Seeker_UK
Feelin' nearly faded as my jeans
Well, we have no investments beyond cash ISAs and our house and we can weather most of what's coming (at the moment) but I'd not consider Mrs Seeker or I as "wealthy".
The Premiership of Mary Elizabeth Truss.Sept 2022 - Oct 2022
- Thread starter TheDecameron
- Start date
Well, we have no investments beyond cash ISAs and our house and we can weather most of what's coming (at the moment) but I'd not consider Mrs Seeker or I as "wealthy".
TheDecameron
Unicorns fart glitter.
She’s a right wing troll, fronting the US hard right in Britain- at first openly, now a little more slyly. Don’t be fooled by the squeaky voiced concerned teenager shtickCheerleader of doom, Kate Andrews (ex-IEA, now Spectator) reckons the market reaction only helps the government, who want higher rates anyway (Twitter):
"*Reminder*
The Truss government wants interest rates to rise faster. It's a key part of its new economic strategy.
So if market reaction to this mini-Budget forces the Bank of England's hand, that is a design feature, not a design flaw, of Truss's plan."
Meanwhile, Ed Conway notes (Twitter):
"Blimey. Investors are now bett[ing] on UK interest rates topping 6 per cent by the first half of next year. You can see the expectations rising literally by the minute…"
These Tories sure are clever, getting a panic-stricken market to do its work for them.
Ponty
pfm Member
The fact you think you can weather a storm means you are wealthy IMHO. People who aren’t wealthy have to change tack during difficult times. Many will be completely stuffed.
TheDecameron
Unicorns fart glitter.
It will be interesting to here what Labour’s plans are to mitigate or reverse the Tory mini budget
ks.234
Half way to Infinity
TheDecameron
Unicorns fart glitter.
Why am I seeing a particular Harry Enfield restaurant sketch right now?
Ponty
pfm Member
I mostly meant these people who are off the scale!
Not necessarily. Just because you pay 45% income tax doesn’t mean you have huge wealth. All depends on liabilities and commitments.
paulfromcamden
Baffled
As you suggest in your following post it's not completely binary. We are at the lower end of the pay scale but have savings and low outgoings. We won't be troubling the food bank but we'll certainly reducing our (already modest!) spending. £6 for a pint starts to look expensive.
ks.234
Half way to Infinity
That was very much my point. I was pointing to the people who do have huge wealth
Ponty
pfm Member
Exactly. I’ll still go to the pub (currently £3.40 for a pint of Gold, but not if it’s £6) but won’t be buying stuff I don’t need, new clothes, HiFi gear, cars etc. When things get tricky, it’s not necessarily what your income is, it’s what your outgoings are.
matthewr
spɹɐʍʞɔɐq spɹoɔǝɹ ɹnoʎ sʎɐld
I do think the wealthy are not really the problem not least because there is not so many of them.
Rather, the main problem is this great mass of people who, while they understand they are not wealthy, think they have more in common with the rich than the poor and so support governments who won't address inequality as they mistakenly think this is in their best interest. If you have a nice house, a nice car and a comfortable life then you would be better off if you stopped supporting policies designed by and for the "proper wealthy".
i.e. it's so much not rich people it's the middle classes who identify as rich that is the problem IYSWIM.
Rather, the main problem is this great mass of people who, while they understand they are not wealthy, think they have more in common with the rich than the poor and so support governments who won't address inequality as they mistakenly think this is in their best interest. If you have a nice house, a nice car and a comfortable life then you would be better off if you stopped supporting policies designed by and for the "proper wealthy".
i.e. it's so much not rich people it's the middle classes who identify as rich that is the problem IYSWIM.
paulfromcamden
Baffled
matthewr
spɹɐʍʞɔɐq spɹoɔǝɹ ɹnoʎ sʎɐld
Reinstate the 45% rate use the money to improve the health service, according to Rachel Reeves conference speech.
paulfromcamden
Baffled
And "bring back a National Economic Council with trade union and industry leaders to form economic policy"
https://twitter.com/SebastianEPayne/status/1574360339218681856
gavreid
Pretty Words...
There's no extra money, it was 45% last week! Does she take us for fools? There will be more swingeing cuts to public services.
notaclue
pfm Member
Sunak warned this would happen. The Spectator assured us it was doomer nonsense. https://twitter.com/premnsikka/status/1574329043331305480
"With just a few desperate days left in his doomer leadership campaign, he has declared his opponent's tax and spending plans so wild and reckless they risk a full-blown sterling crisis of the sort we have not seen since the 1970s."
"With just a few desperate days left in his doomer leadership campaign, he has declared his opponent's tax and spending plans so wild and reckless they risk a full-blown sterling crisis of the sort we have not seen since the 1970s."
Ponty
pfm Member
I know. I paid more for crap beer in crap pubs in wales!
TheDecameron
Unicorns fart glitter.
It’s the Express but with Oxbridge graduates writing the articles.Sunak warned this would happen. The Spectator assured us it was doomer nonsense. https://twitter.com/premnsikka/status/1574329043331305480
"With just a few desperate days left in his doomer leadership campaign, he has declared his opponent's tax and spending plans so wild and reckless they risk a full-blown sterling crisis of the sort we have not seen since the 1970s."