The fall of the Tory party

Tubeless road

As in, spunking money up the wall, caused by a small prick?

And I also wonder if the public were given the choice between that and spending cuts which one they would go for

Similarly the choice between:

Bringing back EU freedom of movement

OR

Increasing retirement age and tax increases

Hunt seems to pissing off the right-wingers as much as fucking the whole country over with austerity 2.0. Can't see much of a poll bump from this.

I think this is more about not causing any waves in the markets + shoring up the pensioner vote for now. They won't call an election for years. So he gets to do his bribery act on the electorate later on.

Can I have a summary of how fucked I am please?

Very.

If you want/use any public services or aren't a Tory donor, then completely.

^ (edit) or this

As someone works in public service this is ace.

Sorry - I should think before typing. But their (Tories) utter disregard/contempt for anyone other than their own is front and centre in everything they do.

Can I have a summary of how fucked I am please?

we'll all be poorer for the next 2 years.
A lot poorer

10% for pensioners! Fuck

Re-election ploy. Need to keep the olds onboard.

People will suffer the largest fall in living standards since records began in 1956 this year, followed by the second largest fall in 2023-24

The 7.1% fall in living standards over next two years will take living standards to lower level since 2013.

Also forecasting 9% drop in house prices .
And a 5% increase in council tax.

All cool. Thanks tories.

Also forecasting 9% drop in house prices .

What I can't get a handle on is whether this was baked in if Truss hadn't happened. I.e. Without Truss / Kwarteng would we still today be facing these same stats or did the mini budget just make whatever would have happened (say a 5% reduction instead of 9%) worse because it cost government credability.

Fine, if all you get is the state pension it needs to keep up with inflation I guess, but bring in NI on wealthy pensioners or something at the same time - why shouldn't people with massive private pensions shoulder some of the burden?

IANAE but there would have been many of the same pressures on the housing market (and cost of living etc) but the mini budget made it much much worse because all the govt borrowing suddenly became much, much more expensive. So mortgage rates went up by a huge amount very quickly rather than more steadily as previously forecast.
So yes, you are probably right.

why shouldn't people with massive private pensions shoulder some of the burden?

Remind me who these people generally vote for?

A lot of kicking the can down the road so cuts come in for who ever wins the next election

Just let them have a similar tax allowance as workers and tax the rest as income

Tbf they are slashing the capital gains and dividends allowances, so that will relieve some wealthier savers of some of those income

forecasting 9% drop in house prices

House prices have risen about 14% in the last year, depending who you believe, so a 9% drop puts us back to where things were about April this year.

It’ll be loads more than 9% won’t it? The cost of borrowing has gone up 500%. I reckon 20%.

Even that only takes us back a couple more years (far less in some areas). It is ridiculous.

Not my forecast - the OBR. obviously, regional variations will be in there.

Who knows what's going to happen? Even with the 6% mortgages it still works out cheaper monthly to pay the mortgage than renting the equivalent in London so I wouldn't be surprised if things plateaued rather than go down, fuck knows for the rest of the country but yeah probably not great.

That's a good point actually. Our mortgage will be going up by £700pm in a few months but it's still going to be about £400pm less than my renting neighbours are paying at the moment...and that's before any mortgage rate rises are passed on to them.

I don't think you can use rent prices to argue for a better mortgage, with the new rates and the a similar monthly repayment people will be only able to borrow 30% less than before.