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    Six years of austerity....

    And the economy will be £122 billion worse off by 2020 than was previously predicted.

    Any other highlights from the Autumn Statement?

    75 Comments

    lots, re-read it.

    Zzzzz x 122 Billion = this thread.

    Tory dogma. They would have made cuts, recession or not. The fact remains that if you take money from the poor, you take money out of the economy. If you give money to the rich, it just gets hoarded.

    We're approaching 2 trillion in debt. So what difference does 122 billion make. Like swimming in a pool and complaining because someone throws a bucket of water on you.

    Good for headlines though and feeding tribal politics.

    Key points
    OBR cuts UK growth forecasts for 2017 and 2018
    Growth forecast for 2016 is 2.1 per cent and 2017 is 1.4 per cent
    Public sector net borrowing is now forecast to be £120bn more over the five years to 2021
    Infrastructure gets boost from £23bn productivity fund
    More funding for affordable housing

    The government will crack down on “salary sacrifice” programmes but pensions, childcare, ultra low-emission cars and cycle-to-work schemes will be exempt. There is a new tax evasion and avoidance package set to raise £2bn over five years.

    Mr Hammond froze fuel duty planned for April 2017, costing the exchequer around £500m a year. A new savings bond that will be sold through the NS&I will pay 2.2 per cent gross interest over a three-year term.

    The chancellor also said he would abolish the Autumn Statement. Instead, there would be a full autumn Budget and a “Spring Statement” that will respond to the OBR’s forecasts but will not be a “major fiscal event”.

    Britain’s economy has performed better than expected since the Brexit vote as consumer confidence and spending have held up so far.

    Financial markets, however, have been less sanguine with the pound falling 12 per cent against Britain’s main trading partners and economists expect higher import prices and uncertainties over Brexit to hit consumer spending and business investment next year.

    The yield on the UK’s benchmark 10-year sovereign debt ticked up to 1.43 per cent after the chancellor revealed increased public sector net borrowing requirements. The yield, which rises when investors reduce their exposure to the debt, was up 7 basis points over the session after the announcement, having been 5 basis points higher beforehand.

    The pound has moved up from earlier intraday losses during the speech to reach $1.2422, leaving it at the flatline for the day. It had earlier been down 0.2 per cent at $1.2313.

    John McDonnell, the shadow chancellor, claimed Mr Hammond’s spending plans offered “no hope for the future” after six “wasted” years. He said the figures outlined in the Autumn Statement “speak for themselves”, with economic growth, wage growth and business investment down.
    Edited by: "davewave" 23rd Nov 2016

    Original Poster

    https://pbs.twimg.com/media/Cx9M6DjXcAAydc5.jpg

    The chancellor said a national productivity investment fund would receive more than £23bn in funding over five years. “Raising productivity is essential for a high wage, high skill economy,” he said.

    Part of this will be used to fund infrastructure to unlock land so new housing can be built. Annual capital spending on housing will more than double from the previous plan.

    Of the £23bn infrastructure fund, £1.1bn will go to English local transport infrastructure and more than £1bn to digital infrastructure.

    Mr Hammond confirmed departments needed to find £3.5bn in additional cuts but would allow £1bn of these savings to be reinvested.

    On the subject of taxation, he announced more generous transitional relief on business rates, helping companies in London, the south-east of England and in rural areas.

    Ah good ol' Tory propaganda. You have to love it.
    Well, lets see what more they can cut off the bone - Osbourne cut pretty much all the meat off and left us with crippled services. Still, they did a good job at keeping the Rich wealthy and making the poor even poorer.

    All the more reason to stop any Tom, Dick and Harry from abroad, coming to live in the Uk and claim benefits and housing.

    118luke

    Ah good ol' Tory propaganda. You have to love it.Well, lets see what more … Ah good ol' Tory propaganda. You have to love it.Well, lets see what more they can cut off the bone - Osbourne cut pretty much all the meat off and left us with crippled services. Still, they did a good job at keeping the Rich wealthy and making the poor even poorer.


    you think Labour wouldn't recommend their own policies of overspend, calling it propaganda is such a hollow criticism.

    Original Poster

    Mark2111

    All the more reason to stop any Tom, Dick and Harry from abroad, coming … All the more reason to stop any Tom, Dick and Harry from abroad, coming to live in the Uk and claim benefits and housing.



    Actually immigrants are a net benefit to the economy.


    118luke

    Ah good ol' Tory propaganda. You have to love it.Well, lets see what more … Ah good ol' Tory propaganda. You have to love it.Well, lets see what more they can cut off the bone - Osbourne cut pretty much all the meat off and left us with crippled services. Still, they did a good job at keeping the Rich wealthy and making the poor even poorer.



    And they'll likely continue that.

    This is a statement that is good for business and largely good for those with decent-paying jobs. The top-rate band increase is still in place and new housing in desirable areas will be good for investors.

    The effects of Brexit have been made clear, but they'll affect the most vulnerable rather than those at the top. All in all, business as usual with a very unambitious statement.

    Mark2111

    All the more reason to stop any Tom, Dick and Harry from abroad, coming … All the more reason to stop any Tom, Dick and Harry from abroad, coming to live in the Uk and claim benefits and housing.

    118luke

    Ah good ol' Tory propaganda. You have to love it.Well, lets see what … Ah good ol' Tory propaganda. You have to love it.Well, lets see what more they can cut off the bone - Osbourne cut pretty much all the meat off and left us with crippled services. Still, they did a good job at keeping the Rich wealthy and making the poor even poorer.


    OMG you wanted to talk about Brexit and immigrants - give it a rest!!!!!!!!

    Original Poster

    davewave

    you think Labour wouldn't recommend their own policies of overspend, … you think Labour wouldn't recommend their own policies of overspend, calling it propaganda is such a hollow criticism.



    I don't think Labour would've weighed the benefits quite so heavily in favour of the wealthiest in society and established businesses.

    You can almost look at the map of Brexit and the areas that voted for it in highest numbers will be the areas least helped by this statement. Conversely metropolitan areas with large business centres will likely continue to reap the rewards.

    Do you know, I'm starting to think this Brexit thing might not be such a bad thing after all. X)

    Mark2111

    All the more reason to stop any Tom, Dick and Harry from abroad, coming … All the more reason to stop any Tom, Dick and Harry from abroad, coming to live in the Uk and claim benefits and housing.


    Surely all those immigrants come here to work and then reinvest their money back into the UK rather than send it back home?
    I'm sure the UK economy can afford to lose £11 million a day (latest figure I could find)
    Edited by: "SJHan" 23rd Nov 2016

    davewave

    you think Labour wouldn't recommend their own policies of overspend, … you think Labour wouldn't recommend their own policies of overspend, calling it propaganda is such a hollow criticism.



    Dont take it as a positive comment for Labour - they arent saints either. But after Cameon and Osborne blatantly lied after they promised to protect vital services from cuts and went against their word - yet came out smelling of roses in the public eye (a remarkable feat in itself). Very rare i take anything that the tories say seriously these days

    Original Poster

    stuarthanley

    Surely all those immigrants come here to work and then reinvest their … Surely all those immigrants come here to work and then reinvest their money back into the UK rather than send it back home?



    Numerous studies have shown they contribute more to the economy than they receive.

    davewave

    Britain’s economy has performed better than expected since the Brexit v … Britain’s economy has performed better than expected since the Brexit vote as consumer confidence and spending have held up so far.


    Borrow and spend culture with low interest rates, here we go again. Might as well spend the money while its still worth 'something' X)

    Original Poster

    Shengis

    Borrow and spend culture with low interest rates, here we go again. Might … Borrow and spend culture with low interest rates, here we go again. Might as well spend the money while its still worth 'something' X)



    Might as well spend now because prices of goods and raw materials are increasing too - post-Christmas the prices of even essential items will increase.

    That's ok if you've just received a wage increase but if you haven't or you're on a fixed income, then you're in trouble.

    HotEnglishAndWelshDeals

    Numerous studies have shown they contribute more to the economy than they … Numerous studies have shown they contribute more to the economy than they receive.



    ​tax paid v benefits claimed maybe,
    there is a lot more to the argument than that.

    Shengis

    Borrow and spend culture with low interest rates, here we go again. Might … Borrow and spend culture with low interest rates, here we go again. Might as well spend the money while its still worth 'something' X)


    Public sector net borrowing as a percentage of GDP will fall from 4% last year to 3.5% this year, and will continue to fall over the Parliament, reaching 0.7% in 2021-22.

    This will be the lowest deficit as a share of GDP in two decades.

    shadey12

    ​tax paid v benefits claimed maybe,there is a lot more to the argument t … ​tax paid v benefits claimed maybe,there is a lot more to the argument than that.


    And what would that be? In your opinion.
    Edited by: "RonChew" 23rd Nov 2016

    HotEnglishAndWelshDeals

    Might as well spend now because prices of goods and raw materials are … Might as well spend now because prices of goods and raw materials are increasing too - post-Christmas the prices of even essential items will increase.That's ok if you've just received a wage increase but if you haven't or you're on a fixed income, then you're in trouble.


    Yep, everything set to increase but still so many people in denial. Had a conversation with somebody earlier about housing prices in which he claimed they were becoming 'more affordable'. My response was that foreigners with $$$$ would get a LOT more for their money then. Didn't go down too well LOL. Trolling ITRW, can't be beaten, you get to see their faces X)

    RonChew

    And what would that be? In your opinion.


    Please lets try and keep this thread on track, you can look through all the other brexit threads if you really want to know.

    RonChew

    And what would that be? In your opinion.



    ​schools,
    hospitals,
    doctors,
    accommodation,

    The minimum wage will rise 4% from £7.20 to £7.50 an hour.

    Original Poster

    Shengis

    Yep, everything set to increase but still so many people in denial. Had a … Yep, everything set to increase but still so many people in denial. Had a conversation with somebody earlier about housing prices in which he claimed they were becoming 'more affordable'. My response was that foreigners with $$$$ would get a LOT more for their money then. Didn't go down too well LOL. Trolling ITRW, can't be beaten, you get to see their faces X)



    Stepping back, there is some huge irony in that the people who believed the strongest in Brexit, who thought that this was their chance to get back at the elite are the ones who are being hit the hardest still, whilst those who were benefitting before the referendum are getting all of these goodies from the government.

    I have found a shot of the OP at Speakers' Corner:

    http://cdn.ltstatic.com/2007/August/SD533851_942long.jpg

    Original Poster

    Agharta

    I have found a shot of the OP at Speakers' Corner:



    I am rather fetching in my Green vest though.

    (FYI - the sign now says 'Been on Zoopla - Thanks Brexit voters xxx') X)

    HotEnglishAndWelshDeals

    I am rather fetching in my Green vest though.(FYI - the sign now says … I am rather fetching in my Green vest though.(FYI - the sign now says 'Been on Zoopla - Thanks Brexit voters xxx') X)


    You could offer it as a prize in a competition. Or has that already been done?

    Banned

    davewave

    you think Labour wouldn't recommend their own policies of overspend, … you think Labour wouldn't recommend their own policies of overspend, calling it propaganda is such a hollow criticism.



    So is cutting & pasting news articles without even reading them

    HotEnglishAndWelshDeals

    Stepping back, there is some huge irony in that the people who believed … Stepping back, there is some huge irony in that the people who believed the strongest in Brexit, who thought that this was their chance to get back at the elite are the ones who are being hit the hardest still, whilst those who were benefitting before the referendum are getting all of these goodies from the government.



    I think we all get your views on brexit, is there really any need for you log on here every single day, and keep repeating the same old stuff? what do you get out of it? Im genuinely interested.

    Im all for debate and interesting conversations about how people see the world in different ways, but i really don't see how reposting the exact same points over and over again achieves anything

    Shengis

    Borrow and spend culture with low interest rates, here we go again. Might … Borrow and spend culture with low interest rates, here we go again. Might as well spend the money while its still worth 'something' X)



    And we haven't even come out of EU yet. These are just predictions so the brexiters should be defending it and saying we're going to improve and come out of it all intact and prosperous and that the predictions are wrong.

    As I've said before we're not going to feel the full impact for about 5 years and then see what happens.

    davewave

    ​bait bait bait


    To late.

    We're going to improve and come out of it all intact and prosperous and that the predictions are wrong.

    Original Poster

    sparxuk

    I think we all get your views on brexit, is there really any need for you … I think we all get your views on brexit, is there really any need for you log on here every single day, and keep repeating the same old stuff? what do you get out of it? Im genuinely interested.Im all for debate and interesting conversations about how people see the world in different ways, but i really don't see how reposting the exact same points over and over again achieves anything



    I could post something else but it simply wouldn't be true.

    Are you asking if I get some enjoyment out of seeing people who thought Brexit would change their lives slowly realise that it won't do any of that, and will instead increase the gap between the 'haves' and 'have-nots'?

    No, course not.

    Original Poster

    123thisisme

    We're going to improve and come out of it all intact and prosperous and … We're going to improve and come out of it all intact and prosperous and that the predictions are wrong.



    https://media.giphy.com/media/l2Je2ifGlRZEWDbb2/giphy.gif

    HotEnglishAndWelshDeals

    I could post something else but it simply wouldn't be true.




    Straight out of the multi's mouth!:D
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