Today’s Mini Budget.

Yes, it is now at £1.03 against the $. That is a reaction to the tax cuts.

Apparently more tax cuts in November, - that should see the pound as pretty much worthless.

Inflation pressure must be enormous now, what will the BoE do? More interest rate rise? Glory be! We are being run by lunatics.

Meanwhile, the £ has crashed again to a record low….meaning everything we import is going up and up , wiping out any gains we might have made in tax reduction.

Will they start calling it New Conservatives?

Parsley3

twitter.com/mikegalsworthy/status/1573966144964272130?t=nOvcP9OAC9_im2sEUjqnIw&s=19

The Chancellor thinks that they have only been in government for 19 days. Has he formed a new party?

It looks like a corrupt incompetent right wing party has been replaced by another corrupt economically illiterate far right party.

There surely must be some decent people who at some time voted conservative who are just as appalled as the rest of us who have never voted for the conservatives.

Parsley3

twitter.com/mikegalsworthy/status/1573966144964272130?t=nOvcP9OAC9_im2sEUjqnIw&s=19

The Chancellor thinks that they have only been in government for 19 days. Has he formed a new party?

Worrying, isn't it!

Either he thinks that he personally is the "government", or he really does live in a parallel universe.

twitter.com/mikegalsworthy/status/1573966144964272130?t=nOvcP9OAC9_im2sEUjqnIw&s=19

The Chancellor thinks that they have only been in government for 19 days. Has he formed a new party?

Daisymae

These policies are not only outrageous, but no one has actually voted for them. Bankers bonus cap, fracking, removal of protection of parts of the countryside, increase in migration, deregulation of planning consent. Apparently more to come.

..no-one has actually voted for them..

Which just goes to show that with our weak constitution, which depends on 'good chaps' behaving honourably, a government which gets a large majority can do what it likes once in power. I have said this on a number of occasions

Some countries have better economic policy to others.

Absolutely right, Norah. Unfortunately the UK is one of the 'others'.

MaizieD

^The world is struggling.^

Strange that in that 'struggling world' EU growth manages to be well ahead of the UK's, Norah

Yes, UK growth is less than EU growth, however, the entire world is struggling with Covid, Ukraine, energy, inflation.

Some countries have better economic policy to others.

The world is still struggling.

The world is struggling.

Strange that in that 'struggling world' EU growth manages to be well ahead of the UK's, Norah

Well, they aren't going to be re-elected on the strength of this economically catastrophic budget.

Someone on twitter has posted a nice chart showing its effect on incomes

Was it an economic budget at all?.
We all doubt that the economy will recover quickly certainly not in time for an election in 2 yrs.

Is “trickle down” election gerrymandering?.
The rich obviously benefit, will the middle earners benefit enough to vote Tory at the next election, even with Truss leading the party. There will be a few crumbs for the low earners as well, most of them are not going to vote Tory anyway

The first priority of a politician is to get elected.

Bank of England hikes by 50 basis points, says UK may already be in recession

Many feel 50 basis points was not enough.

www.cnbc.com/2022/09/22/bank-of-england-raises-rates-by-50-basis-points-in-seventh-consecutive-hike.html

Urmstongran

No one seems to mention that right now the euro has parity with the US dollar. Europe is struggling too!

www.theguardian.com/business/2022/jul/12/fears-of-energy-crunch-dragging-down-euro-in-face-of-strong-dollar

Indeed.

The world is struggling.

Covid, Ukraine, heat waves, fires, economic woes for everyone.

Urmstongran

Just been chatting to Himself about it. He says yes, the very rich will benefit. But the main aspect isn’t about the mega rich. It’s about the workers who earn £50k and above - say a deputy head or a doctor. Now the reduction in tax means they will be £1k a year better off in their pocket due to 40p in the £1 in tax and not 45p in the £1. The hope is that these people will use the extra money to say have their bathroom tiled - generating flow of money from many households into the economy.

Is he right? I think this is a simplistic analysis for my benefit!

I suspect DH is not considering inflated costs of everything nor that the £3k would not stretch far to extra spending.

Well the RSPCA and The National Trust are up in arms about the proposals.

It won’t be long before other custodians of the natural world in the U.K. join them.

Tory voters are big supporters of these charities.

Got anything more up to date?

No one seems to mention that right now the euro has parity with the US dollar. Europe is struggling too!

www.theguardian.com/business/2022/jul/12/fears-of-energy-crunch-dragging-down-euro-in-face-of-strong-dollar

Back to the future - sick man of Europe.

UK GDP per capita has grown by just 10 per cent since 2015, compared with 24 per cent for Germany and 18 per cent for France.

We do not believe in untrammelled free markets. We reject the cult of selfish individualism. We see rigid dogma + ideology not just as needless but dangerous. True conservatism means respect for the local +national institutions that bind us together.” Conservative manifesto 2017

How is the easing on the immigration policy going to go down with the brexiters?

Brexit is a disaster which the Tories have bought and they need to cover up.

Has anyone mentioned the repealed reforms to IR35

These policies are not only outrageous, but no one has actually voted for them. Bankers bonus cap, fracking, removal of protection of parts of the countryside, increase in migration, deregulation of planning consent. Apparently more to come.

vaccines, essential medicines and isotopes, energy, parts for industrial chains (what little we still have) and so much more.

It could be good for exports, but due to Brexit exports have slumped hugely due to extra costs, tons of paperwork and self imposed restrictions of all sorts.