The Conservative Party

MCFC1993 said:



Could barely make it 2 weeks, fucking shambles this lot.

Just call a general election and be done with it.
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do we have to guess which one didn't know the big cows were smaller because they were further away and which was the one who thought 5 beans plus 3 beans meant you have "some beans"
 
Blue Maverick said:
Fuck me, the IMF, what will it take to get a general election called? Can it only be the Tories who can do it? There must be something within our constitution which can stop alll this shit?
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Charlie boy could do it.

His representative in Australia did it in 1975, though under different circumstances.
 
BobKowalski said:
The point of the tax cuts is to stimulate growth. If you want to stimulate growth then you put more money into the pocket of the greatest number of people, not more money into a small number of people, especially as they will not spend the money to stimulate the economy.

The tax cuts were to be funded by Govt borrowing, yet Friday’s statement has increased the cost of Govt borrowing. The run on the pound has to be stabilised by higher interest rates which means higher mortgage product costs, and for those ending their fixed terms, much higher mortgage payments wiping out any marginal tax benefits. The markets have factored in the higher interest rates and the BoE will be obliged to meet those expectations or create another run on the pound. None of this will stimulate growth. Indeed higher interests rates mean more costs to consumers which is the opposite of stimulating growth.

Not bad for Kwarteng’s first day in office, where the markets where obliged to put the new Chancellor on notice.

It also means Kwarteng will end up having to resign.
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Heard it all before Bob. Everything you say is predicated on your guess that the pound won't recover, eliminating the need for yet higher interest rates. A big majority of currency traders are holding long positions on GBP vs USD. All this talk that the pound has "tanked" is completely overblown. It has been on a steady downward trend for months and we could not carry on with the same policies with taxation at its highest level ever. As to whether they should have put more money in the back pockets of those least well off, well maybe but that would have meant even more borrowing or ditching something else. Binning the 45p to 40p cut would not raise anything like enough money (if any) to pay for that. A bit like Labour's daft commentary that we should raid the energy companies to pay for consumers' energy costs. A lovely soundbite but in reality wouldn't pay for 1/10th of it.
 
Chippy_boy said:
This question was raised earlier and of course I don't know because I am not close to government. But my guess is for two reasons: Mainly because in theory it makes the UK a more attractive place for high earners to want to base themselves and pay tax. So an incentive for inward investment in much the same way as the corporation tax cut. And secondly because it fits with Tory ideology of low taxes. They can't afford to cut the basic rate much because so many people pay it and there is no "upside" in terms of greater compliance, i.e. everyone is on PAYE anyway. IIRC less than 1% were paying the 45% rate, so they could afford to cut that more deeply, AND as I say it might not cost anything at all if we get more people paying it as we did when we cut from 50p to 45p

BUT, and its a huge BUT, I really do think it was an utterly stupid thing to do. It looks terrible even if it costs us nothing.
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Do you not think that the link between residency and tax was broken a long time ago for the "super" rich and the rich?
 
blueish swede said:
Do you not think that the link between residency and tax was broken a long time ago for the "super" rich and the rich?
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Yes I do. Said so many times. Paying UK tax is entirely optional for the super rich. Your only hope is to either shame them (usually doesn't work) or tempt them (with lower rates) into paying it.
 
Chippy_boy said:
Heard it all before Bob. Everything you say is predicated on your guess that the pound won't recover, eliminating the need for yet higher interest rates. A big majority of currency traders are holding long positions on GBP vs USD. All this talk that the pound has "tanked" is completely overblown. It has been on a steady downward trend for months and we could not carry on with the same policies with taxation at its highest level ever. As to whether they should have put more money in the back pockets of those least well off, well maybe but that would have meant even more borrowing or ditching something else. Binning the 45p to 40p cut would not raise anything like enough money (if any) to pay for that. A bit like Labour's daft commentary that we should raid the energy companies to pay for consumers' energy costs. A lovely soundbite but in reality wouldn't pay for 1/10th of it.
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Chippy mate - its been tanking all year - 1.02 to 1.08 or 1.09 is pathetic for a currency which saw the New Year in at 1.38 - yes the dollar has strengthened through the year but has it gained a justified 30% increase in value against the pound based on our two economies and the economic prospects?

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