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Tory Brexit No Deal DOOM™: End of End of Austerity

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    Tory Brexit No Deal DOOM™: End of End of Austerity

    Theresa May's plans to end austerity will be cancelled in no-deal Brexit, Philip Hammond suggests

    Philip Hammond has indicated the Government will cancel Theresa May's plans to end austerity if Britain leaves the EU without a deal.

    The Chancellor said that the UK would take a "different approach" and hold a new Budget in the event that Mrs May fails to secure a compromise with Brussels.

    “If we don't get a deal [...] If we were to find ourselves in that situation then we would need to take a different approach to the future of Britain's economy," he told Sky News' Sophy Ridge on Sunday. "We would need to look at a different strategy. And frankly we'd need to have a new budget that set out a different strategy for the future."

    Theresa May's plans to end austerity will be cancelled in no-deal Brexit, Philip Hammond suggests



    #2
    "In an interview with Sky’s Sophy Ridge on Sunday, the chancellor said the proposals being announced on Monday afternoon were based on the assumption that there would be a Brexit deal and that, if that turns out to be wrong, there would have to be a new, emergency budget."

    Philip Hammond: no-deal Brexit will jeopardise budget plans | UK news | The Guardian

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      #3
      "In a strong hint that this would involve significant tax cuts, pushing the UK toward a so-called Singapore-style economic model, Hammond said the government would need a “different strategy for the future”."



      Yeah, tax heaven - for multinationals who don't pay much tax anyway. For the tax resident proles there will be a big increase in dividends tax to make up for reduction in corp tax. Naturally offshore entiries getting dividends won't get any withholding tax (as should have been the case).

      Comment


        #4
        Originally posted by AtW View Post
        "In an interview with Sky’s Sophy Ridge on Sunday, the chancellor said the proposals being announced on Monday afternoon were based on the assumption that there would be a Brexit deal and that, if that turns out to be wrong, there would have to be a new, emergency budget."

        Philip Hammond: no-deal Brexit will jeopardise budget plans | UK news | The Guardian

        Haven't we been here before. Oh yes 2016 whenwe had a referendum on whether to ;leave the EU or not. The then chancellor said during the run up to referendum that if we voted to leave he would have to have an emergency budget to stave off the impending financial armageddon. Strange I can't remember just what was in that emergency budget.

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          #5
          Originally posted by Yorkie62 View Post
          Haven't we been here before. Oh yes 2016 whenwe had a referendum on whether to ;leave the EU or not. The then chancellor said during the run up to referendum that if we voted to leave he would have to have an emergency budget to stave off the impending financial armageddon. Strange I can't remember just what was in that emergency budget.
          Not a budget but few Brexiters remember the interest rate drop and QE that were implemented post vote:

          Bank of England cuts interest rates to 0.25% and expands QE | Business | The Guardian

          Sadly it only worked up to a point and didn't stop growth falling to the bottom of the G7.
          Hard Brexit now!
          #prayfornodeal

          Comment


            #6
            Originally posted by Yorkie62 View Post
            Haven't we been here before. Oh yes 2016 whenwe had a referendum on whether to ;leave the EU or not. The then chancellor said during the run up to referendum that if we voted to leave he would have to have an emergency budget to stave off the impending financial armageddon. Strange I can't remember just what was in that emergency budget.
            That emergency budget was to be run inevent of Brexit (which is due to happen soon), din’t worry you will get it soon

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              #7
              Originally posted by sasguru View Post
              Not a budget but few Brexiters remember the interest rate drop and QE that were implemented post vote:
              Alas, the Gammon armchair economics experts see reduced interest rates as 'cheaper mortgages' so you'll never convince them that long term low interest rates isn't a sign of a healthy, thriving economy.

              Remember, 27 countries need the UK more than we need them, right?
              Taking a break from contracting

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