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The Premiership of Mary Elizabeth Truss.Sept 2022 - Oct 2022

cooky1257 said:
Feels like we've had a coup d'etat by a cabal of rabid Tory lobbyists and the Conservative party membership. Kamikaze economics during a global recession....All in plain sight. Just imagine if they'd funded the energy price crisis with nationalisation or windfall tax and borrowed the same amounts of money to invest in energy efficiency measures, house building and real levelling up. Cnuts.
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Yes. The biggest problem with this budget is that it illustrates how vested interests can subvert the democratic process to buy a politician and policies that enrich themselves and impoverish everyone else.
 
cooky1257 said:
Feels like we've had a coup d'etat by a cabal of rabid Tory lobbyists and the Conservative party membership. Kamikaze economics during a global recession....All in plain sight. Just imagine if they'd funded the energy price crisis with nationalisation or windfall tax and borrowed the same amounts of money to invest in energy efficiency measures, house building and real levelling up. Cnuts.
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1/6 of all public contracts up until 2019 have been awarded to companies registered in tax havens (presumably it's been worse since then). Tens of billions in total and billions in unpaid tax...
 
Ponty said:
I remember when it was £1 = $2, around 2007 I think.
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FWIW 1972 copies of "Analog" SF mag have a cover price of 60c (30p). Not sure, but I suspect it was printed in the USA and shipped over in those days. Although I can't really recall when five shilling got called "a dollar" because that was the nominal equivalent! 8-]
 
I have to say the title of this thread is very misleading. There is nothing 'premier' about the ship that Truss is steering. In fact it's about to hit the Brexit iceberg and sink with all hands on deck. Well done Brexiters. I hope you got what you voted for...

Hang on. What? You DIDN'T vote for this? Well, maybe you should think twice about voting for the CONservatives next time, because you've been played like Nero's fiddle.
 
mandryka said:
I thought -- and I'm completely out of my depth here really -- but I thought that it wasn't tax cuts alone which they think will produce 2.5% sustainable growth p.a., but tax cuts in combination with charter cities, because the cities will make it attractive to invest and hence to unleash productivity. That's why I was a bit thrown by something Kwertang said in the budget speech, that they are in "early stages" of creating them. If the charter cities are pie in the sky, it may be serious.
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Charter Cities are almost certainly another boondoggle for rich mates like Freeports, etc.

The reality is that cuts/benefits given to the poorer get spent in the real UK economy, this creating jobs and growth.

OTOH cuts/handouts to the wealthy get 'banked' - abroad or via buying up land, housing, etc, they can use to extract money from the rest of us. Dodging even more tax on the way.

Guess which choice feeds more money to top Tories...
 
ks.234 said:
It is not the extra spending itself that is the problem. The problem is that it is targeted at the rich who will take money out of the productive economy that speculators have rightly identified as likely to weaken the economy.

If spending was aimed at the public end of the economy, it would benefit those people who would be more likely to spend that money back into the economy, rather than private savings, it would improve health, education, care and the sustainability of the planet, and therefore stimulate the economy.
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Yup.
 
ks.234 said:
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You need a flatbed scanner. :) I was tempted to use mine. Problem being that I'd probably end up scanning more than half of most PE issues these days!
 
gavreid said:
The list of UK Cabinet Committees was updated yesterday on the QT, and the National Science and Technology Council is no longer on it…
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Wow! That sounds like "Horizon" or its promised equivalent funding is also now being ditched. Very bad news, if so, for science and tech in the UK, and for higher education, etc that can spin out new tech biz.
 
matthewr said:
Although it is if the same policy has been tried before and always failed.
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The level of extremism on the right has reached the point where I have a hard time figuring out if they really believe in what they are doing or are just cynically looting countries as the economy and society crashes around them.

I’m sure some of them are really that evil but I think many are just really hard of thinking / impervious to facts.

Unfortunately the bad outcomes are the same no matter if the motivation is greed and malice or idiocy.
 
droodzilla said:
Still, I don't think the reaction of the market should be taken as decisive, and grounded in a rational appraisal of the real value of a policy.
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But I don't think anyone suggests that as a market reaction is obviously just that, a real time reaction. It might turn out that the market has missed some subtleties or there may be some new, or previously misunderstood effects here but broadly speaking this budget looks like it will be bad for the UK economy and the markets are just reflecting that. I.e. the markets are not saying the budget is definitely wrong, or that it is completely wrong only that on balance and in the aggregate it is very likely wrong in significant part and the risk of bad things happening has increased.

Also don't forget most of this was already priced in as it has been expected for some time. So a better question is, I think, what are they reacting to? I think the answer is probably the unexpected scale of the tax cuts and the scrapping of the 45% band. I.e. the market is not saying this is definitely bad, but rather that the bits we already expected to be bad were done on a significantly larger scale than we had been expecting. To paraphrase a guitar term "Louder is more bad" :)

Although of course the market reaction is decisive in that it has actually just happened and there are real world effects that materially affect our nation's wealth.
 
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sean99 said:
The level of extremism on the right has reached the point where I have a hard time figuring out if they really believe in what they are doing or are just cynically looting countries as the economy and society crashes around them.
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IMHO it's usually some combination of bad faith and stupidity and that people tend to overestimate the former and underestimate the latter.
 
IMHO it is not bad faith of stupidity that has brought us to where we are, it is deliberate, considered, and driven by ideology. It is the economic ideology of neoliberalism given full reign to reach it’s logical conclusion.

If we want a different conclusion, we need a different ideology
 
ks.234 said:
IMHO it is not bad faith of stupidity that has brought us to where we are, it is deliberate, considered, and driven by ideology. It is the economic ideology of neoliberalism given full reign to reach it’s logical conclusion.

If we want a different conclusion, we need a different ideology
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Perhaps - but I think the most important thing is that we need a system that limits the power of individual bad actors. A single psychopath (Trump, Murdoch, BJ) can wreak havoc in our present system, but equally psychopaths have wreaked havoc in many prior political systems. Way beyond how we control the supply of money, and tax policy we need to be thinking about how we limit individual power within government and within industry.
 
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