it’s quite plain and simple. 4 fmr Chancellors of the Exchequer had spoken up against unfunded tax cuts etc
2 former governors/advisers to Bank of England have given their damning conclusions about the economic misery the Conservative Party have caused the UK and it will continue to deepen
They should GTFO and give us a General Election now !!
Edit – link and a few words
It’s almost like he doesn’t have a fucking clue what he’s doing.
“All pain and little gain”
Hey, I thought he said it would be a change from the last decade?
Is there no time out option… since about October 2019 it’s been nonstop, wham bam thank you ma’am every single day…. Can we just have 10 min of normalcy please!
Strong and Stable. Brexit Means Brexit. The Broad Shoulders of the Union. The sooner Scotland leaves this shitshow, the better.
What is almost as worrying is that Chris Philp MP goes onto TV and parrots bollocks about the energy crisis being entirely down to the Russian invasion of Ukraine, without even acknowledging the fact that the Tories have not invested in the national grid for the past 12 years, or have pursued a policy of austerity. What a shambles.
Dead man walking.
No way he survives this.
RIGHT????
He’s 100% doing it to benefit himself and his mates
It’s all about the who, not the how much for this government.
> Kwasi Kwarteng’s huge tax cuts will add less than 0.1 per cent to GDP each year, a new analysis is warning – while costing £82bn in debt interest alone over five years.
> The chancellor’s plan – which has forced the Bank of England to intervene to calm market turmoil – will fail to haul the UK’s stagnant economy up to his target of 2.5 per cent annual growth, the study warns.
> Instead, it amounts to “all pain, little gain for the UK taxpayer and our economy”, concludes the Tony Blair Institute (TBI) and Oxford Economics, a leading independent advisory firm. The package, of £45bn of unfunded tax cuts mainly for top earners and big business, will generate only £6bn in extra receipts, the report says – “leaving a yawning fiscal deficit”.
> “Our forecast suggests that the plan will boost growth by less than 0.1 per cent per year between now and 2027-28,” said Ian Mulheirn, TBI’s chief economist.
> “The tax giveaway will also pile on £82bn in debt interest costs for the government over the same period. This additional debt interest alone is worth almost twice the cost of the entire HS2 rail project.
> “Put plainly our forecast demonstrates that the government’s growth plan is all pain, little gain for the UK taxpayer and our economy. Mr Kwarteng is battling for his political future after what some Tory MPs are calling his “disastrous” mini-Budget, which has crashed the pound and created a “material risk to financial stability”, the Bank says.
> Ahead of it, he raised eyebrows by telling Treasury officials they must aim to return economic growth to an annual rate of 2.5 per cent – a level not seen since the 2008 financial crash. The market mayhem has been fuelled by the chancellor’s refusal to allow the Treasury watchdog, the Office for Budget Responsibility, to analyse the package, funded through massive extra borrowing.
> The TBI and Oxford Economics study seeks to step into that gap, concluding growth will reach only around 1.7 per cent per year – with that 0.1 per cent increase – way short of 2.5 per cent. Separately, it finds the two-year freeze on household energy bills, at an average of £2,500 a year, will reduce a forecast GDP fall over the next year from 2 per cent to 0.6 per cent.
> It will cost £66bn over the next six months, £78bn in 2023-24 and £21bn in 2024-25 – but with a significantly lower net cost by “mitigating the impact of the recession”.
An 0.1% gain huh?
The average punter has probably lost 10-15% of their pension, and seeing their mortgage payments potentially go up by £200 when they remortgage all in the space of less than a week.
What can we as the public do? I know there’s a protest on the 1st but I’m pretty sure they dgaf about the serfs shouting in the street. What can we realistically do? I’m getting so anxious.
No wonder he wasn’t keen on OBR analysis or keeping sensible experienced heads in the Treasury.
Truss and Kwarteng are using their uk as their Think Tank experiment, and we are all the lab rats. These two people should never have gotten to the top, it’s only a symptom of how much we have fallen
I’m so fucking done with the shit stick country and its ‘Leaders’. It’s fucking criminal what they’re doing.
They’re committing to policies which in a footballing sense would be described as Shit On A Stick Tactics.
They tried to liquidate pensions. They’re actively selling us down river
This country is a joke. And anyone who voted for the conservatives and brexit is at fault.
Surely to god, when working this out with his department, they ran the numbers? You know, a whole department of people whose job it is to run numbers??
Of all the ‘growth’ related things to spend £6 billion on, cutting the 45p rate was probably the least effective option possible.
It’ll be interesting what their pensioner voters make of this, once they get their next statement.
If you want more money spent in the economy, give it to poorer people. If given more money, most people on lower incomes have spending restrictions they can loosen or wishlist items/activities that they haven’t been able to do due to lack of money or financial uncertainty. If you give more money to the well off, it’s more likely to go in a savings account or get locked up in property or other assets.
So, what does the gov do? Tax cuts for the wealthy, of course. 🙄
Anyone want to bet that 0.1% GDP boost comes from the basic rate tax cut and basically none of it comes from the additional rate scrap. Rich people will put any bonuses into savings. Poor people spend every penny they get. Who is driving the economy?
Does this mean we avoided a recession, then? Genius!!!
He is NOT a moron! I hate this cop out narrative, this man, and Truss, are CRIMINALS. They know what they are doing, they know what it will do to the economy and they do not care. They are abusing their position and anybody saying “they’re idiots” so letting them off easily.
Looks a bit nervous – put Sunak back in – not or never will be a Tory, but at least he was only a shit not disastrously, dangerously, incompetently fucking shit
It wasn’t never about GDP, it was purely tax breaks for the rich
25 comments
Liz Truss + Kwarteng’s baby together = [Neoliberal economic mismanagement](https://www.theguardian.com/books/2016/apr/15/neoliberalism-ideology-problem-george-monbiot)
it’s quite plain and simple. 4 fmr Chancellors of the Exchequer had spoken up against unfunded tax cuts etc
2 former governors/advisers to Bank of England have given their damning conclusions about the economic misery the Conservative Party have caused the UK and it will continue to deepen
They should GTFO and give us a General Election now !!
Edit – link and a few words
It’s almost like he doesn’t have a fucking clue what he’s doing.
“All pain and little gain”
Hey, I thought he said it would be a change from the last decade?
Is there no time out option… since about October 2019 it’s been nonstop, wham bam thank you ma’am every single day…. Can we just have 10 min of normalcy please!
Strong and Stable. Brexit Means Brexit. The Broad Shoulders of the Union. The sooner Scotland leaves this shitshow, the better.
What is almost as worrying is that Chris Philp MP goes onto TV and parrots bollocks about the energy crisis being entirely down to the Russian invasion of Ukraine, without even acknowledging the fact that the Tories have not invested in the national grid for the past 12 years, or have pursued a policy of austerity. What a shambles.
Dead man walking.
No way he survives this.
RIGHT????
He’s 100% doing it to benefit himself and his mates
It’s all about the who, not the how much for this government.
> Kwasi Kwarteng’s huge tax cuts will add less than 0.1 per cent to GDP each year, a new analysis is warning – while costing £82bn in debt interest alone over five years.
> The chancellor’s plan – which has forced the Bank of England to intervene to calm market turmoil – will fail to haul the UK’s stagnant economy up to his target of 2.5 per cent annual growth, the study warns.
> Instead, it amounts to “all pain, little gain for the UK taxpayer and our economy”, concludes the Tony Blair Institute (TBI) and Oxford Economics, a leading independent advisory firm. The package, of £45bn of unfunded tax cuts mainly for top earners and big business, will generate only £6bn in extra receipts, the report says – “leaving a yawning fiscal deficit”.
> “Our forecast suggests that the plan will boost growth by less than 0.1 per cent per year between now and 2027-28,” said Ian Mulheirn, TBI’s chief economist.
> “The tax giveaway will also pile on £82bn in debt interest costs for the government over the same period. This additional debt interest alone is worth almost twice the cost of the entire HS2 rail project.
> “Put plainly our forecast demonstrates that the government’s growth plan is all pain, little gain for the UK taxpayer and our economy. Mr Kwarteng is battling for his political future after what some Tory MPs are calling his “disastrous” mini-Budget, which has crashed the pound and created a “material risk to financial stability”, the Bank says.
> Ahead of it, he raised eyebrows by telling Treasury officials they must aim to return economic growth to an annual rate of 2.5 per cent – a level not seen since the 2008 financial crash. The market mayhem has been fuelled by the chancellor’s refusal to allow the Treasury watchdog, the Office for Budget Responsibility, to analyse the package, funded through massive extra borrowing.
> The TBI and Oxford Economics study seeks to step into that gap, concluding growth will reach only around 1.7 per cent per year – with that 0.1 per cent increase – way short of 2.5 per cent. Separately, it finds the two-year freeze on household energy bills, at an average of £2,500 a year, will reduce a forecast GDP fall over the next year from 2 per cent to 0.6 per cent.
> It will cost £66bn over the next six months, £78bn in 2023-24 and £21bn in 2024-25 – but with a significantly lower net cost by “mitigating the impact of the recession”.
An 0.1% gain huh?
The average punter has probably lost 10-15% of their pension, and seeing their mortgage payments potentially go up by £200 when they remortgage all in the space of less than a week.
What can we as the public do? I know there’s a protest on the 1st but I’m pretty sure they dgaf about the serfs shouting in the street. What can we realistically do? I’m getting so anxious.
No wonder he wasn’t keen on OBR analysis or keeping sensible experienced heads in the Treasury.
Truss and Kwarteng are using their uk as their Think Tank experiment, and we are all the lab rats. These two people should never have gotten to the top, it’s only a symptom of how much we have fallen
I’m so fucking done with the shit stick country and its ‘Leaders’. It’s fucking criminal what they’re doing.
They’re committing to policies which in a footballing sense would be described as Shit On A Stick Tactics.
They tried to liquidate pensions. They’re actively selling us down river
This country is a joke. And anyone who voted for the conservatives and brexit is at fault.
Surely to god, when working this out with his department, they ran the numbers? You know, a whole department of people whose job it is to run numbers??
Of all the ‘growth’ related things to spend £6 billion on, cutting the 45p rate was probably the least effective option possible.
It’ll be interesting what their pensioner voters make of this, once they get their next statement.
If you want more money spent in the economy, give it to poorer people. If given more money, most people on lower incomes have spending restrictions they can loosen or wishlist items/activities that they haven’t been able to do due to lack of money or financial uncertainty. If you give more money to the well off, it’s more likely to go in a savings account or get locked up in property or other assets.
So, what does the gov do? Tax cuts for the wealthy, of course. 🙄
Anyone want to bet that 0.1% GDP boost comes from the basic rate tax cut and basically none of it comes from the additional rate scrap. Rich people will put any bonuses into savings. Poor people spend every penny they get. Who is driving the economy?
Does this mean we avoided a recession, then? Genius!!!
He is NOT a moron! I hate this cop out narrative, this man, and Truss, are CRIMINALS. They know what they are doing, they know what it will do to the economy and they do not care. They are abusing their position and anybody saying “they’re idiots” so letting them off easily.
Looks a bit nervous – put Sunak back in – not or never will be a Tory, but at least he was only a shit not disastrously, dangerously, incompetently fucking shit
It wasn’t never about GDP, it was purely tax breaks for the rich