Instead of taking care of the weakest in our society, this bastard government rewards all its supporters and accolytes with huge tax cuts !!! i will continue to remind people on here of the decisions of this bastard government up to and beyond the next General Election !!! Millionaires handed at least £55K tax cut y Tory government - ‘More than a nurse earns’ Nadine Batchelor-Hunt 23 September 2022, 0:24 pm New chancellor Kwasi Kwarteng has faced heavy backlash after he announced tax cuts that will benefit Britain's wealthiest during the cost-of-living crisis. Kwarteng announced the steepest tax cuts in a generation on Friday, claiming that they are crucial to stimulate economic growth. "We promised to prioritise growth, he said. "We promised a new approach for a new era. We promised to release the enormous potential of this country. Our growth plan has delivered all those promises and more." Among the announcements was the government's intention to cut income tax for the highest earners next year from 45p to 40p - handing at the very least tens of thousands of pounds to millionaires. Read more: Martin Lewis brands tax cuts and borrowing in mini-Budget ‘staggering’ The move immediately triggered accusations the government is prioritising the richest over the poorest at a time where millions of the most vulnerable people are struggling to make ends meet. "Any of you earn £1m?" said Torsten Bell, chief executive of the Resolution Foundation. "You're getting a £55k tax cut next year - twice what a typical earner brings home a year." Money Saving Expert Martin Lewis described the budget as helping "mega earners". "From next April the 45% top rate of tax (applies to those earning £150,000) will be scrapped," he said. "So the top rate will be the 40% higher rate threshold. This means mega earners, pay the same rate as those on £50,000." Labour's shadow home office minister, Jess Phillips, placed the cuts into perspective: “Can the chancellor just confirm for me that he has just announced a tax cut that means someone earning £1 million will be £40,000 better off?" “That is more than a nurse earns, and over £10,000 more than the average wage in Birmingham.” Former shadow chancellor John McDonnell described the budget as "the most socially divisive budget in a generation" for handing tax cuts to Britain's richest and threatening benefit claimants with sanctions. And the Joseph Rowntree Foundation (JRF) said the government was "wilfully" ignoring the poorest Brits. "This is a mini-budget that has wilfully ignored families struggling through a cost of living emergency and instead targeted its action at the richest." Other major tax cuts cuts that will benefit the wealthiest includes a 1.5% cut to National Insurance Contributions (NICs) - benefiting those on £20,000 per year by around £93, and an earner on £100,000 per year by around £1,093. According to Resolution Foundation analysis, two-thirds (65%) of the gains from personal tax cuts go to the richest fifth of households - with almost half (45%) will go to the richest 5% alone. In contrast, in a demonstration of how unequal the package is, just 12% of the gains go to the poorest half of households. The government has said it also plans to cut corporation tax and lift the cap on bankers bonuses. As well as concerns about unequal wealth distribution, a growing number of economists have expressed concern that a combination of tax cuts funded by borrowing could send the economy off a cliff. "Summary: Chancellor has announced biggest tax cuts since the 1970s, at price of public finances being set on an unsustainable footing," said Bell. He added: "Chancellor has announced biggest tax cuts since the 1970s, at price of public finances being set on an unsustainable footing. "Gambles on growth, which is in Putin’s hands rather than ours in the short term." Paul Johnson, director of the Institute for Fiscal Studies, warned the last time a chancellor took this approach it "ended in disaster". "£45 billion of tax cuts. This is biggest tax cutting event since 1972," said Johnson. "Barber's "dash for growth" then ended in disaster. That budget is now known as the worst of modern times. Genuinely, I hope this one works very much better." And, while Kwarteng has argued his strategy will stimulate economic growth, the pound dropped to a fresh 37-year-low as he unveiled his “growth plan” in parliament.
I do agree with you here . We have a very right wing Tory Government voted in by their own members . They look after their own and the tax cuts including the scrapping of the proposed new Tax band of 45% ( of which I believe they proposed) is a total disgrace which will be financed by the working people . This will not encourage investment as they believe but making the poorer even poorer . Its a fact we have more Food Banks than we have McDonalds outlets in the UK. Labour need to improve as well and need a stronger leader . Sir Kier whilst I like him isnt strong enough to get his points across and Boris in my view got away at PMs Questions very lightly considering the disgrace of a PM he clearly was.
Yes matey, we need some-one with some 'Socialist zeal'. Whilstt Jeremy Corbyn was on the right track, he wasn't strong enough
.... And another cost we shouldn't have to pay !!! In April this year, then-prime minister Boris Johnson was slapped with a fixed penalty notice by the Metropolitan Police for attending a birthday party - his own - in June 2020. This fine led MPs to vote for an investigation by the Commons Privileges Committee into whether or not Johnson was in contempt of Parliament with his repeated denials in the House of Commons. Johnson and the Cabinet Office hired eminent lawyer Lord Pannick KC to examine the Committee’s approach and on 2 September, days before the prime minister’s departure from Number 10, he released his Legal Opinion. Lord Pannick’s advice was sympathetic to Johnson. It concluded the inquiry needed to establish whether Johnson deliberately misled Parliament. Lord Pannick’s advice has been subject to widespread legal criticism. The other striking feature of the Pannick Opinion is who paid for it - we all did. Reports, not denied by Johnson or the Cabinet Office, suggest between £112,700 and £129,700 was spent. We believe the decision to obtain Lord Pannick’s Legal Opinion using public money was unlawful. We don’t think the Government should use public money to rescue its former prime minister from an investigation ordered by the House. The Commons Privileges Committee inquiry is about Johnson’s alleged misconduct as an MP. He should pay for it himself. We have sent a Pre-action letter to the Cabinet Office, asking the Cabinet Office to seek reimbursement from the disgraced former prime minister of the public monies spent on the Opinion.
I think school kids could probably do a damn sight better at economics than the present bunch of bastards in the treasury !!!
It looks like the Tories have just thrown their last dice with this mini budget . Recent polls places labour around 17 points ahead after that mini budget or early Christmas present for the rich . Maybe more people are seeing through the intentions of the right wing government intent to deliver for the rich. It is beginning to feel like the time the Blair Labour party was waiting to obtain power all those years ago . I think this Labour Party just maybe a Government in waiting. Sir Keir needs to move up a notch for me and start attacking this lame duck government. Failure to do so may mean failure in the future .
Even the IMF, always the 'friend' of business and the super-rich have now opened their gobs and had the temerity to seriously criticise the scumbag 'nasty sleaze party's' financial policies.
Yes its just the sheep flock of Sun readers that need convincing . They believe anything printed in that comic is news
With any luck, come the next general election the scumbag 'nasty sleaze party' will be out of power and hopefully until the next millenium.
The Sun Readers will think its the fish market thats in turmoil as less Cod has been landed and not the financial markets . Recession has officially started with negative GDP announced as I said it would . Trussconomics dont add up .
We were headed for recession even before that stupid bastard Kwasi Kwateng wrecked the economy even further.
Well in fairness to Rushi Sunak did say the Truusconomincs would lead to a Recession but the other Tories were just thinking of themselves . Its time for them to go .
They should never have been allowed anywhere near Government in the first place !!! Scumbag 'nasty sleaze party' members are all alike - BASTARDS THE LOT OF THEM !!!
