A grim day.
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- Lemon Half
- Posts: 9516
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Re: A grim day.
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.
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.
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- Lemon Quarter
- Posts: 1167
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Re: A grim day.
Yes and the Beatles are a musical group, m'lord.servodude wrote:Is the "US -lol" some sort of post modern aircraft carrier?Leothebear wrote:just look at the US - lol.
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- Lemon Slice
- Posts: 263
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Re: A grim day.
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.
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- Lemon Quarter
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Re: A grim day.
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.
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.
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- Posts: 32
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Re: A grim day.
"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.
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.
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- The full Lemon
- Posts: 16601
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Re: A grim day.
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.yyuryyub wrote:"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.
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.
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- Lemon Quarter
- Posts: 2054
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Re: A grim day.
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.
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.
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- Lemon Slice
- Posts: 362
- Joined: November 4th, 2016, 5:54 pm
Re: A grim day.
Leothebear wrote:Yes and the Beatles are a musical group, m'lord.servodude wrote: Is the "US -lol" some sort of post modern aircraft carrier?
I believe the correct nomenclature is "...a popular musical beat combo..."
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- Lemon Slice
- Posts: 793
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Re: A grim day.
Well, look on the bright side:
https://www.wsj.com/livecoverage/stock- ... G64dkkk9E9U.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.
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- The full Lemon
- Posts: 11684
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Re: A grim day.
LOL! I thought the same thing.simsqu wrote:I believe the correct nomenclature is "...a popular musical beat combo..."Leothebear wrote: Yes and the Beatles are a musical group, m'lord.
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- Lemon Quarter
- Posts: 1167
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Re: A grim day.
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
https://www.bbc.co.uk/news/business-63056417
Idiots. They can't have read Beerpig's Snug.
Leo
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- Lemon Half
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Re: A grim day.
Unbelievable!Leothebear wrote: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
..no sorry that's EMF
as you were
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- Lemon Slice
- Posts: 986
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Re: A grim day.
Oh dear. What a mess we've got ourselves into. There seems to be no way out. Anyone got a time machine?
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- Lemon Quarter
- Posts: 2763
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Re: A grim day.
Leothebear wrote: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
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- Lemon Half
- Posts: 5980
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Re: A grim day.
it was MFI.stevensfo wrote:Leothebear wrote: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
You're confusing them with EMF, a popular musical beat combo from Gloucestershire.
https://en.wikipedia.org/wiki/EMF_(band)
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- Lemon Half
- Posts: 7250
- Joined: November 8th, 2016, 5:56 am
Re: A grim day.
It's unbelievable you missed my post aboveMike4 wrote:it was MFI.stevensfo wrote:
Didn't they go out of business years ago?
Not another closing down sale?
Or was that MFI?
Steve
You're confusing them with EMF, a popular musical beat combo from Gloucestershire.
https://en.wikipedia.org/wiki/EMF_(band)
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- Lemon Half
- Posts: 5980
- Joined: November 24th, 2016, 3:29 am
Re: A grim day.
So I did. My apologies!servodude wrote:It's unbelievable you missed my post aboveMike4 wrote: it was MFI.
You're confusing them with EMF, a popular musical beat combo from Gloucestershire.
https://en.wikipedia.org/wiki/EMF_(band)
Now, what WAS their biggest hit single, I'm trying to recall....
Weird and interesting time signature, too!
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- Lemon Half
- Posts: 7250
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Re: A grim day.
The B-side got quite a bit of play also (...from us to you!)Mike4 wrote:So I did. My apologies!servodude wrote: It's unbelievable you missed my post above
Now, what WAS their biggest hit single, I'm trying to recall....
Weird and interesting time signature, too!
And people think Dexy's were one hit wonders!
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- Lemon Half
- Posts: 7250
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Re: A grim day.
Show some respect...Snorvey wrote:For a minute I thought it was the MILF that was having a go at us.
That's Ms Meloni to you (or whatever title fascista go by these days)
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- Lemon Quarter
- Posts: 1655
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Re: A grim day.
Kevin Rowlands still going strong and singing about Jocky Wilson.And people think Dexy's were one hit wonders!
T7