The Chancellor’s New Revenue Plans Are a Boon to the Wealthiest | Novara Media
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Freezing income tax bands leaves the wealthiest unaffected, while Rachel Reeves’ deference to the bond markets is another gift to the rich, writes Steven Methven.
  • Da Oeuf@slrpnk.net
    41·
    16 days ago

    Truss/Kwarteng was the moment I realised we are in a debt trap. Like many other people I danced on their graves afterwards but when I’d digested what it really meant I was pretty horrified.

    I hope someone in the treasury is working out what it would cost to default on the national debt because eventually there will be a Chancellor who cares about future generations more than themselves and has to seriously think about doing the deed.

    • HermitBee@feddit.uk
      3·
      15 days ago

      I hope someone in the treasury is working out what it would cost to default on the national debt

      It would most likely cost multiple pension funds, multiple banks, the pound, and hundreds of billions in increased interest rates. Then we have no money and borrowing is too expensive, so we don’t get to have a deficit. So that’s at least another £100b of cuts or extra funding we would need pretty much immediately.

      Probably not worth it, on balance.

      • Da Oeuf@slrpnk.net
        2·
        15 days ago

        When interest paid on public debt for the last two years has coincidentally also been £100b you can see why the idea came into my head. It’s consistently getting worse as well.

  • phutatorius@lemmy.zip
    3·
    15 days ago

    Well, time for Labour to clean house, before voters decide to punish them by inflicting Reform on us in the next GE.