Budget

[carmanmemoranda]

and you still make a loss sometimes..

seems its you..

If you can't understand why losses sometimes happen you're not as clever as you think you are.

Stop trying to tell me how to run my business. You know nothing about it, or me.

You are just blowing hot air. I don't suffer fools that talk the talk but can't do the walk. You are 1 of those fools.

The motor trade is not an easy trade to make a decent living in. I'm ok thanks. Go and visit the busy fools and talk to them

You HAVENT GOT A CLUE.

 

[ReganAndCarter]

So far, so good, keep the faith comrade...

Free specs and Saville Row suits sent back? Free hols and usage of penthouses all now paid for out of their own pockets?

 

[denso13]

Free specs and Saville Row suits sent back? Free hols and usage of penthouses all now paid for out of their own pockets?

There are bigger fish to fry comrade, keep the faith...

 

[denso13]

He actually knows very little, but can TALK a good job.

He's a good snake oil salesman, 1 bottle for 2 quid, 2 for a fiver...

 

[denso13]

I'm guessing

You're an expert at that...

 

[motorbiking]

Well you’d have to be pretty stupid to think assets - liabilities = cash in the bank. Like you.

 

[denso13]

Ad hom noted.

 

[motorbiking]

No I don't. It's a factor that needs correcting somehow. There is no real scope for taxation reduction. The forecast for if things had continued as they were is not that relevant other than as an indication of the result of the change. The important aspect is the flat line.

The biggest question is if the Labour way can work. Well some feel it's likely to. We have to hope it will or remain in the same situation for ever.

I don’t think so

I think reeves will be short of her tax take forecast.
Businesses are genuinely reeling from the budget. It will be graduates and trainee jobs that will suffer.

Of course if you make yourself an attractive place to do business, a little less tax per person doesn’t matter if you have more companies coming.

 

[ajohn]

Of course if you make yourself an attractive place to do business, a little less tax per person doesn’t matter if you have more companies coming.

But less tax has been tried in several ways and not really achieved anything.

 

[JohnD]

An interesting thing about the Black Hole the Tories hid:


"The OBR has said its forecasts for public spending before the March Budget would have been ‘materially different’ had it known the full extent of pressures on Whitehall departments
© Carmen Reichman/FT

Delphine Strauss in London 3 HOURS AGO


The Treasury breached its legal obligations by failing to disclose a potential £9.5bn overspend by UK government departments in the run-up to the March Budget, the head of the fiscal watchdog said on Tuesday.

Richard Hughes, chair of the Office for Budget Responsibility, said it previously had a “high trust relationship” with the finance ministry, where it could be confident that the 40 per cent of public spending allocated to Whitehall departments was being well managed.

But “that system very clearly broke down”, he told the House of Commons Treasury select committee on Tuesday of preparations for the previous Conservative government’s final fiscal event.

“There were about £9.5bn worth of net pressure on departments’ budgets which they did not disclose to us as part of our usual Budget preparation . . . which under the law and under the act [of parliament] they should have done,” he added"

FT.com

 

[Mottie]

UK Treasury refuses to disclose key details of £22bn fiscal ‘black hole’

Freedom of information request by FT seeking breakdown of government overspend is declined

www.ft.com

I wonder why?

 

[ajohn]

Reeves said the £22bn came from the £9.5bn of spending plans reported by the OBR from February, another £7bn before the March Budget, and a further £5.6bn between March and the end of July, including public sector pay awards made by Labour.
OBR
"Had we known that information we would have had a materially different view about the level of public spending this year," OBR head Richard Hughes told BBC News.
"We can't say how different that would have been because we would have had to have had a different conversation with the Treasury in the light of that information."
Don't forget they threw in the NI cut. The problem with missing info is that it completely throws their view on the budget.

IFS due to the above. They found some that surprised them
Paul Johnson, director of the Institute for Fiscal Studies think tank said Reeves "may be overegging the £22bn black hole".
Note the maybe,

The info is there - in this somewhere

https://assets.publishing.service.gov.uk/media/672215794da1c0d41942a95d/OBR_review_response_WEB.pdf#page=9

Another view
It was the Labour government that accepted the recommendations of the Pay Review Bodies (PRBs), but they said that the previous government should have budgeted for more than a 2% increase in public sector pay.
Prof Stephen Millard from the National Institute of Economic and Social Research think tank told BBC Verify: "The 'political' question is whether you would count this as part of the fiscal black hole or not. If you do, then you get to the £22bn figure; if not, then you’re left with around £12.5bn to £13.5bn."
Don't forget that 2% was budgeted and some other items such as settling the 2 compensation claims that are ongoing have been included. Also that civil service back office costs will be reduced. That doesn't happen overnight even if it's just job losses.

Is there a £22bn ‘black hole’ in the UK’s public finances?

Economists say the state of public finances should not have come as a complete surprise to the new government.

www.bbc.co.uk

 

[aveatry]

The UKs vaccine strategy was ballsy. probably saved 500,000 lives. I actually think (with the benefit of hindsight) that the lock down strategy was wrong. As we now know, we could have applied restrictions based on risk demographic. The vast majority of under 40s could have kept away from the over 60s and there was no need to keep kids away from schools for so long.

UK Treasury refuses to disclose key details of £22bn fiscal ‘black hole’

Freedom of information request by FT seeking breakdown of government overspend is declined

www.ft.com

I wonder why?

Seems like the details have fallen into their very own black hole. No point in asking Rachel from accounts

 

[carmanmemoranda]

Seems like the details have fallen into their very own black hole. No point in asking Rachel from accounts

Treasury should have told us about £9.5bn overspend by law - OBR

Richard Hughes, chair of the Office for Budget Responsibility, says officials have questions to answer as to why details of an overspend were not shared.

www.bbc.co.uk

 

[ajohn]

Seems like the details have fallen into their very own black hole. No point in asking Rachel from accounts

The link I posted goes straight to the details.