DOOM: Taxes

[AtW]

"Rishi Sunak preparing years of tax rises to plug £50bn fiscal black hole

PM set to hike taxes across the board to repair nation’s finances after Liz Truss’s disastrous mini-budget

Rishi Sunak is preparing years of tax rises for Britain in an effort to make up for a £50bn fiscal hole left by Liz Truss’s disastrous tenure in Downing Street, according to a Treasury insider.

After a meeting between the prime minister and Jeremy Hunt on Monday to plan the upcoming autumn statement, a Treasury source said things were going to get “rough”.

Both Sunak and his chancellor reportedly agreed that “tough decisions” need to be undertaken due to the “eye-watering” size of the blow to public finances dealt by Truss’s mini-budget.

“Stealth” increases in income tax and national insurance contributions are expected to be rolled out over the next few years by extending a freeze on personal tax allowances and thresholds."

https://www.theguardian.com/politics...cal-black-hole

"New" Tory Scum strategy is to push more taxes and then claim Labour would increase them further

[d000hg]

Liz basically did the damage of an entire Labour government in a week.

[ladymuck]

So what they're saying is that the two things Truss got through parliament before she exited stage left, pursued by a bear, have left a huge budget deficit the likes of which many have never seen before (unless you're an )?

[d000hg]

So what they're saying is that the two things Truss got through parliament before she exited stage left, pursued by a bear, have left a huge budget deficit the likes of which many have never seen before (unless you're an )?

No, all the crazy ideas she was stopped from doing. So just think how bad it would have been if she hadn't been chased out, if merely mentioning it had this impact!

[malvolio]

So can anyone tell me who created that vast debt in the first place...? And no, it wasn't Truss and Kwarteng.

Incidentally, £50bn is quite a lot of money, but insignificant in the context of a £2tn national debt. Or about the same as the projected cost of HS2. Just sayin'.

[_V_]

So can anyone tell me who created that vast debt in the first place...? And no, it wasn't Truss and Kwarteng.

Incidentally, £50bn is quite a lot of money, but insignificant in the context of a £2tn national debt. Or about the same as the projected cost of HS2. Just sayin'.

There's a big difference between national debt size and deficit, look it up. A deficit of £50bn is VERY significant, hence why the whole economy, pensions and BoE nearly went tits up. We were days away from a national default, and not out of the woods yet.

What's needed now are the biggest tax rises ever seen, something akin to a World War scenario. Hopefully the govt have the balls to set tax increases requred.

[AtW]

We were days away from a national default, and not out of the woods yet.

False - there can be no default for debts issued in LOCAL currency, it can just get printed like it happened for the last 10+ years. Same thing will happen for the next 10+ years, most likely forever, only with higher taxes.

[Protagoras]

False - there can be no default for debts issued in LOCAL currency, it can just get printed like it happened for the last 10+ years. Same thing will happen for the next 10+ years, most likely forever, only with higher taxes.

Agree, but it's detrimental to the real value of the local currency over time. The BoE was actually looking to undertake QT before the last intervention to shore up pension funds. I predict that we won't be having barrows of tenners though - they would remove cash as currency before that.

Perhaps furlough money should have been provided as repayable loans ...

[WTFH]

So can anyone tell me who created that vast debt in the first place...? And no, it wasn't Truss and Kwarteng.

Was it Jeremy Corbyn or Michael Foot? I can't remember which one of them put in austerity measures when they have been running the country for the last decade.

[WTFH]

No, all the crazy ideas she was stopped from doing.

Find them here:
https://en.wikipedia.org/wiki/Britannia_Unchained