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UK Labour leader accuses government of trashing economy

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By JON SUPER and JILL LAWLESS

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He also wants to do it. It’s a race to see who can do the worst. I watched his speech yesterday. I thought it was a satirical comedy.

I did count three “colored” people in the audience clapping when everybody was ordered to.

-13 ( +1 / -14 )

He is right!

Thanks to the "trump wannabe" Boris Johnson. Both pawns (Johnson and trump) helped by Putin's propaganda machine to get them elected and cause chaos in those two countries.( ie Brexit, trump's 4 years, and Jan. 6)

Now they just elected another sorry member from BJ's party.

0 ( +5 / -5 )

Starmer is in the right place at the right time and, if he can keep a lid on Momentum, stands a chance of emulating Blair.

Sterling was $1.65 before the Brexit referendum. Years of Tory failure and it is now reaching parity with the dollar.

The Tories have effectively erased 40% of the wealth of every British citizen, in a world where energy, tech and much else is priced in dollars. More than Putin, the decline in the value of sterling is turbo-charging UK inflation. The Bank of England will respond by repeatedly raising interest rates, which will then hammer the middle-classes by increasing their mortgage repayments.

Johnson broke the UK's economic present with Brexit. Truss is now destroying the future of the economy and nudging the UK towards an IMF bailout. Nationalists break things. It's what they do.

By doing very little and keeping their heads down, Labour have moved from unelectable to a 17% lead in the polls as the party of fiscal probity.

The Tories should have picked Sunak. Instead they went for one last massive cash grab, ransacking public funds to give sacks of loot to their rich mates.

3 ( +6 / -3 )

The 2024 General Election will hinge on UK economy,

The worst case scenario, homeowners could start to default on there mortgages in significant numbers as interest rates rise, and inflation takes a hold, the doom loop, Wage increases required to keep pace would add to inflation, as strikes, industrial action becomes a common occurrence.

Truss and Chancellor Kwasi Kwarteng failure to lend full transparency to publish the numbers and clear policies to how these tax cuts will ultimately be funded, causes the very uncertainty any government would wish to avoid.

In many respect Truss and Chancellor Kwasi Kwarteng are the definition of neoliberalism, especially monetary fiscal, deregulate, free market, low tax. The philosophy or theory if you wish that a growing economy, an abundance of jobs with taxpayers keeping more of their hard earned incomes.

The cloud on Labours horizon, is Keir Starmer and deputy Angela Rayner are politically/ideologically poles apart, Andy Burnham is another thorn in Starmer side waiting to pull the rug from under him.

3 ( +4 / -1 )

Now they just elected another sorry member from BJ's party.

What do you mean? Do you expect the Tories to elect somebody from another party?

4 ( +5 / -1 )

This is going to be great for the UK and my business too!

The UK is just doing what most other countries are doing but the money is going to quickly find its way into the pockets of the people.

Cheaper exports =more jobs=more money in the economy,

Fabulous!

-4 ( +2 / -6 )

kurisupisu

I disagree with your comments. My middle-class family is really struggling. Some are only taking cold baths.

2 ( +4 / -2 )

kurisupisu

This is going to be great for the UK and my business too!

The UK is just doing what most other countries are doing but the money is going to quickly find its way into the pockets of the people.

I guess investors don't share your optimism. The pound crashed after the tax cuts for the rich was announced. So now imports will be more expensive and the average person was suffering enough with high energy prices and inflation.

The idea that tax cuts for the rich pays for itself is economic naivety. Trick down has been debunked years ago. It's a myth.

4 ( +5 / -1 )

The Tories have been in power for 10 years. The fourth PM. What a mess. Not even God can help us.

0 ( +1 / -1 )

The Tories have been in power for 10 years. The fourth PM. What a mess. Not even God can help us.

It is not the actions of the present Prime Minister that have caused these events.

From what I have seen of the UK (2021〜2022) has been very positive.

The UK was one of the first economies to return to normality after Covid.

Airports steadily filling up with travelers, more money flowing.

My financial interests have taken off!

If the British don’t want to pay for Russian energy then nationalise energy and expand the mix of production.

Placing sanctions on Russia and then Russia refusing to sell oil to European nations is the cause of spiraling prices and pretty obvious too.

Maybe the ability to engage with the US and limiting the number of foreign bases surrounding Russia’s eastern flank would have averted this crisis.

Cant afford heating?

Why not?

Any middle class family in the UK with a house has seen multiple price rises and the time to cash in and downsize has been available.

I cashed in last year and doubled my initial investment.

The option has been open to bank a large gain for at least 10 years….

-4 ( +2 / -6 )

Truss and Kwarteng ARE trashing the UK economy, while the country, the IMF, businesses, the Bank of England and even Conservative MPs look on in horror.

2 ( +3 / -1 )

the biggest package of tax cuts in decades without providing a detailed breakdown of how much it would cost.

This is oxymoronic.

Tax revenues are revenues.

Revenues, mostly coming from tax, are used to pay for costs.

It is nonsense to suggest that one needs to collect tax revenues in order to change tax rates, which is what is suggested in the British plan. No, you just legislate the change in the tax rates. That’s just normal cost of government.

Now, changes to tax rates and other aspects (such as what is taxed and exempt from tax - the tax base) may result in either higher or lower revenues… but this is not a cost - it is a change in revenues.

Comsider this. Britain has fairly high VAT levels. But they don’t tax a whole lot of things. If they would slash the tax rate, but eliminate all the things exempt from VAT, it is likely that tax revenues could increase depending on the precise changes.

But none of that is a cost.

Costs are what government wants to pay for, not the means by which it pays for things.

I am not a fan of the energy subsidies which ARE a cost, but otherwise the Truss/Kwarteng plan looks great to me, and I have been thinking about what British stuff I might be clever to invest in, especially now that many seem to have their hair on fire over it.

-2 ( +1 / -3 )

Starmer also said at the conference, "We can't work with them. We won't work with them. No deal under any circumstances." He was talking about the Scottish National Party (SNP). The Labour Party currently have one Westminster seat in Scotland. The SNP have 44. (Out of a total of 59 seats.) It's odd, as apart from the independence issue, Labour and the SNP hold a fairly similar political position. (Most SNP voters in Scotland are former Labour voters.)

0 ( +0 / -0 )

fxgai

the biggest package of tax cuts in decades without providing a detailed breakdown of how much it would cost.

This is oxymoronic.

Tax revenues are revenues.

Yes. So if you cut taxes, your revenues go down. Right? That's a cost. Right? How much is that cost?

We don't know because this is the biggest package of tax cuts in decades without providing a detailed breakdown of how much it would cost.

1 ( +2 / -1 )

kurisupisu

From what I have seen of the UK (2021〜2022) has been very positive.

You seem to be oblivious to the plight of the average punter in the UK.

Nevertheless, lack of empathy isn't what we are talking about here. We are talking about the tax cuts for the rich that Kwasi Kwarteng announced that shot themselves in the foot. Nothing good will come of it and in the meantime it has caused the pound to crash. It also means that the government will have less money and will have to borrow abroad, with a weak pound, it makes no sense whatsoever.

-1 ( +2 / -3 )

It is nonsense to suggest that one needs to collect tax revenues in order to change tax rates, 

Not sure if you're being deliberately pedantic, or just not very good with words.

Yes, taxes are revenue. If revenues go down, in everyday parlance that is a cost.

If tax revenues are (say) 1000 pounds and Liz cuts taxes so that revenues are now only (say) 800 pounds, then that tax cut has cost the economy 200 pounds. (Not to mention the extra interest that will have to be paid in the future to service the ever-growing fiscal debt - that makes it a cost in your sense of the word, too.)

they don’t tax a whole lot of things. If they would slash the tax rate, but eliminate all the things exempt from VAT, it is likely that tax revenues could increase depending on the precise changes.

The things currently exempt from VAT tend to be things people on lower incomes need to buy - basic foodstuffs, children's clothing, safety helmets, etc., while VAT is levied on items the well-off might be in the market for - restaurant meals, designer chic, alcohol, fast cars. By asking for a standard rate on everything from basic necessities to luxury goods, you're asking lower-income earners to subsidise the rich.

Which is basically what Liz is doing with her slashing of tax rates on high earners.

What you'd expect of the Nasty Party, par for the course.

3 ( +4 / -1 )

Yes. So if you cut taxes, your revenues go down. Right?

No you have missed the important part.

When you say “cut taxes”, you are presumably referring to cut in tax RATES.

But it is not the case that a cut in tax rates is equivalent to saying tax REVENUES will decrease.

That's a cost. Right? How much is that cost?

If there is a question, it is about the impact to revenues, not costs. Revenues ARE the funding, revenues are not something that IS funded.

We don't know because this is the biggest package of tax cuts in decades without providing a detailed breakdown of how much it would cost.

Realistically, it’s all a guess. There are too many moving parts at play in these things.

But one thing is true is that when you tax something less, you get more of it; and when you tax something more, you get less of it.

Lower tax RATES mean that the UK will see more of the activity that they will tax less of. This is a plus for economic activity. Higher productivity etc, can increase incomes and thus revenues, after it all plays out.

Higher tax rates leads to less productive activity and misallocation of resources (people doing tax planning rather than just working).

-1 ( +1 / -2 )

The country at this point of triple disasters would be better run under a labour government.

-3 ( +1 / -4 )

If revenues go down, in everyday parlance that is a cost.

I don’t know about everyday prance in your household, but income in my household goes down… that is not a cost. A cost is what we spend money on, like at the supermarket or housing costs.

If tax revenues are (say) 1000 pounds and Liz cuts taxes so that revenues are now only (say) 800 pounds,

Liz and Kwasi haven’t said they will cut tax REVENUES, they have said they will cancel a (damaging) tax RATE hike, and cut income tax RATES (and stamp duties too I gather).

then that tax cut has cost the economy 200 pounds.

Even if it were a decrease in revenues (dubious), it is not a cost to the economy - it would be a reduction in revenues to central government. On the contrary the money is still in the economy and in the hands of the people who earned it in the first place.

By asking for a standard rate on everything

I’m not asking for that, I was illustrating the basic point that a tax rate cut is different from a tax revenue decrease by using it as an example.

The Kwasi plan doesn’t include such a reform either although I think it would be a good one. Low-rate, broad-based taxes are a best in class practice, though, so perhaps a second round from Kwarteng might include such!

from basic necessities to luxury goods, you're asking lower-income earners to subsidise the rich. 

That’s nonsense, the rich and middle class fund the lower-income people’s public service consumption. Even with a flat rate of tax on everything this would be true. A no-income person only receives services on the back of tax payers.

-2 ( +1 / -3 )

All I can say is that if my revenues in 2023 are concurrent with this year then I will be increasing my discretionary spending on travel,restaurants,giving to charities and relations etc.

It all tends to go around in the end, doesn’t it?

-4 ( +0 / -4 )

This afternoon I spotted a homeless man sitting in a shop doorway.

I felt bad for him.

So I went to the most affluent part of town, found the most affluent-looking house, and popped a 5000 yen note through the letterbox.

That will trickle down to the homeless person in time.

I'm glad I was able to help that homeless man.

(for the totally tone-deaf..../sarc off)

4 ( +5 / -1 )

fxgai

I don’t know about everyday prance in your household, but income in my household goes down… that is not a cost.

If the government institutes a law that cuts taxes, the that is a cost, pure and simple. Their revenue is reduced. How can you see that as anything but a cost?

Liz and Kwasi haven’t said they will cut tax REVENUES,

Their tax cut will of course cut revenues.

they have said they will cancel a (damaging) tax RATE hike,

They did nothing of the sort. They announced a tax cut.

from basic necessities to luxury goods, you're asking lower-income earners to subsidise the rich. 

That’s nonsense, the rich and middle class fund the lower-income people’s public service

I see you don't see the subtlety in this. If you give a tax cut to the rich and not to the poor, you are asking the poor to pay the rich. How else can you see this?

0 ( +1 / -1 )

@cleo

I wouldn’t dream of doing that.

I’d support my social worker mate in the UK

and contrary to the accepted wisdom I also regularly tip service staff here in Japan discreetly-they don’t run off and call the manager…ever!

-3 ( +1 / -4 )

More than TWO MILLION households face sharp rise in their mortgage repayments over next two years as interests rates head towards 6% with more lenders expected to follow Nationwide and increase fixed-rate deals.

-1 ( +1 / -2 )

kurisupisu

All I can say is that if my revenues in 2023 are concurrent with this year then I will be increasing my discretionary spending on travel,restaurants,giving to charities and relations etc.

> It all tends to go around in the end, doesn’t it?

You import Japanese goods into the UK so your profits go up on the exchange rates. You do not live in the UK permanently

The Tories are responsible for Brexit. Mishandling the covid with tens of thousands dead. Now the energy crisis and cost of living. The tax cuts do nothing for the poor and lower-paid.

1 ( +2 / -1 )

@wallace

I was in the UK from March 2021-March 2022 and a few other places in between.

From Devon up to the Scottish Highlands and all places therein from North to South!

So, yes, I do know how ‘things’ are in the UK

-2 ( +0 / -2 )

cuts taxes, the that is a cost, pure and simple. Their revenue is reduced. 

No you still haven’t got it.

A tax rate cut doesn’t mean tax revenues will be reduced.

There is a great history around this. JFK the great American President had a great observation about the paradox of cutting tax rates leading to increased tax revenues. Since you aren’t able to understand it from me, try JFK.

The tax cuts do nothing for the poor and lower-paid.

A better economy does help all, though. That is the aim of the plan.

If in 2 years time, it remains seen as a failure then Liz and Kwasi will be gone. The poor and lower-paid will have their vote then too.

-1 ( +1 / -2 )

It's not trashing, but simply getting as much $ for themselves before they're kicked out, which will, happen.

-2 ( +0 / -2 )

@wallace

That’s what fixed rate mortgages are for.

And the hordes that decided to buy at the top of the market?

What is there to say…

-1 ( +1 / -2 )

and worsen a cost-of-living crisis trigged by Russia’s invasion of Ukraine.

The "invasion" did not trigger any cost of living crisis in the UK. The failed sanctions pushed up energy costs for all Europeans especially the UK.

-1 ( +2 / -3 )

Don't forget it was the same poor people who went to the polling station to vote in the Tory party. They are getting exactly what the voted for and deserve. I have sympathy for those who didn't vote conservative but those that did..... too bad.

-3 ( +1 / -4 )

IMF criticizes government tax cuts.

1 ( +3 / -2 )

That’s what fixed-rate mortgages are for.

Fixed-rate mortgages are for fixed terms and not the length of the mortgage.

You can currently fix your mortgage rate for one, two, three, five, seven, 10 or 15 years, though one-year and 15-year fixes are rare.

Generally speaking, the longer your fixed-rate period lasts, the higher the interest rate will be.

0 ( +1 / -1 )

kurisupisu

@wallace

> I was in the UK from March 2021-March 2022 and a few other places in between.

> From Devon up to the Scottish Highlands and all places therein from North to South!

> So, yes, I do know how ‘things’ are in the UK

I wasn't suggesting you don't know the UK. I said you do not live there permanently and work there.

2 ( +3 / -1 )

Due to Covid and other problems, I was there long enough to pay HMRC taxes as a resident-that’s a little too long for my liking but unavoidable.

-2 ( +1 / -3 )

With the tory's they have this insane belief in how exceptional the UK is.

They live in a small world and have no idea the world has moved on without them.

That's why they gloried in the Queen's funeral.

Looks great but doesn't pay the bills.

And next door they should look at Ireland, a country who were in the UKs shadow years age, economically, socially, but now are powering ahead of them in every way.

All we do is feel pity that a once great nation is on their knees because of their insularity.

Shame as British people as a rule are generally quite decent and nice but their rulers have sold their souls to the craziest ideology.

-1 ( +1 / -2 )

fxgai

cuts taxes, the that is a cost, pure and simple. Their revenue is reduced. 

No you still haven’t got it.

A tax rate cut doesn’t mean tax revenues will be reduced.

And that is the failed economic theory that this is based on. The idea being that it will pay for itself with increased income. In theory that could work - it rarely does, but in the UK's case it definitely won't.

The initial direct result of this tax plan is the drop in the pound. The treasury will now have to borrow money externally, to make up the tax shortfall, during a time of high interest rates, which are likely to get higher due to inflation. Imported goods will now be more expensive due to the weak pound, which in turn will push up inflation.

No economist in the world is lauding this as a good plan.

1 ( +2 / -1 )

And on top of that they didn't even get the independent "Office for Budget Responsibility" to cost it out. Sure shows signs of irresponsibility. After an outcry on this, they now say they will produce an "Office for Budget Responsibility" report in two months.

When that report is released, expect more bad news.

0 ( +0 / -0 )

Pension funds 'would have collapsed TODAY' if Bank of England didn't hit the panic button: Bank announced £60billion government debt buy-up amid fears institutions were within HOURS of being crushed by soaring interest rates and plummeting Pound

1 ( +2 / -1 )

PM Truss has not spoken in public for 7 days.

  Friday September 23 - Chancellor Kwasi Kwarteng delivers his mini-budget in the House of Commons, announcing the biggest package of tax cuts in 50 years

  Friday September 23 - The pound slumps against the dollar immediately after Mr Kwarteng's announcement

  Monday September 26 - Sterling hits an all-time low against the dollar

  Monday September 26 - The Bank of England says it is monitoring developments "very closely" and "will not hesitate to change interest rates" if necessary

  Tuesday September 27 - The International Monetary Fund (IMF) urges Mr Kwarteng to "re-evaluate the tax measures"

  Wednesday September 28 - The Bank of England pledges to buy £65 billion of UK bonds to stabilise the market

0 ( +2 / -2 )

PM Truss has not spoken in public for 7 days.

She's in the mud. It's been widely reported that she held a private dinner with top hedge fund managers a few days before the mini-budget. The hedge fund managers then shorted the pound and made a killing.

Leading Tories are planning a no-confidence motion in Truss already and several will boycott the Tory Party conference next week.

0 ( +1 / -1 )

that is the failed economic theory that this is based on.

It’s not a failed economic theory, it has been successful on numerous occasions throughout history.

In theory that could work - it rarely does

Oh so it doesn’t always fail :) Glad to see you agree somewhat with JFK then.

but in the UK's case it definitely won't.

The UK is special, like Japan huh

The initial direct result of this tax plan is the drop in the pound.

Don’t lose the forest for the trees.

After the Orange Man was elected in the US, the initial knee jerk reaction was to “sell sell sell”. Krugman said the US economy would never recover.

But then after the initial knee jerk reaction the changes were enacted, and actually produced the goods, literally. Tax revenues were up versus prior to the changes.

The treasury will now have to borrow money externally, to make up the tax shortfall

So what’s new there. But the proof will be in the kidding two years from now. If revenues are not looking good, Kwasi and Liz will be gone.

during a time of high interest rates, which are likely to get higher due to inflation.

More supply of goods from new production incentives will help alleviate the inflation.

No economist in the world is lauding this as a good plan.

You always ought to stop yourself and think carefully before making such one sided claims.

Pension funds 'would have collapsed TODAY' if 

I would be livid if my pension fund were so mismanaged as to be at risk of collapse due to market volatility. My pension fund, is not levered up like that.

-2 ( +1 / -3 )

fxgai

The treasury will now have to borrow money externally, to make up the tax shortfall

So what’s new there. But the proof will be in the kidding two years from now. If revenues are not looking good, Kwasi and Liz will be gone.

Oh, they will be gone long before then, believe me! What's new is that they will have to borrow more money than before due to the tax shortage. Who thought it was a good idea to force the UK to have to borrow more money during an inflationary, high interest rate time.

during a time of high interest rates, which are likely to get higher due to inflation.

More supply of goods from new production incentives will help alleviate the inflation.

What makes you think there will be new production incentives? Britain does better when they outsource production. But, also, that doesn't solve the problem, because you still have to import the raw materials at inflated prices.

No economist in the world is lauding this as a good plan.

You always ought to stop yourself and think carefully before making such one sided claims.

OK, post a link to an economist praising this plan. Or just an endorsement will be enough.

1 ( +1 / -0 )

Tory politicians are already questioning whether they can trust Truss.

1 ( +2 / -1 )

What makes you think there will be new production incentives?

You may not agree with the plan, but at least you can try to understand what its aims are!!

I read through most of the plan myself, but wonder how many people who are jumping all over it did.

Truss was saying before she was selected over Sunak she would cut taxes, not hike them. Why the surprise from some when they announced they would cut taxes?

OK, post a link to an economist praising this plan.

You can do that for yourself! Of course if I give you a link you will disparage those economists. No value to the discussion here.

-2 ( +1 / -3 )

”It is a paradoxical truth that tax rates are too high and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now

Cutting taxes now is not to incur a budget deficit, but to achieve the more prosperous, expanding economy which can bring a budget surplus.”

John F. Kennedy

-2 ( +1 / -3 )

fxgai

What makes you think there will be new production incentives?

You may not agree with the plan, but at least you can try to understand what its aims are!!

I read through most of the plan myself, but wonder how many people who are jumping all over it did.

The flaw in the plan is that growth depends on a framework of policy stability, and this is a wholesale abandonment of sound public finances.

Truss was saying before she was selected over Sunak she would cut taxes, not hike them. Why the surprise from some when they announced they would cut taxes?

Umm, because they are needlessly cutting the top rate of tax on the highest earners and whacking homeowners with higher mortgage payments.

But that's not the point, it has been pointed out by the IMF, that this tax plan is foolhardy and that they should withdraw it. The timing is the worst. Also, I have mentioned before, if they think the plan is good, why did they avoid review from the Office for Budget Responsibility?

OK, post a link to an economist praising this plan.

You can do that for yourself! 

No I can't. Because there aren't any.

1 ( +1 / -0 )

fxgai

”It is a paradoxical truth that tax rates are too high and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now

Cutting taxes now is not to incur a budget deficit, but to achieve the more prosperous, expanding economy which can bring a budget surplus.”

John F. Kennedy

Different time. Different country (and btw the US dollar is the world's currency, the UK doesn't have that luxury). The details matter.

0 ( +1 / -1 )

The other difference was that JFK was a Democrat :)

this is a wholesale abandonment of sound public finances.

If the concern here is the extra spending on energy subsidies then I would note my agreement about that, but sound public finances have been abandoned for years already. So even that doesn’t really wash.

And I think UK’s revenues shall be higher as a result of the tax changes (if the plan is executed), although people who don’t know the difference between tax rates and revenues will surely disagree.

-2 ( +0 / -2 )

Well won't the cheap pound help tourism and exports? I am surprised that an energy rich country like the UK has such high energy prices.

2 ( +2 / -0 )

PM Truss will speak for the first time in eight days this morning on BBC Radio.

Transport strikes, barrister strikes now the Post Office workers have started a 19-day strike.

1 ( +1 / -0 )

Strikes huh.

Can Truss fire those strikers?

President Reagan fired a bunch of striking airport controllers, back in the day. Gutsy, strong leadership it was.

-1 ( +0 / -1 )

fxgai

The other difference was that JFK was a Democrat :)

Which is irrelevant.

*this is a wholesale abandonment of sound public finances.*

If the concern here is the extra spending on energy subsidies then I would note my agreement about that, but sound public finances have been abandoned for years already. So even that doesn’t really wash.

Wow, you really have no empathy at all. The energy subsidies are to protect thousands of people who can't afford energy for heating in the winter. If you equate energy subsidies as being equivalent as tax cuts for the most wealthy, good luck, my friend. One is a necessary spend the other is a waste of money.

0 ( +1 / -1 )

fxgai

And I think UK’s revenues shall be higher as a result of the tax changes (if the plan is executed), although people who don’t know the difference between tax rates and revenues will surely disagree.

Not one other person has this opinion. The Bank of England has had to intervene to stop pension funds from becoming insolvent.

The housing market will collapse, the bond market has already, as has the pound. The UK is heading into a recession. Utter incompetence.

0 ( +1 / -1 )

LIVE PM defends mini-budget as 'urgent action' in difficult times

She took a bruising from being interviewed by eight different people over one hour.

https://www.bbc.com/news/live/business-63069137

1 ( +1 / -0 )

Wow, you really have no empathy at all. The energy subsidies are to protect thousands of people

If I have no empathy, then perhaps you simply have no foresight.

Is the inflationary impact of the energy subsidies not going to harm those thousands of people, and indeed all their compatriots?

One is a necessary spend the other is a waste of money.

Hahaha, look at that :)

All those rich people you think are the only ones getting a tax cut will be getting the energy subsidies too, but if you say it is necessary to spend money on the rich, then ok whatever.

Not one other person has this opinion.

there you go again

-1 ( +0 / -1 )

fxgai

If I have no empathy, then perhaps you simply have no foresight.

Or maybe you just don't have any empathy.

Is the inflationary impact of the energy subsidies not going to harm those thousands of people, and indeed all their compatriots?

I would agree that such subsidies should be targeted to the poor , who can't pay their energy bills, and be combined with measures to reduce energy consumption. It's similar to covid relief: necessary, but not without negative consequences.

All those rich people you think are the only ones getting a tax cut will be getting the energy subsidies too,

My view is that energy subsidies should be targeted to poor households.

but if you say it is necessary to spend money on the rich, then ok whatever.

No. I don't.

Not one other person has this opinion.

there you go again

It's a challenge, to you, to prove me wrong. So far you have failed to do so. You haven't been able to provide a link to prove that anybody else thinks that the tax cut is a good plan. Until you do, I stand by my statement.

0 ( +0 / -0 )

UK pound up 5 yen against the yen today!

-1 ( +0 / -1 )

fxgai

Well I see that Truss has reversed on the plan. I guess everybody saw it was a disaster. Hopefully the pound gains some on that news.

0 ( +0 / -0 )

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