[Politics] Liz Truss **RESIGNS 20/10/2022**

[Weststander]

Not an expert and don't know how it works in England.

Most part of most peoples pensions come from working, suppose it is the same over there. Here, an employer is required to pay somewhere around 30-35% of your monthly wage in taxes. Somewhere around 16% of them go to the fund the pensions of people who retired today. 2.5% of your salary will go to the premium pension, which is your own pension. If you're below a certain limit, you will get guarantee pension, which is about £900 a month - pretty low IMO, probably better in other Scandinavian countries.

The average pensioner in Sweden gets 15500 kr (ca £1250) or something like that per month.

Here, it’s a different model. An individual on the state pension receives a minimum of £802 when calculated per calendar month, some more …. I do the tax returns for folk who receive far more than that because they didn’t fall for the opt out of SERPS lie from 1988 to 1997. Poorer pensioner households then receive pension credit and other financial assistance.

We have a different model to Sweden, with vast sums invested by employers and individuals in company (£2.5trn) and private pension scheme (£6.5trn). But spread very unevenly.

Separate to all that, people working in the public sector such as my wife in the NHS accrue generous pensions based on career salaries and years of service.

 

[BN41Albion]

What do you do and is it full time? Would be very low for anyone working here, There are no minimum wages and 90% of all workers in both private and public companies in Sweden are in collective agreements, negotiated between employers (or their representers) and unions, deciding work hors, wages etc. The unions are very strong and keep salaries up.

Average wage is about 2k/per month here after tax.

 

[Weststander]

Average wage is about 2k/per month here after tax.

Spot on.

 

[Harry Wilson's tackle]

Spot on.

View attachment 152313

£18 quid a month better off? I'm IN! Good old Lizzie!

Hang on....my fuel bill.....my mortgage (if I had one)....my other outgoings

Shoot me now!

 

[Swansman]

Average wage is about 2k/per month here after tax.

Which is reasonable money ofc but perhaps doesn't tell much about differences between how little the poorest and how much the richest earn etc.

 

[Harry Wilson's tackle]

What do you do and is it full time? Would be very low for anyone working here, There are no minimum wages and 90% of all workers in both private and public companies in Sweden are in collective agreements, negotiated between employers (or their representers) and unions, deciding work hors, wages etc. The unions are very strong and keep salaries up.

We can only dream of such things. This is a serf state with the serfs voting for servitude, in order to stay free from communists and foreigners. We are extra free because of it

 

[Harry Wilson's tackle]

Which is reasonable money ofc but perhaps doesn't tell much about differences between how little the poorest and how much the richest earn etc.

My view is the only thing that matters about earnings, for me, is what I earn and what I can do with it (how far it gets me). I am not interested in taking from someone else, unless what they have is stolen. Which some of it is, to be fair.

We have spent far too long working out how to divvy up a decreasing pot, in increasingly inclement circumstances. Our politics has both evolved (away from Class War) and degenerated (into a sort of game show, with Charisma the key ingredient). The idea of making more wealth seems to have passed the current lot of dimbot tories by.

 

[BN41Albion]

Which is reasonable money ofc but perhaps doesn't tell much about differences between how little the poorest and how much the richest earn etc.

It certainly doesn't unfortunately

 

[sparkie]

We can only dream of such things. This is a serf state with the serfs voting for servitude, in order to stay free from communists and foreigners. We are extra free because of it

Absolutely.

As long as the billionaires get a better deal, us serfs will give up everything. Tax cut for the super rich ? Where do I sign ?

 

[cheshunt seagull]

I'm not sure how anyone could think it's an error of judgement on Kwarteng's part. Any economist worth their salt, as well as most laymen, could've called it. The warnings were there and the guy with a PHD in economic history went for it.

And it just so happens that his former boss, amongst others, made a mint. What's more, it'll create the necessary conditions to "force" the government to reduce spending. Occam's razor is pointing in one direction.

This is the scenario that frightens me most. The debt is a reason to decimate the public sector then leaving the mess to Labour but with finances and services in such a poor state that they will be limited in their options. Essentially ending once and for all the post-war settlement brought in by Atlee. This theory does fit a lot of what we know, including the unwillingness to look at a windfall tax on energy companies which would have been widely supported. Not sure where the energy price cap fits as it is state intervention except that it is a very good way of building up debt and they may have hoped it would distract the public. Hope I am wrong and they are just clueless and arrogant idiots playing a 6th form game with our lives.

 

[Lenny Rider]

Coincidentally Mrs Wz is off to Glasgow for the weekend.

No, don't even go there

Have a great weekend and another 3 points for the top 4

And Worthing spank Eastbourne Borough in the FA Cup, a match incidentally sponsored by Ian Hart Funeral Service ️

 

[Bakero]

This is the scenario that frightens me most. The debt is a reason to decimate the public sector then leaving the mess to Labour but with finances and services in such a poor state that they will be limited in their options. Essentially ending once and for all the post-war settlement brought in by Atlee. This theory does fit a lot of what we know, including the unwillingness to look at a windfall tax on energy companies which would have been widely supported. Not sure where the energy price cap fits as it is state intervention except that it is a very good way of building up debt and they may have hoped it would distract the public. Hope I am wrong and they are just clueless and arrogant idiots playing a 6th form game with our lives.

In the book that [MENTION=14365]Thunder Bolt[/MENTION] has mentioned a couple of times it is asserted that the UK has a "bloated state, high taxes and excessive regulation". Based on that, I'd say it's pretty obvious that Truss, Kwarteng, their backers and their cronies want to cut taxes in order to Starve the Beast. If they can indulge in a bit of disaster capitalism along the way, all the better.

The big problem they have is Truss lacks the charisma and communication skills to get anyone to buy into their vision. Saying that, I'm not sure there's an orator in the world skilled enough to talk themselves out of the mess Liz and co are conjuring up.

I don't think I was alone in wanting to see Truss as leader as she offered the best chance of seeing the Tories get ditched at the next election. Trouble is she's going above an beyond my expectations of ineptitude and now I'm worried they might bin her and get someone vaguely competent in charge.

 

[beorhthelm]

I'm not sure how anyone could think it's an error of judgement on Kwarteng's part. Any economist worth their salt, as well as most laymen, could've called it. The warnings were there and the guy with a PHD in economic history went for it.

And it just so happens that his former boss, amongst others, made a mint. What's more, it'll create the necessary conditions to "force" the government to reduce spending. Occam's razor is pointing in one direction.

i'd apply Hanlon's razor here. normally a new chancellor has many weeks or month until their first budget. Kwarteng had to produce something immediatly for the energy relief, and in his hubris rather than keep to that, launched into a parliaments worth of cuts in one go without costings.

otherwise we're saying he expected the fallout to markets and party, which sounds rather odd for ambitious politicans who want to stay around long enough to change things. no point delivering a generational budget if you're out 2yrs later and cant execute, watch the opposition (or even own party) reverse it all.

 

[beorhthelm]

... Not sure where the energy price cap fits as it is state intervention except that it is a very good way of building up debt and they may have hoped it would distract the public. Hope I am wrong and they are just clueless and arrogant idiots playing a 6th form game with our lives.

as it was being outlined over the summer, it's supposed to be the energy companies taking on the debt with a government guarantee. this would show up partially or at all as a goverment debt. but we've not seen the full costings.

 

[Kinky Gerbil]

i'd apply Hanlon's razor here. normally a new chancellor has many weeks or month until their first budget. Kwarteng had to produce something immediatly for the energy relief, and in his hubris rather than keep to that, launched into a parliaments worth of cuts in one go without costings.

otherwise we're saying he expected the fallout to markets and party, which sounds rather odd for ambitious politicans who want to stay around long enough to change things. no point delivering a generational budget if you're out 2yrs later and cant execute, watch the opposition (or even own party) reverse it all.

I am not sure (other than the tax cut for the richer/banker bonuses) Labour have said they would do much different, in fact their plan a few months ago was not much different.

 

[Kinky Gerbil]

I don't think I was alone in wanting to see Truss as leader as she offered the best chance of seeing the Tories get ditched at the next election. Trouble is she's going above an beyond my expectations of ineptitude and now I'm worried they might bin her and get someone vaguely competent in charge.

I am enjoying the right leaning media now moaning they have Truss after pushing for her over Sunak, who was at least realistic about the state of the country.

 

[Jimmy Grimble]

Which is reasonable money ofc but perhaps doesn't tell much about differences between how little the poorest and how much the richest earn etc.

Exactly what this guy has shown here:

https://twitter.com/jburnmurdoch/status/1570832839318605824?s=21

 

[beorhthelm]

I am not sure (other than the tax cut for the richer/banker bonuses) Labour have said they would do much different, in fact their plan a few months ago was not much different.

true, Labour are committing to the NI and income tax, about half the uncosted cuts (which they are then respending ). they arent currently in power and dont spook the markets. there's a chap from treasury right on TV right now, emphasising there's lot more policy detail which needs to be built into costing and an OBR review. just highlights Kwarteng shot his load without any of that.

 

[Gwylan]

I am not sure (other than the tax cut for the richer/banker bonuses) Labour have said they would do much different, in fact their plan a few months ago was not much different.

Labour's plans for the energy subsidy included a windfall tax on energy companies, rather than funding it wholly on government borrowing

 

[Bakero]

i'd apply Hanlon's razor here. normally a new chancellor has many weeks or month until their first budget. Kwarteng had to produce something immediatly for the energy relief, and in his hubris rather than keep to that, launched into a parliaments worth of cuts in one go without costings.

otherwise we're saying he expected the fallout to markets and party, which sounds rather odd for ambitious politicans who want to stay around long enough to change things. no point delivering a generational budget if you're out 2yrs later and cant execute, watch the opposition (or even own party) reverse it all.

I just can't see how they're that stupid. Ideology not idiocy is the main driver. Hubris certainly plays a part.

Seems to me that Kwasi read Naomi Klein's Shock Doctrine and thought it was a guidebook.