P.K. Posted October 4, 2022 Share Posted October 4, 2022 Kamikwasi's U-turn was humiliating, no question. His "little turbulence" was bollox as well. That's like saying the Hindenberg had a "little fire retardant issue" or some such. However, there is an awful lot of pain that is headed in the direction of, as ever, the worst off: Kwasi Kwarteng may have U-turned, but huge spending cuts are still coming Despite scrapping the 45p tax rate, the government is clinging to £43bn of tax cuts. Public services and those on benefits will feel the pain After the right turn, the U-turn. Despite abandoning his top rate tax cut, the chancellor, Kwasi Kwarteng, has left £43bn of his £45bn tax cuts intact. A panicked overnight climbdown does not add up to a change in strategy. He is still doubling the tax-free giveaways to those with share options, cutting £1bn from tax on dividends and sanctioning a free-for-all in bankers’ bonuses. He is also going ahead with his tax avoiders’ charter: £2bn for employees who are able to declare themselves self-employed. Still in place is the £2bn he set aside for tax-free shopping for foreign tourists and the £19bn of corporation tax cuts, which Rishi Sunak claimed did nothing for investment; and by continuing to reject a new windfall tax, the chancellor might as well be handing over billions to the oil and gas tycoons. Kwarteng’s meeting with the Office for Budget Responsibility on Friday will have killed off his belief that he could pay for his tax cuts by conjuring up 2.5% annual growth. So after the crash comes the bloodbath: an onslaught of public spending cuts bigger than Osborne’s austerity or the IMF cuts of 1976 – so severe that they will impede rather than spur growth, ruin education and undermine our most precious asset, the NHS. Lying ahead, as inflation erodes the value of departmental budgets is, according to the Resolution Foundation, a public spending cut by 2026 of between £37bn and £47bn, the equivalent of closing every English school. While the prime minister has ruled out changes to the triple lock on pensions, the typical family on universal credit – already around £1,500 short as a result of last October’s £20 a week cut and April’s lower-than-inflation uprating – will now see their losses rise to £2,000 a year if benefits are linked to earnings and not prices. No family I know can afford to lose so much.... 2 Quote Link to comment Share on other sites More sharing options...
Max Power Posted October 4, 2022 Author Share Posted October 4, 2022 I like this fella... Quote Link to comment Share on other sites More sharing options...
Zarley Posted October 4, 2022 Share Posted October 4, 2022 5 hours ago, P.K. said: Kamikwasi's U-turn was humiliating, no question. His "little turbulence" was bollox as well. That's like saying the Hindenberg had a "little fire retardant issue" or some such. However, there is an awful lot of pain that is headed in the direction of, as ever, the worst off: Kwasi Kwarteng may have U-turned, but huge spending cuts are still coming Despite scrapping the 45p tax rate, the government is clinging to £43bn of tax cuts. Public services and those on benefits will feel the pain After the right turn, the U-turn. Despite abandoning his top rate tax cut, the chancellor, Kwasi Kwarteng, has left £43bn of his £45bn tax cuts intact. A panicked overnight climbdown does not add up to a change in strategy. He is still doubling the tax-free giveaways to those with share options, cutting £1bn from tax on dividends and sanctioning a free-for-all in bankers’ bonuses. He is also going ahead with his tax avoiders’ charter: £2bn for employees who are able to declare themselves self-employed. Still in place is the £2bn he set aside for tax-free shopping for foreign tourists and the £19bn of corporation tax cuts, which Rishi Sunak claimed did nothing for investment; and by continuing to reject a new windfall tax, the chancellor might as well be handing over billions to the oil and gas tycoons. Kwarteng’s meeting with the Office for Budget Responsibility on Friday will have killed off his belief that he could pay for his tax cuts by conjuring up 2.5% annual growth. So after the crash comes the bloodbath: an onslaught of public spending cuts bigger than Osborne’s austerity or the IMF cuts of 1976 – so severe that they will impede rather than spur growth, ruin education and undermine our most precious asset, the NHS. Lying ahead, as inflation erodes the value of departmental budgets is, according to the Resolution Foundation, a public spending cut by 2026 of between £37bn and £47bn, the equivalent of closing every English school. While the prime minister has ruled out changes to the triple lock on pensions, the typical family on universal credit – already around £1,500 short as a result of last October’s £20 a week cut and April’s lower-than-inflation uprating – will now see their losses rise to £2,000 a year if benefits are linked to earnings and not prices. No family I know can afford to lose so much.... You didn't quite C&P everything Gordon Brown had to say... https://www.theguardian.com/commentisfree/2022/oct/04/liz-truss-kwasi-kwarteng-chancellor-u-turn-tax-cuts-public-services-benefits 1 Quote Link to comment Share on other sites More sharing options...
code99 Posted October 4, 2022 Share Posted October 4, 2022 6 minutes ago, Zarley said: You didn't quite C&P everything Gordon Brown had to say... https://www.theguardian.com/commentisfree/2022/oct/04/liz-truss-kwasi-kwarteng-chancellor-u-turn-tax-cuts-public-services-benefits and Poor Folk (in Scotland) won't get much help from their beloved Royal Family either... https://www.theguardian.com/uk-news/2022/oct/04/king-charles-allowed-to-vet-proposed-scottish-rent-freeze-law Quote Link to comment Share on other sites More sharing options...
P.K. Posted October 4, 2022 Share Posted October 4, 2022 28 minutes ago, Zarley said: You didn't quite C&P everything Gordon Brown had to say... https://www.theguardian.com/commentisfree/2022/oct/04/liz-truss-kwasi-kwarteng-chancellor-u-turn-tax-cuts-public-services-benefits It asked for a login Quote Link to comment Share on other sites More sharing options...
Apple Posted October 5, 2022 Share Posted October 5, 2022 (edited) Liz needs to give the speech of her political career, some newspapers are indicating this morning. Not sure she will survive too much longer as PM. MP's need to rally round or face being ousted in the next Genral Election. Their choice. Given all the arguments is it really any wonder that when David Cameron gave his farewell speech and left the podium in Downing Street humming to himself as though he hadbeen revived of an almighty burden. Yet he was probably one of the better ones. No-one measures up to him since. Edited October 5, 2022 by Apple Quote Link to comment Share on other sites More sharing options...
Declan Posted October 5, 2022 Share Posted October 5, 2022 1 hour ago, Apple said: Yet he was probably one of the better ones. No-one measures up to him since. Well he had the advantage that the Lib Dems acted as a counterweight to the nuttier extremes of his party for the first 5 years. All he needed to do was say it was the pesky Liberals stopping him having a referendum and cutting taxes on the rich. Given a free reign he gave in to the demands for a Brexit Referendum, arrogantly thought he'd win. Then lost and did one with no clear plan in place for an orderly withdrawal from the E.U. This led to years of turmoil that May bore the brunt of, followed by Boris winging it for three years before the arrival of the current neo-liberal suicide cult. 2 Quote Link to comment Share on other sites More sharing options...
P.K. Posted October 5, 2022 Share Posted October 5, 2022 1 hour ago, Apple said: Liz needs to give the speech of her political career, some newspapers are indicating this morning. Not sure she will survive too much longer as PM. MP's need to rally round or face being ousted in the next Genral Election. Their choice. Given all the arguments is it really any wonder that when David Cameron gave his farewell speech and left the podium in Downing Street humming to himself as though he hadbeen revived of an almighty burden. Yet he was probably one of the better ones. No-one measures up to him since. Ah yes, David Cameron, the idiot who instigated the brexit referendum because he was running scared from some factions of the tory party. Fool. It's very surprising how bad things have got. Therese Coffee was trumpeting how "no one should wait more than two weeks to see a GP" when it used to be a couple of days FFS! The reason is simple enough. Since it's creation NHS funding grew by approx 4% per annum. Bearing in mind we have a growing and aging population since 2010 that funding growth has dropped to just 1.26% per annum. And still the morons vote for them. Good laugh this. At the Annual Thatcher Seance it seems some spirited soul can legally play the theme "music" from The Benny Hill Show loudly enough to greet the delegates on arrival and exit. That's lovely.... Quote Link to comment Share on other sites More sharing options...
P.K. Posted October 9, 2022 Share Posted October 9, 2022 Quote Link to comment Share on other sites More sharing options...
Albert Tatlock Posted October 12, 2022 Share Posted October 12, 2022 Not sure of the female term for a 'wanker' these days! Watch out for HS2 being cancelled to pull £100 billion out of the hat soon...my guess. Might cost £20 billion to cancel though. Only potential solution currently IMO. 1 Quote Link to comment Share on other sites More sharing options...
P.K. Posted October 12, 2022 Share Posted October 12, 2022 53 minutes ago, Albert Tatlock said: Not sure of the female term for a 'wanker' these days! Watch out for HS2 being cancelled to pull £100 billion out of the hat soon...my guess. Might cost £20 billion to cancel though. Only potential solution currently IMO. Wankerette? Drove around Brum today M6 to M42. Crossed the HS2 works twice. That is one massive undertaking. For what...? 1 Quote Link to comment Share on other sites More sharing options...
wrighty Posted October 14, 2022 Share Posted October 14, 2022 After today's "I'm going nowhere" message and "It's all his (Kwasi Kwarteng's) fault", BetFred have cut the odds of her being ousted in 2022 to even money. Quote Link to comment Share on other sites More sharing options...
Max Power Posted October 14, 2022 Author Share Posted October 14, 2022 She's now sacrificed Kwasimodo on the altar of stupidity, it's unravelling I'm afraid! Quote Link to comment Share on other sites More sharing options...
wrighty Posted October 14, 2022 Share Posted October 14, 2022 2 hours ago, wrighty said: After today's "I'm going nowhere" message and "It's all his (Kwasi Kwarteng's) fault", BetFred have cut the odds of her being ousted in 2022 to even money. Just listened to her press conference. She’ll be gone in a week. 1 Quote Link to comment Share on other sites More sharing options...
John Wright Posted October 14, 2022 Share Posted October 14, 2022 39 minutes ago, wrighty said: Just listened to her press conference. She’ll be gone in a week. Certainly within a month. The grandees have to square up Sir Graham Brady and the 1922 Committee, and a couple of rule changes. 1. so she can be challenged within 12 months of being elected. 2. to raise the number of nominations required so only Sunak and Mordaunt are candidates. Then they’ll all go and see her and leave the pistol on the table. Then the one with fewer nominations out of those two will step aside and withdraw and there’ll be election/coronation by acclamation unopposed. Quote Link to comment Share on other sites More sharing options...
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