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UK Politics- A Taxing Transition


polishgenius
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One of the few good things in this budget however has been to reverse the nonsensical changes to IR35, rules which made it ridiculously complicated to be a freelancer, and at a stroke basically destroyed the contractor economy. No idea who thought those rules were good, so good to see they have been rolled back.

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You know Edmund Burke's solution to the hard cold facts that in this monarchal system from which depends (employing another meaning than the one most common these days) the entire system of privilege for the few, who also have all the resources and therefore the larger number of those who don't have privilege, much less full bellies, are very dangerous, and will try and take Our Stuff -- his solution was to build ever more distilleries and flood the slums and stews with cheap gin.  Thus still hungry, but inebriated and unhealthy, they are kept quiet and die sooner.

One might even think Reagan's clowns actually read Burke and thus, you know, Crack for black communities -- while also illegally funding weapons to use against Iran.  Win win.

~~~~~~~~~~~

In the meantime the death of this English woman makes me feel sad. 

Hilary Mantel has died, age 70, of a stroke, so says the NY Times obit that just went up.

Too soon.

She'd suffered, literally, nearly life long illness and pain from endometriosis and the associated maladies.  As all those who suffer chronic severe pain know, the pain itself is exhausting and debilitating.

https://variety.com/2022/tv/global/hilary-mantel-dies-dead-wolf-hall-1235381500/

https://www.vogue.com/article/hilary-mantel-obituary

 

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Kwasi Kwarteng really stood up there and convinced himself it was 1983, huh?

Worst budget I've ever seen in my life, and I've seen Norman Lamont.

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The country is in the grip of Rees Mogg and his ERG hard Brexit nutters.

The cunts have been short selling the UK economy since 2016. Today was jackpot day. 

There should be a public inquiry, but there won't. 

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16 minutes ago, Spockydog said:

The country is in the grip of Rees Mogg and his ERG hard Brexit nutters.

The cunts have been short selling the UK economy since 2016. Today was jackpot day. 

There should be a public executions, but there won't. 

FTFY

 

 

 

 

Edited by Which Tyler
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The GPB/USD ratio is currently around 1.087. As far as I can tell, it was only less than that in 1985 when it hit a low of 1.054. It'll be interesting to see if the pound can fall another 3% or so and beat the all-time low.

Also, I must thank the government of the UK government for reminding me that things can always be worse. I thought what the US government is currently doing is not ideal, but the UK is on another level.

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11 hours ago, James Arryn said:

Simple question, what is more important in your mind, that more people are able to live relatively comfortable lives, with food, shelter, etc. or that more people conform to your version of what makes someone morally or ethically deserving?

The latter. He’s confused on why you’d ask something when the answer is so obvious.

 Hench the confused emoji.

11 hours ago, Which Tyler said:

It's not "trickle down" economics - because there's not even a pretence that anything is going to trickle downwards - it's outright class warfare

And to distract from the fuckery they’ll hype up or create some meaningless culture that doesn’t help anyone.

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14 minutes ago, Varysblackfyre321 said:

The latter. He’s confused on why you’d ask something when the answer is so obvious.

 Hench the confused emoji.

 

To be fair, I was pretty confidently expecting hm to inform me that ‘it’s not that simple’ or similar, so the emoji came as a kind of nice surprise.

Edited by James Arryn
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Wonking Out: The Tax-Cut Zombie Attacks Britain
Paul Krugman

https://www.nytimes.com/2022/09/23/opinion/uk-truss-tax-cut-economy.html

Quote

 

.... Yet on Friday, the Truss government announced plans for big tax cuts, notably a 5 percentage point cut in the tax rate on top earners and cancellation of a planned tax hike on corporations. Unusually, these plans were described as a “fiscal event” rather than a budget, allowing the government to avoid presenting any detailed fiscal or economic projections — projections that would surely have been either dire, ludicrous or both. But officials still insisted, despite all the historical evidence to the contrary, that their tax cuts would do great things for the British economy.

Obviously, I don’t believe their assurances. More important, neither do financial markets. Interest rates soared on the prospect of increased government borrowing, while the foreign exchange value of the pound plunged.

Either of these market movements would, on its own, have been a signal that investors don’t think the Truss government knows what it’s doing. But their combination is especially ominous.

You see, when advanced countries run big budget deficits, we normally expect their currencies to rise. That’s because we expect their central banks to raise interest rates to offset the inflationary impact of the budget deficit, and these higher interest rates tend to attract increased foreign investment. That is in fact what happened under Reagan, where a surging budget deficit — caused by tax cuts and increased military spending — led to a very strong dollar:

But right now, British markets aren’t acting like those of an advanced country. They are, instead, behaving like those of a developing country, in which investors tend to see budget deficits as a sign of irresponsibility and a harbinger of future policy disaster.

The markets may be overdoing it. Britain isn’t Argentina, and it surely has the economic, the administrative and, I think, the political capacity to turn things around. But the fact that markets are treating it as if it were Argentina shows just how extraordinary a crisis of confidence Liz Truss has managed to create within days of moving into No. 10 Downing Street.

 

 

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I mean, if you had any reading comprehension skills, you would see that the NYT story linked is talking about a separate issue than the 'sterling crisis' that he mentions in the twitter thread

Edited by Raja
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1 minute ago, Raja said:

I mean, if you had any reading comprehension skills, you would see that the NYT story linked is talking about a seprate issue than the 'sterling crisis' that he mentions in the twitter thread

I don’t have a NYT account so obviously I can’t read the story. Only the selective quotes posted. So not sure why someone would post a link to an obviously paywalled site 

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None of the twitter thread quotes are in the NYT story. So here you are, telling someone they are 'typically selectively quoting' something, without reading the story in question to see if those quotes are even there in the story.

Sounds like your normal level of due diligence, so perhaps I shouldn't be surprised.

Edited by Raja
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20 minutes ago, Raja said:

None of the twitter thread quotes are in the NYT story. So here you are, telling someone they are 'typically selectively quoting' something, without reading the story in question to see if those quotes are even there in the story.

Sounds like your normal level of due dilgience, so perhaps I shouldn't be surprised.

Actually if you read the thread they talk about quite similar things. But oh well, go back to doing what you do. Zorral has a habit of selective quoting of paywalled content, it’s just what she does 

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