My own opinion is the furore around Starmers position as leader has caused this change of plan. I believe strongly she was laying the ground for income tax rises. Then Starmer in the firing line and he needs to calm his back benches. The problem is it makes the government look clueless. It is like the tories all over again. I would surprised if this isnt a sleight of hand budget. She will freeze tax thresholds, which by her own admission will take money out of working peoples pockets. But it is not an income tax rise by definition, so she hasnt broken the crazy promises. Our pension contributions wont have tax breaks anymore and us working folk will pay that way too. That policy alone will cost the economy much more than it generates. I honestly dont know what they are thinking. Maybe they arent thinking. We neee an ugly budget for the future of our kids. We are setting them up for financial misery. Because no politician seems able to make the choices needed because they fear losing power. It is the perfect evidence to showcase why we have the wrong sort of people running the country.
Not often I defend the BBC, but Reeves briefed the FT on the tax rises. She has briefed them on every move she has made, and she briefed them again today when they changed their mind. She also sent a note to the OBR about this.as is done these days. They have changed their minds. Absurd anyway. The budget is much and needlessly delayed and has caused much mayhem in the bond markets, and even more today.
They are all sleight of hand budgets now mind., certainly since the early 2000s. Just more so as time passes. In the end, spending will have to be cut. It doesn't matter what anyone says or thinks about it, it will have to be cut Either the government does it, or the markets do it. That point is not far away now, hence the ashen faced and lost look on Reeves' face .
She has one hell of a mess to clear up after the last lot il give her that. Record borrowing and record taxation on the tories watch and public services literally falling apart. The markets were great with Truss’s budget so il take my chances with Rach.
Undoubtedly. Nobody will make the necessary decisions because it puts them in jeopardy personally. Until we find an honest political party we are doomed to having any sort of control taken away.
I am generally a Labour supporter, but the load of holier Labour MPs who stopped the reduction of benefit payments, are in a large part responsible for the increase in tax suggestions. Starmer, never here Kier, boring and no charisma doesn't help, nor does sucking up to Trump. (Probably taking one for the team) However the idea that F agash and deform can do better, even stop the boats is a joke Growth in the economy... cutting taxes to promote growth, is out of the question atm Building houses windfarms etc, new electric grid will help. They need to get on with it. Also stop the fvuking boats and stop benefits to migrants..will also be a good move.
I honestly think Starmer is showing signs of panic. The whole Streeting thing this week leads to any amount of questions. If he is still in charge in a year I suspect it will because the MPs have given up. Unless he wakes up and makes some huge decisions. This budget is a massive moment imo. Lets see what he says. The problem is, imo, too many Labour MPs are mini versions of Starmer. Who can realisitically offer anything like leadership? I dread the day we see a Reform government. But unless the two main parties sort their **** out I fear it will happen.
Definitely Starmer/Reeve do need to grasp several nettles if the country is to move on. Unfortunately too many Labour MPs, say things like 'I was not elected to cut benefits' or we should take care of migrants Imho Starmer should call their bluff.. saying back me or I will call a GE where lots of MPs will lose theirs eats.
When interest payments account for over sixty per cent - and rising - of your borrowing, rising gilt yeilds really do matter. This level of panic and incompetence will cost a lot of money.[/QUOTE] Is it on record that she briefed the FT? I agree, but would add that we shouldn't forget the tories part in the failure of the recent attempt at benefit reform. Had they said they would back it, it would have sailed through. Shame on MPs of both parties that objected.
