The Labour Government

The irony of this post landing under a reply by chippy not wanting to debate because someone has a “shit attitude” isn’t lost on most.

This thread is utterly pointless now as it’s dominated by 2 people calling everything and anything shit because the vote didn’t go their way.
I hope you don't mean me. If you look at my posts, I have acknowlegedd the poor WFA decision and have done nothing but try to educate-even to the point of describing how a public company became private-none of it acknowledged or referred to in return.

I can't help it if facts on record are not in accordance with a particular entrenched viewpoint.
 
I hope you don't mean me. If you look at my posts, I have acknowlegedd the poor WFA decision and have done nothing but try to educate-even to the point of describing how a public company became private-none of it acknowledged or referred to in return.

I can't help it if facts on record are not in accordance with a particular entrenched viewpoint.
I didn’t. I don’t think anyone has agreed with the WFA decision. Governments will always make choices that some of the electorate won’t agree with. I still think there will be a backing down at some point too.
 
Oh, you really are touchy bearing in mind the comments you've made on here about people's views. Remember, you can't be an expert on everything so being called out is nothing to be ashamed of. See you on here soon no doubt.
I just meant I wasn't debating with you any more due to your superior intellect and what, me being dim and everything.
This thread is utterly pointless now as it’s dominated by 2 people calling everything and anything shit because the vote didn’t go their way.
Dominated by 2 against what, 50? Interesting concept of domination.

And regards your actual point, "because the vote didn't go our way"? Really, is that what you think? It was obvious to anyone with a brain that the Tories were toast. No sleep lost on my part - they had completely lost their way and need a reset. No, what I am pissed about is that the morons in charge now are going to wreck our country even more. We have only just begun and they are making fuck up after fuck up. I cannot imagine how utterly dire it's going to get.
 
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I just meant I wasn't debating with you any more due to your superior intellect and what, me being dim and everything.

Dominated by 2 against what, 50? Interesting concept of domination.

And regards your actual point, "because the vote didn't go our way"? Really, is that what you think? It was obvious to anyone with a brain that the Tories were toast. No sleep lost on my part - they had completely lost their way and need a reset. No, what I am pissed about is that the morons in charge now are going to wreck our country even more. We have only just begun and they are making fuck up after fuck up. I cannot imagine how utterly dire it's going to get.
Wait till next months budget…
 
I just heard that Starmer earned circa £404k last year and paid £99k in tax.

Plugging £400k into Martin Lewis' income tax calculator, you get this:

View attachment 132250

He's paid circa £70,000 less than any other highly paid employee. So presumably he's benefitted from various tax dodges about which he has at the same time been critical. Honestly I cannot think of a politician I loathe more than this man.
Have you tried?
 
So after your inaccurate knowledge over pensions, lets have a little look at this:

"My employer pays ME to do work for them. They give ME the money. The government does not have any of its own money, only money it takes off working people like me. They take money that my employer pays ME and grab some of it for themselves. It does not become THEIR money when they do that. It is OUR money, that they are using to fund XYZ."

Not strictly, or even remotely correct. HMG (the Govt) does indeed have it's own money. It basically owns the BoE and the BoE is tasked with making sure HMG doesn't go broke. HMG decides what's it's going to spend it's money on. It doesn't wait for Chippy to decide to pay his tax. It spends money provided to it by the BoE and then uses tax intake to pay off some of the debt it has generated. One of the benefits of having our own currency is that HMG can't go bust, as it has the ability to print more money when needed, hopefully for investment and in a non-inflationary manner. This is basically what Quantative Easing was. It printed money, gave it to the banks and consequently the banks then leant it out at a significant premium compared to the rock bottom interest rates we had at that time. Effectively money is loaned into the economy and some of it taken back immediately in the form of tax.

It's an easy trap to fall into, and I would have agreed with you on the mechanism of taxation a few months ago. But reading a book called The Deficit Myth lays out a compelling path as to how the economy really works. It doesn't suit all political views, but as someone who's voted Red, Blue and Yellow and worked in both public and private industry, it make utmost sense. What you mustn't be is entrenched to see the logic in the arguments made.
I’m afraid that’s an entirely inaccurate description of how quantitative easing and government financing works in the UK.

QE does not directly fund the UK government - it does not equate to monetary financing - and the Bank of England’s actual ability to directly fund the UK government during emergency periods is done via the Ways and Means facility. The W&M is entirely distinct from QE, and is effectively an overdraft facility which is only used for a short finite period and in exceptional circumstances, when it is believed that the government’s funding requirements - which are managed by the DMO - would risk unsettling bond markets.

As for QE, this doesn’t equate to direct government financing due to the fact that (i) when the BoE purchases bonds as part of QE operations, it only buys from the secondary market, I.e. from the stock of outstanding gilts held by investors, rather than directly from the DMO/government, and (ii) the funds used to make QE purchases create another, separate liability for the government, such that QE changes the nature of government debt, rather than the immediate level.

QE purchases do boost the level of bank deposits across the economy, because investors who previously held gilts are now holding cash, but these are distinct from government financing, and an increased level of deposits does not necessarily boost bank lending, as typically proved the case in the UK.
 

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