Government Watch

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.

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.

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.

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.

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

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.

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

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

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!

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.

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.

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.

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?

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.

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.

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

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

And it seems you still don't understand.

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...)

volver

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?

Did you really just ask that? Really?

The reversal of NI means so little to the poorest because they don't pay NI, or pay it in such small amounts that any reversal is negligible.

The increase unfairly affected the lower paid because as a percentage of their income, NI is more than it is for more highly paid people.

I don't understand economics at all but I can understand simple maths.

There is absolutely no need to be so rude.

I do know about tax and N I thresholds.

I do know that there was an outcry on GN N & P threads regarding how the low paid would be unfairly penalised by having to pay this extra tax . Multiple posts quoting percentage of income paid in tax by low paid as opposed to the higher earners.

Now it is to be reversed suddenly it was never a problem in the first place ?

Just as an aside. Is there something a bit weird about Kwartang?Only there is footage showing him laughing and seemingly smirking and behaving very strangely at the Queen’s funeral.

Is it fake?

Good job we’re not the ones sat around a Cabinet table ladies. With all the squabbling we’d never get anything done!

We cross posted growstuff. Glad to see we agree.

It would also have affected pensioners who have to work because their alternative income is not high enough for them to live without working.

Volver is right. NI is capped, so the most highly paid pay a lower percentage than lower and middle earners.

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?

I didn't make an outcry about it. What was always unfair about it was that those whose income comes from work would pay it, whereas those whose income comes from rents or investments, etc wouldn't. I always felt that the increase should have been on income and other taxes, not NI.

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?

Did you really just ask that? Really?

The reversal of NI means so little to the poorest because they don't pay NI, or pay it in such small amounts that any reversal is negligible.

The increase unfairly affected the lower paid because as a percentage of their income, NI is more than it is for more highly paid people.

I don't understand economics at all but I can understand simple maths.