Three Cheers for Truss!

 

Wow. A politician doing what they promised.

In the UK, budgets are enacted overnight – no long parliamentary cycles, etc. So, for example, the tax on petrol (gas at the pump) is announced and enacted in a matter of hours.

This is slowed down by the added processes by the Deep State: reviews and recommendations by the permanent civil service.

Liz Truss and her Chancellor, Kwarteng, just did the biggest set of changes in UK governance that have happened since (at least) 1972! And they are all deeply good:

1: Removed the fracking ban — encouraging fracking, more drilling, etc.

2: Remove ALL legacy-Euro regulations. The UK civil service will replace many of them, but it is a huge step nevertheless.

3: Abolish top (45%) tax bracket. Drop income tax to 19%. Reduce National Insurance. Cut Stamp Duty (the tax on real estate transfers). Kept corporate top tax rate at 19%, the lowest in the G20, I understand (this reversed a planned big jump).

WOW!!!! I am delighted and thrilled. They have two years to prove it works before the next election…. go, Liz!!!

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  1. DonG (CAGW is a Scam) Coolidge
    DonG (CAGW is a Scam)
    @DonG

    Indeed, good moves.   Those things take years to have a positive effect.  I hope the UK find a way to make it through the winter with all the damage the eco-commies have done.

    • #1
  2. genferei Member
    genferei
    @genferei

    Here are the highlights.

    Price fixing. Government picking winners. Increased debt and deficit. An obsession with the housing market. An elastic definition of ‘infrastructure’.

    But. Tax cuts now (or nowabouts; or, at least, cancelling future rises). And lots of nice talk about cutting the public sector and reducing red tape and annoying the unions.

    So, on balance, as good a mini-budget as there has been for many a year.

    • #2
  3. Jerry Giordano (Arizona Patriot) Member
    Jerry Giordano (Arizona Patriot)
    @ArizonaPatriot

    Sometimes, a system lacking checks and balances can be an advantage.

    Not always, though.

    • #3
  4. Hang On Member
    Hang On
    @HangOn

    Reality check:

    https://www.zerohedge.com/markets/uk-entering-classic-emerging-markets-trap

     

     

    • #4
  5. iWe Coolidge
    iWe
    @iWe

    Hang On (View Comment):

    Reality check:

    https://www.zerohedge.com/markets/uk-entering-classic-emerging-markets-trap

     

     

    I disagree with the article cited. In the short term, markets react badly to change of any kind. 

    In the long term, almost every move made by the new government will encourage investment, spending, and growth. 

    • #5
  6. Hang On Member
    Hang On
    @HangOn

    iWe (View Comment):

    Hang On (View Comment):

    Reality check:

    https://www.zerohedge.com/markets/uk-entering-classic-emerging-markets-trap

     

     

    I disagree with the article cited. In the short term, markets react badly to change of any kind.

    In the long term, almost every move made by the new government will encourage investment, spending, and growth.

    Perhaps. Considering how Britain (the US, and the EU) have shot themselves in the foot with sanctions, I wouldn’t count on it. Considering how Truss is subsidizing energy bills, I wouldn’t count on it. Who knows what will come rolling along next? 

    • #6
  7. Mark Camp Member
    Mark Camp
    @MarkCamp

    iWe (View Comment):

    Hang On (View Comment):

    Reality check:

    https://www.zerohedge.com/markets/uk-entering-classic-emerging-markets-trap

    I disagree with the article cited. In the short term, markets react badly to change of any kind.

    In the long term, almost every move made by the new government will encourage investment, spending, and growth.

    I am not understanding your position.  Could you be more specific about your disagreement with the article?

    The ZeroHedge article says

    A combination of huge government-spending pledges and tax cuts will require a significant increase in UK borrowing.

    First, is a combination of huge government-spending pledges and tax cuts one of the changes of any kind (i.e., the move[s] made by the new government) that you refer to?

    If so, then you and ZeroHedge agree on one thing: markets react[ed] badly.

    [All above emphasis is mine.]

    Second, could you clarify why you think ZeroHedge is wrong (if you do think it) about the proposition that a combination of huge government-spending pledges and tax cuts will require a significant increase in UK borrowing?

    This seems to be an accounting identity to me.

    Third, do you disagree with that one or more of these facts is true?:

    Unrelenting inflation pressures will keep the BoE hawkish,…

    …but rate rises will continue to imperil growth,…

    …further deterring the vast flow of foreign capital…

    …the UK needs to fund its current-account deficit.

    This leaves UK assets – bonds, domestic equities, the pound – more exposed from a macro-economic shock than they have been for decades.

    • #7
  8. ToryWarWriter Reagan
    ToryWarWriter
    @ToryWarWriter

    Yeah she reminds me a lot of Maxime Bernier.

    Lets see if she pulls it off. 

    • #8
  9. Steven Seward Member
    Steven Seward
    @StevenSeward

    Hang On (View Comment):

    iWe (View Comment):

    Hang On (View Comment):

    Reality check:

    https://www.zerohedge.com/markets/uk-entering-classic-emerging-markets-trap

     

     

    I disagree with the article cited. In the short term, markets react badly to change of any kind.

    In the long term, almost every move made by the new government will encourage investment, spending, and growth.

    Perhaps. Considering how Britain (the US, and the EU) have shot themselves in the foot with sanctions, I wouldn’t count on it. Considering how Truss is subsidizing energy bills, I wouldn’t count on it. Who knows what will come rolling along next?

    I suspect that you are having sour grapes because the West enacted sanctions and Russia’s war is not going as planned.

    • #9
  10. HeavyWater Reagan
    HeavyWater
    @HeavyWater

    Steven Seward (View Comment):

    Hang On (View Comment):

    iWe (View Comment):

    Hang On (View Comment):

    Reality check:

    https://www.zerohedge.com/markets/uk-entering-classic-emerging-markets-trap

     

     

    I disagree with the article cited. In the short term, markets react badly to change of any kind.

    In the long term, almost every move made by the new government will encourage investment, spending, and growth.

    Perhaps. Considering how Britain (the US, and the EU) have shot themselves in the foot with sanctions, I wouldn’t count on it. Considering how Truss is subsidizing energy bills, I wouldn’t count on it. Who knows what will come rolling along next?

    I suspect that you are having sour grapes because the West enacted sanctions and Russia’s war is not going as planned.

    It seems that it was Putin (not Britain, the US and the EU) that shot himself in the foot.  

    It does seem that at some point the Prime Minister might have to reduce government spending.  But that’s a very difficult task.  

    • #10
  11. iWe Coolidge
    iWe
    @iWe

    HeavyWater (View Comment):
    It does seem that at some point the Prime Minister might have to reduce government spending.  But that’s a very difficult task.  

    We have the very same problem here in the US.

    Yes, the government spends too much.

    But we would all applaud a government that seeks to GROW out of the debt by cutting regulations and taxes, instead of one that maintains/raises taxes and regulations, and then tries to cut spending and falls.

    • #11
  12. Metalheaddoc Member
    Metalheaddoc
    @Metalheaddoc

    I hope she continues to govern conservatively and doesn’t drift left like so many. 

    • #12
  13. LibertyDefender Member
    LibertyDefender
    @LibertyDefender

    iWe: Wow. A politician doing what they promised.

    She.

    A politician doing what she promised.

    Give her credit. Do not give it to them.

    iWe: go, Liz!!!

    Rah!

    • #13
  14. The Reticulator Member
    The Reticulator
    @TheReticulator

    Metalheaddoc (View Comment):

    I hope she continues to govern conservatively and doesn’t drift left like so many.

    It requires a hot fire to which her feet can be held.   Otherwise there will be drift to the left.  

    • #14
  15. iWe Coolidge
    iWe
    @iWe

    LibertyDefender (View Comment):

    iWe: Wow. A politician doing what they promised.

    She.

    A politician doing what she promised.

    Give her credit. Do not give it to them.

    Kwarteng is with her. Her cabinet are a group (including Rees-Mogg). It is THEY. And that is OK!

     

     

    • #15
  16. LibertyDefender Member
    LibertyDefender
    @LibertyDefender

    iWe (View Comment):

    LibertyDefender (View Comment):

    iWe: Wow. A politician doing what they promised.

    She.

    A politician doing what she promised.

    Give her credit. Do not give it to them.

    Kwarteng is with her. Her cabinet are a group (including Rees-Mogg). It is THEY. And that is OK!

    Why didn’t you write

    “Wow. Politicians doing what they promised.” ?

    You could have headlined your post

    Three Cheers for THEM!

    Rah rah!

    • #16
  17. ToryWarWriter Reagan
    ToryWarWriter
    @ToryWarWriter

    Steven Seward (View Comment):

    Hang On (View Comment):

    iWe (View Comment):

    Hang On (View Comment):

    Reality check:

    https://www.zerohedge.com/markets/uk-entering-classic-emerging-markets-trap

     

     

    I disagree with the article cited. In the short term, markets react badly to change of any kind.

    In the long term, almost every move made by the new government will encourage investment, spending, and growth.

    Perhaps. Considering how Britain (the US, and the EU) have shot themselves in the foot with sanctions, I wouldn’t count on it. Considering how Truss is subsidizing energy bills, I wouldn’t count on it. Who knows what will come rolling along next?

    I suspect that you are having sour grapes because the West enacted sanctions and Russia’s war is not going as planned.

    Um.  From where I am sitting Russias war is going pretty well for them.  They arent expecting to de-industrialize their economy unlike most of Europe for example.

    • #17
  18. ToryWarWriter Reagan
    ToryWarWriter
    @ToryWarWriter

    HeavyWater (View Comment):

    Steven Seward (View Comment):

    Hang On (View Comment):

    iWe (View Comment):

    Hang On (View Comment):

    Reality check:

    https://www.zerohedge.com/markets/uk-entering-classic-emerging-markets-trap

     

     

    I disagree with the article cited. In the short term, markets react badly to change of any kind.

    In the long term, almost every move made by the new government will encourage investment, spending, and growth.

    Perhaps. Considering how Britain (the US, and the EU) have shot themselves in the foot with sanctions, I wouldn’t count on it. Considering how Truss is subsidizing energy bills, I wouldn’t count on it. Who knows what will come rolling along next?

    I suspect that you are having sour grapes because the West enacted sanctions and Russia’s war is not going as planned.

    It seems that it was Putin (not Britain, the US and the EU) that shot himself in the foot.

    It does seem that at some point the Prime Minister might have to reduce government spending. But that’s a very difficult task.

    Putin and Russia are doing pretty well.  Though the war has not gone as well as I am sure they planned, the fact their adversaries are committing collective suicide is a pretty good make up.

    • #18
  19. ToryWarWriter Reagan
    ToryWarWriter
    @ToryWarWriter

    iWe (View Comment):

    HeavyWater (View Comment):
    It does seem that at some point the Prime Minister might have to reduce government spending. But that’s a very difficult task.

    We have the very same problem here in the US.

    Yes, the government spends too much.

    But we would all applaud a government that seeks to GROW out of the debt by cutting regulations and taxes, instead of one that maintains/raises taxes and regulations, and then tries to cut spending and falls.

    Stuff like this makes me more hopeful

    • #19
  20. Flicker Coolidge
    Flicker
    @Flicker

    If the UK had remained in the EU, it would probably have threatened the UK if a conservative were close to being PM.  That’s what it’s doing in Italy right now.

    https://www.thegatewaypundit.com/2022/09/things-go-difficult-direction-tools-eu-chief-ursula-von-der-leyen-threatens-italians-repercussions-vote-populist-candidate-giorgia-meloni/

     

    • #20
  21. Steven Seward Member
    Steven Seward
    @StevenSeward

    ToryWarWriter (View Comment):

    Steven Seward (View Comment):

    Hang On (View Comment):

    iWe (View Comment):

    Hang On (View Comment):

    Reality check:

    https://www.zerohedge.com/markets/uk-entering-classic-emerging-markets-trap

     

     

    I disagree with the article cited. In the short term, markets react badly to change of any kind.

    In the long term, almost every move made by the new government will encourage investment, spending, and growth.

    Perhaps. Considering how Britain (the US, and the EU) have shot themselves in the foot with sanctions, I wouldn’t count on it. Considering how Truss is subsidizing energy bills, I wouldn’t count on it. Who knows what will come rolling along next?

    I suspect that you are having sour grapes because the West enacted sanctions and Russia’s war is not going as planned.

    Um. From where I am sitting Russias war is going pretty well for them.

    How is it that the war is going pretty well for Russia if they have been unable to penetrate more than 100 miles into Ukraine for seven months and have recently been pushed out of 3,000 square miles of territory, are calling up emergency troops, and are arresting thousands of their own people across the country for protests against this war?  Putin’s recent resorting to nuclear threats sure demonstrates that he doesn’t believe he is winning.  Also, why are so many Russian officials being assassinated by Putin if things are going so well?  It reminds me of the final days of World War II when Hitler started assassinating his Generals for incompetence.

    • #21
  22. HeavyWater Reagan
    HeavyWater
    @HeavyWater

    Steven Seward (View Comment):

    ToryWarWriter (View Comment):

    Steven Seward (View Comment):

    Hang On (View Comment):

    iWe (View Comment):

    Hang On (View Comment):

    Reality check:

    https://www.zerohedge.com/markets/uk-entering-classic-emerging-markets-trap

     

     

    I disagree with the article cited. In the short term, markets react badly to change of any kind.

    In the long term, almost every move made by the new government will encourage investment, spending, and growth.

    Perhaps. Considering how Britain (the US, and the EU) have shot themselves in the foot with sanctions, I wouldn’t count on it. Considering how Truss is subsidizing energy bills, I wouldn’t count on it. Who knows what will come rolling along next?

    I suspect that you are having sour grapes because the West enacted sanctions and Russia’s war is not going as planned.

    Um. From where I am sitting Russias war is going pretty well for them.

    How is it that the war is going pretty well for Russia if they have been unable to penetrate more than 100 miles into Ukraine for seven months and have recently been pushed out of 3,000 square miles of territory, are calling up emergency troops, and are arresting thousands of their own people across the country for protests against this war? Putin’s recent resorting to nuclear threats sure demonstrates that he doesn’t believe he is winning. Also, why are so many Russian officials being assassinated by Putin if things are going so well? It reminds me of the final days of World War II when Hitler started assassinating his Generals for incompetence.

    Maybe Colonel Douglas MacGregor and Tucker Carlson told him that Putin is winning this war and that’s good enough for ToryWarWriter?

    • #22
  23. Steven Seward Member
    Steven Seward
    @StevenSeward

    HeavyWater (View Comment):

    Steven Seward (View Comment):

    ToryWarWriter (View Comment):

    Steven Seward (View Comment):

    Hang On (View Comment):

    iWe (View Comment):

    Hang On (View Comment):

    Reality check:

    https://www.zerohedge.com/markets/uk-entering-classic-emerging-markets-trap

    I disagree with the article cited. In the short term, markets react badly to change of any kind.

    In the long term, almost every move made by the new government will encourage investment, spending, and growth.

    Perhaps. Considering how Britain (the US, and the EU) have shot themselves in the foot with sanctions, I wouldn’t count on it. Considering how Truss is subsidizing energy bills, I wouldn’t count on it. Who knows what will come rolling along next?

    I suspect that you are having sour grapes because the West enacted sanctions and Russia’s war is not going as planned.

    Um. From where I am sitting Russias war is going pretty well for them.

    How is it that the war is going pretty well for Russia if they have been unable to penetrate more than 100 miles into Ukraine for seven months and have recently been pushed out of 3,000 square miles of territory, are calling up emergency troops, and are arresting thousands of their own people across the country for protests against this war? Putin’s recent resorting to nuclear threats sure demonstrates that he doesn’t believe he is winning. Also, why are so many Russian officials being assassinated by Putin if things are going so well? It reminds me of the final days of World War II when Hitler started assassinating his Generals for incompetence.

    Maybe Colonel Douglas MacGregor and Tucker Carlson told him that Putin is winning this war and that’s good enough for ToryWarWriter?

    Who  knows?  Unless there is some sort of severe news blackout across the world that I don’t know about, one should conclude that this war has been almost a total reversal of what was expected.

    Here’s another fail.  Young men are suddenly leaving Russia in droves to avoid military service.  This is on top of the already huge exodus of other citizens who have fled Russia after the invasion.

    • #23
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