A grim day.

[UncleEbenezer]

It is indeed a change from Osbrownomics, and as such overdue.

But it ain't Thatcherism, nor any other form of economic sense. It's more-or-less another Labour policy: Ed Balls was calling for debt-fuelled expansion and a dash for growth after 2009.

[Leothebear]

just look at the US - lol.

Is the "US -lol" some sort of post modern aircraft carrier?

Yes and the Beatles are a musical group, m'lord.

[marronier]

I don't understand the philosophy behind taxing the purchaser of residential property rather than the vendor. Imagine if we extended the policy to share purchases and the seller paid no capital gains tax. At present the buyer pays 0.5% stamp duty and the seller is liable to CGT. I believe we should reduce stamp duty to 0.5% for the buyer and introduce a Property Gains Tax for the seller e.g. 50% for the first 5 years of ownership then 5% less during every 5th year period thereafter.

[Leothebear]

Well, any benefits for the less well off have already been eradicated by the weak pound's effect on inflation.
Mortgage rates will also be rising again soon. The only winners are the well off and the energy companies, who'll be queueing up to offer Liz directorships when she's booted out of office.

A boost to the economy? They're having a laugh.

[yyuryyub]

"I don't understand the philosophy behind taxing the purchaser of residential property rather than the vendor."

There seems a fairly practical reason to me. If the tax is not paid, the purchaser who is liable can be located and forced to pay, or title to the proerty can be frozen. If the seller were liable, they might be able to escape to destination unknown and never pay the tax.

[Lootman]

"I don't understand the philosophy behind taxing the purchaser of residential property rather than the vendor."

There seems a fairly practical reason to me. If the tax is not paid, the purchaser who is liable can be located and forced to pay, or title to the property can be frozen. If the seller were liable, they might be able to escape to destination unknown and never pay the tax.

That doesn't really hold up because the stamp duty would be deducted from the sale proceeds as part of the conveyancing. There is no way to avoid it regardless of whether it is paid by the buyer or the seller because without it being paid the sale does not complete.

I suppose in theory there could be a completely private transaction where I give you a suitcase full of cash and you sign the deeds over to me. But I imagine that doesn't happen very often in practice.

The fiddle I have heard of the most is where a property is owned by a company and then that company is sold whilst the title of the property does not change at the land registry. No doubt the taxman looks out for such transactions. How successful they are, I do not know.

[brightncheerful]

For a few seconds I though the subject concerned the proposed sale of The Prince of Wales, a popular public house (free of tie) in our town's cobbled lane - and when for many years before lockdown 1 I could be found most Monday evenings from about 10pm listening to friends talk about footfall and to my amazement of what i knew of their financial means spending a fortune on drinking alcohol. It was also the place where one friend estimated from the pub's price for a packet of crisps that a ton of potatoes would've cost £24,000.

But it wasn't, Instead I realise that is it a lighthearted jovial discussion similar to an item on BBC R4 News Quiz. The analogy of trickle-down economics is to imagine a rich someone in a bath that is being filled with water. The water level rises and water trickles over the bath onto the floor. Except that according to the Quiz panellist, the rich someone could afford to buy a bigger bath. Which i suppose would be good news for manufacturers and sellers of bigger baths. It would also be good news for the water company, particularly if the property has a water meter. And for wiping-up cloths, and builders to replace the rotten timbers of the bathroom floor.

Personally I think it is a good budget and not just for the rich (of which i am not since puppy now age 2 came into our lives and started eating her way through my bank balance). According to what I've read in the FT, any higher earner with a pension fund policy should put more into the pension fund before tax rate is reduced to 40%, as distinct from 45% tax relief now. Moreover it is not as though the extra £55,000 or so estimated tax benefit to the average rich will be available for frivolous spending: rich people tend to live in properties that have high energy costs.

As to whether the Chancellor's strategy will work it is I suggest too early to say. Doom mongers inevitably predict the worst; the media is prone to writing negatively.

[simsqu]

Is the "US -lol" some sort of post modern aircraft carrier?

Yes and the Beatles are a musical group, m'lord.

I believe the correct nomenclature is "...a popular musical beat combo..."

[NotSure]

Well, look on the bright side:

U.K.'s Five-Year Bonds Now Yield More Than Italy or Greece

Medium-term borrowing costs in Britain have jumped above those in two of the eurozone's weaker members, Italy and Greece.

The yield on the U.K.'s benchmark five-year bond rose to 4.535% Monday, according to Tradeweb. The yield on the same duration notes for Italy and Greece, respectively, stood just below 4%. Yields rise when bond prices fall.

https://www.wsj.com/livecoverage/stock- ... G64dkkk9E9

[XFool]

Yes and the Beatles are a musical group, m'lord.

I believe the correct nomenclature is "...a popular musical beat combo..."

LOL! I thought the same thing.

[Leothebear]

So the IMF don't think much of the budget.
https://www.bbc.co.uk/news/business-63056417

Idiots. They can't have read Beerpig's Snug.

Leo

[servodude]

So the IMF don't think much of the budget.
https://www.bbc.co.uk/news/business-63056417

Idiots. They can't have read Beerpig's Snug.

Leo

Unbelievable!

..no sorry that's EMF
as you were

[CliffEdge]

Oh dear. What a mess we've got ourselves into. There seems to be no way out. Anyone got a time machine?

[stevensfo]

So the IMF don't think much of the budget.
https://www.bbc.co.uk/news/business-63056417

Idiots. They can't have read Beerpig's Snug.

Leo

Didn't they go out of business years ago?

Not another closing down sale?

Or was that MFI?

Steve

[Mike4]

So the IMF don't think much of the budget.
https://www.bbc.co.uk/news/business-63056417

Idiots. They can't have read Beerpig's Snug.

Leo

Didn't they go out of business years ago?

Not another closing down sale?

Or was that MFI?

Steve

it was MFI.

You're confusing them with EMF, a popular musical beat combo from Gloucestershire.

https://en.wikipedia.org/wiki/EMF_(band)

[servodude]

Didn't they go out of business years ago?

Not another closing down sale?

Or was that MFI?

Steve

it was MFI.

You're confusing them with EMF, a popular musical beat combo from Gloucestershire.

https://en.wikipedia.org/wiki/EMF_(band)

It's unbelievable you missed my post above

[Mike4]

it was MFI.

You're confusing them with EMF, a popular musical beat combo from Gloucestershire.

https://en.wikipedia.org/wiki/EMF_(band)

It's unbelievable you missed my post above

So I did. My apologies!

Now, what WAS their biggest hit single, I'm trying to recall....

Weird and interesting time signature, too!

[servodude]

It's unbelievable you missed my post above

So I did. My apologies!

Now, what WAS their biggest hit single, I'm trying to recall....

Weird and interesting time signature, too!

The B-side got quite a bit of play also (...from us to you!)

And people think Dexy's were one hit wonders!

[servodude]

For a minute I thought it was the MILF that was having a go at us.

Show some respect...
That's Ms Meloni to you (or whatever title fascista go by these days)

[terminal7]

And people think Dexy's were one hit wonders!

Kevin Rowlands still going strong and singing about Jocky Wilson.

T7