What do you think about the mini-budget?

Before I became too disabled to work, I worked, and paid tax and NI without irritation, because it's a safety net for those of us who need one, and it also pays for shared assets - the roads, schools, health service, social care provision etc etc we all need (including those of us who run businesses). All those who can should pay tax and I am grateful we share that responsibility - shame so many of the rich choose to opt out. On the other hand, all of us need enough money to at least cover the basics, so rising prices (>10% inflation on food, not to mention fuel costs) affect those of us on low incomes more than losing a few pence or pounds to someone on a high income. They can still afford to eat, heat, and more. What I want to know is, why are the ideological government convinced giving more to the rich will make things better for the rest of us? Where's the evidence? History suggests that what actually happens is, when we give more tax breaks for the rich, they buy up the housing stock so fewer normal folk can afford a decent home. (Evidence such as, there are social care providers who are venture capitalists making >20% per annum profit on their investments, whilst providing sickening levels of wages and service to users.) Evidence is that the long years of austerity, tax cuts, privatisation,  structural changes to public services have made things worse for most people in this country - I'm old enough to remember. We could choose something different. 

Cartini said:
Admittedly the Tories aren`t doing too well, but don`t forget the mess the last Liebour government made of the country.

The last financial crisis in 2008 was a genuine international crisis, unlike the current turmoil which is part international but the immediate trigger has been the actions of Truss and Kwarteng.

The beginning of recovery in 2010 that Labour had started was halted in it's tracks by George Osborne.

We are clearly not going to agree on that!

Sitting here, really cold, without the heating on. Two jumpers, stiff with cold doesn't help the pain. We're financially fully stretched. Then yesterday, my student daughter's energy company yesterday sent her flat a revised payment schedule. She was paying £30/ month for her share of the bills. Her energy usage hasn't changed. She's being asked to pay £330/month for her share of the bills. Where's that to come from? 
The bite of the budget is that rich people will benefit more from the energy fuel cap than either me or my daughter. And eventually she'll be paying taxes to pay off the debt the government builds up to pay the rich for heating their nice big homes.

woodbine said:

racyguy said:

On the whole it is a good start to changing how this country needs to grow.

Could you explain @racyguy how you think the "budget" will help us grow ? how will it expand GDP ? how it will grow productivity?

It's like me going out and blowing every penny I can on my credit cards and expecting my kids and grandkids picking up the tab. Because what many won't grasp is that whilst the £45 billion tax cut isn't just for next year but for every year after.
Apparently the chancellor is now begging ministers to find huge spending cuts in their departments so that will see cuts in defence, education,the NHS etc etc etc inc possibly pensions and definitely benefits, and you can kiss good bye to any help with energy bills after March.

The one good thing Labour has a 33% lead in the opinion polls the biggest lead ever recorded by any party EVER, so hopefully we will be rescued from this despotic govt sometime in the not to distant future !

And end up in more debt with another letter written by the Labour Chancellor saying that the cupboard is bare.
Who in their right mind decided to sell this country's gold reserves? Oh yes it was Labour who thought it generous to hand over the proceeds by way of increasing benefit payments along with reducing the tax rate to low earners.

I believe that Truss thought she was being clever with this mini budget and it would be acclaimed as the beginning of a new pseudo Thatcherite era. It was a blunder and the markets have spoken reams on the matter. it has shown us what she’s made of though, not the brightest star in the sky.

She has also said that they are working closely with the Bank of England, yes I think the BOE is close like a passenger in an out of control car driven by a maniac desperately trying to apply the handbrake!

racyguy said:

Biblioklept said:

Yet no problem with the gov borrowing ridiculous sums to give to energy companies whose profits are already record breaking. Hmm. 

I'd rather the country's debt increased supporting people, than increased to give those who don't want for anything even more help...!?

The profits of the energy companies will in the main be reinvested - you can't say that if the same amount is handed out to all and sundry.

As I understand it, energy companies said that a windfall tax would not have impacted investment. It the shareholders that are likely to benefit from the huge profits.

racyguy said:

Wibbles said:

They forget that many people don't even earn enough to pay NI or Income Tax

Not true at all.
If I wanted to claim Pension Credit - a means tested benefit for the elderly - I would be handed approx £54 at the present time a week to make our income up to a minimum level. On top of that because we have a low income, we would be given 100% deduction of the Council Tax.
Yet with all that and not making the claim I still pay income tax on my income!

The fact that you are liable to pay income tax doesn’t contradict the statement that many people don’t earn enough to pay NI or income tax. That number increased significantly earlier this year as a result of Rishi Sunak raising the NI payment threshold.

Freezing the tax allowance is actually another stealthy way of gathering more taxes.

calcotti said:

racyguy said:

Wibbles said:

They forget that many people don't even earn enough to pay NI or Income Tax

Not true at all.
If I wanted to claim Pension Credit - a means tested benefit for the elderly - I would be handed approx £54 at the present time a week to make our income up to a minimum level. On top of that because we have a low income, we would be given 100% deduction of the Council Tax.
Yet with all that and not making the claim I still pay income tax on my income!

The fact that you are liable to pay income tax doesn’t contradict the statement that many people don’t earn enough to pay NI or income tax. That number increased significantly earlier this year as a result of Rishi Sunak raising the NI payment threshold.

Ii agree but I have tried to balance the argument by stating that I pay tax and have done so since i started to receive the SRP - some 14 years ago.
You can still be on means tested benefits AND pay tax - thankfully I am not claiming it and to be at the mercy of the Pension Service.
The upshot is that my income is £54 a week down on what it could be AND I have to pay Council Tax of £2200 a year, receive little of the many COL payments and have to purchase a TV licence.
AND we can still manage with good budgeting and cutting back on everything including food and electricity/gas.