Get ready for the rises.

[Mottie]

Budget will be painful, Keir Starmer warns in Downing Street speech

The prime minister says he's inherited an "economic black hole" but the Tories say he campaigned on "promises he couldn't deliver".

www.bbc.co.uk

 

[carmanmemoranda]

Or carry on as the Tories were doing of course.

 

[Murdochcat]

Or carry on as the Tories were doing of course.

But Labour said they would keep to the Conservative budgets and not raise taxes

The IFS said otherwise

Seems the IFS was on the ball

 

[carmanmemoranda]

But Labour said they would keep to the Conservative budgets and not raise taxes

The IFS said otherwise

Seems the IFS was on the ball

Ifs knew about a black hole maybe?

 

[Mottie]

Ifs knew about a black hole maybe?

The £22bn ‘black hole’ was obvious to anyone who dared to look | Institute for Fiscal Studies

"Frankly, nobody comes out of this smelling of roses". Paul Johnson writes for the Times.

ifs.org.uk

Looks like everyone knew. But hey, we're Labour so we'll keep those blinkers on and just pretend it’s a great shock and say we now can’t deliver any of the promises we made.

 

[carmanmemoranda]

The £22bn ‘black hole’ was obvious to anyone who dared to look | Institute for Fiscal Studies

"Frankly, nobody comes out of this smelling of roses". Paul Johnson writes for the Times.

ifs.org.uk

Looks like everyone knew. But hey, we're Labour so we'll keep those blinkers on and just pretend it’s a great shock and say we now can’t deliver any of the promises we made.

I don't think everyone did know.....

The second was that nearly all the estimated £6.4 billion cost of supporting asylum seekers was unfunded, in the sense of not appearing in the Home Office’s departmental budget.


But the fact remains, the only other choice was to carry on as the Tories were doing. When somebody can demonstrate that was the better option I will pay attention.

 

[ajohn]

Ifs knew about a black hole maybe?

They had a change of mind when the facts came out. Same thing may mean that they feel tax rises will be in order.
It seems growth is good - may well be down to general levels of pay rise but true growth figures usually take a while to come out. The main growth needed is productivity anyway. An area that of late the UK has not been good at.

Pundits don't expect changes to income, ni or vat. The budget might also include some those in need aspects. £20b may sound a lot but compared with £1t it isn't.

What we wont want to have to do is go for an IMF bailout.

 

[ajohn]

But Labour said they would keep to the Conservative budgets and not raise taxes

The IFS said otherwise

Seems the IFS was on the ball

No Labour didn't. They said no changes to some of the taxes.

The IFS thought the UK could get away with borrowing more to get out of a tight situation - they have changed their mind since details have come out.

Borrowing is on to some extent but exceeding 100% GDP would not be seen as good. If GDP does increase fine but this is what bouncing against the fiscal rules is all about. The situation in this general area remains the same. Always borrowing as much as a country can as GDP increases.

 

[Mrs Ten Names]

Looks like everyone knew.

Why didn't you tell us?

This was your only mention of black and hole before the election:

wasn't any sausages, bubble or black pudding. Still, it filled a hole.

 

[Murdochcat]

Brutal facts are that everybody knew except Labour.

credibility score going down and they can blame the previous government for only so long before the electorate stop listening to their excuses.

 

[Mrs Ten Names]

Brutal facts are that everybody knew except Labour.

So why didn't you tell us?
Why didn't everybody say something?

 

[denso13]

credibility score going down

Some will give them more time, some have made their minds up already. That's politics...

 

[denso13]

Brutal facts are that everybody knew except Labour.

The IFS have now "said that while many of the challenges were “entirely predictable”, some of the financial pressures facing the new government do “genuinely appear to be greater than could be discerned from the outside”.

Is Labour right to claim the public finances are worse than expected? – Full Fact

The chancellor Rachel Reeves said public finances are facing a shortfall of £21.9 billion this year alone.

fullfact.org

 

[denso13]

Looks like everyone knew.

Not what the IFS now say.

 

[carmanmemoranda]

The IFS have now "said that while many of the challenges were “entirely predictable”, some of the financial pressures facing the new government do “genuinely appear to be greater than could be discerned from the outside”.

Is Labour right to claim the public finances are worse than expected? – Full Fact

The chancellor Rachel Reeves said public finances are facing a shortfall of £21.9 billion this year alone.

fullfact.org

But everybody knew?.??..

There should be a few people criticising the Tories, but they seem to have the same supporters. Blind or tribal, or both?

Anybody explain how they were doing well before attacking those left with the mess.

I will happily criticise labour if they don't change things. But no way would the Tories been a better choice right now.