Another Community Note for the Prime Minister, for saying “This Labour government is making your energy bills cheaper” when the energy price cap is actually being raised in the new year.
I noticed various Labour talking heads have also been trying to push that they are reducing the debt....Another £50bn in borrowing I believe was the result of yesterdays budget, assuming everything goes to plan, which is hasn't so far and they borrow more seemingly every month than planned.
Also the big "cut" they announced is only £150 worth on average persons bill.
Well they’ve added around £110bn to PSND so far this year, for a total of £2.8trn.
To be fair, the total government debt (in nominal pounds doesn't need to come down): you just need to combine economic growth with moderate fiscal discipline.
Well Labour talking heads doing media rounds are saying that the government is reducing debt.
Another Community Note for the Prime Minister, for saying “This Labour government is making your energy bills cheaper” when the energy price cap is actually being raised in the new year.
I noticed various Labour talking heads have also been trying to push that they are reducing the debt....Another £50bn in borrowing I believe was the result of yesterdays budget, assuming everything goes to plan, which is hasn't so far and they borrow more seemingly every month than planned.
Also the big "cut" they announced is only £150 worth on average persons bill.
Well they’ve added around £110bn to PSND so far this year, for a total of £2.8trn.
To be fair, the total government debt (in nominal pounds doesn't need to come down): you just need to combine economic growth with moderate fiscal discipline.
Well Labour talking heads doing media rounds are saying that the government is reducing debt.
I said wake me up when PSND actually goes down.
Sure, but even under Thatcher nominal debt increased 2.5x between 1979 and 1990. As in, we owed almost 3x as many pounds at the end of her time as at the beginning.
What matters is debt relative to the size of the economy. (And subsidiarily, how sustainable is the economy.)
I'm keeping my counsel on switching to Your Party - I'll see how the next couple of months go. But I will say I was surprised by the enormous turnout at their public meeting in Oxford this evening - seveal hundred people there and a standing ovation for Corbyn. The impression from the press (and on here) is that they're a busted flush - maybe, but there's still a lot of interest.
But to do what? He might take some votes off labour and win his Islington seat next time but what purpose will it serve? Or do you think it could replace Labour?
It’s hard to see how the Sharia Law wing and the ‘trans should be compulsory’ lot are going to forge any sort of viable political organisation out of YP, despite the initial enthusiasm? That people will turn out for Corbyn doesn’t point to much, given that lots of people like a celebrity and his political career must be nearing its close. The youthful activists itching to change the world are surely going to back Zack instead, leaving YP with only the prospect of running Labour close in a handful of seats with very high Muslim populations.
On Gaza, they can all unite, but when Gaza isn’t high in the news and the Muslim independents turn their attention to any sort of domestic issue, is when the trouble starts. Surely the only long term future for the party, given the political representation it is likely to have for the foreseeable, is to turn itself slowly into what would effectively be a Muslim special interest party? That doesn’t sound like our Mr Palmer, at all.
No,. I thought Reeves gave a confident budget speech that contained few of the trailed horrors advertised. After the fiasco of all the leaking over the last 2 months and doom laden talk it went well, despite the OBR prematurely publishing it. I hope that she has learned the benefit of budget purdah, and will get OBR water-tight. I am not a fan of this government and won't vote for them but she did alright. She lives to fight another day.
Badenoch's response was poor, containing little of substance and was hectoring and shouty. I was listening on 5Live and turned her off before she finished because it was so unlistenable. There was no insight or context. To say that the freezing of thresholds breaks the pledge on tax rises without acknowledging that the same threshold freeze was put in place by her own government until 2028 is just rank hypocracy. I really though she would be better as LOTO than she has been, and the opposition looks a long way off looking a viable alternative government, or even realising why they had such a crushing defeat 16 months ago.
As @MaxPB said the other day, Liberal Democrats are this government's biggest supporters.
It’s not that. Somehow, we seem to be the only ones who haven’t been seduced either by untried snake oil, don’t believe that a year out of office during which they have made no attempt to learn from their mistakes has suddenly turned the Tories into a bunch of people you’d trust with your family or finances, and always knew that Labour would disappoint. Too many people just post hyperbole and seem to have lost the ability to view anything dispassionately. The state of our politics is terrible, but we’re far from alone in the world in that, and our new government is ‘meh’, but the current offerings from either Tory or Reform would be far, far worse.
No,. I thought Reeves gave a confident budget speech that contained few of the trailed horrors advertised. After the fiasco of all the leaking over the last 2 months and doom laden talk it went well, despite the OBR prematurely publishing it. I hope that she has learned the benefit of budget purdah, and will get OBR water-tight. I am not a fan of this government and won't vote for them but she did alright. She lives to fight another day.
Badenoch's response was poor, containing little of substance and was hectoring and shouty. I was listening on 5Live and turned her off before she finished because it was so unlistenable. There was no insight or context. To say that the freezing of thresholds breaks the pledge on tax rises without acknowledging that the same threshold freeze was put in place by her own government until 2028 is just rank hypocracy. I really though she would be better as LOTO than she has been, and the opposition looks a long way off looking a viable alternative government, or even realising why they had such a crushing defeat 16 months ago.
You are falling for all the anchoring. Labour promised no more than £8.5bn in tax rises, we are now at £80bn from two budgets and the highest tax burden ever incoming. There are loads of "horrors", it just isn't one big thing, it masses and masses of small things or fiscal drag whacking people in every which way e.g. student loan repayments.
Anyone who is financially literate could eee that both the Labour and Tory manifestos at the 24 GE were nonsense. Either major tax rises or major spending cuts or both were needed to balance the books, so I am not surprised at all.
That they both published tissues of lies in order to get votes is why we are in the mess we are in, and why voter cynicysm is rampant. Maybe it isn't possible to be elected by telling the truth but it would be interesting to see someone try.
Besides, there is a bit of an elephant in the room here. People can, and do, vote to make themselves poorer. Particularly if they are comfortable themselves, other things become more important. Like preserving nice views out of their window, or cultural coherency,or even working fewer hours.
That's fine, until the consequences of becoming poorer kick in.
One thing the budget show is that Labour aren't going to actual reform anything. There is no big bold vision. Its just drip drip drip more taxes, drag a load of people into higher rate tax and bung some more public spending at certain groups. And every new tax / change, appears pretty poorly thought out and adds complexity.
There isn't any desire of actually changing even some of the most glaring flaws. No plan for growth. Its just now poorly managed decline for a few years, load more taxes in the year before the GE to pay for all the spending being done now, and then pitching not being Reform at the next GE.
It was grim. The nicest thing I can say about it was it wasn’t quite as nasty, particularly immediately, as it could have been.
I expect (and am hearing anecdotally - yes, anecdote alert) the public reaction to be highly unfavourable.
How do all governments manage to overcomplicate the sytem every time e.g. the change to amount you can put in a Cash ISA, but then addomg a carve out for over 65s...why?
The cash ISA allowance changes for over 65s kick in in April 2027. Guess who turns 65 on 2 September 2027?
I highlighted “who turns 65 on 2 September 2027?” and right-clicked to ask Bing which said:-
No one No one will turn 65 on September 2, 2027. The next birthday after turning 65 will be on February 11, 2028.
Copilot said (obviously peaking at the whole page):- the text isn’t about a public figure or a general fact. It’s a personal aside from DoctorG, noting that they themselves will turn 65 on that date.
And cynics say AI is a bubble. They need to factor in the savings from not sending the Prime Minister a Christmas card.
How do all governments manage to overcomplicate the sytem every time e.g. the change to amount you can put in a Cash ISA, but then addomg a carve out for over 65s...why?
The cash ISA allowance changes for over 65s kick in in April 2027. Guess who turns 65 on 2 September 2027?
I highlighted “who turns 65 on 2 September 2027?” and right-clicked to ask Bing which said:-
No one No one will turn 65 on September 2, 2027. The next birthday after turning 65 will be on February 11, 2028.
Copilot said (obviously peaking at the whole page):- the text isn’t about a public figure or a general fact. It’s a personal aside from DoctorG, noting that they themselves will turn 65 on that date.
And cynics say AI is a bubble. They need to factor in the savings from not sending the Prime Minister a Christmas card.
What it’s doing is extraordinarily clever, but understanding, in any meaningful sense, what it’s producing, it is not.
In news that will surprise no one the daily mail is not keen on the budget
My shares are up, and the pound seems to have recovered some of its recent losses. Why is the Mail not overjoyed?
I'm not sure that's what a Labour budget is supposed to do but I'd have thought that's the kind of thing Mail readers would approve of.
How many copies does it sell now?
AI tells me it’s 617k daily and 1.3m on Saturdays
For me the budget isn’t intrinsically bad, but it’s another massive missed opportunity. The country is drifting and Labour were gifted the chance and the majority to steer it in a new direction. I might not have agreed with their plans but a degree of boldness would have been great to see.
How do all governments manage to overcomplicate the sytem every time e.g. the change to amount you can put in a Cash ISA, but then addomg a carve out for over 65s...why?
The cash ISA allowance changes for over 65s kick in in April 2027. Guess who turns 65 on 2 September 2027?
I highlighted “who turns 65 on 2 September 2027?” and right-clicked to ask Bing which said:-
No one No one will turn 65 on September 2, 2027. The next birthday after turning 65 will be on February 11, 2028.
Copilot said (obviously peaking at the whole page):- the text isn’t about a public figure or a general fact. It’s a personal aside from DoctorG, noting that they themselves will turn 65 on that date.
And cynics say AI is a bubble. They need to factor in the savings from not sending the Prime Minister a Christmas card.
In news that will surprise no one the daily mail is not keen on the budget
My shares are up, and the pound seems to have recovered some of its recent losses. Why is the Mail not overjoyed?
I'm not sure that's what a Labour budget is supposed to do but I'd have thought that's the kind of thing Mail readers would approve of.
How many copies does it sell now?
Kemi is the DM spokesperson. Flailing around and seeing the worst in everything while being nasty with it. Nigel is more Telegraph. A bit quieter but ultimately owned by foreign interests
In news that will surprise no one the daily mail is not keen on the budget
My shares are up, and the pound seems to have recovered some of its recent losses. Why is the Mail not overjoyed?
I'm not sure that's what a Labour budget is supposed to do but I'd have thought that's the kind of thing Mail readers would approve of.
How many copies does it sell now?
AI tells me it’s 617k daily and 1.3m on Saturdays
For me the budget isn’t intrinsically bad, but it’s another massive missed opportunity. The country is drifting and Labour were gifted the chance and the majority to steer it in a new direction. I might not have agreed with their plans but a degree of boldness would have been great to see.
As the old cliche has it: inaction is action.
Nobody cares about physical circulation these days. They get huge traffic to their website. What would be more interesting to know is how many digital subscribers they have now they put lots of things behind a paywall. The Times and the Telegraph have done very well out of their move to digital subscription model.
Another Community Note for the Prime Minister, for saying “This Labour government is making your energy bills cheaper” when the energy price cap is actually being raised in the new year.
Another Community Note for the Prime Minister, for saying “This Labour government is making your energy bills cheaper” when the energy price cap is actually being raised in the new year.
In news that will surprise no one the daily mail is not keen on the budget
My shares are up, and the pound seems to have recovered some of its recent losses. Why is the Mail not overjoyed?
I'm not sure that's what a Labour budget is supposed to do but I'd have thought that's the kind of thing Mail readers would approve of.
How many copies does it sell now?
AI tells me it’s 617k daily and 1.3m on Saturdays
For me the budget isn’t intrinsically bad, but it’s another massive missed opportunity. The country is drifting and Labour were gifted the chance and the majority to steer it in a new direction. I might not have agreed with their plans but a degree of boldness would have been great to see.
As the old cliche has it: inaction is action.
The budget (while introducing further tax rises) is pretty well an irrelevance as far as economic growth is concerned. Economic models show it as having no material effect either way.
This, if the government follows through on it (and the example of planning reform makes me highly sceptical) would do more than anything Reeves announced, or even could have announced.
The Prime Minister has today issued a strategic steer to the nuclear sector. This implements the first recommendation in the Report of the Nuclear Regulatory Taskforce and I welcome it. I also welcome the Prime Minister's commitment to the complete implementation of the recommendations within two years.
The response to this Report has been overwhelmingly positive from industry, regulators, trades unions, international bodies, and many others. There is a huge public appetite to tackle the regulatory and cultural obstacles to faster and cheaper nuclear energy. Many people have responded that some the recommendations should be applied more widely across other infrastructure projects.
The full implementation of this report will have huge benefits including: - Lower energy prices, driving down the cost of living - Greater competitiveness for our exporting industries - Higher productivity growth to raise living standards - Confidence for investors in AI, quantum and other technoligies - Faster decarbonisation of our energy system - A much lower decommissioning bill for the taxpayer - A stronger nuclear deterrent
In my letter to the Prime Minister on Monday, I said "Reforming regulation is very difficult because our system gives many the power to block change, but few the incentive or ability to enable it. Each government department has its own priorities and constraints. This makes it difficult to get them to prioritise systemic government-wide reforms that require coordinated effort and political capital across departments."
The public is crying out for strong political leadership on this. The Prime Minister's commitment to do a complete implementation of the report's recommendations by the end of 2027 is just the beginning of a long and difficult process. Many people will urge the Government to settle for the status quo, water down recommendations, or kill them with process. This should be resisted strongly because getting this right is essential for the future prosperity and security of the United Kingdom. https://x.com/JohnFingleton1/status/1993723568421540141
In news that will surprise no one the daily mail is not keen on the budget
My shares are up, and the pound seems to have recovered some of its recent losses. Why is the Mail not overjoyed?
I'm not sure that's what a Labour budget is supposed to do but I'd have thought that's the kind of thing Mail readers would approve of.
How many copies does it sell now?
AI tells me it’s 617k daily and 1.3m on Saturdays
For me the budget isn’t intrinsically bad, but it’s another massive missed opportunity. The country is drifting and Labour were gifted the chance and the majority to steer it in a new direction. I might not have agreed with their plans but a degree of boldness would have been great to see.
As the old cliche has it: inaction is action.
The thing that baffles me is they didn't do any tidying up either. And added some new policies that will cause a mess going forward to (particularly the complicated mansion tax thing).
Does any consideration of legacy simply vacate the brain when you become a minister? You're only there for 5-10 years at the very most - surely you'd want to be able to boast about something for the rest of your life.
Another Community Note for the Prime Minister, for saying “This Labour government is making your energy bills cheaper” when the energy price cap is actually being raised in the new year.
In news that will surprise no one the daily mail is not keen on the budget
My shares are up, and the pound seems to have recovered some of its recent losses. Why is the Mail not overjoyed?
I'm not sure that's what a Labour budget is supposed to do but I'd have thought that's the kind of thing Mail readers would approve of.
How many copies does it sell now?
AI tells me it’s 617k daily and 1.3m on Saturdays
For me the budget isn’t intrinsically bad, but it’s another massive missed opportunity. The country is drifting and Labour were gifted the chance and the majority to steer it in a new direction. I might not have agreed with their plans but a degree of boldness would have been great to see.
As the old cliche has it: inaction is action.
The thing that baffles me is they didn't do any tidying up either. And added some new policies that will cause a mess going forward to (particularly the complicated mansion tax thing).
Does any consideration of legacy simply vacate the brain when you become a minister? You're only there for 5-10 years at the very most - surely you'd want to be able to boast about something for the rest of your life.
Genuine reforming Chancellors who try to rationalise the tax system are pretty rare. Most of them simply can't resist performative political measures. That goes for laws and regulations in general, which is why they're such a mess. Legislators very rarely consider the bigger picture.
I'm keeping my counsel on switching to Your Party - I'll see how the next couple of months go. But I will say I was surprised by the enormous turnout at their public meeting in Oxford this evening - seveal hundred people there and a standing ovation for Corbyn. The impression from the press (and on here) is that they're a busted flush - maybe, but there's still a lot of interest.
What was the age spread? Or, to put it another way, how many were students?
In news that will surprise no one the daily mail is not keen on the budget
My shares are up, and the pound seems to have recovered some of its recent losses. Why is the Mail not overjoyed?
I'm not sure that's what a Labour budget is supposed to do but I'd have thought that's the kind of thing Mail readers would approve of.
How many copies does it sell now?
AI tells me it’s 617k daily and 1.3m on Saturdays
For me the budget isn’t intrinsically bad, but it’s another massive missed opportunity. The country is drifting and Labour were gifted the chance and the majority to steer it in a new direction. I might not have agreed with their plans but a degree of boldness would have been great to see.
As the old cliche has it: inaction is action.
Nobody cares about physical circulation these days. They get huge traffic to their website. What would be more interesting to know is how many digital subscribers they have now they put lots of things behind a paywall. The Times and the Telegraph have done very well out of their move to digital subscription model.
DMGT has about £1bn in revenues which has been flat for a couple of years. Just under 60% from the UK. Consumer media is only £240m
There more information if you can be bothered to go to their website
Comments
Nothing says patriotic like compulsory ID cards and abolishing trial by jury.
Is a system over a thousand years old really one that works?
F1: Newey as team principal at Aston Martin was not what I would've predicted. Could be a place-holder for a later Horner arrival.
I said wake me up when PSND actually goes down.
But politically it seems unwise to be planning on tax increases near the end of parliament/next election.
What matters is debt relative to the size of the economy. (And subsidiarily, how sustainable is the economy.)
On Gaza, they can all unite, but when Gaza isn’t high in the news and the Muslim independents turn their attention to any sort of domestic issue, is when the trouble starts. Surely the only long term future for the party, given the political representation it is likely to have for the foreseeable, is to turn itself slowly into what would effectively be a Muslim special interest party? That doesn’t sound like our Mr Palmer, at all.
That's fine, until the consequences of becoming poorer kick in.
I'm not sure that's what a Labour budget is supposed to do but I'd have thought that's the kind of thing Mail readers would approve of.
How many copies does it sell now?
I expect (and am hearing anecdotally - yes, anecdote alert) the public reaction to be highly unfavourable.
No one
No one will turn 65 on September 2, 2027. The next birthday after turning 65 will be on February 11, 2028.
Copilot said (obviously peaking at the whole page):-
the text isn’t about a public figure or a general fact. It’s a personal aside from DoctorG, noting that they themselves will turn 65 on that date.
And cynics say AI is a bubble. They need to factor in the savings from not sending the Prime Minister a Christmas card.
For me the budget isn’t intrinsically bad, but it’s another massive missed opportunity. The country is drifting and Labour were gifted the chance and the majority to steer it in a new direction. I might not have agreed with their plans but a degree of boldness would have been great to see.
As the old cliche has it: inaction is action.
The budget cuts various charges on top of energy bills, which ought to save the average bill payer around £150 a year.
The price cap is effectively constrained by market prices.
Let’s see if it does. It’s forecast to go up again at the next review.
https://x.com/adambienkov/status/1993644345585730031?s=61&t=LYVEHh2mqFy1oUJAdCfe-Q
This, if the government follows through on it (and the example of planning reform makes me highly sceptical) would do more than anything Reeves announced, or even could have announced.
The Prime Minister has today issued a strategic steer to the nuclear sector. This implements the first recommendation in the Report of the Nuclear Regulatory Taskforce and I welcome it. I also welcome the Prime Minister's commitment to the complete implementation of the recommendations within two years.
The response to this Report has been overwhelmingly positive from industry, regulators, trades unions, international bodies, and many others. There is a huge public appetite to tackle the regulatory and cultural obstacles to faster and cheaper nuclear energy. Many people have responded that some the recommendations should be applied more widely across other infrastructure projects.
The full implementation of this report will have huge benefits including:
- Lower energy prices, driving down the cost of living
- Greater competitiveness for our exporting industries
- Higher productivity growth to raise living standards
- Confidence for investors in AI, quantum and other technoligies
- Faster decarbonisation of our energy system
- A much lower decommissioning bill for the taxpayer
- A stronger nuclear deterrent
In my letter to the Prime Minister on Monday, I said "Reforming regulation is very difficult because our system gives many the power to block change, but few the incentive or ability to enable it. Each government department has its own priorities and constraints. This makes it difficult to get them to prioritise systemic government-wide reforms that require coordinated effort and political capital across departments."
The public is crying out for strong political leadership on this. The Prime Minister's commitment to do a complete implementation of the report's recommendations by the end of 2027 is just the beginning of a long and difficult process. Many people will urge the Government to settle for the status quo, water down recommendations, or kill them with process. This should be resisted strongly because getting this right is essential for the future prosperity and security of the United Kingdom.
https://x.com/JohnFingleton1/status/1993723568421540141
Does any consideration of legacy simply vacate the brain when you become a minister? You're only there for 5-10 years at the very most - surely you'd want to be able to boast about something for the rest of your life.
That goes for laws and regulations in general, which is why they're such a mess. Legislators very rarely consider the bigger picture.
NEW THREAD
I think they have now missed the opportunity to be a reforming Government, at least without a second term.
There more information if you can be bothered to go to their website