Kwarteng says highest rate of income tax being abolished, and basic rate being cut to 19% from next April

[North Cardiff Blue]

The so called fiscal event is an interesting experiment. Will it work? The City has already decided it won't. Gilt yields are rising, the pound is collapsing against major currencies and the stock market is falling. In theory much in today's statement will stimulate growth but the consequences could go very badly if the markets are correct. Does trickle down economics work? In theory yes but in practice probably not. Of course any budget will be met with opposition, as it has been, but in reality it's obvious that the more people earn the more tax they pay so any reduction in taxes will obviously favour the better off. While I am sceptical that today's fiscal experiment will work one thing is for sure - increasing benefits will not and cannot stimulate growth.

In my humble and largely uninformed opinion more needed to be done to help the middle earners; they are the spenders and they are the people that are most likely to stimulate growth. The higher earners and rich are unlikely to spend more as they have the spending power already and that is unlikely to change as a result of today's announcements.

They'll save the extra money in uncertain times, personally I don't think it will work.

[North Cardiff Blue]

The right got rid of Boris. The left just cheered them on. Now we have full on Toryism and it certainly won’t be just ‘lefties’ that will suffer. Since they are a cabinet of millionaires, it won’t bother them.

The left wing media kept on and on until it was imposible for him to remain, be careful what you wish for mind, as it's completely backfired as this budget shows.

[SLUDGE FACTORY]

Institute Of Fiscal Studies

Huge government borrowing .....not funded

Inflation 40 year high

Tax cuts for the wealthy

Interest rates 14 year high

Pound at lowest v dollar since 1985

Markets very fragile

Artificial boom created instead of real growth

God help us

[SLUDGE FACTORY]

The left wing media kept on and on until it was imposible for him to remain, be careful what you wish for mind, as it's completely backfired as this budget shows.

Left wing media ?

You know the last two political editors of the BBC have been Tories?

What other left wing media do you watch or read ?

[North Cardiff Blue]

Massive tax cut for some trading as a limited company and not pay as you earn through umbrella companies.

https://www.ftadviser.com/your-indus...ed-from-april/

Mini-Budget: IR35 will be repealed from April

The IR35 reform will be repealed from April 6, 2023, according to this morning’s mini-Budget.

Speaking to the House of Commons today (September 23), Chancellor Kwasi Kwarteng said from April, workers across the UK providing their services via an intermediary, such as a personal service company, will once again be responsible for determining their employment status and paying the appropriate amount of tax and NICs.

Kwarteng also used today's mini-Budget to scrap the additional rate of income tax and cut its basic rate to 19 per cent in a series of tax cuts which amount to £45bn.

The 2017 and 2021 reforms to the off payroll working rules - also known as IR35 - were a tax law that required the end client, and not the contractors they hire, to decide if the working relationship resembles a self-employed engagement or employment.

Under existing rules, the fee-paying party (either the end client or recruitment agency) shoulderd the liability.

The aim of the reform was to stop the promotion and misselling of disguised remuneration schemes, however the legislation has received criticism.

Kwarteng has repealed these reforms as part of the first steps in taking complexity out of the tax system.

He said: “To achieve a simpler system, I will start by removing unnecessary costs for business. We can also simplify the IR35 rules and we will. In practice, reforms to off-payroll working have added unnecessary complexity and cost for many businesses.

“So as promised, by the prime minister, we will repeal the 2017 and 2021 reforms. Of course, we will continue to keep compliance closely under review.”

The changes will mean workers will once again be responsible for determining their employment status and paying the appropriate amount of tax and national insurance contributions.

This will free up time and money for businesses that engage contractors which the chancellor said could be put towards other priorities.

The reform also minimises the risk that genuinely self-employed workers are impacted by the underlying off-payroll rules.

IR35 reforms
In August, prime minister Liz Truss gave an interview where she indicated she would review the IR35 reforms.

The reforms were introduced in April 2021 to the private sector, and means that the responsibility for assessing whether a contractor is self-employed or employed is now with the end client, and not the contractor themselves.

The liability, and therefore financial risk, was also transferred to the fee-paying party.

The changes have been branded “a mess”, “unpopular” and “puzzling”.

The controversy surrounding the changes prompted the former chancellor, Sajid Javid, to pledge a review of IR35 as part of the Conservative party’s manifesto in the lead up to the general election.

[North Cardiff Blue]

Left wing media ?

You know the last two political editors of the BBC have been Tories?

What other left wing media do you watch or read ?

All of them

[William Treseder’s Mam]

All of them

Name them

He was pushed out by the right wing media who were done with him, same as happened with May.

[az city]

Brilliant budget

The GBP is now at 1.09 v the $. It seems the financial community doesn't think it's as "brilliant" as you, genius.

[Pearcey3]

The left wing media kept on and on until it was imposible for him to remain, be careful what you wish for mind, as it's completely backfired as this budget shows.

It's never the,Tories fault. Always try and blame someone else.
How on earth anyone can justify Johnson ever being PM is beyond me
Just ask his previous employers two of whom sacked him for dishonesty
With his cv he wouldn't get a job at McDonalds and there he was lying until the end and trying to cover up for a sex predator.

He was kicked out by his own party. They could see how far behind they were in the polls. They and their dinosaur membership then inflicted the emotionally stunted Truss onto us and what a disaster she is going to be.

[John Buchanan]

The so called fiscal event is an interesting experiment. Will it work? The City has already decided it won't. Gilt yields are rising, the pound is collapsing against major currencies and the stock market is falling. In theory much in today's statement will stimulate growth but the consequences could go very badly if the markets are correct. Does trickle down economics work? In theory yes but in practice probably not. Of course any budget will be met with opposition, as it has been, but in reality it's obvious that the more people earn the more tax they pay so any reduction in taxes will obviously favour the better off. While I am sceptical that today's fiscal experiment will work one thing is for sure - increasing benefits will not and cannot stimulate growth.

In my humble and largely uninformed opinion more needed to be done to help the middle earners; they are the spenders and they are the people that are most likely to stimulate growth. The higher earners and rich are unlikely to spend more as they have the spending power already and that is unlikely to change as a result of today's announcements.

Humble, largely uniformed yet spot on the mark. Good post

[Tuerto]

The left wing media kept on and on until it was imposible for him to remain, be careful what you wish for mind, as it's completely backfired as this budget shows.

This makes no sense whatsoever. Just to add, there isn't any Left Wing Media in the UK, The Guardian, a newspaper that did all it could to discredit Corbyn, is centrist.

[tforturton]

The tax cuts, along with the raise in bank rates, is going to make it very difficult for the Government to fund their already massive borrowing. In the past, this shortfall has led to cuts to services, and a sale of national assets. However, services are already stretched very thin, and we have nothing left to sell. So if this budget fails to deliver the business growth it's designed to encourage, then we could be in trouble. The way the pound is falling, it would seem that the markets already don't think that it's going to work.

[Ninja]

It isn’t going to be just the “lefties” it will be most of the country apart from the rich. The stock market is in freefall and the pound down to its lowest rate v the dollar since 1985.
Major tax cuts for the rich when the level of national debt is going through the roof is idiotic. We are in for some very tough times.

This.
Typical Tory bullshit, looking after the wealthy while pushing those with health issues to work more than they're able in most cases.
No mention of the hotel's full of immigrants and their personal chefs though I see.
It's clearly not the fecking rich that will foot the bill for that.

[MOZZER2]

under the radar it seems but repealing the IR35 tax rules is good news for self employed / contractors

https://www.thesun.co.uk/money/19894...-change-rules/

[Pearcey3]

This.
Typical Tory bullshit, looking after the wealthy while pushing those with health issues to work more than they're able in most cases.
No mention of the hotel's full of immigrants and their personal chefs though I see.
It's clearly not the fecking rich that will foot the bill for that.

I don’t think I can ever recall more blatant behaviour in all my life. Huge tax cuts for the rich at a time when the Government needs as much revenue as possible and at a time when they are at loggerheads with unions who are trying to negotiate cost of living pay rises for their members. It’s not only tone deaf but going to be incredibly damaging to the economy.

My son is a teacher in an affluent area. It’s a state school. He gets upset about some of the sheer poverty he sees. One child came into his class in tears after the February half term. Her mother had to sell their furniture to put food on the table. These bastards don’t care.

[Ninja]

I don’t think I can ever recall more blatant behaviour in all my life. Huge tax cuts for the rich at a time when the Government needs as much revenue as possible and at a time when they are at loggerheads with unions who are trying to negotiate cost of living pay rises for their members. It’s not only tone deaf but going to be incredibly damaging to the economy.

My son is a teacher in an affluent area. It’s a state school. He gets upset about some of the sheer poverty he sees. One child came into his class in tears after the February half term. Her mother had to sell their furniture to put food on the table. These bastards don’t care.

I said a little while back on here that Truss would be dangerous.
She wants to be the next Thatcher, but even Thatcher had far more common sense than her. I hated Thatcher but Truss will be far worse and far more dangerous.
Britain is going down the shitter fast, it's folding. Everyone can see it other than the loaded, disillusioned fruitcakes that are running it.

In 10 yrs time we'll have a Labour government being battered by the British public whilst trying to pick up the pieces of utter capitulation.
I wish I was a lot younger than I am, and in a position to relocate. I'd be gone faster than a whippet.
Now I'm worried sick for my offspring, as I'm sure many are.

The NHS will crumble under pressure. Suicide rates are on the increase due to people being pushed beyond their means and ability to cope. Social housing is being decimated.

Unless you're born with a golden spoon up your arse, you're basically f*cked.

[Citizen's Nephew]

I said a little while back on here that Truss would be dangerous.
She wants to be the next Thatcher, but even Thatcher had far more common sense than her. I hated Thatcher but Truss will be far worse and far more dangerous.
Britain is going down the shitter fast, it's folding. Everyone can see it other than the loaded, disillusioned fruitcakes that are running it.

In 10 yrs time we'll have a Labour government being battered by the British public whilst trying to pick up the pieces of utter capitulation.
I wish I was a lot younger than I am, and in a position to relocate. I'd be gone faster than a whippet.
Now I'm worried sick for my offspring, as I'm sure many are.

The NHS will crumble under pressure. Suicide rates are on the increase due to people being pushed beyond their means and ability to cope. Social housing is being decimated.

Unless you're born with a golden spoon up your arse, you're basically f*cked.

Very well said! 🤙👏👏👏

[Pearcey3]

I said a little while back on here that Truss would be dangerous.
She wants to be the next Thatcher, but even Thatcher had far more common sense than her. I hated Thatcher but Truss will be far worse and far more dangerous.
Britain is going down the shitter fast, it's folding. Everyone can see it other than the loaded, disillusioned fruitcakes that are running it.

In 10 yrs time we'll have a Labour government being battered by the British public whilst trying to pick up the pieces of utter capitulation.
I wish I was a lot younger than I am, and in a position to relocate. I'd be gone faster than a whippet.
Now I'm worried sick for my offspring, as I'm sure many are.

The NHS will crumble under pressure. Suicide rates are on the increase due to people being pushed beyond their means and ability to cope. Social housing is being decimated.

Unless you're born with a golden spoon up your arse, you're basically f*cked.

Yep. She is truly dreadful and as you say dangerous. Twelve years of these bastards and what a mess the country is in. The markets will be very interesting next week. I expect a big downward trend. My ever diminishing pension funds are now in a cash holding as I cannot afford them to go down any further.

[Gofer Blue]

Yep. She is truly dreadful and as you say dangerous. Twelve years of these bastards and what a mess the country is in. The markets will be very interesting next week. I expect a big downward trend. My ever diminishing pension funds are now in a cash holding as I cannot afford them to go down any further.

Same here. A huge fall again tonight following the mini-budget - great! Mind you, as they say, the stock markets run on fear and greed and as far as I can see are run by a bunch of wimps who regularly carry out knee-jerk panic reactions. Just have to keep thinking long term I guess. I refuse to cash in when things look grim though as that only "crystallises your losses" as my financial adviser used to say. Looking on the bright side we won't have to worry about pension pots anymore if Putin goes "nuclear" and turns the UK into the promised Martian terrain.

[Pearcey3]

Same here. A huge fall again tonight following the mini-budget - great! Mind you, as they say, the stock markets run on fear and greed and as far as I can see are run by a bunch of wimps who regularly carry out knee-jerk panic reactions. Just have to keep thinking long term I guess. I refuse to cash in when things look grim though as that only "crystallises your losses" as my financial adviser used to say. Looking on the bright side we won't have to worry about pension pots anymore if Putin goes "nuclear" and turns the UK into the promised Martian terrain.

I have my pension funds into a cash holding for now. Hoping to invest them again in a few months if things start to stabilise.

[Harry Paget Flashman]

I don’t think I can ever recall more blatant behaviour in all my life. Huge tax cuts for the rich at a time when the Government needs as much revenue as possible and at a time when they are at loggerheads with unions who are trying to negotiate cost of living pay rises for their members. It’s not only tone deaf but going to be incredibly damaging to the economy.

My son is a teacher in an affluent area. It’s a state school. He gets upset about some of the sheer poverty he sees. One child came into his class in tears after the February half term. Her mother had to sell their furniture to put food on the table. These bastards don’t care.

It seems calculated to me to push us further into the mire while they rich get richer quick.

Then in 18 months Labour has to attempt to pick up the pieces for four years, all the while they are sniping saying it's Starmers fault.

Fast Forward to 2028 and a Tory landslide promising a land of gold and honey, when all we get is a shit sandwich.

[SLUDGE FACTORY]

It seems calculated to me to push us further into the mire while they rich get richer quick.

Then in 18 months Labour has to attempt to pick up the pieces for four years, all the while they are sniping saying it's Starmers fault.

Fast Forward to 2028 and a Tory landslide promising a land of gold and honey, when all we get is a shit sandwich.

Shark Sandwich

[Dorcus]

It seems calculated to me to push us further into the mire while they rich get richer quick.

Then in 18 months Labour has to attempt to pick up the pieces for four years, all the while they are sniping saying it's Starmers fault.

Fast Forward to 2028 and a Tory landslide promising a land of gold and honey, when all we get is a shit sandwich.

Unfortunately that's always been the case. Labour had always copped the blame for Tory f**k ups.

[SLUDGE FACTORY]

Unfortunately that's always been the case. Labour had always copped the blame for Tory f**k ups.

The Tories say that they have to clean up Labours mess

We ....as in I mostly vote labour and never conservative .......have to sharpen up

I think Rachel Reeves would make a great chancellor and Labour leader , starmer is useless

[Whisperer]

The Tories say that they have to clean up Labours mess

We ....as in I mostly vote labour and never conservative .......have to sharpen up

I think Rachel Reeves would make a great chancellor and Labour leader , starmer is useless

Labour ain’t gonna put a female up as leader - more chance of a black England captain at a World Cup.