National News Conservative Party

[bashamwonderland]

Did he definitely say debt (cumulative indebtedness across all years) and not deficit (what is borrowed in a single year)?

Just seen the BBC explanation:

The chancellor twice used the phrase “debt down” in his Budget speech.
Public debt is measured in different ways.
If you look at "headline" debt, in the year to the end of March 2021, UK debt stood at £2.2tn, up from £1.9tn the previous year.
That was also an increase as a proportion of GDP, which is a measure of the value of everything produced by the economy, from 83% to 104%.
But in his speech, the chancellor was referring not to "headline" debt, but to the measure of "underlying" debt - which excludes Bank of England schemes.
Underlying debt is predicted to be 85.2% of GDP this year, 85.4% in 2022-23 and 85.7% in 2023-24, before falling in the following three years.


... I still don't get it but there it is!

 

[Marked Ox]

Just seen the BBC explanation:

The chancellor twice used the phrase “debt down” in his Budget speech.
Public debt is measured in different ways.
If you look at "headline" debt, in the year to the end of March 2021, UK debt stood at £2.2tn, up from £1.9tn the previous year.
That was also an increase as a proportion of GDP, which is a measure of the value of everything produced by the economy, from 83% to 104%.
But in his speech, the chancellor was referring not to "headline" debt, but to the measure of "underlying" debt - which excludes Bank of England schemes.
Underlying debt is predicted to be 85.2% of GDP this year, 85.4% in 2022-23 and 85.7% in 2023-24, before falling in the following three years.


... I still don't get it but there it is!

Lies, damned lies and statistics.

 

[m]

Just seen the BBC explanation:

The chancellor twice used the phrase “debt down” in his Budget speech.
Public debt is measured in different ways.
If you look at "headline" debt, in the year to the end of March 2021, UK debt stood at £2.2tn, up from £1.9tn the previous year.
That was also an increase as a proportion of GDP, which is a measure of the value of everything produced by the economy, from 83% to 104%.
But in his speech, the chancellor was referring not to "headline" debt, but to the measure of "underlying" debt - which excludes Bank of England schemes.
Underlying debt is predicted to be 85.2% of GDP this year, 85.4% in 2022-23 and 85.7% in 2023-24, before falling in the following three years.


... I still don't get it but there it is!

I can't get halfway through that without glazing over, let alone comprehending it.

 

[m]

https://twitter.com/x/status/1452975799783489538

To be fair, the thread title deserves acknowledgement.

 

[QR]

To be fair, the thread title deserves acknowledgement.

 

[Essexyellows]

That was learned from an unnamed Mod that amended a thread title..............................

Things might get messy.....

 

[SteMerritt]

That was learned from an unnamed Mod that amended a thread title..............................

Things might get messy.....

 

[QR]

That was learned from an unnamed Mod that amended a thread title..............................

Things might get messy.....

Say what you see.

 

[chuckbert]

Lies, damned lies and statistics.

Nah. Just lies and damned lies. Statistics always get a bad rap and Mark Twain’s phrase too easily softens the blow on the liars.

 

[RyanioBirdio]

The tax burden is going from 33.5% of GDP pre-covid to 36.2% of GDP by 26/27. That is the highest since the 1950s. Between this and the March budget (which most people have already forgotten about), taxes have been raised more in a single calendar year than in any year since 1993 in the aftermath of Black Wednesday. This is from the Office of Budget Responsibility’s own report, as verified by The Economist.

After 11 years of mammoth cuts and austerity, any supposed ‘uplift’ in spending still leaves investment and living standards worse than they were more than a decade ago. “We’re going to fund an extra 20,000 coppers, just don’t look at how many we’ve cut since 2010.” Good news on the 75 family hubs (which will cater for people aged 0-19) being opened, by the way. That’ll really offset those 1,000 Sure Start centres (aimed specifically at children aged 0-4) they’ve closed over the last decade. It’s like watching someone nick a hundred quid out of your wallet every year for a decade, chucking you a fifty at the end and claiming they’ve done you a favour.

How does it feel to be levelled up? Plenty more where that came from, baby. We haven’t even touched on the failure to raise the personal allowance. Have a glass of champagne.

The best bit is yet to come. That arrives when the government state that they will lower taxes “even more than we already have” before the next election. Which people will swallow, because they just see newspapers heralding ‘Dishy’ Rishi (or as I call him, the PM-elect) holding a pint (he doesn’t drink) while the headline tells them he’s looking after the things they care about. He’s also claiming that not raising tax duty on certain alcohol (your pint will go up because of the increase to the minimum wage, an increase in the price of the gas and electric required to operate premises, the food and drink VAT amount going back up to 20% and the repayment of rent arrears) counts as a tax cut, despite the fact that a cut requires something being taken away that actually exists, but doesn’t consider stopping the £20 UC uplift as one. Such beauty; such grace. The Prince of my heart. Isn’t he gorgeous?

Oh, and don’t forget that the duty cut on certain pints (which you’ll never see the benefit of in real terms, but the brewing company is loving it when Year End rolls around) only applies to pints poured from 40 litre drums and kegs, which means that small and craft breweries won’t receive any relief as they typically use 30 litre containers. Great result if you’re a multinational super-brewer, not so much if you’re one of the people nicking crumbs off their table. Still, at least banks can pay less on their profits now. Did you miss that part? Oh well, don’t worry about it.

Anybody celebrating the latest budget is either extremely wealthy or simply doesn’t understand it. Which luckily for politicians in the case of the latter is the vast majority.

I’m off to see if the fish are still happy with a face full of sh*t. You’re on your own from here.

 

[Essexyellows]

The tax burden is going from 33.5% of GDP pre-covid to 36.2% of GDP by 26/27. That is the highest since the 1950s. Between this and the March budget (which most people have already forgotten about), taxes have been raised more in a single calendar year than in any year since 1993 in the aftermath of Black Wednesday. This is from the Office of Budget Responsibility’s own report, as verified by The Economist.

After 11 years of mammoth cuts and austerity, any supposed ‘uplift’ in spending still leaves investment and living standards worse than they were more than a decade ago. “We’re going to fund an extra 20,000 coppers, just don’t look at how many we’ve cut since 2010.” Good news on the 75 family hubs (which will cater for people aged 0-19) being opened, by the way. That’ll really offset those 1,000 Sure Start centres (aimed specifically at children aged 0-4) they’ve closed over the last decade. It’s like watching someone nick a hundred quid out of your wallet every year for a decade, chucking you a fifty at the end and claiming they’ve done you a favour.

How does it feel to be levelled up? Plenty more where that came from, baby. We haven’t even touched on the failure to raise the personal allowance. Have a glass of champagne.

The best bit is yet to come. That arrives when the government state that they will lower taxes “even more than we already have” before the next election. Which people will swallow, because they just see newspapers heralding ‘Dishy’ Rishi (or as I call him, the PM-elect) holding a pint (he doesn’t drink) while the headline tells them he’s looking after the things they care about. He’s also claiming that not raising tax duty on certain alcohol (your pint will go up because of the increase to the minimum wage, an increase in the price of the gas and electric required to operate premises, the food and drink VAT amount going back up to 20% and the repayment of rent arrears) counts as a tax cut, despite the fact that a cut requires something being taken away that actually exists, but doesn’t consider stopping the £20 UC uplift as one. Such beauty; such grace. The Prince of my heart. Isn’t he gorgeous?

Oh, and don’t forget that the duty cut on certain pints (which you’ll never see the benefit of in real terms, but the brewing company is loving it when Year End rolls around) only applies to pints poured from 40 litre drums and kegs, which means that small and craft breweries won’t receive any relief as they typically use 30 litre containers. Great result if you’re a multinational super-brewer, not so much if you’re one of the people nicking crumbs off their table. Still, at least banks can pay less on their profits now. Did you miss that part? Oh well, don’t worry about it.

Anybody celebrating the latest budget is either extremely wealthy or simply doesn’t understand it. Which luckily for politicians in the case of the latter is the vast majority.

I’m off to see if the fish are still happy with a face full of sh*t. You’re on your own from here.

So cynical.

Once you`ve lived through several government cycles you soon learn that the best thing to do is to ensure, as best you can, you are in the right place when the wave hits.

Those waves are closely aligned with the election cycle.

We will all be feeling slightly wet by the time we get to vote but we will be enjoying the sunshine.

 

[m]

f**k me, have I drifted off and woken up on planet dodgy metaphor?!

 

[RyanioBirdio]

So cynical.

Nothing cynical about witnessing the pickpocket make their move.

 

[QR]

Nothing cynical about witnessing the pickpocket make their move.

As I said any government who can say we're increasing spending on schools to 2010 levels and get away with it are onto a winner.

 

[Essexyellows]

As I said any government who can say we're increasing spending on schools to 2010 levels and get away with it are onto a winner.

Maybe they should have said "re-increasing".......... you know after the last lot left a note saying there`s nothing left? Equally strange that the "Tory Cuts" were also Labours plan as well........... cyclical politics and the economy, you`ll learn.

âIâm afraid there is no money.â The letter I will regret for ever | Liam Byrne

Liam Byrne, chief secretary to the Treasury under Gordon Brown, left a note for his successor that proved to be a gift for the Conservatives

www.theguardian.com

 

[Big Ron]

Maybe they should have said "re-increasing".......... you know after the last lot left a note saying there`s nothing left? Equally strange that the "Tory Cuts" were also Labours plan as well........... cyclical politics and the economy, you`ll learn.

âIâm afraid there is no money.â The letter I will regret for ever | Liam Byrne

Liam Byrne, chief secretary to the Treasury under Gordon Brown, left a note for his successor that proved to be a gift for the Conservatives

www.theguardian.com

You really should be a spin-doctor, 're-increasing' indeed, delivered in the most patronising of tones.

 

[IsleofWightYellow]

f**k me, have I drifted off and woken up on planet dodgy metaphor?!

It’s Essexyellows’s planet, we’re just living on it (in his mind)

 

[Essexyellows]

You really should be a spin-doctor, 're-increasing' indeed, delivered in the most patronising of tones.

The article from Liam Byrne is worth a read..............

"In government, it was my job to craft a plan. As chief secretary, I spent bruising months negotiating £32bn of annual savings to help halve the deficit in just four years and set out in huge detail in our 2010 budget. Of course, the Conservatives attacked us – though it was the timetable they eventually delivered."

Political and economic cycles, or "boom & bust" as it used to be called, are still with us and always will be.

 

[Wandering Yellow]

If Essex Yellow built a planet, the planet would be prosperous, with the majority of people living healthy happy lives in good conditions.

If QR built a planet, it would be a socialist hellhole, with us all lying in our own faeces living in tin shacks sheltering from the rain.

Capitalism rules

 

[Essexyellows]

If I built a planet I would address the elephant in the room.

Over population.

Over-population is creating consumer demand purely to put numbers on spreadsheets and destroy natural resources.

This is not sustainable.....