“Unlike Truss, the answer wasn’t largesse for the rich”
Just to enlighten the ignorance of the Author; Truss and Kwarteng’s mini-budget instituted a 1% reduction in the basic rate of income tax and a reduction of National Insurance contributions of 1.25 percentage points.
The Author apparently doesn’t understand that Corporation Tax is a tax on jobs, investment and successfully providing the goods and services consumers’ demand. Truss would have kept Corporation Tax at an internationally competitive rate of 19% instead of the investment and job killing 25% rate now inflicted on businesses.
Emmanuel MARTIN
5 months ago
Slashing the triple lock would have been electoral suicide. Even though this piece of pork is long term financial poison.
Tim to cook the official figures to go “under the lock level”.
Last edited 5 months ago by Emmanuel MARTIN
Paul MacDonnell
5 months ago
M
Last edited 5 months ago by Paul MacDonnell
David Lindsay
5 months ago
The honouring of the Triple Lock is good news, and so what that it is electioneering? But only England has prescription charges, so only here will the poorest people, two out of five of them in work, have to spend 10 per cent of a week’s income on a prescription. How is that supposed to find jobs for the other three in five Universal Credit claimants?
Across the United Kingdom, all previous “crackdowns” on the supposedly lead-swinging disabled have failed, but not before having killed hundreds of thousands of people. The Department for Work and Pensions already spends far more on contesting largely successful appeals than it would cost just to pay the benefits in the first place. That is about to get even worse, and at the most horrific human cost as well. How is any of this supposed to find anyone a job? Then again, in the words of Rishi Sunak, “Let people die.”
Meanwhile, the increase in the minimum wage will be largely eaten up by National Insurance, even after today, and by income tax, the threshold for which remains frozen. By 2028-2029, the frozen tax thresholds will cause four million more people to pay income tax, and 400,000 more to pay the 45p rate, while VAT and corporation tax will rise from 6.4 per cent and 3.4 per cent of GDP this year, to 6.5 per cent and 3.6 per cent of GDP that year.
And for what? Real Gross Domestic Product per person will remain 0.6 per cent below its pre-pandemic peak, to which it will not return before 2025. For all the talk of giving businesses incentives to invest, why would they do so when potential consumers’ real incomes were down? Where is the incentive there? Accordingly, the economy is expected to grow by only 0.6 per cent in 2023, and by only 0.7 per cent in 2024.
Yet what are we offered instead? Keir Starmer, Rachel Reeves, Wes Streeting, Liz Kendall, Darren Jones, and all the rest of those who think that none of this goes far enough. They idolise the last Labour Government, in which Yvette Cooper introduced the intentionally mass murdering Work Capability Assessment, and which effected the biggest upward redistribution of wealth in British history. Labour is now the greater evil, worse than the Tories. We should no more want Labour to win the next General Election than most of its MPs wanted it to win the last two, or than any of its staff wanted it to win the last four.
Why is the honouring of the triple lock good news? Pensioners are on average the wealthiest cohort, and the millennials onwards are forecast to die poorer than their parents. With so many others struggling with the day to day cost of living, why is ensuring a benefit rises faster than inflation or wages a priority?
I agree with the rest of your comment however
“Unlike Truss, the answer wasn’t largesse for the rich”
Just to enlighten the ignorance of the Author; Truss and Kwarteng’s mini-budget instituted a 1% reduction in the basic rate of income tax and a reduction of National Insurance contributions of 1.25 percentage points.
The Author apparently doesn’t understand that Corporation Tax is a tax on jobs, investment and successfully providing the goods and services consumers’ demand. Truss would have kept Corporation Tax at an internationally competitive rate of 19% instead of the investment and job killing 25% rate now inflicted on businesses.
Slashing the triple lock would have been electoral suicide. Even though this piece of pork is long term financial poison.
Tim to cook the official figures to go “under the lock level”.
M
The honouring of the Triple Lock is good news, and so what that it is electioneering? But only England has prescription charges, so only here will the poorest people, two out of five of them in work, have to spend 10 per cent of a week’s income on a prescription. How is that supposed to find jobs for the other three in five Universal Credit claimants?
Across the United Kingdom, all previous “crackdowns” on the supposedly lead-swinging disabled have failed, but not before having killed hundreds of thousands of people. The Department for Work and Pensions already spends far more on contesting largely successful appeals than it would cost just to pay the benefits in the first place. That is about to get even worse, and at the most horrific human cost as well. How is any of this supposed to find anyone a job? Then again, in the words of Rishi Sunak, “Let people die.”
Meanwhile, the increase in the minimum wage will be largely eaten up by National Insurance, even after today, and by income tax, the threshold for which remains frozen. By 2028-2029, the frozen tax thresholds will cause four million more people to pay income tax, and 400,000 more to pay the 45p rate, while VAT and corporation tax will rise from 6.4 per cent and 3.4 per cent of GDP this year, to 6.5 per cent and 3.6 per cent of GDP that year.
And for what? Real Gross Domestic Product per person will remain 0.6 per cent below its pre-pandemic peak, to which it will not return before 2025. For all the talk of giving businesses incentives to invest, why would they do so when potential consumers’ real incomes were down? Where is the incentive there? Accordingly, the economy is expected to grow by only 0.6 per cent in 2023, and by only 0.7 per cent in 2024.
Yet what are we offered instead? Keir Starmer, Rachel Reeves, Wes Streeting, Liz Kendall, Darren Jones, and all the rest of those who think that none of this goes far enough. They idolise the last Labour Government, in which Yvette Cooper introduced the intentionally mass murdering Work Capability Assessment, and which effected the biggest upward redistribution of wealth in British history. Labour is now the greater evil, worse than the Tories. We should no more want Labour to win the next General Election than most of its MPs wanted it to win the last two, or than any of its staff wanted it to win the last four.
Why is the honouring of the triple lock good news? Pensioners are on average the wealthiest cohort, and the millennials onwards are forecast to die poorer than their parents. With so many others struggling with the day to day cost of living, why is ensuring a benefit rises faster than inflation or wages a priority?
I agree with the rest of your comment however
Half of your post is an unintentional explanation of the things you are whining about in the other half.