Burnham

[First Aspect]

I think the Government's understanding of their "giving people a bit of a breathing space" is very different from my understanding. Some are drowning under energy bills and when somebody is drowning, lifting them 1m towards the surface whilst pushing them 3 meters deeper is not giving them "breathing space". The £100 is far more than gone by the next energy price increase so "breathing space?".

I must have missed the windfall tax on the energy companies but did catch that day after the budget shell announced record quarterly profits (since 2022).

Interesting later today as my Financial Adviser has sent me a message wanting a chat later today.

Sorry but this is the sort of reasoning that ultimately leads to desperation voting for snakeoil solutions.

The entire world is suffering a cost of energy crisis, pretty much. Its not the fault of this or any previous governments that some foreign leaders have started wars.

Nor is the rather baked in structure of UK energy prices the fault of this or to be honest the previous Tory government. You can argue that they sat on their hands about the issue, but even in the best case unwinding all fo the contracts in such a way as to not stifle green energy investment is challenging and thus time consuming.

Windfall taxes, when overused, are very bad. Because they just become a tax that organisations expect to be levvied and they adjust prices accordingly.

 

[Stevo 666]

Was there a budget yesterday? There was little of any real significance, such as encouraging economic growth or dealing with the welfare, defence etc in any meaningful way. On the plus side I could at least brief our board and tell them my employer isn't getting hammered again. And it does appear that Healey has some idea that discouraging entrepreneurs even more isn't a good idea (Founders relief). Unfortunately a lot of the damage has already been done.

Enjoyed watching Kemi laying into Healey, it was pretty easy for her.

 

[Pblakeney]

No point in picking a fight with me. I agree with you.

Ah, I’m not arguing. I’m simply expanding on my point.

 

[Pblakeney]

The country isn't bankrupt.
https://www.worldeconomics.com/Rankings/Debt.aspx

Lies, damned lies, and statistics. Some say more than 100% GDP, some say less.
If not now, then soon.

 

[secretsqirrel]

Was there a budget yesterday? There was little of any real significance, such as encouraging economic growth or dealing with the welfare, defence etc in any meaningful way. On the plus side I could at least brief our board and tell them my employer isn't getting hammered again. And it does appear that Healey has some idea that discouraging entrepreneurs even more isn't a good idea (Founders relief). Unfortunately a lot of the damage has already been done.

Enjoyed watching Kemi laying into Healey, it was pretty easy for her.

Why was she doing the shadow chancellor job?

 

[Psamathe]

Was there a budget yesterday? There was little of any real significance

I don't see it as being so minor.
eg despite their manifesto pledges that Burnham said he's sticking to, yet again income tax increases for savers (that's 2 budgets in a row).

Plus, additional tax on landlords will undoubtedly be passed on to tennants making cost of living worse. Maybe some landlords find it the last straw and selling up which will mean fewer rental properties making live even harder for those needing to find rented accomodation (even at the higher rents not being passed on).

 

[Stevo 666]

Why was she doing the shadow chancellor job?

I'm sure you could just Google it, but it is traditional for the leader of the opposition to respond to the budget speech.

 

[Stevo 666]

I don't see it as being so minor.
eg despite their manifesto pledges that Burnham said he's sticking to, yet again income tax increases for savers (that's 2 budgets in a row).

Plus, additional tax on landlords will undoubtedly be passed on to tennants making cost of living worse. Maybe some landlords find it the last straw and selling up which will mean fewer rental properties making live even harder for those needing to find rented accomodation (even at the higher rents not being passed on).

That will impact quite a few people, sure. The additional tax on landlords and savers will likely have unintended effects as you say, ditto the extra tax rate on savings.

It is the lack of substantive action on some pretty important areas such as economic growth, the welfare bill, defence, housing, immigration etc that I was referring to. Burnham and Healey seem to think they can get away with some short term give-aways while talking generally about the future and big issues but doing naff all about them.

But anyway, at least this budget was not exactly ending 40 years of neoliberalism as Burnham said he wanted to do

 

[AuroraSaab]

I thought ending the cliff edge rule on Carer's Allowance was a good move. Dumping Reeve's cut in the cash ISA allowance was right as well. There was nothing that will significantly improve the economy or do much else.

 

[First Aspect]

And they have just dug a hole in the ground, put some spikes in it, covered it in twigs and run headlong towards it now.

Cutting welfare spending. Or not. Or thinking about wanting to, depending whether you ask the Chancellor, his department or his boss.

Ffs.

 

[Rusty Nails]

And they have just dug a hole in the ground, put some spikes in it, covered it in twigs and run headlong towards it now.

Cutting welfare spending. Or not. Or thinking about wanting to, depending whether you ask the Chancellor, his department or his boss.

Ffs.

I believe they understand the reality that welfare spending is becoming increasingly unaffordable based on the rules applied to it and that this has to be changed but they are balancing that with the strong likelihood of splits and ructions in the party so close to Burnham taking over.
They are possibly planning the best tactics and time to start to bring down welfare spending, working to get as many MPs on board before the next election.
The current tactic of giving out small gifts is just part of that buying time.

 

[secretsqirrel]

I believe they understand the reality that welfare spending is becoming increasingly unaffordable based on the rules applied to it and that this has to be changed but they are balancing that with the strong likelihood of splits and ructions in the party so close to Burnham taking over.
They are possibly planning the best tactics and time to start to bring down welfare spending, working to get as many MPs on board before the next election.
The current tactic of giving out small gifts is just part of that buying time.

True. They need to wait for the findings of the Alan Milburn report. People think cutting costs is easy Musk Dogey style, but as a lot of Reform councillors have found out it isn’t, and is a good way of uncovering unintended consequences.

 

[Pblakeney]

I believe they understand the reality that welfare spending is becoming increasingly unaffordable based on the rules applied to it and that this has to be changed but they are balancing that with the strong likelihood of splits and ructions in the party so close to Burnham taking over.
They are possibly planning the best tactics and time to start to bring down welfare spending, working to get as many MPs on board before the next election.
The current tactic of giving out small gifts is just part of that buying time.

Buying time = Kicking the can down the road while crossing fingers.

 

[Pross]

Was there a budget yesterday? There was little of any real significance, such as encouraging economic growth or dealing with the welfare, defence etc in any meaningful way. On the plus side I could at least brief our board and tell them my employer isn't getting hammered again. And it does appear that Healey has some idea that discouraging entrepreneurs even more isn't a good idea (Founders relief). Unfortunately a lot of the damage has already been done.

Enjoyed watching Kemi laying into Healey, it was pretty easy for her.

.Enjoyed watching Kemi laying into Healey, it was pretty easy for her.

Where did you watch that? It certainly wasn’t in her response in the chamber where the best she managed was a ‘hilarious’ joke about gherkins. Was it on that YouTube channel that always claims to show her ‘ruthlessly destroying’ the PM at PMQs that actually shows her smugly reading pre-scripted comments?

 

[Stevo 666]

Where did you watch that? It certainly wasn’t in her response in the chamber where the best she managed was a ‘hilarious’ joke about gherkins. Was it on that YouTube channel that always claims to show her ‘ruthlessly destroying’ the PM at PMQs that actually shows her smugly reading pre-scripted comments?

On the BBC live feed of the budget. Maybe you didn't like it because you don't like her, but that's just too bad. As it was such a nothing budget on the big issues as I mentioned above, it wasn't difficult for her.

So did you think it was a great budget? And if so, why?