Any thoughts on Rachel Reeves’ Spring Statement?

No I suppose not wyllow3, & yes I agree there needs to be something done about it.
Getting a pay rise to that amount is a real slap in the face though to the average person, who is struggling to pay bills & food.

MaizieD

Grantanow

Today Oxford Economics reported its finding that the bond markets had already increased the cost of UK borrowing so that over £4 billion has already been wiped off Reeve's headroom of £9.9 billion. I think she will have to cut more and raise more tax.

Bond markets aren't exactly an open book to me, but it's the Treasury that issues the bonds or gilts and sets the term and the interest rate on them So how do the markets increase the cost of borrowing'?

True, but if the market won't buy on the terms offered the Treasury has to re-think the offer.

Rachel Reeves has been shown to be playing fast and loose with her expenses at one of previous jobs, and economical with the truth apropos her CV. Perfect candidate for Chancer of the Exchequer (no spelling error). The trouble is who else on the Labour front bench would be a suitable chancellor? The Tory front bench is thin on talent but this is one area in which Labour excels in spades. Reform as an alternative? Let's go down the pub and find a few saloon bar pundits; they might even be better than Reform! Politics is devoid of capable people from all sides! Many the critics on here are more interested in her clothes and hair - is the electorate as useless as the politicians?

You're welcome. I'm younger than you so fell into the group that transferred to PIP but was on DLA so know both.

Wyllow3 thank you for that. Will try what you have found. Glad someone has a brain & not given it to the cat to play with. I blame him for everything as he doesnt bother answering back. Thanks again!

Well said Innocent I certainly haven’t forgotten it and it was immensely destructive to our economy.
However RR had the perfect opportunity both last year and now to put up income tax, she could have easily done it as we all want better public services and know full well that defence spending has to rise.
She is so obsessed by not increasing taxes that all she does is punish older people, disabled people and vulnerable people and harms businesses.
Put up taxes woman!

In December 2019, just before the pandemic, more people were in work than had ever been in work. 'Loss of jobs', you say... The economy was in good shape and there had even been a surplus in recent months - fleeting I admit, but surplus is surplus. Then along came the Chinese disease which cost umpteen billions of pounds paying peoples wages by way of furlough, and a collapse of output due to lockdown. Oh, yes, lockdown. Could have been lighter but remember the Labour party were constantly urging harder and more severe measures. I wasn't aware that amnesia was a symptom of covid 19 but many seem to have forgotten the damage that covid wreaked on the economy.

FriedGreenTomatoes2

Happy? Indifferent? Annoyed?
I’ve been out and haven’t caught up on the main tenets yet.
Back later.

I think any comments I made on this Spring Budget wouldn’t be allowed to stand on here🤬

Grantanow

Today Oxford Economics reported its finding that the bond markets had already increased the cost of UK borrowing so that over £4 billion has already been wiped off Reeve's headroom of £9.9 billion. I think she will have to cut more and raise more tax.

Bond markets aren't exactly an open book to me, but it's the Treasury that issues the bonds or gilts and sets the term and the interest rate on them So how do the markets increase the cost of borrowing'?

Crossstitchfan

The question was what people thought of Reeves, so I was amused to see that most of the replies referred to her appearance.
Very few mentioned what she said in her statement.
I rather think that sums her up really!

I think they were meant to be tongue-in-cheek.
Perhaps that's because we're all 😯 at what she said and what she might come out with next.

There were few surprises in the statement so nothing much new to say.
The mantra about world wars being won on the playing fields of Eton is due fora revamp. Better defence again future wars is now to be funded by increased numbers of children in poverty.

SillyNanny321

Being old & decrepit I still get DLA from when I had to take Medical Retirement in my 40’s, now 80! Cannot find out if that is to be cut back due to it being a Disability benefit! If it is that will be my lot! My scooter will have to go as I havent done paying for it yet. Many things I have to get to help daily will stop. Very worrying at my age when nowhere says exactly who will be affected! Probably someone on here better than me at trawling the internet for information will know but right now just sitting worrying!

I did try and trawl for you as regards changes or staying the same as I know the group you are in, but couldn't find anything definite.

May I recommend you contact your local Age UK SillyNanny321?

Or the national one

" We offer support through our free advice line on 0800 678 1602. Lines are open 8am-7pm, 365 days a year."

The question was what people thought of Reeves, so I was amused to see that most of the replies referred to her appearance.
Very few mentioned what she said in her statement.
I rather think that sums her up really!

Being old & decrepit I still get DLA from when I had to take Medical Retirement in my 40’s, now 80! Cannot find out if that is to be cut back due to it being a Disability benefit! If it is that will be my lot! My scooter will have to go as I havent done paying for it yet. Many things I have to get to help daily will stop. Very worrying at my age when nowhere says exactly who will be affected! Probably someone on here better than me at trawling the internet for information will know but right now just sitting worrying!

Today Oxford Economics reported its finding that the bond markets had already increased the cost of UK borrowing so that over £4 billion has already been wiped off Reeve's headroom of £9.9 billion. I think she will have to cut more and raise more tax.

Reeves is fixated on 'growth'. She is rejecting one of the most straightforward ways to promote the growth she so desperately needs to justify her existence. That is to stop her stupid 'fiscal rules' and to put a great deal of public money into improving public services.

Public investment is nothing but a benefit to the economy. It is a prime method by which money is put into circulation. The wages of public sector workers are spent into local economies, sustaining the local private sector goods and services providers with whom the money is spent. As the public sector manufactures nothing itself it purchases all its goods and services from the private sector, which leads to increased revenue for them and enables them to increase employment in their fields. Public sector spending on infrastructure, health, justice, the forces of law and order etc. enables an effective base on which citizens and private enterprise can thrive.

I cannot believe that the evils of tory austerity appear to have been completely forgotten, loss of jobs, growing poverty, ill health, run down public services. It's frightening to think that when the country is already on its knees Labour want to reduce it still further.

Above all, making the country poorer is a strong disincentive to private investment because the bottom line for private enterprise is the profits to be made and they can't see much profit to be made from an impoverished citizenry.

It's all such terrible economics.

MaizieD

This government is busily destroying whatever little bits of the UK which the tories left more or less intact. Reeves is one of the ringleaders in the destruction. She’s looked at tory austerity since 2010 and said “Oooh, let’s have a bit more of that and see how many more public services and people’s lives we can destroy”. What she (and some other ministers) is doing in the Labour party is a complete mystery to me, they don’t show one iota of concern for anyone except the wealthy..

The Spring Statement tells me that we will slide into a depression and that Labour won’t be re-elected in 2029. Nigel Farage and his disgusting party must be delighted at the prospect of gaining massive support from disenchanted voters without having to do any work to gain it…

Well put MaizieD

It's a complete mystery to me too.
I think I said a while ago that the Labour Government seemed to have turned into the worst of the Tories.

Zarah Sultana ( a decent MP who voted to repeal the two child benefit cap and had the whip removed as a punishment) is donating her pay rise to charity. There are still some decent Labour MPs whose careers will suffer as a result of their values.

Totally agree with MaisieD

Mt61

I think a lot of people on benefits have voted for this lot, probably thought they were safe! So they definitely wont be voting for them next time round, that’s for sure.

Do you honestly think that other parties could carry on paying current benefit levels without a new plan and intervention?
Thinking of the many GN comments on people who cheat, take advantage, have nails done and huge TV's, loads of examples given.....

Mt61

I think her hair, lipstick & clothes is the least of her problems- I think she has aged since she took that job on.
As for £500 better off, where has she plucked that from & not according to our lastest energy, water, council tax bills & hiking up food prices in the supermarkets - I feel so sorry for families

A lot of these things are not within the governments control - food and energy prices. As for council tax, how do councils cope with the rapidly rising care bills? Easy to grumble from the sidelines.

Mind you, I do agree with MP's not getting a pay rise. I think a good MP is paid more or less on the right level, its an incredibly responsible job when done well, but it should be frozen this year.

I think a lot of people on benefits have voted for this lot, probably thought they were safe! So they definitely wont be voting for them next time round, that’s for sure.

I agree with your post MaizieD , this is not a Labour Government, I feel they are going to foist austerity on the shoulders of those whom can least afford or cope with it 🤬

This government is busily destroying whatever little bits of the UK which the tories left more or less intact. Reeves is one of the ringleaders in the destruction. She’s looked at tory austerity since 2010 and said “Oooh, let’s have a bit more of that and see how many more public services and people’s lives we can destroy”. What she (and some other ministers) is doing in the Labour party is a complete mystery to me, they don’t show one iota of concern for anyone except the wealthy..

The Spring Statement tells me that we will slide into a depression and that Labour won’t be re-elected in 2029. Nigel Farage and his disgusting party must be delighted at the prospect of gaining massive support from disenchanted voters without having to do any work to gain it…

Think the Government have a cheek accepting their recommended pay rise while cutting the rest of us to the bone. It’s not what I would have expected of a Labour Government. I wonder how many of them will refuse the rise as some have done in the past. We will wait and see.

Something else the Government sneaked in without fanfare is the closure of the SFI scheme for farmers - the Sustainable Farming Initiative which is designed to help farmers adopt sustainable farming methods.

The Sustainable Farming Incentive (SFI), introduced after Brexit, offered farmers subsidies for environmentally friendly projects. However, earlier this month, ministers said the scheme was "fully subscribed".

This means no more farmers can join the scheme which is designed to encourage farmers to transition towards more environmentally friendly methods of farming, including reducing the use of pesticides or decreasing the number of animals grazing on hills.

A blow for farmers but a backwards step for the environment, wildlife and insect population including bees and for the future of the planet.