U-turn on the abolition of the top rate of tax, with Kwarteng taking the blame and looking in an increasingly untenable position. But that's not even the most significant part of it and much of the damage is impossible to repair at this stage.
Kwarteng: "We got this wrong".... Let's see cutting taxes on the highest income earners whilst cutting social services, who'da thunk that would be a problem?
India recently overtook Britain as the world's fifth largest economy. Britain is the only one of the G7 countries to have a smaller economy now than it did before the pandemic. @MarkLandler https://twitter.com/peterbakernyt/status/1581288178363035648
Editor of the FT suggests that perhaps there needs to be a different discussion about Brexit. You know, that while it does offer opportunities "in the future" nobody is discussing what it means for the UK right now. https://twitter.com/Haggis_UK/status/1591736833339187202?s=20&t=9nqSxzpiGMNGvBibB0Xl9A
London has lost its crown as Europe’s biggest stock market to Paris: #France’s stock mkt edges out UK in size. French stock mkt now worth $2.823tn, narrowly edging out UK at $2.821tn. In 2014, British stocks were collectively worth $2tn more than France. https://www.bloomberg.com/news/articles/2022-11-14/london-loses-its-crown-of-biggest-european-stock-market-to-paris https://twitter.com/Schuldensuehner/status/1592232588034600960?s=20&t=dDnxKHY2t0FaWc0umoZNvQ The stock market is the economy only a reflection of parts of it but DAMN!
The numbers are in - Brexit cost the UK 40 billion pounds in lost revenue from taxes and tariffs. BTW, you could have actually given the NHS 800 million pounds a week with that money. Trump was a disaster in many ways, but Brexit is right up there for conservatives fucking over their own country because of their hate and prejudice. https://www.itv.com/news/2022-12-20/brexit-costs-government-40-billion-a-year-in-lost-tax-revenue
Raise your hand if you ever thought the Big Three in Europe would be France, Germany, and Poland! *does not raise hand* Ok, how are the Dutch doing in comparison? And really, the Magyars really dropped the ball.
While it's still notable from a standpoint of how much Brexit has fucked the UK's economy, it's also not entirely surprising that a country whose economy is still developing in many ways would be catching up with a long-established industrial power when it comes to growth rate.
Latest poll - 2/3rds in the UK support new referendum on rejoining the EU. https://www.independent.co.uk/news/uk/politics/brexit-poll-referendum-rejoin-eu-b2250813.html
The vote, and given the mess of things the UK made I don't see any readmission happening with anything other than full EU requirements.
Interesting chart. Can anyone think of anything that happened in January 2021 that could cause such a dramatic divergence. Anything? Anything at all take effect in January of 2021?
From the New York Times: "by the end of next year, the average British family will be less well off than the average Slovenian one." The scale and speed of British collapse over the last 20 years is staggering. From a British Economist: https://twitter.com/punishedlink/status/1618701142330060804 So, uh… is there any thoughts of turning back or is just how it going to go down and everyone is just accepting it?
The Tories aren't planning on turning it back. They'll all be perfectly OK given they all short the currency anyway so they get richer if the pound collapses. The rest of the country would very much like to turn it around but short of a mob marching on Westminster, we have to wait for a general election. The Tories know they'll lose one so they're holding out to try and chip away at Labour's lead as much as possible to ensure they don't lose TOO many seats.
