Mini-budget 2022: chancellor Kwasi Kwarteng scraps banker bonus cap and planned rise in corporation tax – live | Mini-budget 2022

37 comments

  1. Scrapping the additional rate and removing banker bonus limits at the same time. This couldn’t be more a ‘mates rates’ budget if they tried.

  4. Huge help for top, top earners. Barely anything for low earners or people actually struggling. 45% tax rate abolished and bankers bonus caps lifted is downright horrific.

  5. Decreased income tax for everyone except those who already pay 0%.

    Sounds good but that feels like a lot of money to find elsewhere.

  6. So bankers can have unlimited bonuses again. Big buisness will pay less tax. The richest will pay substantially less tax.
    What does the worker get ? 1% tax cut and more anti union legislation. Wonderful.

  7. With the exception of the 19% income tax rate every tax cut here benefits the people who are already better off. The corporation tax rise was only due to be for high profit makers, now scrapped. The additional income tax rate on high earners, now scrapped. Stamp duty thresholds which are only really an issue for non first time buyers, now extended.

    Obvious Tory policies but if I’m putting my tinfoil hat on it almost seems like they’re trying to make the mess they’re getting us into as bad as possible so they can pin the blame on labour if/when they take over in two years when they inevitably have to up taxes again.

  8. Unbelievable. It’s been clear for a long time that politicians are in the pockets of corporations, but uncapping bankers bonuses AND removing the additional rate at the same time? Might as well just let the investment banks move into the houses of Parliament. Does not pass the smell test at all. What a fucking shambles.

    In the meantime, they’ve cancelled increases to alcohol duty, and 1.25% NI increase that Sunak put in, so at least the poors will be able to drink themselves to death with the extra pint they can afford every month. Oh you do get 1% off your basic rate, so I’m sure that’s as fair.

    Anyone who votes Tory again after this is morally bankrupt.

  9. Right, someone help me out here.
    Just a few months ago, Andrew Bailey from the BoE urged the private sector for restraint in giving pay rises, citing that it would only cause inflation to increase further.
    How does removing the cap on bankers bonuses not go directly against that line of thinking? Are they going to claim that a larger bonus is in fact different from a pay rise, and therefore does not impact inflation in the same way?
    It’s actually quite surreal.
    (Edited: corrected the name)

  10. This is an absolute fucking joke, I’m actually livid watching this.

    THEY’VE CUT TAX FOR THE RICH.

    £150k a year you’d need to be making to pay 45%. If you’re making £150k a year you’re already very very well off compared to the rest of us.

    and they have removed the cap on bonuses for bankers. Allowing them to make over TWO TIMES their annual salary as a bonus. I’d be fucking ecstatic with even 10% of my annual salary as a bonus nevermind 200%. AND THEY ARE NOT EVEN HAPPY WITH THAT.

    This is mad, absolutely fucking mad.

    And the question everyone is thinking, who is going to pay for all these tax cuts for the rich???

  11. Do they *genuinely* believe that trickle-down economics work or are they trying to cause as big a shit show as they can because there’s a good chance Labour will win the next election?

    I honestly don’t know at this point. In recent years, the more time that passes the more I don’t recognise the UK anymore.

  12. Don’t forget the all important stamp duty cut – when people inevitably start defaulting on their mortgages due to the interest rates it’ll be all the cheaper for those at the top to scoop up the mess.

    Calculated. Laughable at this point.

  13. Actually watched this with an open mouth as it was announced as if it was the great rescue we all need right now.
    Usually I pay indirect attention to this kind of stuff and skim read the bullet points but I think this time, like so many other people this has actually stirred up an anger inside me that these people can be so out of touch that they feel to help the people at the bottom you have to first help the people at the top. Shocked isn’t even the word.

  14. This is pure evil people who already have a load of money get more, people who have less get EVEN LESS.

    Plus more pressure on people on benefits to boil down what he said,

    You will do what we say when we say it or we will take all of your money away essentially killing you better just do it.

  16. I don’t think I’ve even seen a budget where ever policy is aimed at helping the rich. WHAT FIRST TIME BUYER IS BUYING A HOUSE OVER 500k?!?!?

  18. The rich will get richer while the plebs is busy fighting far left/far right (choose the opposite of your political views)

  19. My sister is going through the process of buying a house and will save thousands from the stamp duty change, so I am happy that she can save the money… but she can afford to pay it obviously.

    The immediate impact on tax receipts is going to be enormous, no? If we don’t get a LOT more high earning jobs created and these vacancies filled, it’s going to be disastrous.

  21. So, if you are a company with offices on the high street (solicitor, minicab, builders merchant that sort of thing), and one of the special tax-free is announced in your borough, then you are pretty much guaranteed to move your premises there, right?

    So what does it do to the high streets?

    And who gets to build these Quasi-Bunga-Zones? I’d say this Fiscal Event is even more damaging than if Quasi had said each of our builder mates is being given £1B of public money!

  23. so 20% -> 19% for income between £12,571 to £50,270

    No change for the 40% band and 45% rate removed.

    This is shit, 1p means anyone earning up to £150,000 will only see an extra £377 per year – that is £31.41 per month. Whoopdy doo, big fucking deal.

    No bonuses no longer capped and 45% rate removed. wtf

  24. I’m fucking furious at this government, 14 years of Tories taking this country down the pan, when is enough enough? The establishment HAS to end, I’m just so so frustrated I can’t do anything about it myself.

  26. Anyone else getting 2008 vibes? Cos having lived through that and the austerity afterwards, this feels a lot like that did.

    I’m more mad now than I was back then because I can see this coming and have been seeing it for a long ass time and everything just seems to be getting worse.

  29. this cunt and his mate truss want dragging into the street and beating with thier own budget. set of horrible money grabbing cunts

  30. I’d always assumed that you combat high inflation by removing cash from the system with higher taxes.

    Will be interesting to see if they’ve come up with some new alternative economic theory that I don’t believe any economist is currently pushing, or this will crash and burn and they’ll just blame the last Labour government.

    Also, they’re allowing unlimited bonuses for bankers. Wasn’t wage rises and bonuses blamed for high inflation in the first place?

  33. I am actually speechless re 45% being scrapped. what the fuck?

    There should be support measures in place to help the poorest instead of giving tax cuts to the wealthiest.

    It’s appalling. The Tories have fully committed to fucking up the country and rinsing as much money as they can before the next GE. Then will most likely leave it up to Labour to sort out the mess. There is no good long term strategy in any of this.

  35. Don’t vote Tory. The opposition may be awful but Tories are soulless blood sucking vampires who couldn’t give a shit about the poor

  36. Are people in the UK not angry yet?

    Why aren’t you yelling “I’m as mad as hell and I’m not going to take it anymore!”

    What’s the median UK income, £32k? Should you even pay income tax until you surpass that threshold?

    There’s £100k between getting taxed at higher and additional rate, surely it’s more progressive to fiddle with the rates than scrap the higher rate for the 500k-600k people earning £150k+ annually?

    The synical stamp duty threshold increases better not make people that don’t earn this much happy and forget to vote this ridiculous party out in 2024.

    This is a big middle finger to everyone on median income and below especially at this time. 500k people isn’t enough to win them 2024, so don’t forget this and vote anything but Tory.

  37. Surely at this point it’s time for a revolution. Jesus fucking Christ how docile have we become that we let them get away with this blatant theievary.

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