Lettuce Liz then Tetchy Rish! and the battle to replace him

[Tyrannosaurus Dan]

My fixed rate ends in April. The scary thing is that the forecasts are that the rate will double by next summer.

I'm fixed until next October but I'm dreading what I am going to have to pay when my deal is up

I'm no economist but does putting the interest rates up actually make a difference when it comes to inflation? It just seems to be shafting people even more with higher debt repayments at a time when we are already screwed.

 

[Deutsch Wolf]

They're a blunt tool, but about all the BoE can do.

Doesn't matter when the Government are economically illiterate. The Mili Vanilli of financial management.

 

[Johnny75]

I'm fixed until next October but I'm dreading what I am going to have to pay when my deal is up

I'm no economist but does putting the interest rates up actually make a difference when it comes to inflation? It just seems to be shafting people even more with higher debt repayments at a time when we are already screwed.

Usually yes as consumer inflation is driven by people buying more stuff which then becomes more expensive as prices go up. It's supposed to encourage people to save instead of spend bolstering strength in the banks and the pound.

In times of scarcity it doesn't as people have no money and have debt so lumping more onto their debt and subsequent cost of business increases prices and decreases consumption without having anything to save. Essentially Zimbabwe.

The current inflationary pressures are caused by energy and the levers within government not being used to control both supply and price.

Doesn't matter how high interest rates go prices will increase inflation.

It's a bloody stupid move by the BoE to try to strengthen the pound but will succeed in only weakening it as we produce and spend less.

Tl:dr Bank of England have fucked up because the Government are cunts

 

[Sniffer]

The 45% rate cut is to put £5bn into the pockets of the those earning above £150k over the next 4 years.

A 1% cut in the basic rate of tax (which will benefit those above too) will hand a worker earning £30k approx £3.50 a week.

 

[Deutsch Wolf]

It's just basic economic theory gone wrong, they're thick as shit or irrevocably compromised to their donors, or both.

If you give (say) £5k to millions of low paid households then all that money goes back into the economy because they need to buy shit.

If you give £500k to a small sub-section of people who are already extremely rich then you are never seeing that money again.

 

[Kenny]

Presume the Daily Mail and co are ready with their headlines of Tax and NI cuts for us plebs to hide the other stuff behind.

 

[Sniffer]

Luck or good financial planning?

Maybe I should've just gloated about the interest rate I've got for the next 5 years rather than trying to explain how we fixed it as low/early as we possibly could without suffering big early repayment charges.

I was trying to be a bit light hearted rather than to knock those who are locked in at cheaper rates.

 

[AndyWolves]

It's now at the point now where unless you're in the top 3% or so of earners, voting for the Tories is actively choosing to make your own life worse

 

[Sniffer]

https://twitter.com/x/status/1573243007385718786

 

[AndyWolves]

how does one take advantage of gilt rates? Seems like an easy way to make money (albeit at a rate less than inflation)

 

[BillyDee]

It's now at the point now where unless you're in the top 3% or so of earners, voting for the Tories is actively choosing to make your own life worse

Yeah, but... Jeremy Corbyn..?

 

[Elephant Pyjamas]

I've seen a few comparing this "budget" to the 1972 "Barber's dash for growth" budget which lead to the 3 day week.

I'd love to see some arguments as to why we aren't going down the same path?

 

[Johnny75]

I've seen a few comparing this "budget" to the 1972 "Barber's dash for growth" budget which lead to the 3 day week.

I'd love to see some arguments as to why we aren't going down the same path?

We are and they know it.

 

[Deutsch Wolf]

The pound is absolutely tanking against the dollar. We buy oil in dollars.

She's so incredibly shit. It genuinely is like how I felt after two games of Saunders at Wolves, I knew it would be awful, it is awful.

 

[Tony Towner]

Thinking about it, politically it's smart. As it stands they lose the next election, so if it is a piece of economic brilliance then they stand a chance of getting back in, when it proves not to be then they and their mates both here and abroad are even more wealthy for it. A no risk, high reward strategy

 

[Stan Hullis]

I'm selling my house in the next few months.

Not sure where my next move is going to be but it might have to be away from this complete bonfire of a country.

 

[Sniffer]

Half of all of the tax cuts of today will go to the top 5% of earners.

 

[Deutsch Wolf]

So brazen.

Please tell me how these rich people are going to club together and promote "growth" with that money, Liz. Because I don't think they will.

 

[AndyWolves]

https://twitter.com/x/status/1573259549863477248

 

[Tredman]

https://twitter.com/x/status/1573307710023647232