It would be kind of ironic if, once again, a Conservative government starts governing in a sane fashion just in time to usher in a Labour government who get to take advantage of their prudence.
Once your electorate has given up you ever getting anything right, it’s hard to win them back.
Credit Suisse share trading suspended, sparking carnage in banking market across Europe as SVB fallout spreads
Shares in the Swiss bank collapse by 23 per cent, with other big banks hit as fallout from SVB collapse spreads
Major European banks saw billions wiped off their share prices today as fears over the safety of their balance sheets swept the market.
At one point, five big European banks saw trading in their shares temporarily halted following big falls in their share prices as the fallout from the collapse of Silicon Valley Bank continued to spread.
Credit Suisse share trading suspended, sparking carnage in banking market across Europe as SVB fallout spreads
Shares in the Swiss bank collapse by 23 per cent, with other big banks hit as fallout from SVB collapse spreads
Major European banks saw billions wiped off their share prices today as fears over the safety of their balance sheets swept the market.
At one point, five big European banks saw trading in their shares temporarily halted following big falls in their share prices as the fallout from the collapse of Silicon Valley Bank continued to spread.
Good priority, but potholes seem to vary dramatically from county to county.
Where I live its not really a problem thankfully, but I recently had to drive to Blackburn and my goodness the roads are absolutely awful there. I would absolutely consider that a reason not to invest there.
Its a very Hunt budget isn't it. A lot of good little bits and pieces. Childcare is very good. The energy move is long trailed and obvious but welcome all the same. I'm not sure there is anything too controversial or exciting or radical but no doubt that is by design. Tied into the Windsor deal it shows a potential route to calm confidence and presenting as 'safety first' in the GE.
Or it would if the Cons weren't trying to ride two horses simultaneously. This stuff all appeals to the very people who really hate the Govt hypocrisy over the small boats. It also can't mend the basic issue with presenting as 'safety first'. A vote for Rishi in a couple of years would see a conman like Johnson or an idiot like Truss back at the wheel. Con MPs and members have form in such things.
So I won't be returning to the Con fold until they have convinced me they can be trusted and that will take a lot longer than a couple of years
Credit Suisse share trading suspended, sparking carnage in banking market across Europe as SVB fallout spreads
Shares in the Swiss bank collapse by 23 per cent, with other big banks hit as fallout from SVB collapse spreads
Major European banks saw billions wiped off their share prices today as fears over the safety of their balance sheets swept the market.
At one point, five big European banks saw trading in their shares temporarily halted following big falls in their share prices as the fallout from the collapse of Silicon Valley Bank continued to spread.
Is this more serious than was being presented last week ?
Paging City insiders such as MaxPB, OnlyLivingBoy or Kinabalu.
Not for the UK, again, UK banks are ring fenced and highly capitalised. The contagion is minimal.
How do you define highly capitalised? My understanding is the banks have very little capital by historic standards but a bit more than they had in 2008.
Credit Suisse share trading suspended, sparking carnage in banking market across Europe as SVB fallout spreads
Shares in the Swiss bank collapse by 23 per cent, with other big banks hit as fallout from SVB collapse spreads
Major European banks saw billions wiped off their share prices today as fears over the safety of their balance sheets swept the market.
At one point, five big European banks saw trading in their shares temporarily halted following big falls in their share prices as the fallout from the collapse of Silicon Valley Bank continued to spread.
Is this more serious than was being presented last week ?
Paging City insiders such as MaxPB, OnlyLivingBoy or Kinabalu.
Not for the UK, again, UK banks are ring fenced and highly capitalised. The contagion is minimal.
How do you define highly capitalised? My understanding is the banks have very little capital by historic standards but a bit more than they had in 2008.
The big banks run at ~10% which is plenty of buffer.
Good priority, but potholes seem to vary dramatically from county to county.
Where I live its not really a problem thankfully, but I recently had to drive to Blackburn and my goodness the roads are absolutely awful there. I would absolutely consider that a reason not to invest there.
And for anyone hoping for an end to the staffing issues in the public sector,
Chx announces that departmental spending will still rise by just 1% a year post election. Yet we are expecting a big package for childcare and defence. This implies a very tough time for other spending areas.
Dear god, I'm glad I'm not listening live. ...Hunt says he want more older people to return to work – although as someone aged 56, he prefers the term experienced, he says.
Referring to Dame Eleanor Laing, who is in the chair as deputy speaker, he says: “Madam Deputy Speaker I say this not to flatter you but older people are the most skilled and experienced people.”
If that was a joke, it did not seem to work. MPs seem to think he was being rude...
Dear god, I'm glad I'm not listening live. ...Hunt says he want more older people to return to work – although as someone aged 56, he prefers the term experienced, he says.
Referring to Dame Eleanor Laing, who is in the chair as deputy speaker, he says: “Madam Deputy Speaker I say this not to flatter you but older people are the most skilled and experienced people.”
If that was a joke, it did not seem to work. MPs seem to think he was being rude...
Rich folks' accountants are going to get rather excited about the avoidance possibilities presented here ? ...Hunt says he will abolish lifetime allowance for tax-free pensions savings, and raise annual allowance to £60,000 Hunt says he is going to increase the annual pensions tax free allowance from £40,000 to £60,000.
And he says instead of just lifting the lifetime allowance (currently just over £1m), he will abolish it...
Dear god, I'm glad I'm not listening live. ...Hunt says he want more older people to return to work – although as someone aged 56, he prefers the term experienced, he says.
Referring to Dame Eleanor Laing, who is in the chair as deputy speaker, he says: “Madam Deputy Speaker I say this not to flatter you but older people are the most skilled and experienced people.”
If that was a joke, it did not seem to work. MPs seem to think he was being rude...
Could have been a little better phrased for Dame Eleanor who is certainly still admirably serving Epping Forest as their MP but still only in her mid 60s
Abolishing the lifetime allowance. Again, I'm shocked, there's no half measures here.
Not too sure about that. Raise it by all means but that seems remarkable. How much revenue will this cost us?
The hope is it raises almost as much in income tax from people who now have incentive to work again, as it costs in tax revenue from abandoning the allowance itself.
Dear god, I'm glad I'm not listening live. ...Hunt says he want more older people to return to work – although as someone aged 56, he prefers the term experienced, he says.
Referring to Dame Eleanor Laing, who is in the chair as deputy speaker, he says: “Madam Deputy Speaker I say this not to flatter you but older people are the most skilled and experienced people.”
If that was a joke, it did not seem to work. MPs seem to think he was being rude...
Pass the sick bag. Stick to the air of rat-eyed competence Jezza, we'll do the jokes.
Rich folks' accountants are going to get rather excited about the avoidance possibilities presented here ? ...Hunt says he will abolish lifetime allowance for tax-free pensions savings, and raise annual allowance to £60,000 Hunt says he is going to increase the annual pensions tax free allowance from £40,000 to £60,000.
And he says instead of just lifting the lifetime allowance (currently just over £1m), he will abolish it...
Hmm, that's ambiguous. I take it he's raising the lifetime allowance to ∞, not abolishing the allowance and so taxing everything?
I'm normally pretty cool on government giving out massive sweeties - because ir's not a giveaway, it's a redistribution, and though there are strong cases for redistribution, redistribution does not tend to make us, collectively, richer. But if the government does go ahead with the proposed 30 hours free childcare for 1 and 2 year olds (extending fron what 3 year olds currently get) it will be the best public spending commitment of my lifetime (the special and conplex case of furlough aside). I won't personally be affected - I'm through that stage now. But the cost of childcare - along with the cost of housing - effectively makes raising the next generation almost unafforable apart from the very rich or very poor. I am massively supportive of this. If they can now go on and announce a massive programme of housebuilding (essential) and investment in transport infrastructure (personal hobbyhorse) then I can maybe be convinced that the state can be a force for good.
I think the spectacularly high expense of HS2 was laid bare on the radio this morning with the 76 - 100 billion odd it's now going to cost (And the rest) juxtaposed against the 3 billion odd this childcare is going to cost p.a.
I know one is capex and the other is ongoing cost - but still !
If railways continue to cost 100s of billions, then we won’t have many more railways.
To give an example - the marginal cost of a 155mm shell is £500, in mass production. So for a billion pounds, we could stockpile 2 million rounds of artillery ammunition.
The SpaceX Starship program is probably going to cost £8 billion, to develop. So we could have a moon rocket, land some British astronauts on the moon, and probably have £80 billion left over.
Rich folks' accountants are going to get rather excited about the avoidance possibilities presented here ? ...Hunt says he will abolish lifetime allowance for tax-free pensions savings, and raise annual allowance to £60,000 Hunt says he is going to increase the annual pensions tax free allowance from £40,000 to £60,000.
And he says instead of just lifting the lifetime allowance (currently just over £1m), he will abolish it...
Hmm, that's ambiguous. I take it he's raising the lifetime allowance to ∞, not abolishing the allowance and so taxing everything?
I think the specific wording was abolishing the limit on the lifetime allowance.
Credit Suisse share trading suspended, sparking carnage in banking market across Europe as SVB fallout spreads
Shares in the Swiss bank collapse by 23 per cent, with other big banks hit as fallout from SVB collapse spreads
Major European banks saw billions wiped off their share prices today as fears over the safety of their balance sheets swept the market.
At one point, five big European banks saw trading in their shares temporarily halted following big falls in their share prices as the fallout from the collapse of Silicon Valley Bank continued to spread.
Some good ideas there but nothing dramatic, certainly on tax.
Rather a shrug shoulders budget in essence
It was a budget very much of a chancellor who wants to minimize defeat and then, as leader, conduct a party rebuilding project as a 'safe pair of hands'.
Some good ideas there but nothing dramatic, certainly on tax.
Rather a shrug shoulders budget in essence
We have to wait until the Autumn Statement for the big push on business, especially small business. That will be more the starting pistol for the run up to the election.
I think that's an OBR enforced measure. I'll bet he wanted it to be made permanent and in any case I'd be surprised if it was removed, full expensing will just become part of doing business here as it is in the US.
Some good ideas there but nothing dramatic, certainly on tax.
Rather a shrug shoulders budget in essence
It was a budget very much of a chancellor who wants to minimize defeat and then, as leader, conduct a party rebuilding project as a 'safe pair of hands'.
Hunt's only chance of being next Conservative leader is if Sunak gets a shock re election. If not he goes down on the ship with Rishi as Chancellor to Rishi's PM, they will be blamed for the defeat and the members will vote for a more rightwing leader after Rishi resigns
Rich folks' accountants are going to get rather excited about the avoidance possibilities presented here ? ...Hunt says he will abolish lifetime allowance for tax-free pensions savings, and raise annual allowance to £60,000 Hunt says he is going to increase the annual pensions tax free allowance from £40,000 to £60,000.
And he says instead of just lifting the lifetime allowance (currently just over £1m), he will abolish it...
Not excited so much as concerned: there's no value in selling services designed to avoid the lifetime allowance if it doesn't exist.
Taken to extremes, if you abolished all taxes, limits and allowances, there would be no need for tax accountants at all.
Dear god, I'm glad I'm not listening live. ...Hunt says he want more older people to return to work – although as someone aged 56, he prefers the term experienced, he says.
Referring to Dame Eleanor Laing, who is in the chair as deputy speaker, he says: “Madam Deputy Speaker I say this not to flatter you but older people are the most skilled and experienced people.”
If that was a joke, it did not seem to work. MPs seem to think he was being rude...
Eleanor Lang: "I can't hear the Leader of the Opposition at all. It's nothing to do with being old" with a glare at the treasury bench...
Re carbon capture: :...Papers accompanying the budget note that a shortlist of eligible projects for the first phase of CCS deployment will be announced “later this month.”.."
Some good ideas there but nothing dramatic, certainly on tax.
Rather a shrug shoulders budget in essence
It was a budget very much of a chancellor who wants to minimize defeat and then, as leader, conduct a party rebuilding project as a 'safe pair of hands'.
We could all do a lot worse. Really, we could do A LOT worse. And quite possibly will.
But yes, sensible stuff, let's see what falls out in the small print and remember that, for all the excitement, this year seems set to have a chunk of time which will feel like a recession for many people. With a dollop more pre-announced fiscal drag and public sector austerity.
Dear god, I'm glad I'm not listening live. ...Hunt says he want more older people to return to work – although as someone aged 56, he prefers the term experienced, he says.
Referring to Dame Eleanor Laing, who is in the chair as deputy speaker, he says: “Madam Deputy Speaker I say this not to flatter you but older people are the most skilled and experienced people.”
If that was a joke, it did not seem to work. MPs seem to think he was being rude...
Eleanor Lang: "I can't hear the Leader of the Opposition at all. It's nothing to do with being old" with a glare at the treasury bench...
Dame Eleanor should have been Speaker, she has more authority than Hoyle and is sharper too
I'm normally pretty cool on government giving out massive sweeties - because ir's not a giveaway, it's a redistribution, and though there are strong cases for redistribution, redistribution does not tend to make us, collectively, richer. But if the government does go ahead with the proposed 30 hours free childcare for 1 and 2 year olds (extending fron what 3 year olds currently get) it will be the best public spending commitment of my lifetime (the special and conplex case of furlough aside). I won't personally be affected - I'm through that stage now. But the cost of childcare - along with the cost of housing - effectively makes raising the next generation almost unafforable apart from the very rich or very poor. I am massively supportive of this. If they can now go on and announce a massive programme of housebuilding (essential) and investment in transport infrastructure (personal hobbyhorse) then I can maybe be convinced that the state can be a force for good.
I think the spectacularly high expense of HS2 was laid bare on the radio this morning with the 76 - 100 billion odd it's now going to cost (And the rest) juxtaposed against the 3 billion odd this childcare is going to cost p.a.
I know one is capex and the other is ongoing cost - but still !
If railways continue to cost 100s of billions, then we won’t have many more railways.
To give an example - the marginal cost of a 155mm shell is £500, in mass production. So for a billion pounds, we could stockpile 2 million rounds of artillery ammunition.
The SpaceX Starship program is probably going to cost £8 billion, to develop. So we could have a moon rocket, land some British astronauts on the moon, and probably have £80 billion left over.
I suspect the cost of HS2 has been roughly doubled by Treasury shenanigans alone.
If we were serious about infrastructure investment in this country then it wouldn’t cost us any where near as much.
Some good ideas there but nothing dramatic, certainly on tax.
Rather a shrug shoulders budget in essence
It was a budget very much of a chancellor who wants to minimize defeat and then, as leader, conduct a party rebuilding project as a 'safe pair of hands'.
Hunt's only chance of being next Conservative leader is if Sunak gets a shock re election. If not he goes down on the ship with Rishi as Chancellor to Rishi's PM, they will be blamed for the defeat and the members will vote for a more rightwing leader after Rishi resigns
I wonder if Liz Truss would throw her hat in the ring again. The view 'It wasn't her fault; the Bank of England crashed the markets' has a niche following on here, but it would be interesting to know how widespread it is within the Tory membership. Not as unusual as all that would be my guess.
I'm normally pretty cool on government giving out massive sweeties - because ir's not a giveaway, it's a redistribution, and though there are strong cases for redistribution, redistribution does not tend to make us, collectively, richer. But if the government does go ahead with the proposed 30 hours free childcare for 1 and 2 year olds (extending fron what 3 year olds currently get) it will be the best public spending commitment of my lifetime (the special and conplex case of furlough aside). I won't personally be affected - I'm through that stage now. But the cost of childcare - along with the cost of housing - effectively makes raising the next generation almost unafforable apart from the very rich or very poor. I am massively supportive of this. If they can now go on and announce a massive programme of housebuilding (essential) and investment in transport infrastructure (personal hobbyhorse) then I can maybe be convinced that the state can be a force for good.
I think the spectacularly high expense of HS2 was laid bare on the radio this morning with the 76 - 100 billion odd it's now going to cost (And the rest) juxtaposed against the 3 billion odd this childcare is going to cost p.a.
I know one is capex and the other is ongoing cost - but still !
If railways continue to cost 100s of billions, then we won’t have many more railways.
To give an example - the marginal cost of a 155mm shell is £500, in mass production. So for a billion pounds, we could stockpile 2 million rounds of artillery ammunition.
The SpaceX Starship program is probably going to cost £8 billion, to develop. So we could have a moon rocket, land some British astronauts on the moon, and probably have £80 billion left over.
I suspect the cost of HS2 has been roughly doubled by Treasury shenanigans alone.
If we were serious about infrastructure investment in this country then it wouldn’t cost us any where near as much.
Ywep - HS2 is an expensive project made insanely expensive by the Treasury moving the goalposts continually.
Heck if Italy can build HS routes we should be easily able to.
It involves creating a new small sat space launch system. This will be used to launch a constellation of satellites, doing quantum cryptocurrency.
#SendMeAllYourMoney
Get the UK nuclear industry involved - and the support cheques will be open ended.
You may have to promise to make some government ministers "Director for Jollies (Golf Course Testing)" if they should at some time become unemployed, but it is not even the rounding error on the sums you'll rake in...
I'm normally pretty cool on government giving out massive sweeties - because ir's not a giveaway, it's a redistribution, and though there are strong cases for redistribution, redistribution does not tend to make us, collectively, richer. But if the government does go ahead with the proposed 30 hours free childcare for 1 and 2 year olds (extending fron what 3 year olds currently get) it will be the best public spending commitment of my lifetime (the special and conplex case of furlough aside). I won't personally be affected - I'm through that stage now. But the cost of childcare - along with the cost of housing - effectively makes raising the next generation almost unafforable apart from the very rich or very poor. I am massively supportive of this. If they can now go on and announce a massive programme of housebuilding (essential) and investment in transport infrastructure (personal hobbyhorse) then I can maybe be convinced that the state can be a force for good.
I think the spectacularly high expense of HS2 was laid bare on the radio this morning with the 76 - 100 billion odd it's now going to cost (And the rest) juxtaposed against the 3 billion odd this childcare is going to cost p.a.
I know one is capex and the other is ongoing cost - but still !
If railways continue to cost 100s of billions, then we won’t have many more railways.
To give an example - the marginal cost of a 155mm shell is £500, in mass production. So for a billion pounds, we could stockpile 2 million rounds of artillery ammunition.
The SpaceX Starship program is probably going to cost £8 billion, to develop. So we could have a moon rocket, land some British astronauts on the moon, and probably have £80 billion left over.
I suspect the cost of HS2 has been roughly doubled by Treasury shenanigans alone.
If we were serious about infrastructure investment in this country then it wouldn’t cost us any where near as much.
More likely the cost estimates the Treasury bought into were half what they should have been.
Good priority, but potholes seem to vary dramatically from county to county.
Where I live its not really a problem thankfully, but I recently had to drive to Blackburn and my goodness the roads are absolutely awful there. I would absolutely consider that a reason not to invest there.
I read that news today, oh boy.
Very good. 😂
But seriously, its a major problem that gets overlooked. Why invest in somewhere like Blackburn with terrible roads, instead of somewhere else like Preston or Warrington etc that is maintaining them better?
And its not as if Blackburn is suffering from an overabundance of investment.
I'm not sure why there is such a major discrepancy from one location to another - whether its due to local Councils or something else - but if you want to engage in levelling up then ensuring everywhere has decent roads would be a good place to start.
Maybe not as high profile and shiny as a new rail route, but getting the basics like that right should be a bare minimum requirement.
Comments
Once your electorate has given up you ever getting anything right, it’s hard to win them back.
No full expensing for industrial or infrastructure assets, which seems a very odd decision given that's where we're really behind.
Paging City insiders such as MaxPB, OnlyLivingBoy or Kinabalu.
Or it would if the Cons weren't trying to ride two horses simultaneously. This stuff all appeals to the very people who really hate the Govt hypocrisy over the small boats. It also can't mend the basic issue with presenting as 'safety first'. A vote for Rishi in a couple of years would see a conman like Johnson or an idiot like Truss back at the wheel. Con MPs and members have form in such things.
So I won't be returning to the Con fold until they have convinced me they can be trusted and that will take a lot longer than a couple of years
Bloody autocorrect.
Chx announces that departmental spending will still rise by just 1% a year post election. Yet we are expecting a big package for childcare and defence. This implies a very tough time for other spending areas.
https://twitter.com/PJTheEconomist/status/1635985760875577344
But nonetheless rather important how it's spent, if they going to do that.
Points to GE in Oct 24?
...Hunt says he want more older people to return to work – although as someone aged 56, he prefers the term experienced, he says.
Referring to Dame Eleanor Laing, who is in the chair as deputy speaker, he says: “Madam Deputy Speaker I say this not to flatter you but older people are the most skilled and experienced people.”
If that was a joke, it did not seem to work. MPs seem to think he was being rude...
...Hunt says he will abolish lifetime allowance for tax-free pensions savings, and raise annual allowance to £60,000
Hunt says he is going to increase the annual pensions tax free allowance from £40,000 to £60,000.
And he says instead of just lifting the lifetime allowance (currently just over £1m), he will abolish it...
"Hunt says he wants schools to offer wraparound care from 8am to 6pm by 2026"
Stick to the air of rat-eyed competence Jezza, we'll do the jokes.
To give an example - the marginal cost of a 155mm shell is £500, in mass production. So for a billion pounds, we could stockpile 2 million rounds of artillery ammunition.
The SpaceX Starship program is probably going to cost £8 billion, to develop. So we could have a moon rocket, land some British astronauts on the moon, and probably have £80 billion left over.
Rather a shrug shoulders budget in essence
And the way he says pee-pul grates a bit.
Mildly irritating.
Most voters don't understand "carbon capture", and don't buy into it when they do.
£20 billion would have pretty much built you the Cardiff tidal lagoon, powering 1.8 million houses from the tides. THAT they understand.
In particular DB is tied into German politics to a staggering degree. They have helped/donated to just about every party and politician.
https://twitter.com/TorstenBell/status/1635989754305998848
It involves creating a new small sat space launch system. This will be used to launch a constellation of satellites, doing quantum cryptocurrency.
#SendMeAllYourMoney
Taken to extremes, if you abolished all taxes, limits and allowances, there would be no need for tax accountants at all.
https://nation.cymru/news/green-light-expected-for-multi-billion-pound-tidal-lagoon-project/
:...Papers accompanying the budget note that a shortlist of eligible projects for the first phase of CCS deployment will be announced “later this month.”.."
But yes, sensible stuff, let's see what falls out in the small print and remember that, for all the excitement, this year seems set to have a chunk of time which will feel like a recession for many people. With a dollop more pre-announced fiscal drag and public sector austerity.
If we were serious about infrastructure investment in this country then it wouldn’t cost us any where near as much.
Let's see how that Swansea proposal proceeds. A lot of ifs and buts in getting that away with purely private capital.
But Cardiff-sized projects are the prize.
Potentially giving lots of extra money to already wealthy people.
Heck if Italy can build HS routes we should be easily able to.
You may have to promise to make some government ministers "Director for Jollies (Golf Course Testing)" if they should at some time become unemployed, but it is not even the rounding error on the sums you'll rake in...
We would have competent government since then.
This is no longer true, after German GDP was revised down... 🤓
https://twitter.com/julianhjessop/status/1635991791538192385
Regarding 2) - I've not watched the budget - is there still annual allowances which will restrict 2) above.
The tories have lost the argument and don’t know what they stand for any more.
There’s no way a confident Tory party would do that childcare package.
The Stop the boats bullshit is a strategy - again - designed around Starmer and the threat that he poses. The Tory Yang to Starmers Yin.
What is the point of the Conservative Party?
But seriously, its a major problem that gets overlooked. Why invest in somewhere like Blackburn with terrible roads, instead of somewhere else like Preston or Warrington etc that is maintaining them better?
And its not as if Blackburn is suffering from an overabundance of investment.
I'm not sure why there is such a major discrepancy from one location to another - whether its due to local Councils or something else - but if you want to engage in levelling up then ensuring everywhere has decent roads would be a good place to start.
Maybe not as high profile and shiny as a new rail route, but getting the basics like that right should be a bare minimum requirement.