|
|
Post by Martin on Oct 3, 2022 6:47:58 GMT
It's being reported that the plan to drop the 45% tax rate is going to be dropped. Can't say I'm surprised and I'm not disappointed either, it was the wrong thing to do.
|
|
|
|
Post by Bob Sacamano v2.0 on Oct 3, 2022 7:42:09 GMT
It's being reported that the plan to drop the 45% tax rate is going to be dropped. Can't say I'm surprised and I'm not disappointed either, it was the wrong thing to do. Gutted, there's no way I'll be able to afford that new pair of rollerblades now. |
|
|
|
Post by Martin on Oct 3, 2022 7:52:36 GMT
It's being reported that the plan to drop the 45% tax rate is going to be dropped. Can't say I'm surprised and I'm not disappointed either, it was the wrong thing to do. Gutted, there's no way I'll be able to afford that new pair of rollerblades now. Every cloud and all that! From a selfish point of view, it's better that the markets improve and my stocks/shares to get back to where they were 6 months ago. |
|
|
|
Post by Tim on Oct 3, 2022 8:17:56 GMT
Even 1 month ago would be nice.
The FTSE 250 was down 15% between 31/8 and 30/9.
|
|
|
|
Post by Martin on Oct 3, 2022 9:17:40 GMT
Even 1 month ago would be nice. The FTSE 250 was down 15% between 31/8 and 30/9. That's true, although while it's a painful £ amount my funds are 'only' down 7% overall (varying from -21% to +3.8%) so it could be worse, plus I have no intention of touching them. My biggest loss is my vested LTIP shares, as they are worth 45% of what they were in March, mainly due to the uncertainty in the UK economy. We're actually doing well YOY, but I guess the investors concern is around how our customers will perform and the impact that could have on our margins. |
|
|
|
Post by johnc on Oct 3, 2022 10:13:26 GMT
Now confirmed by the Chancellor that the 45% rate is not being scrapped.
|
|
|
|
Post by Big Blue on Oct 3, 2022 11:45:25 GMT
Fiscal policy by trial and error.
What could possibly go wrong?
|
|
|
|
Post by Tim on Oct 3, 2022 12:39:57 GMT
I was just listening to a variety of Tories getting interviewed on the radio and it's painful - the positivity being spouted is overwhelming and apparently they've done the right thing by reversing the cut.
Maybe they have but surely the question should be why they came up with something so stupid (in its timing at least) in the first place?
And as far as the markets and wider population is concerned all that's happened is everyone is now waiting for the next u-turn on a policy.
I'm not sure where any confidence in this lot is going to come from.
|
|
|
|
Post by racingteatray on Oct 4, 2022 8:14:59 GMT
I was mesmerised by the Tory Chair, one Jake Berry, saying that the answer to the cost of living crisis was just to go out and get a better-paid job. That is one of the most tin-eared remarks since Marie-Antoinette.
|
|
|
|
Post by johnc on Oct 4, 2022 8:31:04 GMT
I was mesmerised by the Tory Chair, one Jake Berry, saying that the answer to the cost of living crisis was just to go out and get a better-paid job. That is one of the most tin-eared remarks since Marie-Antoinette. ....and maybe allow people from Europe to come to the UK to do the less well paid jobs that then become vacant! That is the kind of disconnected comment that will ensure that Labour form the next Government with a large majority. |
|
|
|
Post by Bob Sacamano v2.0 on Oct 4, 2022 9:30:27 GMT
I was mesmerised by the Tory Chair, one Jake Berry, saying that the answer to the cost of living crisis was just to go out and get a better-paid job. That is one of the most tin-eared remarks since Marie-Antoinette. ....and maybe allow people from Europe to come to the UK to do the less well paid jobs that then become vacant! That is the kind of disconnected comment that will ensure that Labour form the next Government with a large majority. Do you not think we've created a low wage economy by doing exactly that? For too long employers have been able to set the price for the labour they buy by ensuring there's a surplus of supply. How many times do you see employers "proudly" stating they pay minimum wage or just above. Paying minimum wage is nothing to be proud of, it just means you pay the absolute minimum the law allows you to. Then the taxpayer subsidises the employee's wages with tax credits. Madness. In a market with more jobs chasing fewer people then they should absolutely move to a better paid opportunity, or demand more from their current employer. Only when employers start to see their labour options drying up will they be forced to raise wages, making those roles attractive to the millions of economically inactive people who have left the workforce. |
|
|
|
Post by johnc on Oct 4, 2022 10:14:01 GMT
....and maybe allow people from Europe to come to the UK to do the less well paid jobs that then become vacant! That is the kind of disconnected comment that will ensure that Labour form the next Government with a large majority. Do you not think we've created a low wage economy by doing exactly that? For too long employers have been able to set the price for the labour they buy by ensuring there's a surplus of supply. How many times do you see employers "proudly" stating they pay minimum wage or just above. Paying minimum wage is nothing to be proud of, it just means you pay the absolute minimum the law allows you to. Then the taxpayer subsidises the employee's wages with tax credits. Madness. In a market with more jobs chasing fewer people then they should absolutely move to a better paid opportunity, or demand more from their current employer. Only when employers start to see their labour options drying up will they be forced to raise wages, making those roles attractive to the millions of economically inactive people who have left the workforce. I see your argument Bob but increasing wages push up costs which push up prices which then encourages more wage demands. It is a cycle we can't afford to get in to without considerable risk to everyone, as in the 1970's. I know of almost no business we deal with who only pay minimum wage. Most pay the living wage as a minimum. I am not in favour of wages being so low that someone working full time can't afford to house, feed and cloth themselves but there needs to be a degree of stability which comes from lower interest rates and lower inflation. My immediate thought when I saw the comments that people should just go out and get a better paid job was the same as I had when (Norman Tebbit?) said people needed to get on their bikes to find work - sometimes it just isn't as simple as that! |
|
|
|
Post by Bob Sacamano v2.0 on Oct 4, 2022 10:46:56 GMT
Do you not think we've created a low wage economy by doing exactly that? For too long employers have been able to set the price for the labour they buy by ensuring there's a surplus of supply. How many times do you see employers "proudly" stating they pay minimum wage or just above. Paying minimum wage is nothing to be proud of, it just means you pay the absolute minimum the law allows you to. Then the taxpayer subsidises the employee's wages with tax credits. Madness. In a market with more jobs chasing fewer people then they should absolutely move to a better paid opportunity, or demand more from their current employer. Only when employers start to see their labour options drying up will they be forced to raise wages, making those roles attractive to the millions of economically inactive people who have left the workforce. I see your argument Bob but increasing wages push up costs which push up prices which then encourages more wage demands. It is a cycle we can't afford to get in to without considerable risk to everyone, as in the 1970's. I know of almost no business we deal with who only pay minimum wage. Most pay the living wage as a minimum. I am not in favour of wages being so low that someone working full time can't afford to house, feed and cloth themselves but there needs to be a degree of stability which comes from lower interest rates and lower inflation. My immediate thought when I saw the comments that people should just go out and get a better paid job was the same as I had when (Norman Tebbit?) said people needed to get on their bikes to find work - sometimes it just isn't as simple as that! Increasing wages only pushes up prices if companies try to maintain existing margins, and there's no doubt many businesses (and senior execs) have been coining it in over the last 20 years on the back of low direct costs. I would argue that companies and their shareholders have to accept that there is a reset required and profits have to be more fairly distributed. They should also accept that the taxpayer is no longer going to subsidise their wage bill to artificially reduce their costs. Australia tightly controls its labour supply and the result is that wages for what we would call minimum wage jobs are much higher and people, as a whole, benefit. Yes, prices are higher but they've not seen the cycle of inflation you describe. Norman Tebbit's comments were interesting as, historically, we had a much more mobile labour force. I know, if I look at the history of my family, people upped sticks and moved up and down the country to where the work was. Maybe, with mortgages, people are less able, less mobile, or are unwilling to move. The term "doing a flit" comes from people moving their family and possessions from one farm to another on the agreement of higher wages. This happened every year and raised wages across the farming community as landowners had to compete to retain people. |
|
|
|
Post by johnc on Oct 4, 2022 10:57:23 GMT
Australia tightly controls its labour supply and the result is that wages for what we would call minimum wage jobs are much higher and people, as a whole, benefit. Yes, prices are higher but they've not seen the cycle of inflation you describe. I know. My son has just got a temporary job at £20/hr building fences - he is just out there for a year seeing how things go before deciding on where he is going to put down roots. |
|
|
|
Post by PG on Oct 4, 2022 12:43:29 GMT
....and maybe allow people from Europe to come to the UK to do the less well paid jobs that then become vacant! That is the kind of disconnected comment that will ensure that Labour form the next Government with a large majority. Do you not think we've created a low wage economy by doing exactly that?... I agree that the ability to import almost unlimited amounts of cheap labour has not helped wages. If I look at farming as an example, the huge increases in productivity since 1900 has been from three key sources - (1) better crop and animal breeding, (2) inorganic fertiliser and (3) engineering and technology. But I would say that growth in (3) is always slowed by the availability of cheap labour. Go back to the 1970's and nobody invented machines that could plant and lift potatoes until nobody wanted to do the job by hand for tiny wages. Same now, since the B word, in horticulture. Can't get enough Bulgarians at below minimum wage to do it all by hand? Then start designing robotic planters, weeders and crop pickers. |
|
|
|
Post by Bob Sacamano v2.0 on Oct 4, 2022 13:00:44 GMT
Do you not think we've created a low wage economy by doing exactly that?... I agree that the ability to import almost unlimited amounts of cheap labour has not helped wages. If I look at farming as an example, the huge increases in productivity since 1900 has been from three key sources - (1) better crop and animal breeding, (2) inorganic fertiliser and (3) engineering and technology. But I would say that growth in (3) is always slowed by the availability of cheap labour. Go back to the 1970's and nobody invented machines that could plant and lift potatoes until nobody wanted to do the job by hand for tiny wages. Same now, since the B word, in horticulture. Can't get enough Bulgarians at below minimum wage to do it all by hand? Then start designing robotic planters, weeders and crop pickers. The biggest problem the UK has is low productivity. It's been pretty stagnant for 20 years - pretty much since freedom of movement came in. Companies are reluctant to make the capital investment in automation, which will make us far more competitive (and allow us to reduce the working week as a nice by-product) when they can ramp up low skilled labour to meet demand, and lay it off quickly if necessary. |
|
|
|
Post by racingteatray on Oct 4, 2022 14:11:51 GMT
Did anyone else clock Voldermogg’s proposal to strip employment rights from anyone earning more than £50k pa - essentially introducing a US-style ability for companies to simply fire employees without cause.
|
|
|
|
Post by Boxer6 on Oct 4, 2022 14:30:21 GMT
Did anyone else clock Voldermogg’s proposal to strip employment rights from anyone earning more than £50k pa - essentially introducing a US-style ability for companies to simply fire employees without cause. Hmm, let's see; IF he's willing to allow us the same privilege regarding MPs - without benefit of an election - then, perhaps. Otherwise, in the sea with him! Honestly, I can think of few people I actively hate, but he is definitely one. |
|
|
|
Post by Tim on Oct 4, 2022 15:04:51 GMT
Did anyone else clock Voldermogg’s proposal to strip employment rights from anyone earning more than £50k pa - essentially introducing a US-style ability for companies to simply fire employees without cause. So he wants to introduce more uncertainty and unpredictability to the higher levels of salary. That's a genius move.  |
|
|
|
Post by Bob Sacamano v2.0 on Oct 4, 2022 15:41:17 GMT
Did anyone else clock Voldermogg’s proposal to strip employment rights from anyone earning more than £50k pa - essentially introducing a US-style ability for companies to simply fire employees without cause. I can never work out whether he's trolling us or not. He might be a comedy genius. |
|
|
|
Post by racingteatray on Oct 4, 2022 23:12:10 GMT
Or he might just be a jumped-up prat in a badly fitting suit.
Not to come over all Dowager Countess of Grantham, but he always reminds me of what I imagine you’d get if a butler won the lottery.
|
|
|
|
Post by racingteatray on Oct 5, 2022 19:11:41 GMT
It’s a general rule, rigidly observed, that strangers on the tube in London do not chat to one another. This evening a four way chat struck up spontaneously, sparked by one person giving their Evening Standard to another, around how ghastly the PM was.
She must be truly fucked.
|
|
|
|
Post by Big Blue on Oct 5, 2022 19:19:26 GMT
It’s a general rule, rigidly observed, that strangers on the tube in London do not chat to one another. This evening a four way chat struck up spontaneously, sparked by one person giving their Evening Standard to another, around how ghastly the PM was. She must be truly fucked. Bloody hell! She achieved the unbelievable there. Otherwise, yeah: she might see Christmas at No10 but only whilst the 1922 decide on a new form of contest to avoid a repeat. |
|
|
|
Post by racingteatray on Oct 6, 2022 20:47:10 GMT
|
|
|
|
Post by Alex on Oct 6, 2022 22:04:20 GMT
You'll have to give us your login details to read it but judging by the headline I'm guessing they're not heaping her with praise! |
|
|
|
Post by Roadrunner on Oct 7, 2022 6:58:21 GMT
Yep. An accurate and rather concerning description of how we got into this mess. Hoping that the new King will step in and do something. |
|
|
|
Post by Big Blue on Oct 14, 2022 11:27:15 GMT
The Chancellor is dead
Long live our investments
|
|
|
|
Post by Bob Sacamano v2.0 on Oct 14, 2022 12:04:34 GMT
Get's more farcical every day.
The Conservatives need to throw in the towel now and admit defeat.
|
|
Deleted
Deleted Member
Posts: 0
|
Post by Deleted on Oct 14, 2022 12:16:34 GMT
Vote of no confidence looming?
|
|
|
|
Post by Bob Sacamano v2.0 on Oct 14, 2022 13:05:27 GMT
Don't panic! Hunt's in charge now.
|
|
