Labour And The Mini-Budget

[Paigntonian]

Labour Shadow Chancellor Rachel Reeves says Kwarteng's statement is a repudiation of 12 years of Tory government. Labour should welcome it then, as they have slammed the Tories' economic policies for all of that time.

[Deskdiary]

^^^blimey, that’s insightful.

[tomus42]

Stock market down, value of the pound down. Great for people that that care about neither if those I guess.

[THECORBYLOON]

Why is the Government not allowing the independent OBR (Office for Budget Responsibility) to release its forecasts of the effects of this, "fiscal event"?

If it were to confirm the Government's belief the economy will improve, would that not have a positive impact upon the stock market?

What is the Government afraid of revealing?

[Gromit]

Doesn't really matter what Gromit thinks.

The markets are betting against sterling. The pound has sunk to a 37 year low based on this news.

[FatticusInch]

New Judge
//There’s a world of difference between doing something and doing the right thing.//

/On the basis that you must believe this to be the wrong thing, what, then, would you consider to be the "right thing"?/

Windfall tax on obscene energy company profits in austerity. Even Tories know this budget is wrong, that’s why so many are against it.
The wrong people are benefiting from it at precisely the wrong time, the party organising one last payday for the top 1% before they’re removed.
But as I’ve said, it’ll only be for 18 months, then the Tories will be gone.
Then it’ll be left to Labour to have to sort it all out. 12 years of fiscal mismanagement have led to this. It’ll take a generation to sort it out.

[JimF]

You can't honestly believe that Labour are going to win the next election? They are all, without exception, totally useless, their leader the worst of them. Until/unless Enlandstan finds a party with a leader with sufficient personality to win a general election, Labour are a spent force. You must know that.

[Gromit]

Labour aren’t much good. But the present Tories are worse. It may not be that Labour wins, but rather the Tories lose. A lot of people are hoping for better. It feels like one of those ‘time for a change’ moments, when people are fed up of their lives getting worse, not better, and will vote accordingly.
I wish Labour would ditch Starmer, he is very cardboard.

[emmie]

there is no one else Gromit, they are pretty much the same.

[Gromit]

I like to think Everyone are better than this current shambles. I agree no one is saying Labour, or the LibDems or SNP are better, but they are different and a change. Nearly everyone is fed up of the Tories, which is remarkable in such a short time. Johnson got Brexit done (supposedly) so there isn’t much reason, on present form, to vote for them again.

[emmie]

i think they will elect the Tories next GE, its over 18 months away and a lot can happen in that time. I honestly can't see Labour winning with SKS in charge.

[Gromit]

Sometimes elections are lost, and someone wins by default. The Conservatives are doing a very bad job of looking like winning.

[emmie]

i don't believe they are, but it's too early for a GE.

[FatticusInch]

emmie
//i think they will elect the Tories next GE, its over 18 months away and a lot can happen in that time. I honestly can't see Labour winning with SKS in charge.//

But as I keep asking when people say ‘cannot be trusted’ etc…..in contrast to what?
The bastions of truth and honesty we’ve had especially in the last 30 months?
Hardly setting the world alight are they?
Tell me what it is that will be so bad about a change of government over the present shower of incompetence?

[Gromit]

Emmie,
The polls next week will give an indication of how this is playing with the public.
The Conservatives are currently mid-term and unpopular. Do you expect the Tory approval rating to bounce back after this?

[ToraToraTora]

What most fail to understand is that this is not a tax cutting budget it's a tax repositioning budget. All they have done is give people more of their own money to spend on what they choose to pay indirect tax on when they spend it. In the end the treasury gets more tax receipts. The left love direct taxation because it is mostly paid by the poor and they like to keep people poor.

[FatticusInch]

JimF
//You can't honestly believe that Labour are going to win the next election? They are all, without exception, totally useless, their leader the worst of them. Until/unless Enlandstan finds a party with a leader with sufficient personality to win a general election, Labour are a spent force. You must know that.//

I don’t really care who wins as long as it’s not the Tories.
But again, his personality aside, do tell me what is so bad about Labour?
I didn’t realise a personality was a requirement because atm I’ll take honesty, competence and a willingness to look after all in society in these austere times, not just the top 1% whilst costing up to the fat cats.
What exactly is it that Labour can get do wrong in comparison to the last 12 years but especially the last 3?

[ToraToraTora]

....now, lets talk about the "windfall tax" that the lefties keep going on about shall we. Ah same thing, what happens to the money the government does not steal? 1) investment, more research more jobs, those people pay tax, so the government gets it anyway. 2) dividends get paid, what happens to that money? People spend it and pay tax, yippee more in the treasury. The left are obsessed by direct taxation but it raises only a small percentage of the country's income and is primarily a political entity.

[ToraToraTora]

gromit: "The Conservatives are currently mid-term and unpopular. Do you expect the Tory approval rating to bounce back after this? " - not instantly after this alone but in time, as usual, to wipe the floor with Labour at the next election. The wager us still available for anyone with the guts to back their own opinion.

[davebro]

//I don’t really care who wins as long as it’s not the Tories.//

What about Blackford as PM in a coalition government?

[FatticusInch]

ToraToraTora
//What most fail to understand is that this is not a tax cutting budget it's a tax repositioning budget. All they have done is give people more of their own money to spend on what they choose to pay indirect tax on when they spend it. In the end the treasury gets more tax receipts. The left love direct taxation because it is mostly paid by the poor and they like to keep people poor.//

PMSL, is that why wages in real terms are at their lowest for years?
The markets and the record drop in the pound show just how confident the rest of the world is in the Tory plan to borrow our way out.
Looks like Sunak was right about Truss’s plans all along, even though he had a part in the present fiasco.

https://www.bloomberg.com/news/articles/2022-09-23/liz-truss-s-historic-gamble-with-the-uk-economy-is-already-unraveling?leadSource=uverify%20wall

/Liz Truss’s plan for growth, melding the biggest tax giveaway in half a century with Thatcherite deregulation, is a straight-up gamble with Britain’s future, and even before her chancellor of the exchequer had finished delivering it on Friday the bet was starting to sour.

The market’s verdict on the £220 billion policy blitz set out by Kwasi Kwarteng was swift and devastating. Sterling crashed below $1.11 for the first time since 1985./