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Trickledown economics
Posted:
Fri Sep 23, 2022 2:06 pmby rebbonk
A perfect example of trickledown economics after today's income tax adjustments...
If you earn £1 million you will be £55,220 better off per year
If you earn £200,000 you will be £5,220 better off per year
If you earn £20,000 you will be £157 better off per year
I personally think the chancellor is barking mad and committed an act that will prevent the Tories from winning the next election.
Re: Trickledown economics
Posted:
Fri Sep 23, 2022 3:07 pmby dutchman
I wouldn't bet on it.
Back in the 1980s I lived with a life-long Labour supporter who was ecstatic when the the Tories reduced the tax on his private pension by a few pounds every week.
That is the kind of voter who will decide the next election.
Re: Trickledown economics
Posted:
Fri Sep 23, 2022 5:04 pmby rebbonk
This 'budget' is one massive 'sh*t or bust' gamble on growth. If that doesn't happen, we have a bit of a problem as we have taken on massive debt.
In reality, we have about 18 months before we start looking at the next general election. I can't see this gamble paying off in this time scale.
The last time anything like this was tried was the Heath government of the early 70s. It didn't end well. I sincerely hope that history doesn't repeat itself.
Had I been in Truss' position, I'd have done everything possible to keep fuel and food prices down, and affordable, for this winter. Then I'd have called a spring election, hoping to get myself re-elected on the feel-good factor. That would have given me another 5 years to take a gamble like this. (Even then I wouldn't have gambled so much.)