Cost of Living Crisis

[TxRover]

2 hours ago, virginton said:

Signing off on another L as standard. 

Complete nonsense from start to finish, but don't let that get in the way of your 'I'm on the verge of a coronary' shtick. 

He’s kinda like the Swedish Chef on the muppets…makes lots of noise, flails around, and is completely unintelligible.

[TxRover]

2 hours ago, virginton said:

What's not in doubt is that the original claim that a recession would increase prices is incorrect. Hardly a controversial issue, but here we are with Tex and the gang scrambling for relevance. 

Interesting, so calling you on recessions and deflation not being linked implies that we believe a recession would increase prices…OK, you keep thinking that if it lets you sleep at night.

[Clown Job]

Just now, oaksoft said:

Things might be a bit shit at the moment but any suggestion that this is as bad as we've ever had it is just ridiculous.

This is the first extended period of hardship the country has faced since the 1980s and people are going to struggle to adapt to it but we've had a LOT worse than this - on many occasions.

The 80’s started over 40 years ago 

So yes, this is as bad we’ve ever had it for a lot of people 

[Clown Job]

1 minute ago, oaksoft said:

No idea why you are referencing the start of the 80s other than to make the troubles look longer ago than they actually were.

Thinking about it again, you really only need to go back to the end of 1992 to mid 1997 to find much worse problems than we have now.

You mentioned the 80’s 

The start of the 90’s was also over 30 years ago 

So yes, for a lot of people this is as bad as they’ve had it 

[Guest Jedi]

The right wing press, who are turning on the Tories appear to be pedalling the line that 'everyone's taxes' will increase after today, as, due to wage increases in the next 2 or 3 years, 'millions' will be knocked into higher bands. Not quite sure where these wage rises are going to come from during a recession, and continuing high inflation mind you. They are also up in arms at the change in bands to bring in those making over £125K rather than £150K to the 45% rate.

Clearly public sector workers who face the lowest wage increases don't get a benefit of income tax freezes to the same extent, due to inflation, but again, 'millions' moving into higher tax bands?

Obviously none of the tax bands apply in Scotland in any case.

[tam the bud]

This will come across as a really stupid question, but how are the energy companies able to make so much more profits than normal since surely that must mean the public is being over charged by them. The Gov taxed them more, and then give the public money to help pay the bills.  Why not lower bills to start with, lower profits for the energy companies with no need for the Gov to get involved. 

 

[HTG]

Lest we forget ...

 

[vikingTON]

8 hours ago, TxRover said:

Interesting, so calling you on recessions and deflation not being linked implies that we believe a recession would increase prices…OK, you keep thinking that if it lets you sleep at night.

Try reading the thread for the sake of comprehension for a change and you'd understand your error.

Or perhaps not. 

[sophia]

7 hours ago, tam the bud said:

This will come across as a really stupid question, but how are the energy companies able to make so much more profits than normal since surely that must mean the public is being over charged by them. The Gov taxed them more, and then give the public money to help pay the bills.  Why not lower bills to start with, lower profits for the energy companies with no need for the Gov to get involved. 

 

It doesn't come across as a stupid question at all but the answer is really easy. That's the real answer, not the polemic below which reads like bluster to me.

The price of energy, including electricity, is based on the gas price which is high.

Energy producers (those that generate the electricity) sell their product into a trading system who then sell it to the retail people that sell it to you and I. Each of those companies are separate. The retail people aren't making oodles of cash but the generators are.

 

7 hours ago, oaksoft said:

Because private companies trading globally like energy producers are pretty much answerable to nobody providing they don't break the law.

They can charge whatever the market will support.

The problem is that they have a relatively scarce resource that everyone is desperate to buy. If you were selling your house and person A offered £200k, person B offered £300k and person C offered £600k, who would you sell it to?

What you're asking them to do is sell it to person A.

That's the closest analogy I can think of.

 

[Billy Jean King]

The right wing press, who are turning on the Tories appear to be pedalling the line that 'everyone's taxes' will increase after today, as, due to wage increases in the next 2 or 3 years, 'millions' will be knocked into higher bands. Not quite sure where these wage rises are going to come from during a recession, and continuing high inflation mind you. They are also up in arms at the change in bands to bring in those making over £125K rather than £150K to the 45% rate.
Clearly public sector workers who face the lowest wage increases don't get a benefit of income tax freezes to the same extent, due to inflation, but again, 'millions' moving into higher tax bands?
Obviously none of the tax bands apply in Scotland in any case.

You are peddling "income tax freezes" in a couple of posts as some sort of benefit, there was no such thing, they froze personal allowances (for years) which is most definitely a tax increase by stealth.

[spongeheid15]

[Paco]

Something that Jeremy Hunt didn’t say yesterday is that Bulb going bust has now cost the UK taxpayer £6.5billion. That isn’t a typo - six and a half billion pounds. For context that runs HMRC and the Treasury for an entire year, or would give every single public sector worker in the UK a payrise of nearly £2,000.

A reminder that Bulb hasn’t been ‘saved’. It is going bust, the taxpayer sees absolutely no reward for this at a later date as per RBS or Lloyds Bank. And Bulb had only 1.2 million customers. It costs every household in the UK £230, or an insane £5,416 per Bulb customer.

There has been absolutely no regulatory change from Ofgen. If another supplier goes bust tomorrow, exactly the same process will be followed. The man in charge when Bulb went under? Mr Kwasi Kwarteng.

[Guest Jedi]

14 minutes ago, Billy Jean King said:

8 hours ago, Jedi said:

The right wing press, who are turning on the Tories appear to be pedalling the line that 'everyone's taxes' will increase after today, as, due to wage increases in the next 2 or 3 years, 'millions' will be knocked into higher bands. Not quite sure where these wage rises are going to come from during a recession, and continuing high inflation mind you. They are also up in arms at the change in bands to bring in those making over £125K rather than £150K to the 45% rate.
Clearly public sector workers who face the lowest wage increases don't get a benefit of income tax freezes to the same extent, due to inflation, but again, 'millions' moving into higher tax bands?
Obviously none of the tax bands apply in Scotland in any case.

You are peddling "income tax freezes" in a couple of posts as some sort of benefit, there was no such thing, they froze personal allowances (for years) which is most definitely a tax increase by stealth.

Haven't said the band freezes are a 'benefit' rather if your wages only rise by 2 or 3% with inflation at 11%, clearly you are paying 'more' tax overall. 

Just didn't see many people moving into higher bands in the near future 

[vikingTON]

47 minutes ago, Billy Jean King said:

9 hours ago, Jedi said:

 

You are peddling "income tax freezes" in a couple of posts as some sort of benefit, there was no such thing, they froze personal allowances (for years) which is most definitely a tax increase by stealth.

Shouldn't people who earn more money pay... more tax as a result? 

Given all the other things that the Tories should rightly be eviscerated for, this 'stealth tax' complaint is bizarre. 

[Paco]

There’s also absolutely no way the current tax bands stay where they are until 2028. Low-hanging fruit either for the Tories pre-election or for the incoming government.

It’ll be a pretty small hit to most (and not even relevant in Scotland).

[doulikefish]

Hunt kicked the can doon the road and tinkered a bit 

[Jeff Venom]

Comparisons of which period of time was worse for the average punter, the 80s-mid 90s, or now, have a crucial thing in common. 

When are people going to wake up? 

[Billy Jean King]

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[jakedee]

Something that Jeremy Hunt didn’t say yesterday is that Bulb going bust has now cost the UK taxpayer £6.5billion. That isn’t a typo - six and a half billion pounds. For context that runs HMRC and the Treasury for an entire year, or would give every single public sector worker in the UK a payrise of nearly £2,000.

A reminder that Bulb hasn’t been ‘saved’. It is going bust, the taxpayer sees absolutely no reward for this at a later date as per RBS or Lloyds Bank. And Bulb had only 1.2 million customers. It costs every household in the UK £230, or an insane £5,416 per Bulb customer.

There has been absolutely no regulatory change from Ofgen. If another supplier goes bust tomorrow, exactly the same process will be followed. The man in charge when Bulb went under? Mr Kwasi Kwarteng.

Octopus have agreed to take over bulb. Not that that will help the cost to the taxpayer.

[TxRover]

6 hours ago, virginton said:

Try reading the thread for the sake of comprehension for a change and you'd understand your error.

Or perhaps not. 

Ah, there’s his second favorite deflector phrase…any bets on the third?