It Takes A Labour Chancellor To Really Crash The Economy......

[ToraToraTora]

https://www.express.co.uk/news/politics/1967786/rachel-reeves-liz-truss-budget

 

[youngmafbog]

You aint seen nothing yet.

The other big difference is Truss' was engineered to bring her down so the "crash" was a bounce as Traders cashed in. It recovered.

The damage Thieves is about to inflict on the Country is likely to damage it beyond repair.  A significant number of high wealth people have already left, i/e/ those who pay a significant proportion of the Net tax bill.  Someone will have to pick up the tab.

This is what happens though if you let 6th Form politics rule the roost.

[nicebloke1]

Can you point me in the right direction of a list of ALL the wealthy people that have already left. Youngmafbog

[curlyfries81]

I dread to think what's coming.

[nicebloke1]

The Germans are coming to invest.

[New Judge]

Indeed.

Ms Truss never actually did anything. She only said what she planned to do. She was brought down by the City spivs who saw the opportunity for a quick buck.

As the article says, 10 year gilts are now trading at a higher level than he brief period after the Truss tenure. Much of the budget has been railed and so its likelt effects already baked in. But there will still be one or two stings in the tail. On top of that, as soon as it is realised that the proposed tax/NI increases do not raise the revenue they were expected to (they never do but Labour seems unable to grasp this simple fact) we can look forward to seeing gilts, inflation and interest rates remain high for the foreseeable future.

[New Judge]

"Can you point me in the right direction of a list of ALL the wealthy people that have already left. Youngmafbog"

Charlie Mullins is upping sticks and he won't be alone:

https://www.lbc.co.uk/news/charlie-mullins-explains-why-leaving-country-penthouse-on-market/

The Henley Private Wealth Migration Report indicates that Britain will experience a net loss of 9,500 high-net-worth individuals in 2024 — more than double last year’s figure of 4,200 (which in itself was a record-high figure).

https://www.cnbc.com/2024/06/18/millionaires-are-abandoning-the-uk-in-their-droves-new-research-shows.html#:~:text=exacerbate%20the%20exodus.-,The%20Henley%20Private%20Wealth%20Migration%20Report%20indicates%20that%20Britain%20will,a%20record%2Dhigh%20figure).

They haven't been named (and nor they should be unless they consent as Mr Mullins has), but the trend in plain to see.

[nicebloke1]

Interest rates remain high for the foreseeable future ?I'm sure I've seen previous posts by you in the past NJ stating that interest rates have been far to low in the past few years.

[davebro3]

//interest rates have been far to low in the past few years.//

Indeed they have as far as savers are concerned - it's the mortgage payers that bleat about "high" (normal) interest rates when it's the low rates that have inflated house prices beyond what many can afford.

[nicebloke1]

So just one for sure CM who I guess is now retired looking forward to retirment on a sunny beach. Plus he really dont want to get involved with this heat pump tosh. The rest is hearsay research.

[nicebloke1]

Mortgage payments?

Dont borrow more than you can afford to pay back,always make allowances for future increases. The latter is good budgeting. Savers? You cant have your cake and eat it. Locking up money for 1,2,3, years pays higher interest rates.

[davebro3]

... probably good advice - shame folks don't heed it then blame others when they get into financial difficulty.

[nicebloke1]

^^ Dead right. People for to long have bought the most expensive house there income would stretch too, the most expensive furniture, TV, phone CAR, still expect a holiday every year, the list could go on. Its always a road to disaster. They never leave any wriggle room.

[ToraToraTora]

09:32/10:04 you are an imposter what have you done with Nicebloke? he never talks sense 😃

[nicebloke1]

Well nicebloke does have his moments, you should try it now and again. :0)) Just to conclude, if you choose to live on a knife edge, then expect to get cut now and again. 

[theshedman]

Yes nicebloke is making sense with his last 2 posts.  People these days want everything and not save to get them.  We tried as much as possible not to buy on the never never (HP).  

[Untitled]

I absolutely love that all the abers who most love to tell other people they are clueless about economics are also the ones who supported liz truss's mini budget

it's just perfect. no notes. 

[ToraToraTora]

10:35 read 08:56. Truss did nothing at all it never happened. This next labour budget is about to happen.....it's going to hurt the people badly.

[Untitled]

i did read it. it's a stupid argument.

[ToraToraTora]

stupid? ...ok counter it?