Discover and read the best of Twitter Threads about #minibudget2022
Most recents (7)
So, @Jeremy_Hunt now did a full and welcome u-turn on the #minibudget2022. And they are starting to tackle another policy that needs fixing, the #EnergyPriceguarantee #EPG. Why should this happen? This is a story that can ultimately be summarised in these two pictures.... 1/.. 
On the left, we have a classic end-terrace house. On the right, well, you have a mansion. The big difference: energy consumption. The left needs around 15,000 kWh per year, the right one, at least 70,000 kWh. How does this compare to the average UK household? Well: 2/..
The graph highlights one thing: energy consumption is strongly increasing in household income. But even in the highest income group there is huge variation. 50% of households even in top income group consume less than half as much energy than the top 5% in this group. 3/..
5 Economists from different independent orgs eg @instituteforgov @TheIFS @NIESRorg @resfoundation Chief UK Economist of @DeutscheBank
@gemmatetlow @PJTheEconomist @jagjit_chadha @TorstenBell
All critical of Govt & concerned about its fiscal credibility!!🔥
@gemmatetlow @PJTheEconomist @jagjit_chadha @TorstenBell
All critical of Govt & concerned about its fiscal credibility!!🔥
@Peston @Jacob_Rees_Mogg @OBR_UK 5 Economists from different independent orgs eg @instituteforgov @TheIFS @NIESRorg @resfoundation Chief UK Economist of @DeutscheBank
@gemmatetlow @PJTheEconomist @jagjit_chadha @TorstenBell
All critical of Govt & concerned about fiscal credibility!! 🔥
@gemmatetlow @PJTheEconomist @jagjit_chadha @TorstenBell
All critical of Govt & concerned about fiscal credibility!! 🔥
Just catching up on #minibudget2022 ramifications: if businesses aren't "on their feet" #KwasiKwarteng might there be a correlation with a 10 year Tory rule? Or do you & @trussliz @BrineMP & @ReesMogg & all your colleagues abrogate your responsibilities? #GeneralElectionNow
#KwasiBudget trickle-down "advocates for a lower tax burden on the upper end of the economic spectrum". Economist John Kenneth Galbraith called it horse & sparrow: "If you feed the horse enough oats, some will pass through to the road for the sparrows."
independent.co.uk/voices/liz-tru…
independent.co.uk/voices/liz-tru…
@KwasiKwarteng @trussliz @hmtreasury @BrineMP I accuse you of #malfeasance: intentional conduct that is wrongful or unlawful, especially by officials or public employees. You are gambling with the economy justifying it with a ideology that has been debunked #GeneralElectionNow
There are a couple of editorials today from the Wall Street Journal - wsj.com/articles/the-u… & @Telegraph that suggest financial markets do not understand the policy pivot now being undertaken in the U.K. A 🧵from someone who actually writes sell side economics research (1/n)
There are quite a number of pro supply side initiatives in #minibudget2022 worthy of positive appraisal. Accelerating key infrastructure planning approval, abolishing bonus cap & increasing work search conditionality/work coach engagement. 👍
On personal & corporate tax changes - the evidence that these (that are largely reversals of recent increases) can improve the performance of the U.K. supply side is unproven. Hard to argue (credibly) to clients that this helps support a trend growth uplift to 2.5%.
Five key takeaways from the #minibudget2022 🧵- Key point 1: £45 billion of tax cuts were announced today – going far beyond election promises to cancel corporation tax increases and reverse this year’s National Insurance rise.
These are the largest tax cuts to be announced in a single fiscal event since the 1970s.
2 - No Chancellor has increased borrowing by so much: The decision to combine the largely unavoidable higher deficit caused by rising energy prices/interest rates with permanent tax cuts will drive up borrowing by £411 billion in coming years.
