Well people of UK, now you know, with Kwarteng's massive-mini budget we face raw capitalism, capitalism with the gloves off. No sham, no illusions, feed the rich and keep the poor poor, to give the poor money would only feed inflation. While we struggle with astronomical energy bills and struggle to feed our families adequately, millions of pounds are thrown at the very rich. In the UK there are 19,000 who earn more than £1million a year, the chancellor has just handed them a further £55,000 a year to play around with. If you earn £20,000 a year, the chancellor's tax cuts will give you the princely sum of £1.43 a week more to spend. Well Kwarteng tells us the rich with all that extra money will invest in giving you high paid jobs. My bet is that they will now consider a larger yacht or a bigger super car. What will you do with your fabulous windfall of £1.43 a week? Well not a lot, as it and much more will be gobbled up with your new energy bill come October. While you struggle spare a thought for those poor bankers who have had to survive on annual bonuses of just twice their annual salary. Kwarteng has seen their plight and abolished the cap on bankers bonuses. The man's sympathy knows no bounds, well except for the poor.
With this comes suggestions that the 48 hour week could be scrapped, and new legislation to curtail strike action. Well if you want to survive this cull on the poor we had better get organised now. Increase strike action before they put the hems on it. Once the legislation is in place it will be a much harder struggle. Don't wait for the extra chains to be put round your ankles, act now, end this jamboree of power, privilege and wealth, end this onslaught on the ordinary people, end this drive to accumulate more wealth for the pampered, privileged few.
With this comes suggestions that the 48 hour week could be scrapped, and new legislation to curtail strike action. Well if you want to survive this cull on the poor we had better get organised now. Increase strike action before they put the hems on it. Once the legislation is in place it will be a much harder struggle. Don't wait for the extra chains to be put round your ankles, act now, end this jamboree of power, privilege and wealth, end this onslaught on the ordinary people, end this drive to accumulate more wealth for the pampered, privileged few.
Paul Johnson, IFS Director, said:
“Today, the Chancellor announced the biggest package of tax cuts in 50 years without even a semblance of an effort to make the public finance numbers add up. Instead, the plan seems to be to borrow large sums at increasingly expensive rates, put government debt on an unsustainable rising path, and hope that we get better growth. This marks such a dramatic change in the direction of economic policy-making that some of the longer-serving cabinet ministers might be worried about getting whiplash.
Mr Kwarteng has shown himself willing to gamble with fiscal sustainability in order to push through these huge tax cuts. He is willing to shrug off the risks of inflation, and to invite significantly higher interest rates. And he has avoided scrutiny by presenting a Budget in all but name without accompanying forecasts from the Office for Budget Responsibility.
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