[Discussion] European Politics Discussion

European Politics discussion

That didn't take long

BIRMINGHAM, England (AP) — The British government on Monday dropped plans to cut income tax for top earners, part of a package of unfunded cuts unveiled only days ago that sparked turmoil on financial markets and sent the pound to record lows.

In a dramatic about-face, Treasury chief Kwasi Kwarteng abandoned plans to scrap the top 45% rate of income tax paid on earnings above 150,000 pounds ($167,000) a year.

And the whole throwing under the bus thing is just too easy with her name.

Truss defended the measures Sunday but said she could have “done a better job laying the ground” for the announcements.

She also said the decision to abolish the top tax rate had been taken by Kwarteng alone. On Monday, Truss’ spokesman said the prime minister still had confidence in her embattled Treasury chief.

JC wrote:

That didn't take long

BIRMINGHAM, England (AP) — The British government on Monday dropped plans to cut income tax for top earners, part of a package of unfunded cuts unveiled only days ago that sparked turmoil on financial markets and sent the pound to record lows.

In a dramatic about-face, Treasury chief Kwasi Kwarteng abandoned plans to scrap the top 45% rate of income tax paid on earnings above 150,000 pounds ($167,000) a year.

And the whole throwing under the bus thing is just too easy with her name.

Truss defended the measures Sunday but said she could have “done a better job laying the ground” for the announcements.

She also said the decision to abolish the top tax rate had been taken by Kwarteng alone. On Monday, Truss’ spokesman said the prime minister still had confidence in her embattled Treasury chief.

But they are now looking at £18billion in public spending cuts. The problem is after 12 years of Tory Government, there’s nothing left to cut that isn’t a genuinely critical service - you know, little things like social housing, social care, environmental protections.

We’re just getting to the start of proper civil unrest here. The bottom 50% of the population have been utterly screwed over, the next 40% are really starting to be impacted (right now I’m having to find an extra £400 a month to cover my increased bills and cost of living rises. I can afford that but not a lot more) and now that mortgages are being withdrawn and re offered at significantly higher interest rates the housing market here is going to rapidity stagnate.

It’s a complete sh*tshow entirely of their own making.

Sorbicol wrote:

It’s a complete sh*tshow entirely of their own making.

Well, not entirely. The massive price increases are hitting hard across Europe. I'm definitely feeling it when grocery shopping yet. Haven't been hammered with massive energy bill back payments...yet.

The difference is how each country responds to help their populations. Germany is fumbling its way through the crisis, but I'm not sure how well - we are doing well enough financially to weather it so far, but I'm not sure how less well off people are doing.

AUs_TBirD wrote:

Well, not entirely. The massive price increases are hitting hard across Europe. I'm definitely feeling it when grocery shopping yet. Haven't been hammered with massive energy bill back payments...yet.

The difference is how each country responds to help their populations. Germany is fumbling its way through the crisis, but I'm not sure how well - we are doing well enough financially to weather it so far, but I'm not sure how less well off people are doing.

No, it is entirely of their own making. There have been many many things that could have been done over the last 12 years of Tory rule in the country to mitigate the impact of the current crisis, none of which they have done and also made it 1000% worse by instigating Brexit. They've constantly made renewable energy harder and harder to invest and profit from, not to mention sold off all our energy production capacity to foreign, often state owned, companies.

It is entirely of their own making. They deserve, and will get, no sympathy from anyone in this country with half a brain

it's just a shame that appears to be so few people.

Thinking of you. Here the prices haven't been hitting so hard but I also haven't a significant pay bump in 15 years. So, the 5% or so jump is quite noticeable when comparing to our previous standard of living.

Mr GT Chris wrote:

Thinking of you. Here the prices haven't been hitting so hard but I also haven't a significant pay bump in 15 years. So, the 5% or so jump is quite noticeable when comparing to our previous standard of living.

Ah. It just makes me cross. I am very lucky - I earn enough to cope. I know a lot of other people who don’t and are starting to panic. I know it’s not much better elsewhere too. I’m not sure how much more people here will be able to tolerate. I’m surprised we haven’t seen massive unrest already to be honest.

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There are many awful things about the UK tabloids, but their insult game is A++++.

Anyway, the general mood of the Tories appears to be fairly... negative.

Prederick wrote:

Anyway, the general mood of the Tories appears to be fairly... negative.

So there is greed, but also there is also actually too much greed……

We seem to keep testing the limits though...

Can't keep grifting if you lose your election...

LeapingGnome wrote:

Can't keep grifting if you lose your election...

*Trump has entered the chat*

LeapingGnome wrote:

Can't keep grifting if you lose your election...

Yeah, losing your election does not stop the grift, especially if you claim any election you lose is illegitimate. It opens up an entirely new grift.

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!!!!!!

Liz Truss praised Rick Perlstein's work on Reagan and the new right.

The historian told #TimesRadio her basic misreading of his work is "mind-blowing".

Prederick wrote:

IMAGE(https://pbs.twimg.com/media/FeapamEWQAMn91s?format=jpg&name=medium)

!!!!!!

You can't get stung by massive energy bills if they turn the power off

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Increasingly concrete in my belief that the people who yawp about "cancel culture" are often the biggest, flimsiest snowflakes on earth.

Does he really want young people to start focusing on "real-world" problems and who caused them when their reaction to "trivial" stuff like offensive media is to end careers and burn any remnants of it?

I recognize the font from The Telegraph, beloved of rich twats.

Losing electricity for 3 hours means losing their phones? Batteries, how do they work!?

The comedy value of, presumably, a wealthy right-winger criticizing others of entitlement and self-righteousness never gets old though. Well, it does.

Total shambles in the UK I see. You leave the country for a week and all hell breaks loose!

Kwasi Kwarteng has been sacked as Chancellor and Jeremy Hunt installed as his replacement. That’s highly significant as he’s very much to the left of the Conservative party (not saying much admittedly) and will now probably be able to dictate policy to Truss, which will be the nowhere near the hardline right wing capitalist stance she won her leadership election on. Her humiliation couldn’t be more complete. I’d be surprised if she’s still PM by the end of the year.

What a shambles.

Sorbicol wrote:

What a shambles.

British for "complete cluster f*ck"

Yes Mr Taylor, it's young people who are ignoring the climate crisis, income inequality, the dreadful state of workers' rights and healthcare, the deterioriating environment, and all the other great problems of the world... certainly not older complacent capitalist pigs who only care about "the economy" -- insomuch as how it may or may not affect their investments and pensions.

f*cking asswipe. I genuinely hate people like him.

We need to bring back the stocks.
Hmmm, trading stocks for stocks...

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It's not funny, because of what's happening, but it's INCREDIBLY funny (and real).

EDIT: The Thick of It is, once again, the greatest documentary ever made about UK politics.

EDIT v2: And Tory MPs appear to be having a bad time.

Prederick wrote:

EDIT v2: And Tory MPs appear to be having a bad time.

"We might as well embrace dictatorship."

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Literally 20 days ago:

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The daily Mail deserves to be burned in the deepest darkest pits of hell. That is all.

Well, it's pretty clear that whoever is in charge of the UK government right now, its not Liz Truss. Jeremy CHunt - our new Chancellor - has just reversed all the tax cuts from Kwarteng's mini-budget and also reduced our energy bill relief scheme from 2 years to 6 months.

That undoes pretty much everything Truss promised to deliver in order to get voted in as Tory leader and PM. I genuinely think she'll resign before the end of the month now. Her humiliation cannot get more complete.

Sorbicol wrote:

That undoes pretty much everything Truss promised to deliver in order to get voted in as Tory leader and PM. I genuinely think she'll resign before the end of the month now. Her humiliation cannot get more complete.

Nonsense, there is still the title for shortest term as Prime Minister to claim.