IMF say reverse tax cuts as it will drive inequality

T

Tangman74

Well-known member
Of course it will - richer get richer - completely messed up !!! Everyone can see that it makes no sense at a time when the “poorer” people , the peasants, are genuinely struggling with bills . I know , Let’s scrap the bankers bonus cap so they can make loads more money , and let’s give the richest people a 5% tax cut .

Clueless !!!!
 
Good to see that the IMF have publicly implied what a shambles the government are.
Likely increase inequality............and night follows day whilst this moron and her cronies run the show.
 
Yeah but it’s the best budget ever according to Nigel Farage, the Daily mail and the Express so the imf must be wrong . Sick of these experts. We all need to just believe it’s a good budget and it surely will be. Stop talking Britain down and believe !
 
I think it's interesting that the IMF have intervened on a political level around inequality.

It's not as though they have a record of promoting equality when they smashed up the Greek economy, making an entire nation poorer (and increasing inequality amongst EU countries).

The government have been explicit about moving away from a redistributive economy, so quite frankly, they don't care about the politics of it.

Notwithstanding, there are very few people who understand how what they want to happen can happen with the ideas in the fiscal statement.

Go back to the drawing board and raise tax thresholds first, and work out the rest after that.
 
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IMF intervention is being described by some as a part of the Remainer / left wing plot to undermine the government. This is not satire, it is what is being reported as being discussed by some in government.
They have lost touch with reality.
The IMF intervention is another humiliation for Truss and Kwartang.
 
Truss is an idiot, Kwartang is an idiot, we were actually in better hands with BJ in the hot seat and Sunk as chancellor, the tories are so far out of touch with reality that there time is at an end.

We need a General Election and we need one ASAP because the longer these idiots are in power the more damage they are going to do. And this is from a normally Conservative voter.

The best scenario would be a GE and a coalition between Labour and the Lib Dems, we need to sort this financial mess out and we need to be self sufficient energy wise as soon as possible, the tories aren't going to do that.

It's embarrassing to read the political news every day at the moment!
 
TSSeasider said:
I think it's interesting that the IMF have intervened on a political level around inequality.

It's not as though they have a record of promoting equality when they smashed up the Greek economy, making an entire nation poorer (and increasing inequality amongst EU countries).

The government have been explicit about moving away from a redistributive economy, so quite frankly, they don't care about the politics of it.

Notwithstanding, there are very few people who understand how what they want to happen can happen with tge ideas in the fiscal statement.

Go back to the drawing board and raise tax thresholds first, and work out the rest after that.
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Not a peep from IMF when the printing presses were going Brrr and half the world was being paid to sit on their arses.
 
Costero Poderoso said:
What, in your opinion, should the IMF have done or said at that point.
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I believe that was much much more reckless and worthy of comment than £2bn of tax cuts in a single country - it's not even close (although it does look like we might now be kicking off a global depression). Also agree with TSS, that them piping up on inequality is a little odd. There's loads of fiscal policies which governments make on a daily basis that either reduce or exacerbate inequalities.
 
ElBurroSinNombre said:
IMF intervention is being described by some as a part of the Remainer / left wing plot to undermine the government. This is not satire, it is what is being reported as being discussed by some in government.
They have lost touch with reality.
The IMF intervention is another humiliation for Truss and Kwartang.
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I was listening to an American news channel yesterday talking about IMF intervention, one of the suggestions was an easy fix for government spending was to end government payments for the NHS. Make of it what you will but the people who have and are doing very well out of the current crisis are the same ones pushing for an entirely privatised and profitised medical industry
 
rockontommy said:
I believe that was much much more reckless and worthy of comment than £2bn of tax cuts in a single country - it's not even close (although it does look like we might now be kicking off a global depression). Also agree with TSS, that them piping up on inequality is a little odd. There's loads of fiscal policies which governments make on a daily basis that either reduce or exacerbate inequalities.
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You've not answered my question though, what did you expect the IMF to say or do at the time
 
Costero Poderoso said:
I was listening to an American news channel yesterday talking about IMF intervention, one of the suggestions was an easy fix for government spending was to end government payments for the NHS. Make of it what you will but the people who have and are doing very well out of the current crisis are the same ones pushing for an entirely privatised and profitised medical industry
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Yes, I am starting to wonder if this crash is being deliberately engineered to make public services unsustainable.
Leading to a private sector carve up of the health care. sector
 
hertfordseasider said:
Truss is an idiot, Kwartang is an idiot, we were actually in better hands with BJ in the hot seat and Sunk as chancellor, the tories are so far out of touch with reality that there time is at an end.

We need a General Election and we need one ASAP because the longer these idiots are in power the more damage they are going to do. And this is from a normally Conservative voter.

The best scenario would be a GE and a coalition between Labour and the Lib Dems, we need to sort this financial mess out and we need to be self sufficient energy wise as soon as possible, the tories aren't going to do that.

It's embarrassing to read the political news every day at the moment!
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It's all Boris's fault.

He's found a way of getting someone worse than himself in so he won't look such a numbskull in the history books.

errr .... bring back Boris!
 
TangerineBayern said:
Not been a good few days for the Tories since the Budget bombshell was dropped, what a clusterfuck this is turning out to be!
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Costero Poderoso said:
I was listening to an American news channel yesterday talking about IMF intervention, one of the suggestions was an easy fix for government spending was to end government payments for the NHS. Make of it what you will but the people who have and are doing very well out of the current crisis are the same ones pushing for an entirely privatised and profitised medical industry
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It’s coming I’m sure
 
ElBurroSinNombre said:
Yes, I am starting to wonder if this crash is being deliberately engineered to make public services unsustainable.
Leading to a private sector carve up of the health care. sector
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I think it may be one of the outcomes that are desired by the people that back Truss and Kami. Another is a very low wage economy for production and productive services, with all the wealth concentrated in the rentier economy.
 
Costero Poderoso said:
They obviously didn't think it was reckless bearing in mind there was a global pandemic at that point threatening millions of lives
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It was reckless, regardless of what anyone at the IMF may or may not have thought. That level of money printing, spending and shutdown of economies should've raised red flags. Pandemics also not their remit (alongside inequalities).
 
Voice of Reason said:
It's all Boris's fault.

He's found a way of getting someone worse than himself in so he won't look such a numbskull in the history books.

errr .... bring back Boris!
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And may conceded because she knew Boris was worse than her - bring back May: Cameron conceded because he knew that May or someone equally cretinous would be dropped in - bring back Cameron.
 
rockontommy said:
It was reckless, regardless of what anyone at the IMF may or may not have thought. That level of money printing, spending and shutdown of economies should've raised red flags. Pandemics also not their remit (alongside inequalities).
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So just let the population contract the virus and wipe out 2, 3, 4 million or more people or let them starve because they can't work and earn. Pumping money into the base of the economy and supporting wages was the only way to get through the crisis. In every other crisis in the last fifty years, the wealthy and major corporations have been the exclusive recipients of of financial aid. The one time it was aimed at the actual working population seems to be the problem
 
ElBurroSinNombre said:
Yes, I am starting to wonder if this crash is being deliberately engineered to make public services unsustainable.
Leading to a private sector carve up of the health care. sector
Click to expand...
Makes you wonder as I’ve just read an article about fading out the NHS and introducing a social health system similar to what they have in Germany! When l lived there l was in a private scheme that cost over a €1000 a month and that was 10 years ago!!
 
hertfordseasider said:
Truss is an idiot, Kwartang is an idiot, we were actually in better hands with BJ in the hot seat and Sunk as chancellor, the tories are so far out of touch with reality that there time is at an end.

We need a General Election and we need one ASAP because the longer these idiots are in power the more damage they are going to do. And this is from a normally Conservative voter.

The best scenario would be a GE and a coalition between Labour and the Lib Dems, we need to sort this financial mess out and we need to be self sufficient energy wise as soon as possible, the tories aren't going to do that.

It's embarrassing to read the political news every day at the moment!
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We weren't better off with Johnson and Sunak, they were just less obvious about their motives.

These policies are the same as they have been for 12 years, just laid bare.
 
Costero Poderoso said:
So just let the population contract the virus and wipe out 2, 3, 4 million or more people or let them starve because they can't work and earn. Pumping money into the base of the economy and supporting wages was the only way to get through the crisis. In every other crisis in the last fifty years, the wealthy and major corporations have been the exclusive recipients of of financial aid. The one time it was aimed at the actual working population seems to be the problem
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Haha...you've gone off on one a bit there. I don't think it's beyond the realms of possibility, if we're looking in detail at £2bn worth of UK tax cuts, to also look closely at trillions upon trillions also recently spent. To see whether we got value from that money - did it actually get spent as intended. Seems a perfectly reasonable position to me.

Regarding where the money went, we've just overseen the largest transfer of wealth (upwards) ever and I know for a fact the very same individuals who did well out of the pandemic, will also do well out of the financial collapse. We'll be picking up the bill and already are.
 
rockontommy said:
Haha...you've gone off on one a bit there. I don't think it's beyond the realms of possibility, if we're looking in detail at £2bn worth of UK tax cuts, to also look closely at trillions upon trillions also recently spent. To see whether we got value from that money - did it actually get spent as intended. Seems a perfectly reasonable position to me.

Regarding where the money went, we've just overseen the largest transfer of wealth (upwards) ever and I know for a fact the very same individuals who did well out of the pandemic, will also do well out of the financial collapse. We'll be picking up the bill and already are.
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i would agree it was badly executed and badly managed and as always the very wealthy, and major corporations worked the system in their favour, and Boris oversaw some of the most blatant corruption in the UK in modern history, although it has too be said the Blairs government was practicing as much corruption but managed to hide most of it.

That transfer of wealth has been going on since the early nineties, and as with many changes it has happened on a hockey stick distribution. the various policies put into place recently have simply exacerbated a trend in inequality, that will get seriously worse. the Covid payments mostly to workers kept basic consumption going, which probably saved the economy, the fact that some benefitted disproportionately should now be rectified through some form of directed taxation and the money clawed back. similarly the trillions put into the economy during the 2008 financial crisis was significantly more problematic and that was put directly into the banking institutions and their shareholders. Money into the base of the economy then would have been a much better option.

ill add that the IMF is not an unbiased institution, it has a very simple agenda which is a neo-liberal global economy culturally biased to half a dozen western nations. Its proclamations have to be taken in that light, but even so the comparative between the COVID spending to the masses and borrowing to fund tax cuts to a very very small section of the population whilst overseeing a massive increase in cost of living for the masses has to be seen as reckless, not just for the poorer sections of society but for neo-liberal economic activity.
 
Liz Truss is facing a growing Tory rebellion over the economy, which one MP described as "extinction-level stuff". Conservative MP Simon Hoare described it as "inept madness". He said: "These are not circumstances beyond the control of Govt/Treasury. They were authored there. This inept madness cannot go on."

Another Tory MP told the Guardian: "It’s extinction level stuff. This is like 2008 but worse. We’re messing with the very fundamental principle of providing a home for your family. That’s why it’s different: it’s real stuff".

Another Tory MP told Sky: "It is actually incredible that the UK’s Central Bank has had to step in to protect the UK from the actions of the UK's own government!”

Meanwhile, another said: "We are just a protectionist racket right now - a gang of marauding ambition - not a serious party".

... all quotes from the Daily Express, which is hardly a leftie newspaper, it’s usually a RWNJ propaganda sheet.
www.express.co.uk

Truss rocked by furious Tory rebellion over 'extinction-level' economy

This comes after the Chancellor's mini-budget caused chaos in the economy, with the pound falling to a record low against the dollar earlier this week.
www.express.co.uk www.express.co.uk
 
Minimum 10% fall in house prices by the end of the year, says the Daily Mail. 👍
Not enough ammo/missiles etc to supply our own armed forces with the bare minimum.
The whole country is on the slide.
 
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Pension funds now in trouble, that is one of the reasons why the BoE has stepped in
This is serious stuff.
FFS get a grip Truss. Reverse the policy and undo some of the damage - it's people's lives FFS
Where is she?
 
ElBurroSinNombre said:
Pension funds now in trouble, that is one of the reasons why the BoE has stepped in
This is serious stuff.
FFS get a grip Truss. Reverse the policy and undo some of the damage - it's people's lives FFS
Where is she?
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It’s really serious, several would have collapsed this afternoon if the bank hadn’t stepped in. I can’t see any way out of this , except a complete U turn which would no doubt signal the end of their careers.
 
If these incompetent fools had any sense of decency they would step away from the mess they have created by calling an immediate General Election. But they will not, they will just muddle on selfishly making things worse.

It’s a repeat of Major’s 1992 fiasco over the Exchange Rate Mechanism, except much worse. No one forgot that for 5 years until the 1997 GE. Nor will the public forgive Truss and Kwarteng now, or in 2 years’ time.

I notice that Sunak will not be attending the Conservative Party conference, giving as his excuse that “he wants Liz Truss to own the moment”. Hmmm... Right. What’s the odds on a 5th Tory PM in only 6 years as the Tory grandees and MPs get desperate?
 
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What an unbelievable thread of leftists moaning. The IMF should keep their nose out of politics. Most, if not all, of their UK economy predictions have been wrong. They don't want the UK to be a progressive, tax cutting economy on the door step of a sluggish EU zone who are doing much worse than the UK.
 
Sussex said:
What an unbelievable thread of leftists moaning. The IMF should keep their nose out of politics. Most, if not all, of their UK economy predictions have been wrong. They don't want the UK to be a progressive, tax cutting economy on the door step of a sluggish EU zone who are doing much worse than the UK.
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The IMF do keep their nose out. The fact that they have intervened so directly in this case is remarkable. And they have only intervened because the government is wilfully trashing the UK economy.
 
Sussex said:
What an unbelievable thread of leftists moaning. The IMF should keep their nose out of politics. Most, if not all, of their UK economy predictions have been wrong. They don't want the UK to be a progressive, tax cutting economy on the door step of a sluggish EU zone who are doing much worse than the UK.
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FFS. This is very serious economic chaos. Without the Bank of England supporting the UK Gilts trading system the Govt would have been unable to borrow money (to support their tax cuts!) and quite a few pension companies would have collapsed, THIS AFTERNOON. Have you forgotten the Equitable Life fiasco? We will hardly be a “a progressive, tax cutting economy” if we have to go on our knees to the IMF for a bailout.
 
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Sussex said:
What an unbelievable thread of leftists moaning. The IMF should keep their nose out of politics. Most, if not all, of their UK economy predictions have been wrong. They don't want the UK to be a progressive, tax cutting economy on the door step of a sluggish EU zone who are doing much worse than the UK.
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Absolutely right! All the leftist crap coming out of that Tory hating rag, the Express. David Davies - lefty, Rishi Sunak - commie bastard, Said Javid - raging Corbynista! As for that quasi-militant shadow party, the Bank of England....it needs exposing as a 5th column, entryist movement.
 
..."sources close to Mr Karteng were today left being forced to insist he was not considering reisgning."

Can't the Express afford sub-editors?
 
Just read that days after lifting the cap on bankers bonuses Kwarteng was ringing the bankers asking them not to fill their boots betting against the pound! Good luck with that one! Embarrassing and incompetent!
 
gjr69 said:
Just read that days after lifting the cap on bankers bonuses Kwarteng was ringing the bankers asking them not to fill their boots betting against the pound! Good luck with that one! Embarrassing and incompetent!
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It shows how naïve he is. Literally asking traders not to take profits. How embarrassing, how humiliating. It actually sends a signal to short the pound even more. How on earth did these two clowns end up running things?
 
ElBurroSinNombre said:
It shows how naïve he is. Literally asking traders not to take profits. How embarrassing, how humiliating. It actually sends a signal to short the pound even more. How on earth did these two clowns end up running things?
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It's a long story but it starts with Brexit and ends up with the eccentric, xenophobic, self serving, untalented outer reaches of the Conservative party ending up in charge of the country!!
 
TangerineBayern said:
Makes you wonder as I’ve just read an article about fading out the NHS and introducing a social health system similar to what they have in Germany! When l lived there l was in a private scheme that cost over a €1000 a month and that was 10 years ago!!
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As a company we offered a benefits package which many used for private medical insurance. In our Spanish and eastern European offices it ranged between 1200 and 2000 per year. In our US office it was more than 25k per year. And that excluded any existing conditions. My American business partner to cover him and his two kids was around 60k per year.
 
Costero Poderoso said:
As a company we offered a benefits package which many used for private medical insurance. In our Spanish and eastern European offices it ranged between 1200 and 2000 per year. In our US office it was more than 25k per year. And that excluded any existing conditions. My American business partner to cover him and his two kids was around 60k per year.
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Wow they’re mind boggling figures in the US😱
 
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