Government Watch

GrannyGravy13

Ok if the reversal of NI means so little to the poorest why was there such an outcry on here about the increase unfairly affecting the lower paid?

IIRC it was because it was being imposed at a lower earnings level than previously.
If I had time I'd check that, but we're off out for the day shortly; perhaps someone else will.

Interesting, Mr M, who normally doesn't comment much on politics (poor man, ended up with me) has just said that he doesn't understand how removing the cap on banker's bonuses is going to help the poor... We have. of course, discussed this in depth on GNet and I think the conclusion was that very few people thought it would help anyone but the bankers.

Incidentally, has anyone else seen the clip of our Chancellor taking an amusing phone call during the Queen's funeral service? (That's the charitable explanation of his gurning and giggling...)

Sometimes being rude incredulous is the only option open to me.

And it seems you still don't understand.

Oh thanks it was a phone call! I thought all phones had to be off?

Whitewavemark2

Oh thanks it was a phone call! I thought all phones had to be off?

That's the charitable explanation, WWmk2, others, involving white powder, are available.

volver

Sometimes being rude incredulous is the only option open to me.

And it seems you still don't understand.

Oh I totally understand volver

NI is only payable on earned income, not dividends, investments, rent received etc…

I also pointed out at the time that I would have been in favour of a tax increase over NI increase.

My memory is not totally fuddled I remember clearly the outrage on here when the NI increase was announced, which is why I am surprised that there is now incredulity that it is being muted that it is going to be reversed.

volver

Sometimes being rude incredulous is the only option open to me.

And it seems you still don't understand.

Who doesn't understand what, volver?

MaizieD

Whitewavemark2

Oh thanks it was a phone call! I thought all phones had to be off?

That's the charitable explanation, WWmk2, others, involving white powder, are available.

I couldn’t possibly comment. He does get very twitchy at times.

MaizieD

volver

Sometimes being rude incredulous is the only option open to me.

And it seems you still don't understand.

Who doesn't understand what, volver?

I was referring to GG13's original question from 9:11.

I'll stop now because this is distracting from the OP. Maybe that was the intention.

Getting back to the OP, it is an emergency mini budget due to the economic circumstances, energy costs, inflation.

The Economic Forecast will be published before the full budget according to Martin Lewis, he is not known for getting things wrong.

GrannyGravy13

Getting back to the OP, it is an emergency mini budget due to the economic circumstances, energy costs, inflation.

The Economic Forecast will be published before the full budget according to Martin Lewis, he is not known for getting things wrong.

Hmm ... I just read that this mini budget might replace a full budget. We'll see!

I believe (and have just read) the autumn Budget will be in November.

Gives Kwarteng chance to get his feet under the table I suppose.

GrannyGravy My mind isn't always totally fuddled either and I seem to remember agreeing with you at the time. It's an unfair way to raise tax.

My take is that people are desperate for help with the cost of living increases, but scrapping NI increases isn't going to help the ones who need the most support, so it's not really relevant.

Whitewavemark2

The rise in NI was to help the NHS and Social Care.

I would personally rather that it continued.

I see where you are coming from, but it hasn't done that, has it.

growstuff

GrannyGravy13

Getting back to the OP, it is an emergency mini budget due to the economic circumstances, energy costs, inflation.

The Economic Forecast will be published before the full budget according to Martin Lewis, he is not known for getting things wrong.

Hmm ... I just read that this mini budget might replace a full budget. We'll see!

As was being said on the morning programmes, this "mini" budget isn't exactly mini.

Whitewavemark2

Rees-Mogg was due to make an announcement today about the help being given to businesses.

He has decided to evade scrutiny in parliament and instead gone onto social media to make his announcement.

So any questions you might have will not be answered.

The Speaker gets very cross about that doesn’t he, but the government (who seem to be making a habit of doing it) just ignore him.

Urmstongran

Well us pensioners are getting a 10% rise next April annsixty that should keep the wolf from the door for one faction of society. Let’s hope other vulnerable groups do well financially soon. Truss could call it ‘levelling up’.

The fact that it 10% simply represents the triple lock being reinstated. That it needs to be 10% shows how poor they are at running the economy. It's a broken promise they were always going to start to again before the next election. They haven't made up for where they didn't pay it, have they?

You are swallowing their propaganda, as you always do. We will not get as much as we would have done if they had kept their manifesto promise. They have not stopped favouring their friends.

growstuff

GrannyGravy My mind isn't always totally fuddled either and I seem to remember agreeing with you at the time. It's an unfair way to raise tax.

My take is that people are desperate for help with the cost of living increases, but scrapping NI increases isn't going to help the ones who need the most support, so it's not really relevant.

I totally agree that the lower income bracket is desperate for help.

I do not think there is an easy solution, I do not envy this government or governments of the future (whatever colour) they have a mountain to climb albeit of their own making.

I doubt Biden was commenting on Trussonomics - his speech was aimed at a US audience. That said, trickle down economics seems to fail every time. The US economist Lasser calculated that it only worked when taxes were prohibitively high, not for normal tax regimes like the UK.

They haven't made up for where they didn't pay it, have they?
You are swallowing their propaganda, as you always do. We will not get as much as we would have done if they had kept their manifesto promise. They have not stopped favouring their friends.

Well, not as much as wasn’t paid to me (and other WASPI women!) DaisyAnne when Cleggie put our pensions back all those years. It was supposed to be phased in more gradually but he put extra wheels on that bus.

By my reckoning I’ve ‘lost’ £36k at least, waiting all those extra years for my SP. I think someone worked out if we WASPI’s live to be 80y with our ‘enhanced’ SP payments then we’ll break even. Hey ho.

Still waiting for my pension!

Well us pensioners are getting a 10% rise next April annsixty that should keep the wolf from the door for one faction of society

Apparently some of the (striking) unions have whinged that this 10% is a "slap in the face" for working age people. Well my take on that is that this group are still in the process of making their contribution to the community, whereas people above state pension age have already MADE theirs. Their thanks is to recieve some of the lowest pensions in Europe and many pensioners are not fit enough to top up their income by taking a job or continuing to work.

So businesses will get 50% relief on half of the predicted levels for 6 months. Businesses are still going to struggle and there will undoubtedly be bankruptcies.

The bill for this together with the domestic energy is reckoned to be £150bn. The highest in Europe.

If Truss had capped the energy price similar to countries in Europe the bill would have been far less.

We also have to add in the cost of cutting tax, which is reckoned to be at least a further £30bn.

The UKs debt is now higher than its GDP.

Nothing has yet been said as to how Truss intends to fund this enormous rise.

I don’t know. Perhaps we should just wait till Friday.

Germany and France have now nationalised their gas industry.

The company that Germany have renationalised owns Ratcliffe power station. I just assumed it was British owned. I thought one of the arguments about being in the EU was that countries in it couldn’t nationalise things?