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EU expects to raise €140bn from windfall tax on energy firms

Cap on outsize revenues will bring solidarity from businesses towards struggling customers, says official   

https://www.theguardian.com/business/2022/sep/14/eu-windfall-tax-energy-fossil-fuel-firms

Thick Lizzie has a much more betterer plan than the EU has. Instead of siphoning off any of the massive profits that energy firms have acquired, thanks in part to the very nasty war in Ukraine, she is going to up borrowing and make UK citizens pay for the record rises in the inflationary cost of living crisis.

Of course, those with the least will suffer the most. But Thick Lizzie obviously believes in Thatcher's political dogma to wit: "They don't vote tory so fuck 'em..."

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Of course Lizzie's approach might also be coloured by the amount of money that Tories, including Sunak, currently have invested in the fossil fuel industry...

Isn't it strange how VdL doesn't seem to have any worries that taxing fuel companies might make the EU "unattractive" to them...?

 

 

Screenshot_20220916-202646_Facebook.jpg

Edited by Non-Believer
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So the budget that isn't a budget announces ...

Quote

- The basic rate of income tax will be cut by 1p to 19p from April 2023

- The 45p tax rate for top earners over £150,000 will be abolished, also from April next year

- The level at which house-buyers begin to pay stamp duty is doubled from £125,000 to £250,000

- First-time buyers will pay no stamp duty on homes worth £450,000, up from £300,000

- Planned rise on corporation tax from 19% to 25% is scrapped

- A 1.25% rise in National Insurance to be reversed from 6 Novemnber

- Cap on bankers' bonuses, which limited rewards to twice the salary level, is axed

- Cost of subsidising both domestic and business energy bills will cost £60bn for the next six months

-Strike action: unions will be required to put offers to members during pay talks

- UK to introduce sales tax-free shopping for overseas visitors

 

This is a radical shift from the manifesto Boris was elected on. Boris wasn't swept from power on a wave of people demanding bigger bonuses for bankers and a tax cut for the highest earners. So how can they claim any democratic legitimacy? 

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Pound crashes as chancellor cuts stamp duty and top rate of income tax

Pound falls below $1.10 for first time since 1985 following mini-budget

Kwarteng throws UK on sacrificial altar of Trussonomics where only bankers win

Chancellor maxes out with morally bankrupt budget that is anything but mini

Kwasi Kwarteng. What a guy! On Monday he put the fun into funeral with a few gags at Westminster Abbey. On Friday he puts the fizz into fiscal with an event – we would call it a budget were it not for the chancellor having gone out of his way to make sure the Office for Budget Responsibility couldn’t supply any figures to fact-check his economics – that was so high and wild we may never see another. To infinity and beyond! A mini-budget that was anything but mini.

Casino faith-based economics on which he’d bet the bank. The biggest tax giveaway – primarily to the rich – in 50 years while increasing government borrowing to record levels. Time was when Labour used to get it in the neck for uncosted public borrowing. That’s now so last month.

All you have to do now is believe and everything will be OK. It’s the new economics for Brexit Britain. You want growth, you get growth. And if you don’t, then it will be everyone else’s fault for talking Britain down.

https://www.theguardian.com/politics/2022/sep/23/kwarteng-maxes-out-morally-bankrupt-budget-anything-but-mini

As energy is traded in dollars what a fantastic move it is to cause the pound to sink to a new low of $1.10....

So far sighted no-one can see where it will end - they just know it won't end well....

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UK could be heading for 'house price crash of 20-40% over the next couple of years'

Some more comments from analysts - these ones are in the housing/mortgage sector:

House price crash - Graham Cox, director of Bristol-based Self Employed Mortgage Hub: 

Unless the government steadies the ship, we're heading for a house price crash of 20-40% over the next couple of years. There's 1.8m borrowers coming off fixed rate deals next year. They simply won't be able to afford the mortgage payments, forcing them to sell or be repossessed.

UK the sick man of Europe again - Lewis Shaw, founder of Mansfield-based Shaw Financial Services: 

It has taken less than 18 months for the UK to become the sick man of Europe once again. At every stage in this debacle, we've been on the back foot. We need to regain momentum, which will mean real economic pain. The fiscal event last week by Kami-Kwasi has the potential to turn the UK into an emerging market, or worse still, a failed state.

UK property market likely to be flooded with interest from overseas - Edgar Rayo, chief economist at London-based finance broker, Finanze: 

Expect wealthy foreign investors from China and the Middle East to flood the UK property market with enquiries for property bargains just like what happened in 2016 when the pound slid to a 31-year low after the Brexit vote.

UK economy officially on red alert - Anil Mistry, director at Leicester-based RNR Mortgage Solutions: 

The ramifications of (the chancellor's budget) are extraordinary and the UK economy is now officially on red alert. This will now lead to more expensive fuel prices, leading to more expensive everyday goods as transport costs increase, plus more expensive imported goods.

Government running on empty - Rhys Schofield, managing director at Derbyshire-based mortgage advisors Peak Money:

Remember that magic money tree that the Tories used to bang on about? Seems that it does actually exist when it means giving tax cuts to your donor chums. I can't actually recall a government more out of touch with the country and after 12 years in charge. This lot are definitely running on empty.

Banana republic - Rob Gill, managing director at mortgage broker Altura Mortgage Finance: 

A currency in freefall, the soaring cost of borrowing and a government and central bank pulling in opposite directions is the stuff of a banana republic.

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30 minutes ago, snowman said:

UK could be heading for 'house price crash of 20-40% over the next couple of years'

Some more comments from analysts - these ones are in the housing/mortgage sector:

House price crash - Graham Cox, director of Bristol-based Self Employed Mortgage Hub: 

Unless the government steadies the ship, we're heading for a house price crash of 20-40% over the next couple of years. There's 1.8m borrowers coming off fixed rate deals next year. They simply won't be able to afford the mortgage payments, forcing them to sell or be repossessed.

UK the sick man of Europe again - Lewis Shaw, founder of Mansfield-based Shaw Financial Services: 

It has taken less than 18 months for the UK to become the sick man of Europe once again. At every stage in this debacle, we've been on the back foot. We need to regain momentum, which will mean real economic pain. The fiscal event last week by Kami-Kwasi has the potential to turn the UK into an emerging market, or worse still, a failed state.

UK property market likely to be flooded with interest from overseas - Edgar Rayo, chief economist at London-based finance broker, Finanze: 

Expect wealthy foreign investors from China and the Middle East to flood the UK property market with enquiries for property bargains just like what happened in 2016 when the pound slid to a 31-year low after the Brexit vote.

UK economy officially on red alert - Anil Mistry, director at Leicester-based RNR Mortgage Solutions: 

The ramifications of (the chancellor's budget) are extraordinary and the UK economy is now officially on red alert. This will now lead to more expensive fuel prices, leading to more expensive everyday goods as transport costs increase, plus more expensive imported goods.

Government running on empty - Rhys Schofield, managing director at Derbyshire-based mortgage advisors Peak Money:

Remember that magic money tree that the Tories used to bang on about? Seems that it does actually exist when it means giving tax cuts to your donor chums. I can't actually recall a government more out of touch with the country and after 12 years in charge. This lot are definitely running on empty.

Banana republic - Rob Gill, managing director at mortgage broker Altura Mortgage Finance: 

A currency in freefall, the soaring cost of borrowing and a government and central bank pulling in opposite directions is the stuff of a banana republic.

But - just maybe but - back in the EU after the next election.

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6 hours ago, Roxanne said:

Wasn't she the one who said she didn't mind if she was unpopular?

Seems to be working hard at it...but reminds us about what she is "determined to do as Prime Minister" at every opportunity.

Video fro m CNN interview. 

https://edition.cnn.com/videos/business/2022/09/26/uk-liz-truss-tax-cuts-pound-sotu.cnn

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6 hours ago, GD4ELI said:

But - just maybe but - back in the EU after the next election.

It's amazing how the elephant in the room never gets a mention.

On Sunday morning Kamikwasi banged on about the reasons the UK was in the shit was entirely down to covid and the war in Ukraine. Twelve years of tory so-called government, the worst Prime Minister in living memory and probably forever and imposing trade embargoes on our own goods never got a mention.

Special K let him get away with it...

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