Jeremy Hunt scraps almost ENTIRE mini budget: New Chancellor reveals energy bill cap will end in APRIL and income tax WON'T be cut as he trashes Trussonomics only keeping vows on NI and stamp duty - as he warns of MORE tax and spending pain to come

UK Daily Mail ^ | October 17, 2022 | James Tapsfield

[C19fan]

Jeremy Hunt took a wrecking ball to 'lame duck' Liz Truss's economic policies today in a desperate bid to calm the markets - as Tories warn she must be gone in days.

The new Chancellor said he was propping up 'confidence' with an extraordinary dismantling of 'almost all' the disastrous mini-Budget, two weeks ahead of schedule and barely three days after he was parachuted into the job.

He 'indefinitely' ditched plans to knock 1p off the basic rate of tax from April, one of the PM's flagship measures, as well as torching dividends cuts, the freeze on alcohol duty and VAT exemptions for tourists.

[C19fan]

UK version of the comment from James Carville he would want to be reincarnated as the bond market. The issue is the UK debt-to-GDP ratio is at 114%. The rate was 45% in 2007 but has been on a continuous rise. The UK has reached the running out of other peoples' money moment. The Tories have one year left before an election must be called. If one believes current polling, the Tories would end up in 3rd place behind the Scottish Natioonal Party.

[devane617]

what?

[OttawaFreeper]

What happens when you keep on offering the electorate a choice between full blown Marxism (Labour) or slow-motion socialism (Tories). Except for brief interludes under Churchill and Thatcher.

[mewzilla]

What makes you think they have a choice?

Did the US elect our POTATUS...

[EEGator]

So Credit Suisse, Deutsche Bank, Bank of England, and Bank of China are all doing swimmingly?

[EEGator]

You are broke and surrounded by Paki & Indian trash?...

[mewzilla]

Meanwhile...

JUST IN - China delays the release of major economic data for the third quarter, without giving a reason or a new date.

Ruh roh...

[Zathras]

You get California without all the high tech jobs to keep it afloat.

[Thommas]

You get California without all the high tech jobs to keep it afloat.

...and without the scenery or weather.

[FarCenter]

'If over the next two weeks it becomes clear to the parliamentary party that the Prime Minister needs to change, or be changed, then the technicalities or the mechanism are not important,' he said.

'The wish of the parliamentary party will assert itself… if she cannot do the job, she will be replaced. I have no idea by who but we haven't reached that stage yet.

'The two weeks is a period in which the Government has the chance to get right the economic policies that the country… wants to see.'

North Thanet MP Roger Gale told Sky News: 'I think Members of Parliament probably have a better perspective of both the economic situation and the personalities than the general membership.

'For very good reason – we know them, we work with them day by day.

'The general membership doesn't and that's understandable, and I don't think we should expect – not even to blame – the membership for getting it wrong.'

The general membership of the Tory Party, which elected Truss numbers 172,437.

It is interesting that that small electorate is seen as too broad and uninformed, and that the Tory Parliament Members numbering 356 would be a better electorate for choosing the Prime Minister.

[frogjerk]

He 'indefinitely' ditched plans to knock 1p off the basic rate of tax from April, one of the PM's flagship measures, as well as torching dividends cuts, the freeze on alcohol duty and VAT exemptions for tourists.

I dont pretend to know anything about Eropean politics but what is so wrong about cutting taxes?

[Empire_of_Liberty]

But, at least we learned that “torching” isn’t “flashlighting”.

[Empire_of_Liberty]

Sounds like she wanted to spur growth, as Trump did. They would all rather go down in a rat-infested ship.

[Renfrew]

“I dont pretend to know anything about Eropean politics but what is so wrong about cutting taxes?”

Cutting taxes without cutting spending and you eventually run out of money. Our Republican presidents are guilty of the same problem.

Britain is a man who owes his bank $1 million on a $50K salary. Trussenomics is that guy saying he is cutting his salary to $40K and being surprised the bank is unhappy with him.

[Worldtraveler once upon a time]

--- "Britain is a man who owes his bank $1 million on a $50K salary. Trussenomics is that guy saying he is cutting his salary to $40K and being surprised the bank is unhappy with him."

In another thread as regards national debt, one saw (and sees) that all the so-called West is mired in debt with no plan to turn off the "welfarism" and "fund corruption" spigots. Governments have become belly-bloated with debt and think that politics is the way out. And forward. We lead the way at number one on that list in aggregate debt, and Japan leads the way in per capita debt and percentage of a GDP. Number one, yeah! Tick tock.

[Renfrew]

“We lead the way at number one on that list in aggregate debt”

That does help in an odd way. To continue my analogy if Britain is the guy owing the bank $1 million we are the guy owing the bank $500 million. The bank has no choice but to work with us and give us whatever terms we want to repay.

[mac_truck]

Britain is a man who owes his bank $1 million on a $50K salary.

Are they smart enough to stop writing blank checks to their dead beat neighbor though?

[Renfrew]

“Are they smart enough to stop writing blank checks to their dead beat neighbor though?”

Is this about Ukraine? No matter how much in debt you are if you live in a bad neighborhood you should still pay to keep a lock on your door.

[mac_truck]

Britain lives in a “bad neighborhood”?

Do tell...

[Renfrew]

“Britain lives in a “bad neighborhood”? Do tell...”

If you lived in a part of town that gangs of heavily armed murderers tried to take over every few years, would you be worried about your security?