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U.K. Politics: Supreme Court rules against the SNP in Scotland independence case

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  • A lot to digest in that mini budget, huge new borrowing as well as cutting - it’s been described as a “demolition of the last 12 years”, a “gamble” and “a plan to reward the wealthy”.

    Income tax will be at 19% instead of 20% from April 2023, but the highest rates are to be reduced to 40%. Bankers bonus cap is gone, as is the NI rise. Stamp duty cut, no rise in corporation tax.

    The richest 10% will gain 60x more from these policies over the poorest 10%.

    Lots of echoes of Thatcher… and it’ll take a long time to assess if this is actually going to work.

    Comment


    • How is it the Tories came to power with David Cameron saying we need to make cuts to everything and everything, when they’ve done nothing but find magic money trees for the last three years?

      This is all just a terrible, terrible plan and we will be paying for this for decades. Truss is banking on attracting international business to the UK to top up the piggy banks but they still cannot make large international companies like Starbucks or Amazon pay their fair share of taxes. Any financial plan being described as a gamble rather than a solution needs throwing in the bin.

      I’m still massively annoyed she ‘doesn’t believe in’ windfall taxes when the money is just sat there, ready and waiting to be claimed.
      Disco dancing with the lights down low…

      Comment


      • The government's fiscal event obviously happened yesterday and it is deservedly receiving a roasting - the most unqualified Chancellor we've ever had delivered the largest tax savings for over 50 years, reversing Conservative policy for the last 12 years in one fell swoop. This could be - will probably be - an unmitigated disaster, but we'll not know for a few years. In total, these were the changes he announced in his fiscal event (legally, it cannot be referred to by the government as a budget as it hasn't been costed by the Office for Budget Responsibility - can't possibly think why this government wouldn't want it to be officially costed):
        • Freeze household bills for an average household at 2,500 per year (costing 60 billion for 6 months).
        • Removal of 45% additional tax rate (for those earning 150,000 or more per year) - the 40% flat rate for incomes over 50,271 remains.
        • The promised tax cut on basic rate income tax from 20% to 19% will be brought forward to April 2023.
        • The pledged reversal of national insurance is confirmed - so the additional 1.25% introduced in April 2022 is abolished as of 6 November 2022.
        • The cap on bankers' bonuses is officially removed.
        • The promised increase in corporation tax from 19% to 25% will be scrapped - it will no longer happen.
        • There will be changes to Stamp Duty and when it is payable.
        • IR35 regulations will be scrapped as of April 2023.
        • Planned increases in duty rates for beer, wine and cider will be cancelled.
        • In a further curbing of Trade Union powers, TUs will soon be legally required to put all pay offers to members before taking strike action.
        • The government confirmed the prioritisation of a number of different investment projects.
        • The government confirmed the introduction of nearly 40 investment zones that will have reduced business taxes.
        • And finally - and frighteningly - we have a new Parliamentary Bill - the Retained EU Law (Revocation and Reform) Bill. In simple terms, this is a bonfire of EU law and we should all be horrified. If it maps out as it is planned, it will mean that by 31 December 2023, any UK legislation derived from the EU will be reversed (that's social, criminal, employment, environmental, financial law - the lot). I'm particularly interested in this from a work point of view as I work in HR (specialising in employment law) but we should all be horrified simply as UK citizens.
        The full government document that outlines every single change being made as part of this plan can be found here:

        https://assets.publishing.service.go...2022_PRINT.pdf

        Don't be fooled by the headlines - this isn't just an 8 or 10 point plan, it's huge fiscal and social reform (for the worst in my view), there is huge amounts to digest. A gamble, it most certainly is - regardless of what our government tell you. It says it all that following this announcement, the international value of Pound Sterling fell a further 3% to lows not seen for decades.

        In terms of how this affects me personally, I've costed that based on the tax cuts alone, the benefit to me will be decent - but guess what, I probably won't be spending most of that money, I'll be adding it to my savings. Therefore, the government's plans are flawed as they want to fund these tax cuts by people spending more of what they are saving, when the reality is that most who can afford to save money will simply just save more money. It's a terrible gamble, really - they had a readily available source of income by taxing the big energy companies but they just won't do it.

        By the way, if you're interested in income distribution (I find it fascinating), the most recent government data from 2020 confirms the following - this is based on annual gross pay:
        Percentile Point 2020
        1 12,800
        2 13,000
        3 13,300
        4 13,600
        5 13,800
        6 14,100
        7 14,300
        8 14,500
        9 14,800
        10 15,000
        11 15,300
        12 15,500
        13 15,800
        14 16,000
        15 16,200
        16 16,500
        17 16,700
        18 17,000
        19 17,200
        20 17,400
        21 17,700
        22 17,900
        23 18,200
        24 18,400
        25 18,600
        26 18,900
        27 19,100
        28 19,400
        29 19,600
        30 19,900
        31 20,200
        32 20,400
        33 20,700
        34 21,000
        35 21,200
        36 21,500
        37 21,800
        38 22,100
        39 22,400
        40 22,700
        41 23,000
        42 23,300
        43 23,600
        44 24,000
        45 24,300
        46 24,600
        47 25,000
        48 25,300
        49 25,600
        50 26,000
        51 26,400
        52 26,800
        53 27,100
        54 27,500
        55 27,900
        56 28,400
        57 28,800
        58 29,200
        59 29,700
        60 30,100
        61 30,600
        62 31,100
        63 31,600
        64 32,100
        65 32,700
        66 33,200
        67 33,800
        68 34,400
        69 35,000
        70 35,700
        71 36,400
        72 37,000
        73 37,800
        74 38,500
        75 39,300
        76 40,000
        77 40,900
        78 41,700
        79 42,700
        80 43,700
        81 44,700
        82 45,700
        83 46,900
        84 48,200
        85 49,500
        86 50,400
        87 51,900
        88 53,800
        89 55,800
        90 58,300
        91 61,200
        92 64,700
        93 68,900
        94 74,100
        95 81,000
        96 90,400
        97 102,000
        98 125,000
        99 180,000
        Column 1 is the percentile you are in and column 2 is the salary you earn - so for e.g. if you earn 180,000, you are in the 99th percentile (or top 1% of earners), if you earn 12,800, you are in the 1st percentile (or top 100% of earners). If you look at the changes announced in the fiscal event, all of which are tax driven, you can very easily deduce that they unashamedly benefit higher earning folk much more.

        Comment


        • The “investment zones” worry me, because they’re one step closer to Charter Cities - google them, basically every region privatised in every way, with its own laws, rules and regulations dictated by private investors.

          Comment


          • Rumours already floating that MPs are planning to get rid of Truss by Christmas! The Tories turning into an even bigger farce by the month… yet we’d still probably vote them back in.

            Comment


            • Originally posted by Thriller View Post
              Rumours already floating that MPs are planning to get rid of Truss by Christmas! The Tories turning into an even bigger farce by the month… yet we’d still probably vote them back in.
              Just makes you wonder if it's because she's a woman. Because May was quite useless but loyal (to the UK institutions) and never did all the messy things Boris did, but they got rid of her so fast while they stuck with Boris for a really long time. Truss is worse than May but she hasn't had time to really screw things up imo. Unless I've missed something.
              Find me here:

              https://www.last.fm/user/jordi_89

              Comment


              • Originally posted by jordi_89 View Post

                Just makes you wonder if it's because she's a woman. Because May was quite useless but loyal (to the UK institutions) and never did all the messy things Boris did, but they got rid of her so fast while they stuck with Boris for a really long time. Truss is worse than May but she hasn't had time to really screw things up imo. Unless I've missed something.
                The mini-budget is pretty spectacular (for the wrong reasons).

                Labour will never win another election in the UK, so long as the SNP are dominant in Scotland - the most Labour could hope for is a minority government or a coalition, unless they find a way to dethrone the SNP in Scotland.

                Comment


                • Originally posted by Thriller View Post
                  Rumours already floating that MPs are planning to get rid of Truss by Christmas! The Tories turning into an even bigger farce by the month… yet we’d still probably vote them back in.
                  There was a rumoured plot to submit letters of no confidence in her almost instantly. The Queen’s death actually gave her an unexpected amount of breathing space but it seems she spent the time coming up even more outlandish ideas.

                  I don’t think the Tories have any choice but to let this play out. We need financial support over winter, but come spring it might be hunting season again.

                  The Tories are fast becoming a party that has the same problem as Labour - there is no one competent enough to run the party.
                  Disco dancing with the lights down low…

                  Comment


                  • Originally posted by Wayne View Post

                    The mini-budget is pretty spectacular (for the wrong reasons).

                    Labour will never win another election in the UK, so long as the SNP are dominant in Scotland - the most Labour could hope for is a minority government or a coalition, unless they find a way to dethrone the SNP in Scotland.
                    if labour give us a reason to vote for them, we'll vote for them. we loved GB, he was probably the greatest prime minister of all time
                    what's going on?

                    Comment


                    • Originally posted by jordi_89 View Post
                      Just makes you wonder if it's because she's a woman. Because May was quite useless but loyal (to the UK institutions) and never did all the messy things Boris did, but they got rid of her so fast while they stuck with Boris for a really long time. Truss is worse than May but she hasn't had time to really screw things up imo. Unless I've missed something.
                      I don’t personally like May’s politics, but she actually got the job done in my opinion. She got a Brexit deal and her party kept voting against it. I do think there was sexism involved in the coup, and Boris’ deal was pretty bad in the end, I thought.

                      May had a certain confident dignity in how conducted herself, whereas Boris was a Del Boy with an education. Truss is just a deer caught in headlights.
                      Disco dancing with the lights down low…

                      Comment


                      • Originally posted by Plym View Post
                        if labour give us a reason to vote for them, we'll vote for them. we loved GB, he was probably the greatest prime minister of all time
                        So great he never won a general election.
                        Disco dancing with the lights down low…

                        Comment


                        • Originally posted by Artoo View Post

                          So great he never won a general election.
                          and michael jackson never performed on totp, so what. im not gonna let a member of the truss brigade slander his good name
                          what's going on?

                          Comment


                          • Originally posted by Plym View Post
                            and michael jackson never performed on totp, so what. im not gonna let a member of the truss brigade slander his good name
                            He ruined it all on his own, sadly. Labour should have picked a stronger successor to Blair and we could have avoided not only this entire Tory mess, but the Brexit mess too.

                            I’ve said it before but the worst think Labour did was let David Miliband slip through it’s fingers. How in the hell Ed Miliband ever became party leader is beyond me. He was an absolute joke of a candidate, terrible party leader and so incompetent it made Jeremy Corbyn look like a good idea.

                            Labour only has itself to blame and I frankly I hate them for it (even though I keep voting for them). It’s one thing to hate the Tories for their utter inability to run a country, but something all together worse when there isn’t a viable alternative.

                            The tragedy is that the only way Labour will win is if the Tories mess up so badly even their own supporters switch parties.
                            Disco dancing with the lights down low…

                            Comment


                            • Originally posted by Artoo View Post

                              I don’t personally like May’s politics, but she actually got the job done in my opinion. She got a Brexit deal and her party kept voting against it. I do think there was sexism involved in the coup, and Boris’ deal was pretty bad in the end, I thought.

                              May had a certain confident dignity in how conducted herself, whereas Boris was a Del Boy with an education. Truss is just a deer caught in headlights.
                              Well put. Exactly. They're all terrible people, or at best just boring and unprepared to do the job. But the ones targeted seemed to be one particular group.

                              The rest of Europe doesn't seem to be doing so well either, so who am I to judge.
                              Find me here:

                              https://www.last.fm/user/jordi_89

                              Comment


                              • Labour going some way to using the week’s events to their advantage and almost re-launch the party. Starmer being compared to, and quoting, Blair.
                                • Labour leader Sir Keir Starmer attempts to reposition the Labour Party in a major speech to conference in Liverpool
                                • Sir Keir promises a "fresh start" for the UK, and pledges to invest in the NHS, green energy and "spread opportunity to all"
                                • He says the Conservative government has lost control of the economy with its tax cutting agenda - "don't forget, don't forgive", he says
                                • He says they "crashed the pound" and vowed to get the UK out of an "endless cycle of crisis"
                                • He says the war in Ukraine was the spark that caused rising energy costs, but that the country was not in a position to deal with it
                                • He pledges to set up a publicly-owned green energy company within a year if he is elected, with 100% clean power by 2030
                                • And he vowed that a Labour government would "make Brexit work" and "deliver change" in Scotland - but would not do a deal with the SNP

                                Comment


                                • By not being open to a deal with the SNP, Starmer has to decisively beat them - Labour would really struggle to win a GE under FPTP without winning Scotland.

                                  Comment


                                  • Lots of good things coming from Starmer… but is anyone listening? Who even knows anymore.
                                    Disco dancing with the lights down low…

                                    Comment


                                    • The IMF has come out and said, in polite language, that Truss’ budget is bloody shit.
                                      Disco dancing with the lights down low…

                                      Comment


                                      • Originally posted by Plym View Post
                                        and michael jackson never performed on totp, so what. im not gonna let a member of the truss brigade slander his good name
                                        Actually he did, he performed Rockin' Robin and Lookin' Through The Windows in 1972 with hs brothers.

                                        Comment


                                        • I was thinking, why don’t they get rid of this old fashioned rule of Sunday shopping hours. So many people shop online now and that has a much bigger effect on the high street than the supermarkets being open, surely. Also, I hate when I’ve forgotten it’s Sunday and I miss going to the shop to get the things I need for Mondays lunch.
                                          1 SG Lewis |2 FLO |3 Vlossom |4 SG Lewis |5 Inna

                                          Comment


                                          • Is this the worst start to a Premiership in British history?

                                            I felt she’d been dealt a bad hand by having to deal with the death of the late Queen in her first week in office and I really think she played her part well but any goodwill she built up has been decimated in the last week. The reaction to that one fiscal event announcement on Friday appears to be doing more short term damage to the British economy than even the recession of 2008 and/or Covid!

                                            There is a small chance - a very small chance - that this fiscal event will work in the long term but at the moment, you have everybody who is anybody telling the PM that she needs to reverse direction but it’s like they are blind to the issue. This says it all really…



                                            We are living through their economic ideology, something they said they’d do in the late 2000s, and the problem with ideology is that people won’t change their minds before it’s too late, if at all. Even accepting that their plans stay for now, there are many things they could do to calm the markets that they just aren’t doing - not least of which is release some OBR numbers, but they won’t do this until late November! It’s all so very irresponsible. Everything Sunak said would happen, is happening. I wonder how long Truss has got as PM…

                                            Comment


                                            • How not to run a country | The Economist

                                              Comment


                                              • Comment


                                                • ^ Delicious

                                                  Her advisors were fools putting her out on a promo tour. Truss isn’t a great public speaker and she cannot answer the questions - “Did you sleep well?” was such an obvious setup yet she walked straight into it.

                                                  YouGov have Labour 33 points ahead of the Tories now. Truss will be lucky to make it to the end of the year. In less than three weeks she’s less popular than Boris, who they only got rid of because he was supposedly unelectable

                                                  It’s not like me to defend a Tory but I do understand what they’re trying to do. I think the larger problem is that she’s tried to introduce too many new policies all at once and most of them are unpopular and not guaranteed to work.

                                                  She should have announced the support plans and taken six months to properly cost and create a real plan for then paying back the approximate half a trillion pounds the UK has borrowed over the last few years, and announced it in March’s budget once we’re through winter and hopefully through the energy crisis.

                                                  Everyone knows we’ll end up footing the bill one way or another, but to take steps that pushes the cost of living higher and messes with people’s security (literally their bricks and mortar), well, the pitchforks will come out and party allegiance goes out the window.
                                                  Disco dancing with the lights down low…

                                                  Comment


                                                  • How funny that they put her on local radio thinking it’d be a soft platform for her. Apparently in former Cabinets she was actively hidden away from public speaking because they all knew how bad she was.

                                                    Comment

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