Chancellor delivers Budget at 12.30pm

Watch
MatureStudent37
Badges: 13
Rep:
?
#41
Report 1 month ago
#41
(Original post by CatusStarbright)
Don't forget we will still be paying for all those things on top of this £352bn. That money is just on the measures taken to tackle the virus, it does not include the rest of it!
I know.

And here comes the quandary.

Had the government locked down earlier, it would’ve been criticised for the size of the bill.

It gets criticised for not locking Down soon enough.

I’m hoping this is a one shot deal. Come the summer, it’s just a normal round of seasonal vaccinations.

The last time this happened, it’s economic impact wasn’t really understood as we’d just completed WW1
0
reply
MatureStudent37
Badges: 13
Rep:
?
#42
Report 1 month ago
#42
(Original post by Economixxx)
You evidently don't appreciate the precarious state of the UK finances. This financial year will see us borrow more far far more than in 08/09. Debt as percentage of GDP is already far higher than at any point since around 1960. We will spend decades paying off the amount of government borrowing occurring now because the Conservatives have been shaking that magic money tree far too hard.

As I've previously explained to you, the actions of The Conservative Party over the last decade have left the economy in a state of relative stagnation. We are not prepared for this sort of economic shock.

May I suggest you read up on some basic economics? As you really seem to be out of your depth here.
I’m fully aware of that. I’m also fully aware that most country’s are in exactly the same boat.

It’ll be interesting to see if this kicks off another eurozone crisis.
0
reply
imlikeahermit
Badges: 13
Rep:
?
#43
Report 1 month ago
#43
(Original post by Economixxx)
You evidently don't appreciate the precarious state of the UK finances. This financial year will see us borrow more far far more than in 08/09. Debt as percentage of GDP is already far higher than at any point since around 1960. We will spend decades paying off the amount of government borrowing occurring now because the Conservatives have been shaking that magic money tree far too hard.

As I've previously explained to you, the actions of The Conservative Party over the last decade have left the economy in a state of relative stagnation. We are not prepared for this sort of economic shock.

May I suggest you read up on some basic economics? As you really seem to be out of your depth here.
Said poster voted for Brexit I believe. One would assume that to vote for that you have to be lacking some sort of economic understanding.
0
reply
SHallowvale
Badges: 14
Rep:
?
#44
Report 1 month ago
#44
Where's this magic money tree that the Conservatives are getting all this extra cash from?
0
reply
Quady
Badges: 20
Rep:
?
#45
Report 1 month ago
#45
(Original post by CatusStarbright)
Sunak's three fiscal principles:

1. It is right to help people through an acute public crisis but in normal times the state should not be borrowing to pay for everyday public spending.
2. We cannot allow debt to keep rising.
3. It is sensible to take advantage of lower interest rates to invest in capital projects.
So three principles, 1 and two being the same

And yet he is going to borrow in every year forecast....
0
reply
username4969948
Badges: 16
Rep:
?
#46
Report 1 month ago
#46
We are projected to have the highest tax burden since this 1969. This isn't primarily a consequence of covid, this is about the poor economic management we've seen over the last decade.

The left are bad for the economy, the left just spend other people's money, and those other tired clichés that Conservative voters like to parrot aren't going to protect you as the Conservative government dips their hands into your wallet.
2
reply
Rakas21
Badges: 21
Rep:
?
#47
Report 1 month ago
#47
Largest debt interest as a proportion of revenues since the 60’s - this is money which could be spent on other priorities or tax cuts.

Largest net tax rises of any budget since the Lamont budget of 1993.
1
reply
Quady
Badges: 20
Rep:
?
#48
Report 1 month ago
#48
(Original post by Rakas21)
Largest debt interest as a proportion of revenues since the 60’s - this is money which could be spent on other priorities or tax cuts.

Largest net tax rises of any budget since the Lamont budget of 1993.
I dont think thats true, just delete interest and its fine, but then means your point doesn't work.

Was the largest before that also after a decade of conservatives at the tiller too?
0
reply
Rakas21
Badges: 21
Rep:
?
#49
Report 1 month ago
#49
(Original post by Quady)
I dont think thats true, just delete interest and its fine, but then means your point doesn't work.

Was the largest before that also after a decade of conservatives at the tiller too?
You could be correct. I have looked elsewhere and the cost to GDP of servicing the debt reached 4.5% in 1985 which was the highest since the 50's.

Not sure to the second albeit looking at tax to GDP is probably a better guide of which governments actually talked the talk.
0
reply
MatureStudent37
Badges: 13
Rep:
?
#50
Report 1 month ago
#50
(Original post by Rakas21)
You could be correct. I have looked elsewhere and the cost to GDP of servicing the debt reached 4.5% in 1985 which was the highest since the 50's.

Not sure to the second albeit looking at tax to GDP is probably a better guide of which governments actually talked the talk.
General point to note on these two time periods. @quady can jump in.

85 and the 50s were both following huge upheaval. 50s were financing reconstruction and the setting up of the NHS. (There were still bomb damaged building in the U.K. from WW2. 85 want too long after the 70s, winter of discontent and all of that.

It seems to be a cyclic series of good and bad. Somebody gets left holding the fort during the bad times. Sorts it out. Somebody else takes over when it’s sorted and then it goes bad. Once it’s gone bad , somebody else takes over, sorta it out.

I can’t blame any government at the money for the deficit. This pandemic is going to financially hurt whoever is in power.
1
reply
imlikeahermit
Badges: 13
Rep:
?
#51
Report 1 month ago
#51
(Original post by SHallowvale)
Where's this magic money tree that the Conservatives are getting all this extra cash from?
They’ve harvested from the Labour orchard.
0
reply
username4926212
Badges: 11
Rep:
?
#52
Report 1 month ago
#52
The poor state of the nation's finances is more than about coronavirus. It is a consequence of a government that simultaneously borrowed recklessly for over a decade and failed to invest in the country. As The Times point out, it is the middle classes and profitable businesses, the very backbone of the economy, that will pay for the government's folly.
2
reply
CatusStarbright
Badges: 22
Rep:
?
#53
Report Thread starter 1 month ago
#53
(Original post by _Wellies_)
The poor state of the nation's finances is more than about coronavirus. It is a consequence of a government that simultaneously borrowed recklessly for over a decade and failed to invest in the country. As The Times point out, it is the middle classes and profitable businesses, the very backbone of the economy, that will pay for the government's folly.
It always is those people in the middle who are squeezed the most, this is nothing new.
0
reply
imlikeahermit
Badges: 13
Rep:
?
#54
Report 1 month ago
#54
(Original post by CatusStarbright)
It always is those people in the middle who are squeezed the most, this is nothing new.
The simple way the taxation system works you get penalised for earning more money and being successful. And people wonder why millionaires hide money in the Caymans.
0
reply
MatureStudent37
Badges: 13
Rep:
?
#55
Report 1 month ago
#55
(Original post by CatusStarbright)
It always is those people in the middle who are squeezed the most, this is nothing new.
Worth a watch.

https://m.youtube.com/watch?v=5Wx5PYZIWcQ

nobel Laurent in economics Milton Friedman.
0
reply
Quady
Badges: 20
Rep:
?
#56
Report 1 month ago
#56
(Original post by CatusStarbright)
It always is those people in the middle who are squeezed the most, this is nothing new.
How....?

Like what was in the budget that squeezed the middle more than anyone else?
0
reply
Quady
Badges: 20
Rep:
?
#57
Report 1 month ago
#57
(Original post by imlikeahermit)
The simple way the taxation system works you get penalised for earning more money and being successful. And people wonder why millionaires hide money in the Caymans.
Hide money in a British Overseas Territory...?
0
reply
MatureStudent37
Badges: 13
Rep:
?
#58
Report 1 month ago
#58
(Original post by Quady)
Hide money in a British Overseas Territory...?
https://en.m.wikipedia.org/wiki/Laffer_curve
0
reply
Quady
Badges: 20
Rep:
?
#59
Report 1 month ago
#59
Indeed, the Laffer Curve is why Norway has a tax to gdp ratio 5% higher than the UK for tax revenue optimisation.
Last edited by Quady; 1 month ago
0
reply
MatureStudent37
Badges: 13
Rep:
?
#60
Report 1 month ago
#60
(Original post by Quady)
Indeed, the Laffer Curve is why Norway has a tax to gdp ratio 5% higher than the UK for tax revenue optimisation.
It’s also got a big f**k off sovereign wealth fund and a highly productive workforce.

Apples and oranges.

Every time tax goes up, tax revenue goes down.

Remember when Labour said there was no money left when they were bites out? The last thing they did was raise the upper tax limit from 40% to 50%. They knew what it would do but left a political bony trap as they new the next government in would have to lower it.
0
reply
X

Quick Reply

Attached files
Write a reply...
Reply
new posts
Back
to top
Latest
My Feed

See more of what you like on
The Student Room

You can personalise what you see on TSR. Tell us a little about yourself to get started.

Personalise

What factors affect your mental health the most right now?

Anxiousness about lockdown easing (190)
5.06%
Uncertainty around my education (552)
14.69%
Uncertainty around my future career prospects (420)
11.18%
Lack of purpose or motivation (517)
13.76%
Lack of support system (eg. teachers, counsellors, delays in care) (187)
4.98%
Impact of lockdown on physical health (224)
5.96%
Loneliness (315)
8.38%
Financial worries (138)
3.67%
Concern about myself or my loves ones getting/having been ill (145)
3.86%
Exposure to negative news/social media (168)
4.47%
Lack of real life entertainment (213)
5.67%
Lack of confidence in making big life decisions (335)
8.92%
Worry about missed opportunities during the pandemic (353)
9.4%

Watched Threads

View All