Kwasi Kwarteng delivers sweeping cuts in latest mini-budget
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- Опубліковано 22 вер 2022
- Kwasi Kwarteng has delivered his first budget since being appointed to Liz Truss' cabinet.
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On Friday the chancellor laid out plans to cut stamp duty, scrap bankers' bonuses and get rid of the highest band of income tax in a statement made in parliament. The Treasury has released a document showing the newly introduced tax cuts will cost about £37bn in 2023-24.
Kwasi Kwarteng’s mini-budget: key points at a glance ► www.theguardian.com/uk-news/2...
Mini-budget 2022: chancellor Kwasi Kwarteng cuts stamp duty and top and basic rates of income tax - live ► www.theguardian.com/politics/...
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#KwasiKwarteng #Budget #Economy #TaxCuts #LizTruss #TrussCabinet #UK
Did he really just say that the solution to high-earners avoiding their tax obligations is the cut the tax they pay so they're less inclined to find loopholes to avoid paying? How about we close the loopholes???
are you referring to the 40% income tax band?
Because they want the loopholes there for themselves ofc
yes, but that doesn't fulfil the Thatcherism ideal of no income tax, or one level, very low income tax, but tax on goods and services. That's what this lot want ultimately, that was Thatchers 'return to Victorian values' she harped on about. What they forget is that in Victorian times there were no pensions, no sick pay, no benefits, you worked, or lived on the street. But there also was a booming economy in the Industrial Revolution, we've lost that cutting edge economy, that's now China and Indias.
You couldn’t make it up
why do you want to steal peoples money in the first place Joseph
It's cute thinking that the corporations are going to reinvest that money back into the economy, instead of just awarding their CEO's bigger bonuses.
if government was to pass a law capping big bonuses making most big bonuses at present well over that cap, then maybe they could salvage there tattered and torn reputation
I mean the population agrees with it and consents to it, because they voted FOR IT.
@@benkoskinen3871 we didn’t vote these people in, they got voted in by their own party
You could make exactly the same argument for increasing funding for public services. It will only get eaten up in wages, it’s cute to think they’ll put it to work for the public.
What do you think those CEO's are going to do with their bonus? Spend or invest it. Rich people don't save money they invest it. Better to have billions in the hands of people rather than the government
Love how he says he's helping cut ours energy bill's when mine has gone from £80 to £250 a month and will go up to around £300, but with their help bring it down to £290 maybe. So from £80 to £290 in under a year isn't really cutting my bill's. This is like going into a shop a buying something with 20% off after they have already increased the price by 50% so they can pretend your getting a deal!
Exactly
3500-2500 is a about a 29% decrease so not sure where your getting your measley 3% decrease from
@@shakelake1548 are you talking to me?
blame net zero
@@neilrichardson5487 yep
Nothing like an inflationary budget when your current inflation is at 10%.
In short: If your poor, "your stuffed". If your rich, "We are on your side"
Back in April Labour were saying there was too much tax...
180 billion pounds in extra profits for the energy companies and they want to lift the bankers bonus from 3 years there anual wage......... Stop selling the state for your gains
Tax for avg person not for the rich
But it is Conservative what else should we expect.
@@alanarmstrong6460 I think everyone should just be paying 25%. Rich people shouldn't pay more just because. Everyone just pay the same percentage. 25% of 100k is more then 25% of 25k. So they are still paying more anyway.
Liz trustless will be our downfall.
We've already fallen, years ago. Liz Truss is dancing on our grave
The only way some people are going to keep warm this winter is with violent rioting.
well... peaceful demonstrations are ignored.
This is probably all we have left... though far too many English people are simpering serfs who doff their cap at the wealthy and privileged, judging by the past few weeks.
And people said Jeremy Corbyn was bad.
He is a white hating thief and a liar yes he is very bad . And he porked dianne abbott ahhhh .
not bad, just mad
Jeremy Corbyn is and was amazing. He would have transformed our country for the people and not corporations.
@@trancevoyagesessions 100%!!
Would of spent every single penny from the treasury then borrowed more
And why is the press calling this a mini-budget? It's the hugest, most apocalyptic budget since 1972
Newspeak
That's what the tories are calling it
No, the most apocalyptic budget will be next year when they announce they are changing the currency to bottle caps.
You haven't seen the main budget 🍿🎥
The only people getting help and tax cuts is everyone earning OVER £150,000 a year. The rest of us get 🖕🏽
So, the 20p to 19p tax cut will only benefit those earning over £150k, and not the rest of us?
Not true.Thank goodness you are not the Chancellor!
A couple hundred pounds a year (IF THAT) reduction, that will be easily wiped out by inflation. You two the type to copy each others test answers and STILL get a U grade 🤪
Imagine implementing Trickle down economics policies in 2022. =(
You get the leftover crumbs from the table
@@rammingspeed5217 be lucky to get that!
It never trickles down though does it?
If you earn over £1M, you'll be better off by £55,000 a year. Lets see......hmmm......that makes me.......£55.70 a year better off. I''ll employ a butler I think....
@@bellerophonchallen8861 why not employ 2!
Ah, here comes the great laissez-faire economics again. It wouldn't end well
Has socialism ever ended well?
@@alecneate76 protectionism built western economies
@@alecneate76 Imperialist running dog alert
@@alecneate76 For someone such it will fail, you forgot how much energy is put into making sure it is at a disadvantage.
@@alecneate76 Depends on what your definition of socialism is. Pure socialism has never been tried, much like pure capitalism hasn't either. However there have been socialist policies put in place in the UK that have done incredibly well, like the NHS, the welfare state and nationalization.
To summarise the rich are going to get richer and you are going to get poorer.
In short, if you are a working tax payer you will be rewarded
@@inconvenientfacts6452 except if you don’t earn over 100k
@@inconvenientfacts6452 you'll be rewarded with what? And where will that reward go??
@@inconvenientfacts6452 muppet
@@arranocw8891 If your contribution is just an insult it says more about you
Wish they would try trickle up economics just once to see if that makes a difference.
Why bother when they are using a policy that's never to worked in the first place.
My dude sounds like a deeper-voiced Boris Johnson
Huge red flag 😅
M'gumba
Ridiculous ! they are all educated to talk in circles to say "More money for the rich, NOT for the backbone workers of the country!"
Well, why are we surprised.
A budget for the rich.
They never fail.
Simplifying taxes is a move for the poor you bell. Thats who its designed to trick. Tax at 20 different places instead of 1 so noone quite realises how much they're paying.
@@pododododoehoh3550
What you going on about shitheed.
@@pododododoehoh3550 no
Im paying £180 a month which is not far short of that limit but that is not enough to cover me heating my water and the house so we are still being ripped off with ridiculous standing charges you should cap those too!
This is like a car crash in super slow motion.
Why?
@@kane0508LCAC Maybe open your eyes and pin back your ears.
@@spraymie I’m not saying is agree or disagree. I’m just wondering what it is you mean? Thus far, you’ve just made comments without any real substance. I’m wondering what makes you think that, is all.
@@kane0508LCAC real substance, 2010 to 2022 we have had THE worst set of Avengers individually and together set the UK ON FIRE. If you can't see that then this is part of the problem.
@@spraymie ok, I’m no better informed.
Wonderful logic. UK North Sea gas producers, without any real justification, such as a huge increase in the cost of extracting gas (which has not occurred), have hiked the wholesale price of gas in the UK, to the level the Germans and others, who used to get their gas from Russia, are now, due to their own foolish sanctions on Russia, having to pay because they have a critical shortage.
This price is said to be £3,500 pa for a typical household (with another 80% rise, originally to be imposed in January 2023, postponed for two years). Capping the price increase at £2,500 (for only two years) is said by Mr.Kwarteng to be saving each householder a £1,000. Where is the saving when the cost of gas to consumers has increased (according to his own figures) by at least £1,500 pa? The gas producers are not reducing their prices, how is the price cap to be paid for? The government is making up the difference between the price demanded by local suppliers and the price cap by borrowing money (which the British taxpayers will have to pay back with interest).
'Market forces' demand that the price of gas produced in the UK is sold to UK residents by local suppliers at the same price as it is sold to consumers in continental European countries. Why? "Because we then make much more profit"" the producers can say. The destruction of the British economy and the impoverishing of millions of UK residents is an unimportant side issue - and no moral argument is taken notice of.
The Chancellor has applied a small sticky plaster on a wound that requires a tourniquet and surgical treatment (stitches). The North Sea gas and Oil fields should be taken out of privet ownership: Nationalized, and the supply of energy to our own citizens at reasonable cost given priority over making (massive) private profit in the export market.
What did he say.. That MPS will be taking a pay cut? Energy companies will lower the price? And stop big bonuses for people who really don't deserve it
That wouldn't even make a tiny difference to energy costs. I agree they have had too many pay rises in the last decade or so but a paycut would barely help anyone.
So people making a lot of money don't have to pay a lot of tax... that makes a lot of sense
Translation: If you’re broke we don’t like you and will punish you as much as possible. If on the other hand you are part of the upper echelon we will do everything we can to ensure you get the most advantages over everybody else 😁😁😁
True Tory policy.
Go to Cuba, Venezuela or Russia. There they focused on the poor so much, that they have created millions of poor people.
@@ezequiaslanzi6208 I could equally give Denmark, Sweden, Finland and Norway as counterexamples
@@grassytramtracks not examples of socialism. Those countries have low corporation tax, and the highest standards of respect for the private property, easy for doing business, low regulated. They do have high taxes on the income, but not on the source of wealth which are the companies ( corporation tax). So at the end of the day, venezuela cuba and russia can’t be compared to the nordic countries. Tipical mistake.
It always amazes me how these foreigners say our country.
Criminals where guy fawkes when ya need him!
Civil unrest or high crime rates to follow ….
Kwasi protecting his rich bezzie mates, it's basically all Conservatives do.
I've never been rich, but have benefited from Conservative tax cuts in the last 15 years.
If you're in charge, you don't have to wait for money to "trickle down" into our pockets. You could just give it to us in the first place. Giving the rich more money while the poor suffer is a *choice* and they *do not care about you* .
Yeah, that isn't how economics works 😂 The money has to exist in the first place for it to be passed around.
Tax cuts are not money ffs.
@@lewismckenzie236 Tax cuts are money, that would be spendable but the government to promote growth or help the needy, staying in rich peoples bank accounts.
Tax cuts are money wasted and inflation promoting, so don’t try to tell us what economics is when you’ve hardly said enough words to construct a coherent point. Your comment is an opinion floating in a void with no backbone or substance, try again?
Of course they don't. We have to do something about it.
Money does not have to exist first to be passed around, ask the banking system, they create 10 pounds for every 1 pound deposited
its like watching sheep in a pen all reacting to the farmers bleets and when he's finished speaking and pronounces a big word correct they cheer
Well he seemed more coherent than you are right now
only the rich cheer!
@@bigpants6121 simplifying the tax system is a move for the poor who don't have accountants are its designed to trick and hide.
-correct- *correctly* 🙄
The no increase on corporation tax rate made my jaw drop.
WE ARE F#$KED...
Yet more hot air from the party who doesn't care for the poor and average people in this country.
You'd be surprised at how much this helps people on average wages. I'd like to keep more of the money I work hard for, and on the back of that I can help me less fortunate family and friends. I'd rather have this than having my money taken and spent on people I do not care about.
The issue with taxes is the complexity which creates loopholes.
The loop holes the rich have you could have too. The rich avoid tax through assets. If you had assets you'd do the exact same
If tax wasn't another word for robbery then people wouldn't need to try and pay a lot of money to avoid it
@@ryangreig7682 So you don't want any public services?
@@grahamdhv3812 these are mostly paid for via council tax, not income tax. Just pick a tax a run with it. Tax everyone 30% at source and stop taxing the pound at every point
@@ryangreig7682 precisely the reason were taxed on a million different things ina million different ways is to convoluted and hence hide from people just how much they're paying. Simplification is beneficial for everyone, rich or poor despite the sprawling of much of this videos comment section.
The highest cheer was on the income tax at 40%. I wonder why that was?
This "YEEEAAAAAAHHHHHH" stuff makes me want to puke. I cannot stand politicians.
They're saying "hear" in lieu of clapping, since it's not allowed in the House.
You donkey they're not saying "YYYEAAAHHH"
How’s about scrapping the basic rate on a second job as I pay 20% on my second job as I’m thinking what about all the people working more than one job to keep afloat during these hard times that might be a big help
20% cut in your spending will solve your problem. I know I’ve been told I’m a genius. You welcome
@@pacman7959 I’m not saying pay no tax just reduce down to the same rate or just above my primary job I don’t see why the government have to tax you harder when you take on a second job
@@nell7958 because if they reduce your tax then the rich won't be as rich as the could be, you'd be taking away someone's 2nd Bentley,
@@pacman7959 I hope that's a joke.
@@pacman7959 must have been the guy who wipes the saliva off your chin who told you?
Winter is coming and it's not looking pretty for everyone out the workforce.
Look how smug Truss looks all the way through. What a different smile to the one she displayed for weeks while she tried to win public opinion over Rishi Sunak.
Not that public opinion matters, she's unelected. Some democracy we live in.
Looks like she trod in something! Indifferent to those that suffer. Will pay the other side.
@@jake7763 How's she unelected? You vote for MPs, not the prime minister.
@@londongirl1733 she looks more like the thing that was trodden in.
@@cool-ie4gf exactly, you (the peasant) vote for the MP, the rich elites vote for the policies (with their $$$ behind closed doors)
He keeps on smiling, whether it’s the Queens funeral or for the UK!!!!
He came in like a wrecking ball 😂
Brilliant 😂
It all panned out for him in the end though 🫠
He ain’t got Rishi brain
Indeed, pity he didn't stay longer, then there would be enough speeches for Politics Joe to make a song like that (of Kamikwasi singing wrecking ball)
It's great to see that Howard from the Halifax finally has a new job. 👍
To be honest I thought it was KSI father 🤣🤷🏿♂️
was he the guy laughing at the queen funeral.
@@jordoncampbell5118 Yes. Perhaps he was thinking about his plans to make the rich richer, and just couldn't help himself.
Who gives you extra?
bit racist bruh chill it out
The Guardian has done it again. Removed a video and then reposted it with all the original comments missing. Why?
A lot of these videos get hit by bot farms who write a narrative. The channel can negate it by reuploading it.
Rishi must have been laughing all the while 🤣🤣
The Life Raft they have launched, has a massive tear in the hull.......Let's hope we can all reach the shore in time !!
Nah, they gave you a plank of wood and expect you to survive like Rose did. The problem is, Rose had the plank of wood to herself and help was on the way, while you're sharing it with 67 million others and there is no help. Plenty of Jacks this year, that's for sure.
Didn't even launch a life raft, launched a luxury liner and pulled up all the gang planks and ladders!
The party of high taxes I'm afraid a penny off income tax won't wash .
Unbelievable
It should be .................UNFUCKINBELIEVABLE
Where are the opposition parties letting this happen 😆 🤣 😂 😹
The funny thing about this announcement is that minutes after the pound crashed. That's historic.
This is actually what made it crash.
@@Osindileyo1 This is when I started to buy sterling haha
Only the wealthy seems to get all the advantages in the UK 🇬🇧 and the poor seems to get poorer and poorer when it comes to everything including dealing with taxes etc...
Literally done nothing for households, as they will be paying more than they should, while the oil companies get more anyway... this is a fking disaster. None of that money is due back to us on the ground...
We'll be going through the Thatcher era again now then ffs!
boosting supply side growth is the opposite of what thatcher did! come on man brush up on your economics...
I still can't get my head around this a few days later. Even the US treasury said this was reckless.
Well done Mr Kwasi.
This didn't age well...they need to replay all the tories cheering him on...constantly until the next general.
A 'penny' off for the peasants...and thousands for the millionaires. Yeah, that's really fair!
Who are the peasants?
What a boon for the higher earners and disaster for ordinary folk!
Masters of spin they are saving us money when they cause that’s cause the problem in the first place
The only people again who gain from the tax cut are the rich, me on the other hand like most others will save £170 a year, a measly 1%, my electricity has gone up £1200 a year, food bill up at least 20%, fares, petrol everything has gone up except my wages, I'm supposed to live on my minimum wages not even the living wage, I feel physically sick...
Well time to get rich then... i mean to be fair might as well take advantage of the system
Well, you aren't going to get rich by working.
Developers, fraudsters and crooks are the wealthy
As simple as that innit
Amazing being led by people who believe in fairy dust and unicorns! Independence for Scotland NOW!
Kwasi couldn't deliver a pizza let alone a budget!
They've properly lost their
minds and the plot...
Yep. Nothing worth listening to as per.
Yip, usual soundbites that mean nothing to the sound of braeing sheep noises
"the 9 scariest words of the English language are: I'm from the government and I'm here to help"- Ronald Reagan
Reagan to be fair did say more then 9 words in his career.
@@gHGhej That's not the meaning of the quote
So in all the years that Reagan served as Governor and President, he never helped with anything, according to him in his own words?
Hi there my name is Kwasi Kwarteng. I admit that Liz and I got a bit carried away with the mini budget ,but you know , we all like a bit of a laugh and we all get a bit high spirited at times . Yes we wiped off £40,000,000,000 off the UK economy but where's the harm . We all need a bit of fun . Liz is still entitled to her £110,000 per annum for having been PM and I'm still doing very well myself thankyou very much .
So my electric bill has doubled from the beginning of the year to the start of next month by nearly £1300 but I should be happy with getting £400 help 🤦♂️
What do you want him to do mate? Come in to your house and start a fire to keep you warm?
I mean - this is pretty bad obviously... but can you imagine how terrible things would be if Corbyn got in?! We'd have an NHS in collapse, social unrest, failing domestic utilities not delivering in the public interest, massive poverty across the nation, a surging national deficit and rising national debt! I bet the £pound would have dropped to it's lowest value in decades as well, and I expect that income & wealth inequality would be the worst it's EVER been since industrialization! *Cough*
I mean, I would never vote for Corbyn either but this comment is pretty baseless. He was the only politician to have his entire manifesto fully costed within civil service budgets the year he ran.
Would never vote for him myself due to many disagreements I had with his policy, but the rhetoric that he would have bankrupted the country is entirely baseless and was spun by the Tories who, might I add, fail repeatedly to cost their manifesto commitments properly over the last few years. I think our current economic situation proves that.
I'd also add that the NHS is in the worst state its seen in years (near collapse) under Tory leadership. They literally just cut funding for the NHS again a couple of weeks ago.
@@patricklambert1545 I think you missed the sarcasm in my post.
I think I did my friend. Often the way when it's written down hahahaha! Either way was not an attack. Always happy for a respectful disagreement.
@@matthewframpton8737 In fairness, it sounds pretty much like several tories I've met
I have no idea what he just said 😂
Our energy bills are going up 40% instead of 90%. We will pay back the loan to cover that 50% difference, through our taxes, from 2024. You will only get a tax cut if you earn more than £150,000 annually. Or if you are a corporation.
In short, you get nothing.
The problem with this country is that you have bosses of companies earning over 100k and the staff on 20k what justifies the wealth gap, it's insane.
This guy has clearly not heard about a little thing called INFLATION. This will just make everyone poorer in the long run. Get an actual economist who knows what they’re doing in please. And some may say interest rates will be increased - not effective at all in the short term. Dangerous times,
Amazing…..however, they need to stop enormous dividends to share holders which allows only a meagre salary increment to the people at the bottom of the chain who go on strike to highlight their plight!!!
I can see this government will not last long under truss
Well done Quasi! The wealthiest will bail out the economy by trickle feeding to the poor people.
Someone should inform him that we don't live in a fish tank
Tories showing their true colours the rich get richer and the poor get poorer i don't fancy their chances of stay in power much longer unrest is about to boil over
Did the poor get poorer in Britain from 1979-1997?
Tax cuts might be popular now but the debt crisis we are approaching certainly won’t be.
Tax cuts will always be popular…
Why tf is a man named kwasi kwarteg in british government in the first place?
For the sake of diversity
@@lordtywinofhouselannister5433 i have to agree with the racists on this one 🤷
@@15sosodef why would you label anyone as racist?
I think everyone notices the sudden demographic change of England. Its not racist to notice that the population of English cities have been transformed and ethnically cleansed.
@@15sosodef personally I call it 'the biggest genocide in world history'
All these companies earning a fortune out of us
It's trickle-down economics for people who don't understand how it's supposed to work.
Giving the rich more money has _some_ trickle because they buy more, which means you need more people to supply the stuff they want, but that only translates to more low wage jobs.
You're supposed to lower the tax for businesses and VAT, giving lower wage earners more purchasing power. But the key is, actually collecting the taxes from large companies and making it easier for low earners to access capital to start their own businesses.
This is another step to becoming like america, where there's endless miles of homeless people on the streets and shantytowns full of homeless working people.
America's shantytowns often have people living there who've built their own homes to save money, not necessarily because they need to.
UK have forgotten how Sri Lanka goes bankrupt.
Sri Lanka borrow heavily and have tax cut.
This result in Sri Lanka unable to pay back its debt.
The first step towards bankruptcy.
Unbelievable. Look across the world, it's the 1930's again, we know how that ended..😆
As evidenced in Sweden recently.....
Stocks slump, the pound plummets - Dumbo Kwarteng is at the helm, what could possible go wrong?
Shambles since I have left
The rich get richer and the poor get poorer!
Oh once again..... Believing in trickle down 🤦
How do these people sleep at night smh
Look after number one and stop looking to others to do so.
Geezer looks like Eric Andres mate, Hannibal Buress
Funny I pay more tax to my local council than any other house on my street yet I don’t get a payment because they decided my house should be category e not d
The PM and her chancellor are living in La La land!
Is that ksi and dejis dad?
Kwarteng wants London to be the NYC/Singapore/Hong Kong of Europe, but that's pretty hard now that the UK is out of the EU. What does the UK bring to the table that Paris and Frankfurt don't? Delusions of past imperalist ambitions?
What is the energy cap for?
4:03 party everyone, that’s a friggin 5% tax cut 🎉🎉🎉. How fkg generous is this government? That’ll help with the bills, the holiday, the new car, school fees, etc.
Did he say sweeping cuts, I wouldn't trust him to sweep a chimney.
Did I just watch Mike Pence delivering the Republican Party manifesto after a long holiday in the Caribbean?
I honestly haven’t felt this positive about the economy since the 1980s!!! Tax cuts = wealth creation, which is the only way to boost business, jobs, tax revenues and thus public services.
Kwangtang was given the job as Chancellor but he didn't have a clue. May as well have put Phillip Schofield in the job.
The only solution to this age-old issue is a vest strapped with C4
Wow. That's a great news. If I can save 1000gbp on heating this year and my bill last year was 1000gbp, it must mean that my heating will cost me approximately zero.
Well that all worked well didn't it.