[bitontheslide]

it's certainly a bold move, it will be interesting if it pays off

[arista]

The Gamble could pay off
most say it will not.

[Cherie]

Kwasi Kwarteng will tighten benefit rules for part-time workers, requiring them to work longer hours or take steps to increase their earnings.

The new rule will require benefit claimants working up to 15 hours a week to take new steps to increase their earnings or face having their benefits reduced. The current threshold is nine hours, though it was increased this summer to 12 hours, which will come into force next week.

The further increase, expected to be implemented from January 2023, will affect only a small additional number of those on universal credit, about 120,000 people out of about 5.5 million claiming the benefit.

But the move is intended to signal a new offensive by the Treasury to fill job vacancies, with many industries facing chronic shortages.

Kwarteng will also announce new support to get over-50s into work, after a sharp increase in economic inactivity in that age group since the Covid-19 pandemic, with a significant number citing stress or mental health reasons.

The Treasury has found that economic inactivity in the over-50s is contributing significantly to shortages in the jobs market, one of the key issues driving up inflation.

“Our jobs market is remarkably resilient, but it is not perfect,” Kwarteng said in advance of the announcement. “While unemployment is at is at its lowest rate for nearly 50 years, the high number of vacancies that still exist and inactivity in the labour market is limiting economic growth.

“These gradual changes focus on getting people back into work and maximising the hours people take on to help grow the economy and raise living standards for all. It boosts incomes for families and helps businesses get the domestic workers they need, all while supporting economic growth.”

The changes will be announced at Kwarteng’s mini-budget on Friday, along with a slew of other measures including significant tax cuts and further details of the energy package to support households and businesses with bills.

Benefit claimants working up to 15 hours a week on the national living wage must now meet regularly with their work coach and take active steps to increase their earnings or face having their benefits reduced.

[arista]

[Cherie]

Originally Posted by arista

Indeed until they use it to pay for care costs in later life

[arista]

SkyNews :What has been announced?

Chancellor Kwasi Kwarteng is delivering his
mini-budget. This is what he has announced:

[Basic rate of income tax cut to 19p a year earlier from
April 2023, with the 45% top rate "abolished"
and replaced with a single top rate of 40%

The government will cut stamp duty land tax,
with the limit raised to Ł250,000 or Ł425,000
for first-time buyers
The planned increase in corporation tax
has been cancelled, so it will remain at 19%

He will scrap the cap on bankers' bonuses
and replace it with regulatory reforms

Legislation to require unions to put pay
offers to a member vote to ensure strikes
can only be called once negotiations
have broken down

Reduced benefits if people do
not fulfil their job searching commitments

The planned duty rates increase on beer,
wine and spirits is cancelled

Reform the pension charge cap, so pension
funds can invest more easily in UK assets

A new bill to unpick the complex patchwork
of planning restrictions and EU-derived laws
that he says "constrain our growth"

Cut taxes for businesses in designated
tax sites for 10 years
VAT-free shopping for overseas visitors]


https://news.sky.com/story/mini-budg...n-tax-12593360

[arista]

[arista]

Yes no VAT cut
other than Foreign Tourists

[Cherie]

Originally Posted by arista

Yes no VAT cut
other than Foreign Tourists

where will the tourists go when hospitality has collapsed ...

[arista]

Originally Posted by Cherie

where will the tourists go when hospitality has collapsed ...

Yes, that is a mess

[arista]

The Budget (Growth Plan) Speech
in Text

https://www.gov.uk/government/speech...an-2022-speech

[arista]

Conservative MP Chris Philp Chief Secretary to the Treasury
of the United Kingdom

Live on the BBC.


Uses the Covid-19
and Ukraine
holding back the UK.



Further Growth Plan Statements
on More Data
are coming in October
he confirmed.


He also said before the End of this Year
There could be a Full Budget?

December?

[Cherie]

At this stage I think the Cons want a Gen Election so Labour can take over a failing economy

[arista]

No General Election.

We are stuck with this

[joeysteele]

Originally Posted by arista

No General Election.

We are stuck with this

STUCK with it is the appropriate statement.
Just more incompetence wrapped up another way.

[bitontheslide]

being brutally honest, we are in so much poo that any measures taken are just a drop in the ocean. Business will probably be ok up to christmas, but after that, all bets are off

[Gusto Brunt]

Everything for people who have money. Nothing for people who have nothing.

[arista]

The Parliament Debates
on this Growth Plan
concluded at 12:15PM

[arista]

Originally Posted by bitontheslide

being brutally honest, we are in so much poo that any measures taken are just a drop in the ocean. Business will probably be ok up to christmas, but after that, all bets are off

In time for the Full
Possible Budget
in December

[arista]

Way back in 1995
Before in Politics
Kwarteng on University Challenge


https://www.ft.com/content/3054c38a-...4-93faa55e6d10

[arista]

[At a glance: What did the Chancellor announce?

Abolished the 45p tax rate, paid by those earning
more than Ł150,000, from April next year

Cost per year: Ł2billion

1p cut to basic rate of income tax brought forward
by a year to April 2023

Cost per year: Ł5billion

No stamp duty to be paid on property purchases
up to Ł250,000 and up to Ł425,000 for first-time buyers

Cost per year: Ł1.5billion

Reintroduction of VAT-free shopping for overseas tourists

Cost per year: Ł2billion

Alcohol duty frozen from next year,
estimated to be worth 7p on a pint of beer
and 38p on a bottle of wine

Hike in National Insurance contributions
to be cancelled from 6th November

Cost per year: Ł15billion

Cancellation of next year's planned
rise in Corporation Tax so the levy
will remain at 19 per cent

Cost per year: Ł18billion

Businesses based in 38 new 'investment zones'
will have taxes slashed and will benefit
from scrapping of planning rules

Cost per year: Not specified

Scrapping of the bankers' bonus cap in a bid to boost the City

Cost per year: Nil

Total cost per year with
other measures: Ł45billion]



https://www.dailymail.co.uk/news/art...ing-fears.html

[Gusto Brunt]

The Pound drops to a 37 year low.

[arista]

[arista]

Originally Posted by Gusto Brunt

The Pound drops to a 37 year low.

Of Course

[parmnion]

All shares are tumbling because the rich have cashed in their shares to buy gold and silver.


World war 3 imminent.