sigh.

Nothing to do with Liz Truss, then?

A "seasoned crew" would have seen the stormy waters, and charted a course to avoid the worst of the problems, not headed directly into the storm whilst burning all the lifeboats and telling the passengers they would explain why they burnt the lifeboats after they had passed through the storm, and ignoring the warnings from the Coastguards…

[jfman]

Originally Posted by Paul

It all sounds like meaningless numeric trickery to me.

Either way, I dont get why its being portrayed as the end of the world.

My "living standards" in 2013 were not exactly poor/bad.

There's nothing in and of itself wrong with 2013. It's the underlying factors driving us to there and the likelihood of driving us beyond.

Fundamentally the Ponzi scheme that is western capitalism is running out of steam. Privatisation brought future profits into the past and consumers today are paying the cost. Increasing borrowing thresholds for mortgages has similarly brought money from the future into present, just as it has pushed it from the present into the past. The concept is of course not new, but the amounts are at four and five times the average salary.

These all come at a cost that reduces the amount of discretionary expenditure that people have in the present and the future.

The radical solution is to disassociate the costs of people's basic needs - home, energy, basic food and clothing - from the wider economy. However we've been doped up to our eyeballs in the current system that understandably there would be bitterness from those nearing the top of the pyramid who have paid in for so long.

However not addressing the underlying problem causes exorbitant expenditure papering over the cracks - like Universal Credit propping up poverty wages.