Tuesday October 29th, 1929 – The Crash, the most devastating day in the history of the New York Stock Exchange and the beginning of The Great Depression. Wednesday October 30th, 2024 – what sort of devastation can we expect 95 years and one day later ? The apparently failed economist, Reeves, is on a tightrope and the markets might decide to bring about her downfall. If she rewrites the borrowing rules the bond markets will push yields higher, making public sector debt more expensive. More money spent servicing debt equals less money to spend on public services. Is she already laughing at us please log in to view this image This woman apparently had her House of Commons credit card suspended by the Independent Parliamentary Standards Authority after she ran up £4,000 of unauthorised payments, and it was not unfrozen until she cleared the debt. She told a GB News interviewer that checking her bank balance showed that she had more money going out than coming in, even though as an ordinary MP at the time she had a salary of over £86,000 and her husband is a senior civil servant earning more than that. This woman used Parliamentary expenses to pay someone else to complete her tax return, a luxury that ‘working class people’ who pay for this for her do not enjoy. This woman seemingly can't manage her own finances, so is it any wonder that many have doubts about her ability to do a remotely competent job as Chancellor of the Exchequer ? Did some, before the election, say 'they're not all the same'
Sadly this is quite relevant and important. The difference between the tories and labour has been neglible for years now. I had hoped for better, still do, but the evidence on show so far is worrying. As for the budget, I doubt we will see a Truss style reaction by any means. But there are some worrying signs that she and Keir really dont understand how to stimulate growth and therefore are going to cause more problems than they will solve. There could well be a reaction to some of the rules re-write which seem a misstep to me, but I dont forsee the doom some predict. Us working folk will be worse off though, that bit seems clear.
Have a read through the comments if you want a laugh, or cry, this morning. The amount of people who don’t know the difference between turnover and profit, who were all allowed a vote the same as the rest of us yet will wonder why small businesses start laying people off very quickly. Madness
It seems a long time since we've had an economic boom, with the positivity and wealth creation that comes with it. Booms are normally followed by busts of course. Labour will be aiming for steady growth. The jury is out on what the effects of the budget will be. If higher taxes aren't the answer to produce growth and neither are lower taxes (see Liz Truss) then what's the answer? One of my biggest gripes with the Blair/Brown and the recent tory governments is the failure to make progress on sustainability and green issues. The country should be a lot further along with this than we are. Lobbying by fossil fuel industries probably hasn't helped - and therefore should have been dealt with.
I just looked at the comments he still has £39 million. I have very little knowledge of business but I know turnover isn't profit. From that £39 million he has to pay staff, rent, materials, maintenance of the sites, tax etc...etc...etc.. If some his sites no longer turn a profit he is going to close them. There are companies turning over billions doing the same!
Seen a good clip of a guy in the audience on question time (I think) and he basically said for years now every time there’s a change of government it’s just gung ho until it goes boom, blame the last govt for the issues they inherited but nothing really changes and we all seem to be worse off even though we’re earning more.
I'm enjoying the tory angst marra... last nights news that badenoch had destroyed her chances within 48 hours brought a prity big grin to my face
BBC News - Chris Mason: Not exactly perfect harmony for Tories https://www.bbc.com/news/articles/cwy1vg400k5o The last four paragraphs
Blonde that Badenough woman would have been my last choice from those at the starters gate. You can only hope she's going to start engaging her brain before she opens her trap...Not seen much evidence of that so far in her political career. Our politicians across the board are totally unconvincing I'm sorry to say.
the 70's was really the 'start', after the war years everything changed and people found a freedom they never expected...and the govt. found they could keep raking in tax money. typically though, the greed became insatiable, they wanted more but never wanted to work (why allow work to stop you enjoying your wealth) and did not want the workers to hold them to ransom with strikes, so came that woman and her war against the unions, after that they just took the p1ss because people still believed these rich w@nkers were the best ones to lead them whether tory, labour or whatever and we end up with may and boris etc who dont even pretend to tell the truth, they just lie over and over.
