In the news

I think it's saying we borrowed a shit load of money to bail out the banks in 2008 / 9 and (not surprisingly) we can only pay that money off slowly over time

It's not. It's showing flow rather than stock excluding interest payments, so the bank bailouts only impact the 08/09 years.

I'd be surprised if Cameron and co. spent more money than Blair did

It's the phenomenon of Keynesian "automatic stabilisers". When your economy crashes the fiscal position naturally becomes more expansive as income-related tax receipts fall and welfare spending such as JSA rises.

Yeah you are right, bollocks.

Whatever you think about the Daily Star, the person in charge of their front page has been doing a sterling job the past couple of months

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Jacob Rees-Mogg has quit.

Well at least that's something? :)

Now fingers crossed for a non horrible home office secretary...

Keynesian

And I don't mind a bit of Keynsian economics. It's just that the Tory mantra 'you'll eventually run out of other people's money' only seem to be an issue if someone other than them is in charge.

It's just that the Tory mantra 'you'll eventually run out of other people's money' only seem to be an issue if someone other than them is in charge.

Apart from what just happened, of course?

Rumours Braverman will be back, so don't get your hopes up.

As Sunak has no problems with deporting people to Rwanda, I guess no big surprise if she gets the job...

All the more amazing considering it's from the same stable as the Expr*ss...

And she's back like an unflusheable turd.

Fucking unbelievable

Aww come on, really? Really?

Edit. Just checked the news. Fucking. Hell.

Nothing to see here. There's definitely no cost of living crisis.

Shell profits -bbc

Bizarrely the Shell CEO (the outgoing one) mention in his last speech there SHOULD be windfall taxes.

He was against setting prices for fossil fuels/gas, but heck I don't know enough about all that, but just gets to show it is not a hard sell to slap some tax on there.

The Tories zero rated Petroleum Revenue Tax in 2016.

Not sure the details but apparently very little PRT was paid at the time but seems a bit weird that they are so opposed to bringing it back, or a variation of it.

https://www.gov.uk/guidance/oil-gas-and-mining-petroleum-revenue-tax

seems a bit weird that they are so opposed to bringing it back

It is weird (like a lot of things these guys do). I can only think that they genuinely believe the oil majors' guff about needing the profits to invest in energy transition.

The "oh they like to give money to their mates" explanation is a bit too easy.

1. Businesses like certainty, and
   
2. Businesses will either; a. invest profits back into the business - creating economic/employment/tax/etc. growth, or b. pay dividends to investors who will invest their money in other businesses and then return to 2.
   
   

If that's what you believe, that's what you believe. There is a principle at stake.

I can only think that they genuinely believe the oil majors' guff about needing the profits to invest in energy transition

Is this a thing? I thought both BP and Shell said that windfall tax probably wouldn't affect their investment plans....or did I imagine that?

Actually now you say that that does ring a bell.

There is a principle at stake

Maybe this is why I couldn't be a [Tory] politician. If my principle led to record-setting profits accompanied by record-setting borrowing to stop people freezing I might reconsider it.

TBH the more I hear and see these people talk I feel like their opinions are based in a perception that we're living in a time somewhere before the 1980s.

See concepts like a huge state, over regulation, binary public/private ownership. See also a view of investors as pension funds and average private investors.

It's like they just can't get their heads around how complicated the world now is.

Its possible their (shitty) argument is this would raise petrol prices and "I ♥️ cars" ?

TBF raising fuel costs does have much wider implications given its centrality to our economy.

Actually now you say that that does ring a bell.

Although saying/believing/doing are not necessarily the same thing of course.