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Liz Truss - Are her tax cuts electoral suicide?

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By (user no longer on site) OP   
over a year ago

It’s been reported that the tax cut measures she will enact will not make a difference to those in need. Rather so it may cost the treasury 50 billion a year, adding an additional debt burden to an already massive debt outstanding.

If she is in power, would it spell disaster for the tories at the next General Election?

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By *oo hotCouple
over a year ago

North West

Tax cuts are somewhat pointless in the current economic climate. No tax cut is going to mitigate 13%-15% inflation and colossal energy price hikes that are imminent.

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By *amantMan
over a year ago

Alnmouth

I'm afraid our elected politicians are knowingly running this country into the absolute ground. Public services are absolutely broken. If (God forbid) you call for an ambulance, 90% of the time one is there within 2 hours. Where are they? Parked at hospital, with a patient inside with nowhere for them to go because corridors are rammed. We've a social care service that is running on empty. Because hospitals are so full, people are being discharged far too early and little is being done when they're out, so they end up back in hospital again. Our judicial system runs in name only too, 80% of thefts go unsolved, prosecutions of r*** has fallen and 6 police forces are now failing so badly, they've been put into 'special measures', including the Met. Everywhere you look there is failure. And those who govern us choose to talk about tax cuts. If we want a functioning state, talk of reducing taxation should be rubbished without a moment of hesitation. Taxation will have to increase and the sooner we all accept it, the sooner we can all agree whose shoulders they should fall on.

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By *abioMan
over a year ago

Newcastle and Gateshead


"It’s been reported that the tax cut measures she will enact will not make a difference to those in need. Rather so it may cost the treasury 50 billion a year, adding an additional debt burden to an already massive debt outstanding.

If she is in power, would it spell disaster for the tories at the next General Election?"

This is what I have been saying to people… the increased interest payments on new debt is going to be much much higher than the current debt… or you have to pay a higher rate of return for them to take your debt via bonds!

Tax cut don’t help the poorest who as a greater part of their earnings would be much worse off….

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By (user no longer on site)
over a year ago

I haven't quite got how a tax cut, especially corporation tax, has immediate benefits. At best it may incentivse companies to come here, or invest. But that takes time to help supply.

My gut instinct is we need to reduce demand. And that means squeezing most of us, while protecting the poorest who have no fat in their spending as it is.

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By *irldnCouple
over a year ago

Brighton


"I haven't quite got how a tax cut, especially corporation tax, has immediate benefits. At best it may incentivse companies to come here, or invest. But that takes time to help supply.

My gut instinct is we need to reduce demand. And that means squeezing most of us, while protecting the poorest who have no fat in their spending as it is.

"

Squeezing demand assumes the inflation we are experiencing is being driven by consumer demand overheating. It isn’t!

This inflation is being driven by supply chain issues and profiteering by oil/gas traders and suppliers using war in Ukraine as an excuse.

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By *hetalkingstoveMan
over a year ago

London

Truss hasn't actually thought about it, or gotten any advice - she just knows that tax cuts are what Tories do, and what their voters like.

It's purely ideological. Just like the last decade of austerity.

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By *otMe66Man
over a year ago

Terra Firma


"I haven't quite got how a tax cut, especially corporation tax, has immediate benefits. At best it may incentivse companies to come here, or invest. But that takes time to help supply.

My gut instinct is we need to reduce demand. And that means squeezing most of us, while protecting the poorest who have no fat in their spending as it is.

Squeezing demand assumes the inflation we are experiencing is being driven by consumer demand overheating. It isn’t!

This inflation is being driven by supply chain issues and profiteering by oil/gas traders and suppliers using war in Ukraine as an excuse."

Inflation is being felt globally, driven partly by the war in Ukraine, but also the slow recovery from Covid. I don't think we (the world, we) really understood the time and impacts of restarting after global lockdowns.

Salary increases for restaurant staff and drivers spring to mind. Airlines and other businesses using the furlough to issue new contracts on less pay or lose your jobs, great moves by BA and P&O.

The above and more is not UK centric, it is has been replicated all over the world. I feel there are a lot of expectations that a PM should be able to get us out of this mess. My expectation, none of the measures suggested will resolve the high prices and discomfort many are going to face over the next 12 months. We will bounce back we have done from the recessions I can remember, and having a look at past recessions they occur frequently, should we personally always be planning for the next one?

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By (user no longer on site)
over a year ago

Her tax cuts are an appeal to the small number of people who will get to vote for her as the next PM. I think that's all this is.

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By (user no longer on site)
over a year ago


"I haven't quite got how a tax cut, especially corporation tax, has immediate benefits. At best it may incentivse companies to come here, or invest. But that takes time to help supply.

My gut instinct is we need to reduce demand. And that means squeezing most of us, while protecting the poorest who have no fat in their spending as it is.

Squeezing demand assumes the inflation we are experiencing is being driven by consumer demand overheating. It isn’t!

This inflation is being driven by supply chain issues and profiteering by oil/gas traders and suppliers using war in Ukraine as an excuse."
I agree it's not over heating. But if the supply chain will take time to resolve, do we need to cool our demand (even if it's not super hot ATM). What other levers are there ?

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By *irldnCouple
over a year ago

Brighton


"I haven't quite got how a tax cut, especially corporation tax, has immediate benefits. At best it may incentivse companies to come here, or invest. But that takes time to help supply.

My gut instinct is we need to reduce demand. And that means squeezing most of us, while protecting the poorest who have no fat in their spending as it is.

Squeezing demand assumes the inflation we are experiencing is being driven by consumer demand overheating. It isn’t!

This inflation is being driven by supply chain issues and profiteering by oil/gas traders and suppliers using war in Ukraine as an excuse.

Inflation is being felt globally, driven partly by the war in Ukraine, but also the slow recovery from Covid. I don't think we (the world, we) really understood the time and impacts of restarting after global lockdowns.

Salary increases for restaurant staff and drivers spring to mind. Airlines and other businesses using the furlough to issue new contracts on less pay or lose your jobs, great moves by BA and P&O.

The above and more is not UK centric, it is has been replicated all over the world. I feel there are a lot of expectations that a PM should be able to get us out of this mess. My expectation, none of the measures suggested will resolve the high prices and discomfort many are going to face over the next 12 months. We will bounce back we have done from the recessions I can remember, and having a look at past recessions they occur frequently, should we personally always be planning for the next one? "

Yep but for the UK the baseline is also lower due to Brexit (the true impacts of which were masked by Covid).

Countries are taking different approaches to this. Raising the UK base rate right now seems like the wrong approach.

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By (user no longer on site)
over a year ago

Has anybody mentioned the fact she's a liar? It really doesn't matter what she says. She'll go back on anything then lie about it if it suits her. She's already done that with a major uturn. Following in Johnson's crooked footsteps already...

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By *eroy1000Man
over a year ago

milton keynes


"It’s been reported that the tax cut measures she will enact will not make a difference to those in need. Rather so it may cost the treasury 50 billion a year, adding an additional debt burden to an already massive debt outstanding.

If she is in power, would it spell disaster for the tories at the next General Election?"

The pair of them seem obsessed with out doing each other with tax cuts. If it is actually the correct way forward then great. If not then it's just saying what they think people want to hear. I suspect its the later

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By *ary_ArgyllMan
over a year ago

Argyll

The whole agenda is aimed at the tiny proportion of the population who are in the Tory party and eligible to vote. Fiddling around with the taxes is not going to solve our present problems but likely just to create even more longer term damage by undermining public services. Liz Truss is relying on tax cuts leading to economic growth but if industry is constrained by staff and supply problems this just won't work, it's likely to trigger a cycle of higher inflation, then higher interest rates, rapidly rising mortgage rates and an even worse economic mess for many people already struggling with fuel and food price increases. I don't particularly like Rishi Sunak but I do think he is being a bit more credible with his economic analysis.

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By *heBirminghamWeekendMan
over a year ago

here


"The whole agenda is aimed at the tiny proportion of the population who are in the Tory party and eligible to vote. Fiddling around with the taxes is not going to solve our present problems but likely just to create even more longer term damage by undermining public services. Liz Truss is relying on tax cuts leading to economic growth but if industry is constrained by staff and supply problems this just won't work, it's likely to trigger a cycle of higher inflation, then higher interest rates, rapidly rising mortgage rates and an even worse economic mess for many people already struggling with fuel and food price increases. I don't particularly like Rishi Sunak but I do think he is being a bit more credible with his economic analysis."

Exactly this

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By *ophieslutTV/TS
over a year ago

Central

She seems rather clueless, apart from being desperate to appeal to 0.01% of the population who she wants to vote for her.

None of them are like the typical person in the street. Her plans are not designed to help the over 99% of the population in the slightest, who won't hand her the job she's desperate for. B Johnson v. 2. It's only about her.

Whilst we are within a world subject to much of the same pressures, minus Brexit, there's of course management of its impacts that we can fully grab hold of. Especially to mitigate the harm on the less privileged.

The less privileged don't have the fortune to get her the job, so aren't of relevance to her now - and perhaps will never be. If tax cuts don't sweeten it for the 0.01%,, she'll jump onto something else that's equally damning to the wellbeing of millions, as the country goes further down the pan. She's part of the zombie government, doing nothing to help. And much to harm, by omission.

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By *ayturners turn hayMan
over a year ago

Wellingborugh


"It’s been reported that the tax cut measures she will enact will not make a difference to those in need. Rather so it may cost the treasury 50 billion a year, adding an additional debt burden to an already massive debt outstanding.

If she is in power, would it spell disaster for the tories at the next General Election?"
. Her party are already offering extensive support on energy bills to the poor . The package is worth at least £650. With tax cuts everyone is a winner. In addition with the boost that it gives the economy we eventually collect more taxes due to increased economic activity. This is probably why the Conservatives are consistently more popular than any other party. On a simplistic basis their policies are designed to help the less well off in society and we have proved it time an time again.

If you want proof of the government help towards the less well off , there are currently in excess of half a million vehicles on the mobility scheme.

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By (user no longer on site)
over a year ago

Even if there was an argument that tax cuts encourage investment, and even if that meant immediate investment with immediate benefits ...

Which company in their right mind is going to bank on that cut tax being there longer than two years?

Companies will be working thru 5 years of labour government in their strat plans. Or at least playing wait and see.

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By (user no longer on site)
over a year ago


"It’s been reported that the tax cut measures she will enact will not make a difference to those in need. Rather so it may cost the treasury 50 billion a year, adding an additional debt burden to an already massive debt outstanding.

If she is in power, would it spell disaster for the tories at the next General Election?. Her party are already offering extensive support on energy bills to the poor . The package is worth at least £650. With tax cuts everyone is a winner. In addition with the boost that it gives the economy we eventually collect more taxes due to increased economic activity. This is probably why the Conservatives are consistently more popular than any other party. On a simplistic basis their policies are designed to help the less well off in society and we have proved it time an time again.

If you want proof of the government help towards the less well off , there are currently in excess of half a million vehicles on the mobility scheme. "

We’ve had tweleve years of conservative government I’ve not seen an explosion in economic growth that makes up for tax losses.How much longer should one wait?

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