Today’s Mini Budget.

I was pleased to hear that there’s been a cut to stamp duty meaning that there will be nothing to pay on the first £250,000, and even better news for first time buyers as their figure is £ 425,000
That should boost the housing market and it should make property acquisition more affordable for the so called ‘generation rent’

The budget isn’t perfect but there is a lot there for us to be optimistic about.

But Gransnet I DO mind. Please let me say what I think

JenniferEccles

I was pleased to hear that there’s been a cut to stamp duty meaning that there will be nothing to pay on the first £250,000, and even better news for first time buyers as their figure is £ 425,000
That should boost the housing market and it should make property acquisition more affordable for the so called ‘generation rent’

The budget isn’t perfect but there is a lot there for us to be optimistic about.

My worry is that with all the money slushing around at the top of the income band, they will use this as an opportunity to add to their housing portfolios and still no housing at the lower price levels. Hopefully I will be wrong

JenniferEccles

I was pleased to hear that there’s been a cut to stamp duty meaning that there will be nothing to pay on the first £250,000, and even better news for first time buyers as their figure is £ 425,000
That should boost the housing market and it should make property acquisition more affordable for the so called ‘generation rent’

The budget isn’t perfect but there is a lot there for us to be optimistic about.

It will fuel property inflation. The housing market doesn't need boosting.

I'm sorry. I've disrupted your discussion. So sorry

Cutting stamp duty simply pushes up the price of the house. So no help at all for first time buyers .

What do you think there is for us to be optimistic about JenniferEccles? There’s nothing in it for pensioners, people on benefits, or people on minimum wage, and very little for average earners that I can see, am I missing something?

DaisyAnne

JenniferEccles

I was pleased to hear that there’s been a cut to stamp duty meaning that there will be nothing to pay on the first £250,000, and even better news for first time buyers as their figure is £ 425,000
That should boost the housing market and it should make property acquisition more affordable for the so called ‘generation rent’

The budget isn’t perfect but there is a lot there for us to be optimistic about.

My worry is that with all the money slushing around at the top of the income band, they will use this as an opportunity to add to their housing portfolios and still no housing at the lower price levels. Hopefully I will be wrong

Presumably this cut applies to all house purchasers including buy-to-let then?
There was a stamp duty holiday not lo ag , when I think prices rose more rapidly. However, any savings may be offset by rising mortgage rates anyway unless purchasers have organised a fixed rate loan.
It will help those who are in the process of buying/moving at the moment and perhaps the money saved will offset other price rises.

lo ag = long ago
!

Please Sweetpeasue there’s nothing to apologise for.
You are obviously feeling very down and upset at the moment, so I do hope you manage to get some sleep tonight and that you feel a bit better in the morning.

The suggestion made was that you had to be earning over £155,000 a year to pull ahead from anything like the mortgage rates. (I reported £150,000 previously, but that was incorrect).

This isn't a budget for the rich, it's for the very rich. How can Kwarteng talk about tax being paid here. He will know that people in that position do all they can to hang on to what they have got.

Thank you JenniferEccles
I've certainly had a terrible meltdown or something. I'm calmer now. I'm not mad. I'm so sorry.

I don't think I agree that there's much in this budget to be thankful for and although I'm not thinking straight right now, I respect your opinion.
I can't believe what I'm still doing. I'm sorry, I'll leave you to it. I'm sorry.

Casdon

Sweetpeasue

So sorry I tried to quote Daisy Anne.
I shouldn't be on here tonight. I'm all over the place. Why do I care about what people think of me so much! I'm a wreck.

Please don’t worry about it Sweetpeasue, it’s not personal, and don’t be put off Gransnet because your post was misinterpreted. We don’t all agree with each other, but some of the replies were harsher than necessary.

SweetpeaSue don't apologise, I'm not sure how your post explaining the poverty you had lived through got so misinterpreted. Some of the replies were quite surprising.

A trickle down economy doesn't exactly sound like a waterfall cascading down to help the poorest, does it.

It's OK Callistemon21 I've not been well and I've had some sort ofeltdown tonight. No ones fault on here. Thankyou

The best indicators are the non political financial markets. None of them are happy. The pound crashed further last night, and British assets are being offloaded.

www.theguardian.com/uk-news/2022/sep/23/kwarteng-accused-of-reckless-mini-budget-for-the-rich-as-pound-crashes

inews.co.uk/news/politics/mini-budget-is-no-gamble-declares-kwasi-kwarteng-after-pound-slumps-amid-tax-cut-backlash-1876188

RSPCA - deeply concerned.

Government borrowing has now been raised to £270bn.

Remember when Brown raised it to £8bn and the Tories went berserk? They claimed that the economy was only safe in Tory hands??.

Looking at Truss’s habitat destruction policy.

That should be an interesting conversation between Truss and the King.

Thinking of the King’s deep and profound concern for ecology, the natural environment and conservation. How on earth is he going to put his signature to something with which, as a result will go entirely against his beliefs?

How can he sign off a policy that will destroy those protections and subsequently precious habitats that will never be recovered?

Gus O'Donnell

I joined Treasury in 1979 and have never seen a fiscal stimulus this large. With Bank of England raising interest rates, economy is being driven with brake and accelerator hard down. Not ideal.

Whitewavemark2

Thinking of the King’s deep and profound concern for ecology, the natural environment and conservation. How on earth is he going to put his signature to something with which, as a result will go entirely against his beliefs?

How can he sign off a policy that will destroy those protections and subsequently precious habitats that will never be recovered?

Charles 111 as king does not sign anything off although he may well comment in private. Maybe William will take on the environmental mantle, I am assuming he takes on the Duchy of Cornwall along with Prince of Wales, anyone know for sure.

Charles 111 as king does not sign anything off although he may well comment in private.

I think you'll find he does sign things off. Nothing becomes law without his signature. That's one of the roles of a constitutional monarch. It will be interesting to see if he formally approves things that he deeply objects to.

What a way to run a country.

You know perfectly well that he will rubber stamp whatever the government puts in front of him, the monarch has not declined to do that for 300 yrs.