[Politics] No Budget thread?

[vegster]

Weird how Rishi never mentioned the "B" word once. You'd think he'd be extolling the virtues of their supposedly amazing deal?

It is very much the Elephant in The Room, there seems to be a tacit agreement between the Tories and Labour that they won't mention it.

 

[Cpt. Spavil]

Corporation tax rises to 25%. The proposal in the Labour manifesto 2019 was the corporation tax to rise to 26%. That was decried as "far left" policy. I somehow don't see the people who called Corbyn far left using the same term to deride Sunak.

Is that to all companies? or just the ones that aren't owned by the Tories little chums

 

[Sarisbury Seagull]

I'm hardly a fan of the Tories but that does seem a sensible budget at this time. I can't see much of a reason for it to be criticised.

Working in the housing market, I was concerned that he would just kick the can down the road with regards to stamp duty and just delay it another 3 months but tapering it off for a further three months after June seems a sensible compromise. I wouldn't be surprised if another stamp duty change was announced between now and then either.

The 95% mortgage guarantee will also help a lot more people to get on to the ladder.

 

[Gwylan]

The public finances have changed somewhat since the 2019 election.

Yes, we've borrowed rather a lot - rather less than was proposed by McDonnell - and the talk then was of 'magic money trees' and 'bankrupting the economy' and yet, here we are with Sunak talking glowingly of the future.

(I'm not criticising Sunak BTW, I think it's a fair budget but it's in stark contrast to the way that Labour's economic plans were treated, with loads of nonsense about far-left economics)

 

[sparkie]

Weird how Rishi never mentioned the "B" word once. You'd think he'd be extolling the virtues of their supposedly amazing deal?

"No downside... Only a considerable upside" I think was the promise.

 

[Justice]

I'm hardly a fan of the Tories but that does seem a sensible budget at this time. I can't see much of a reason for it to be criticised.

Working in the housing market, I was concerned that he would just kick the can down the road with regards to stamp duty and just delay it another 3 months but tapering it off for a further three months after June seems a sensible compromise. I wouldn't be surprised if another stamp duty change was announced between now and then either.

The 95% mortgage guarantee will also help a lot more people to get on to the ladder.

Last time they tried he 95% mortgage scheme the rates were higher compared to a 90% LTV will this still be the case?

 

[beorhthelm]

Yes, we've borrowed rather a lot - rather less than was proposed by McDonnell - and the talk then was of 'magic money trees' and 'bankrupting the economy' and yet, here we are with Sunak talking glowingly of the future.

(I'm not criticising Sunak BTW, I think it's a fair budget but it's in stark contrast to the way that Labour's economic plans were treated, with loads of nonsense about far-left economics)

we could reflect the scenario we are in is short term cost in reaction to an event, where as the Labour policy was intended expenditure on so many open ended promises. some difference. had they been in power they'd be in same general situation on top of their spending plan, facing double the debt. the only left policy i see is the corporation tax, nothing about nationalisation, windful taxes, hundreds of billions of unspecified spending. the structural finances are largely unchanged, as we come out of covid the costs arent recurring. wait until everyone realises spending is cut next year, will be calling it austerity again.

 

[Sarisbury Seagull]

Last time they tried he 95% mortgage scheme the rates were higher compared to a 90% LTV will this still be the case?

I would have thought so yes as rates will always go up the higher the LTV due to greater risk but no lenders have made an announcement yet.

I would hope that they're not substantially higher than the 90% rates as during the pandemic, all lenders have put their rates up significantly on 85% and 90% LTV mortgages anyway. Plus with the government guaranteeing this 5% and announcing this to great fanfare whilst still in the middle of a pandemic and restrictions, I don't think it would be a good look for the lenders to then charge a ridiculous interest rate. Wouldn't put it past them though!

 

[WATFORD zero]

Weird how Rishi never mentioned the "B" word once. You'd think he'd be extolling the virtues of their supposedly amazing deal?

He sort of mentioned it once, and he would have got away with it, if it wasn't for that pesky [MENTION=14365]Thunder Bolt[/MENTION]

[tweet]1367103603689873412[/tweet]

All in all, no real surprises, a bit of a 'non-event'

Now he just needs to get out before the next one and he will still be a 'brilliant young politician'

 

[Gwylan]

had they been in power they'd be in same general situation on top of their spending plan

We don't know that. Labour would almost certainly have entered lockdown sooner and they definitely wouldn't have spaffed £22bn on a track and trace scheme. To say that things would be exactly the same is just speculation

The point is that Labour had some clear plans which were derided as unaffordable and yet, here we are, and the sky hasn't fallen in

 

[Kinky Gerbil]

I disagree.

By 2022 Govt. support will have gone - sink or swim.

I don’t think it will be 80 percent as it is now, but maybe 60 percent/part time plan they had before.

There are too many industries that will need longer to recover/if there is some restrictions in place still.

 

[Thunder Bolt]

Does this mean he supports job creation in one of the most impoverished parts of the UK or not?

It means Freeports sound good but don’t work. Smoke and mirrors.

 

[Pavilionaire]

My thoughts:

1. In broad terms, the economic support given during this pandemic has been generous.

2. I feel for the newly self-employed that it is only now they will be able to claim the 4th and 5th tranches of SEISS grant, having missed out on the previous 3. Better late than never though.

3. I am a bit concerned about these 8 freeports. It opens up the possibility of tax avoidance right here in the UK, while freeports have been used successfully by organised crime . This comes at a time when we have left the EU's Schengen Information System, a database from which the UK made 571 million searches in 2019.

4. The OBR's optimistic forecasts about economic growth are underpinned by an expectation Britain has a load of cash in the bank that we are just waiting to spend. That may be the case for some, but speaking for myself I have used my surplus cash to pay pay off credit card debt and boost savings in case another shitstorm like this happens again. I suspect many will be reluctant to go out and spend, not just to avoid mixing while Covid and its variants still lurk, but also because it actually feels quite nice not to carry personal debt.

 

[beorhthelm]

We don't know that. Labour would almost certainly have entered lockdown sooner and they definitely wouldn't have spaffed £22bn on a track and trace scheme. To say that things would be exactly the same is just speculation

The point is that Labour had some clear plans which were derided as unaffordable and yet, here we are, and the sky hasn't fallen in

i qualified with "general", not the same. we assume they'd have done furlough and more? and we can assume they would have done as much testing if not more (which is what costing so much on test and trace). so we can confidently say they would have spent a similar if not larger amount in response.

the point you ignored is this is one time expenditure, not increase in overall budget that need to be funded every year.

 

[disgruntled h blocker]

I do wonder the extent to which the BBC is involved in "Client Journalism" even at the grassroots and local level. On South(ampton) Today last night they were talking about Freeports and how they will "boost" the economy with over 52k jobs if Southampton becomes one; but they failed to really question much about this to provide any context or ask questions about the lies in regards to Freeports and Brexit.

 

[Herr Tubthumper]

My thoughts:

1. In broad terms, the economic support given during this pandemic has been generous.

2. I feel for the newly self-employed that it is only now they will be able to claim the 4th and 5th tranches of SEISS grant, having missed out on the previous 3. Better late than never though.

3. I am a bit concerned about these 8 freeports. It opens up the possibility of tax avoidance right here in the UK, while freeports have been used successfully by organised crime . This comes at a time when we have left the EU's Schengen Information System, a database from which the UK made 571 million searches in 2019.

4. The OBR's optimistic forecasts about economic growth are underpinned by an expectation Britain has a load of cash in the bank that we are just waiting to spend. That may be the case for some, but speaking for myself I have used my surplus cash to pay pay off credit card debt and boost savings in case another shitstorm like this happens again. I suspect many will be reluctant to go out and spend, not just to avoid mixing while Covid and its variants still lurk, but also because it actually feels quite nice not to carry personal debt.

What exactly is a “free port?”

 

[Kinky Gerbil]

My thoughts:

1. In broad terms, the economic support given during this pandemic has been generous.

2. I feel for the newly self-employed that it is only now they will be able to claim the 4th and 5th tranches of SEISS grant, having missed out on the previous 3. Better late than never though.

3. I am a bit concerned about these 8 freeports. It opens up the possibility of tax avoidance right here in the UK, while freeports have been used successfully by organised crime . This comes at a time when we have left the EU's Schengen Information System, a database from which the UK made 571 million searches in 2019.

4. The OBR's optimistic forecasts about economic growth are underpinned by an expectation Britain has a load of cash in the bank that we are just waiting to spend. That may be the case for some, but speaking for myself I have used my surplus cash to pay pay off credit card debt and boost savings in case another shitstorm like this happens again. I suspect many will be reluctant to go out and spend, not just to avoid mixing while Covid and its variants still lurk, but also because it actually feels quite nice not to carry personal debt.

On point 4 I agree, if anything I’m tightening my belt - I’ve been furloughed on and off and had a second full time job whilst on furlough months, paid off credit cards completely and the rest has gone into my savings, no chance I’m spending that in U.K. shops/pointless stuff

Many people have benefitted from this massively and taken the chance to be debt free as you say.

 

[beorhthelm]

I do wonder the extent to which the BBC is involved in "Client Journalism" even at the grassroots and local level. On South(ampton) Today last night they were talking about Freeports and how they will "boost" the economy with over 52k jobs if Southampton becomes one; but they failed to really question much about this to provide any context or ask questions about the lies in regards to Freeports and Brexit.

no one seems to ask or answer what a freeport is either. is it extension of bonded warehouse, the dockside used to hold goods in transit without incurring tariffs? or is it a wider industrial and commercial park, where those goods are used in manufacturing with out tariffs?

 

[The Clamp]

 

[Gwylan]

the point you ignored is this is one time expenditure, not increase in overall budget that need to be funded every year.

Sunak has borrowed as much in one year as McDonnell would have borrowed in five. And yes, Covid would have meant that they'd have to borrow more but the point is that's not necessarily financially crippling for countries to borrow money,