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Ask HN: What Is Happening in the UK?

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Re: Ask HN: What Is Happening in the UK?

#61

Post by marksbrown »

tut-urut-utut wrote: post #38
pyb wrote: post #2

In a few words, PM Truss's first economic measures indicate that she's ideologically-driven and has no idea what she's doing. Namely, cutting taxes for the rich in hope that maybe some economic boost will "trickle-down" to the middle class and the poor. This idea is utterly discredited in economic circles. The UK central bank, the BoE, is forced to take measures to counteract what Truss and her government are doing !…

Well, Truss was not elected because of her economic (or any other) competence, but because of her hardliner course against Russia. Rishi Sunak was a better choice in every category, but had two problems: 1. he is not "white" 2. he is not anti-Russian enough EDIT: By "elected" I meant "elected by her own party".

I won't deny the UK doesn't have issues with race but it is not the US. Here class politics matter far more. Electing a multimillionaire married to a billionaire was never going to end well electorally.

Re: Ask HN: What Is Happening in the UK?

#62

Post by sofixa »

imdsm wrote: post #46
severine wrote: post #22

Truss and Kwarteng are really fast! As emptywheel said, usually it takes conservatives a matter of years to create the financial crisis they must then intervene to fix.

Sorry but this isn't the place for politics. HN is our last refuge from the shitstorm of political unrest on every other site. Reddit, Twitter, and Facebook are available though.

Criticising politicians under an Ask HN on a topic for which said politicians are directly responsible seems entirely reasonable to me.

Re: Ask HN: What Is Happening in the UK?

#63

Post by leg100 »

buf wrote: post #5
cbeach wrote: post #3

The pound is low against the dollar, as is the Euro low against the dollar. The pound dropped in value a few days ago, but the price has recovered since then. The media chooses to focus on the drop rather than the recovery, because the drop coincided with a government announcement of some pro-growth economic policies that mainstream pundits disagree with. If you speak to people in the U.K. many would agree that payin…

The pound was .87 ten days ago and it's .92 now, up from it's low of .93. It doesn't appear recovered to me.

The dollar was 87p ten days ago, it's 92p now.

It get you're quoting USDGBP but what you say doesn't make any sense to anyone not sitting at a forex desk.

Re: Ask HN: What Is Happening in the UK?

#64

Post by bigfudge »

dan-robertson wrote: post #30
cbeach wrote: post #3

The pound is low against the dollar, as is the Euro low against the dollar. The pound dropped in value a few days ago, but the price has recovered since then. The media chooses to focus on the drop rather than the recovery, because the drop coincided with a government announcement of some pro-growth economic policies that mainstream pundits disagree with. If you speak to people in the U.K. many would agree that payin…

I don’t understand your logic? It sounds like you’re saying you changed jobs for less money so that your marginal tax rate would be lower even though your net income would be lower. In theory you could also change jobs to something that pays £125k where your marginal tax rate would be back down to 40%, though obviously you’d need to find such a job. You specifically wrote ‘marginal’ so I don’t think you’re confused b…

In what circumstances the does UK have a 60% marginal tax rate. I think the op is confused.

Re: Ask HN: What Is Happening in the UK?

#65

Post by tikkabhuna »

cbeach wrote: post #33
steve_gh wrote: post #20

Earlier quoted context omitted.

Quite frankly, you are hugely privileged to be earning at that level. The median average salary in the UK is just under £26k. Also, when you are that income level, there are a number of tax benefits you can enjoy - for example the first £40k you put into your pension is before tax - so it effectively reduces your salary (for tax purposes) by £40k. SO if you are doing the sensible thing and putting money into a pensio…

Yes I do pay plenty into my pension. It's not my "privilege" to earn at that level. I was born into an average economic background. I worked really hard at school and university, and then over a period of seventeen years, I worked really hard in responsible jobs. If all people from average backgrounds took the attitude that only "privileged" people get good careers, then unfortunately it would be a self-fulfilling pr…

The poster you replied to was not saying you didn't earn it, they're saying you're in a privileged position now.

> having special rights, advantages, or immunities > Similar: wealthy rich affluent prosperous lucky fortunate special

Re: Ask HN: What Is Happening in the UK?

#66

Post by yieldcrv »

In addition to what others said about the Bank of England monetary policy being in mismatch with the UK Goverment's fiscal policy, there was an issue with pension funds.

Pension funds require new investors to pay off old investors - pensioners - until the pensioner dies, we have a word for that concept but it derails discussion.

Some large pension funds in the UK had borrowed against their investors capital, specifically for riskier speculation, which is necessary to guarantee the returns to the investors (pensioners).

The volatility in the currency and specifically UK government bonds (GILTs) caused a collateral call on the pensions, which would have first caused forced selling, a cascading pressure on the bonds and currency, and also eventually bankrupted the pension (which could honestly still happen).

Re: Ask HN: What Is Happening in the UK?

#68

Post by stefantalpalaru »

cbeach wrote: post #3

The pound is low against the dollar, as is the Euro low against the dollar. The pound dropped in value a few days ago, but the price has recovered since then. The media chooses to focus on the drop rather than the recovery, because the drop coincided with a government announcement of some pro-growth economic policies that mainstream pundits disagree with. If you speak to people in the U.K. many would agree that payin…

No post body was provided.

Re: Ask HN: What Is Happening in the UK?

#69

Post by mvc »

cbeach wrote: post #23
fnimick wrote: post #17

Earlier quoted context omitted.

> the wealthiest 1% are paying 28% of income tax receipts - and this percentage has increased over the last decade Without any information on how wealth inequality has increased, and the 1% have more income and assets now than they did last decade, this is misleading at best. If the top 1% are paying more taxes but are also making more money, this hardly seems unfair.

So you think 1% of people shouldering 28% of the cost of public services is fair?

If that 1% has >=28% of the wealth, then yes absolutely

Re: Ask HN: What Is Happening in the UK?

#70

Post by bigfudge »

cbeach wrote: post #23
fnimick wrote: post #17

Earlier quoted context omitted.

> the wealthiest 1% are paying 28% of income tax receipts - and this percentage has increased over the last decade Without any information on how wealth inequality has increased, and the 1% have more income and assets now than they did last decade, this is misleading at best. If the top 1% are paying more taxes but are also making more money, this hardly seems unfair.

So you think 1% of people shouldering 28% of the cost of public services is fair?

Yes, because they are gaining more than rhe average share from the stability that a welfare state and legal system provides. If they want a lower tax rate they should move to a jurisdiction without expensive public services underpinning their success.
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