The Official Liz Truss no longer PM but still a Clusterfuck thread

[Jan Vojáček]

11 minutes ago, Have some faith in Magic said:

This must be the craziest budget in decades. 

If, at this stage, Liz Truss was outed as an insider agent attempting to bring down the Tories then I wouldn't be surprised. Absolutely wild stuff.

It's like she's just blatantly doing what previous Tory leaders have always tried to do subtly, whilst pretending they weren't.

[Michael W]

This is mini-budget/fiscal event or whatever they're calling it is an admission that they're going to be horsed out of power at the next opportunity and are handing out a 'f**k you' to Labour, who will then no doubt have to undo a few of these measures and be the bad guys. 

Binning the additional rate for income tax. 

Edited to add: 

 

Basically, this is the Tory version of Liam Byrne's infamous note. 

 

Edited September 23, 2022 by Michael W

[101]

10 minutes ago, williemillersmoustache said:

£45bn of tax cuts, funded by borrowing, announced in a non budget, the largest cut since 1972 (which didn't go well) and without any forecasting. 

We now go live to the cost of government borrowing:

Great idea to borrow when interest rates and existing borrowing is so low.

Ahhh shit that's not right is it.

[renton]

Well, won't this be fun.

[Michael W]

24 minutes ago, Jan Vojáček said:

If, at this stage, Liz Truss was outed as an insider agent attempting to bring down the Tories then I wouldn't be surprised. Absolutely wild stuff.

It's like she's just blatantly doing what previous Tory leaders have always tried to do subtly, whilst pretending they weren't.

She's either played an utter blinder as a Lib Dem sleeper agent all this time, or is a classic case of a convert taking things to the extreme the to discomfort about their past and feeling that they have a point to prove. 

It's the latter, but you start to think the former is possible as no-one ought to be that daft. She is genuinely dim, though. 

Edited September 23, 2022 by Michael W

[renton]

17 minutes ago, Paco said:

That entire thing is genuinely batshit mental. Energy is ultimately the biggest cost, and is a reasonably good move - albeit not as generous as Labour’s plan, which would have cost the average household £500 less per year, and at significantly less cost to the taxpayer into the bargain.

Bankers bonus cap gone? Removal of the 45% tax rate? Dividend tax cut? Bonkers. NI cut and corporation tax halt just puts us back to where we were in March. The change to 19% income tax is useful in terms of putting money in pockets, but at the same time the Bank of England is actively trying to provoke a recession and I’m old enough to remember all the ‘show pay restraint’ comments from the same party in government, where the PM and Chancellor were in the cabinet! But now money in pockets is a great idea.

And this is all against a backdrop of all government departments needing about a 15% increase simply to stand still?

It’s hard to escape the feeling the Tories know they’re fucked at the next election so they’re trying to make things as bad as possible for Labour coming in.

Truss and Kwarteng are ideologues.

British politics is predicated on the notion that most politicians don't actually mean what they say, and that ultimately Civil Service orthodoxy runs like a thread through each government.

Occasionally you get a proper batshit mental one who actually believes their own convictions.

This is basically the right wing Corbyn moment.

[Michael W]

8 minutes ago, renton said:

Truss and Kwarteng are ideologues.

British politics is predicated on the notion that most politicians don't actually mean what they say, and that ultimately Civil Service orthodoxy runs like a thread through each government.

Occasionally you get a proper batshit mental one who actually believes their own convictions.

This is basically the right wing Corbyn moment.

Truss ready binned one of the high-ranking Civil Servants, so that's being taken care of as well. 

[scottsdad]

A cut in the basic rate of income tax...except for viewers in Scotland.

[Guest]

Every time Kwarteng opens his mouth it gets more and more frightening.

Banana Republic is the only way to describe where we're heading and that's no exaggeration.

National strikes need called and we need to fight back against this lunacy immediately.

[williemillersmoustache]

We now go live to the pound:

[scottsdad]

 

[doulikefish]

Filling there pockets for a couple of years at the public expense 

[Jeff Venom]

1 minute ago, doulikefish said:

Filling there pockets for a couple of years at the public expense 

It's the Tory exit strategy. 

[ICTChris]

Whole thing makes me think of this image

 

[Michael W]

When the traditionally Conservative markets think your budget full of tax cuts is shit and send the Pound down further, you know you have well and truly fucked it. 

[East Calder Lion]

8 minutes ago, scottsdad said:

A cut in the basic rate of income tax...except for viewers in Scotland.

The rate is already 19% for most.

[ICTChris]

Does the abolition of the 45% rate apply in Scotland?  Or do we still have it?

[Paco]

The rate is already 19% for most.

Only on about two grands worth under £15k.

Unless the SG move with at least some of these changes, anyone earning over £14,732 will be paying more tax than the equivalent job in the rest of the UK.

Does the abolition of the 45% rate apply in Scotland?  Or do we still have it?

None of the income tax changes apply in Scotland (the NI changes do). It’s also a 46% rate in Scotland, not 45%.

[Hedgecutter]

Just now, ICTChris said:

Does the abolition of the 45% rate apply in Scotland?  Or do we still have it?

Still have it.  SNP lad just on saying that Scotland doesn't have the same borrowing powers to change it to that of England.

[renton]

15 minutes ago, WATTOO said:

Every time Kwarteng opens his mouth it gets more and more frightening.

Banana Republic is the only way to describe where we're heading and that's no exaggeration.

National strikes need called and we need to fight back against this lunacy immediately.

They've got you covered with new anti strike legislation.