Aftermath of Labour's budget in financial markets - Sky's Ed Conway explains

[@eM7RON]

I think we need to appreciate who owns Sky and what their motives are.

[@asianskywalker]

That'll be the zionist Rupert murdoch.

[@Ominousheat]

The title is suggestive.

[@antonyleech2967]

May be suggestive but pretty true tho

[@rubensano4860]

The same people that own everything.

[@richardtt1]

The way the data were presented was totally biased.

[@schmitz4206]

I miss the early 2000s we had it all

[@tracysmith-yv5lt]

no worries and good everything now its zero everything for tax payers

[@jt5765]

Apart from private pension schemes that were absolutely destroyed by Blair & Brown. And all the UKs gold sold at rock bottom prices 🤦

[@fredmercury1314]

The 90s was the best time.

[@suecharnock9369]

no - best time was mid 80's

[@shponger-q7o]

even a total eclipse ..... of the heart. together we can make it to the end of the line...ohh

[@djalexvi]

When Banks will give back what government lend them back in 2008 ? 😂

[@TheCam920]

@@djalexvi When the wall street investors responsible for the global financial crisis go to jail :)

[@vannustube]

2017 (excluding RBS, where there is about £23bn outstanding)

[@DavidThomas-fb8bq]

So long as they get their bonuses.

[@Masterxling]

very soon

[@thenoodlebuddy]

Government should just keep hold of the banks shares and collect the dividends. They've held them all that time with no divis now they've reinstated them for Lloyd's they're selling them off. Makes sense to keep them it's an extra revenue stream

[@Rondoggy67]

The change in the value of the pound against the dollar was 0.7%. Next to nothing, and the value bounced back within day. What about the three major value crashes of the pound under the Conservatives during the last 5 years. For example, from 7th March to 21st March 202o, the pound lost 11% of its value against the dollar.

[@janicebirch7522]

When we're talking 0.7% of trillions it is NOT ' next to nothing'. Liz Truss had not immediate plans to implement the budget and the WEF did what they did to tell ' the little woman, not to tell them what to do"! Reeves was ' trusted' as a former BANKER! What happened to the higher taxes on bankers' bonuses!?

[@michaelreid5307]

Labour will be proud of your efforts here today......

[@dannybirch5117]

What the truth? ​@@michaelreid5307

[@SarcasticWrestlingMark]

You'd be better served addressing the points he made​@@michaelreid5307

[@blacov89]

@@michaelreid5307 The currency reacted that way because of media speculation market got spooked, things have calmed pretty much the next day as they mulled over the potential impact of the budget. Hardly anything they are trying to say. Even his graphs are showing they are trying to patch up a hole left by the tories and then after a year or two it all seems to be going back to what it used to be. Time will tell.

[@comradeblyat25]

So can someone explain why we don't cut foreign aid before we raise taxes on people already struggling?

[@MIEJ4]

Because we make a profit on foreign ‘aid’.

[@TheCam920]

@@comradeblyat25 People who are privileged enough to pay capital gains tax are not struggling

[@cmmgray]

@@TheCam920still gov stealing our money

[@mrwabbit9576]

Because our government are globalist stooges.

[@TheManball]

Well foreign aid accounts for about 0.5% of the total budget. So like giving out a fiver out of a thousand pounds pay check

[@Billywoo12]

This is a non story. The markets haven't reacted badly, we are where we were a few days ago... Classic media making a complete meal of things and coming to a strange conclusion...

[@boblionia]

Well they omitted all the important data because Sky is owned by Disney who have a vested interest in keeping the rich rich and the poor poor 🤷 The media has been untrustworthy for many many years, people need to be educated to do their own research now that the world has 0 reason to rely on traditional media

[@RayleighBoy]

wrong

[@007floppyboy]

@@RayleighBoy Pound euro, the same, pound dollar the same, gold the same. duh

[@TheLatinio]

Gilts were hit - not all based on currency

[@RayleighBoy]

10 yr Gilt higher than Truss Markets don't like the budget and it will cost us all more.

[@hughesy606]

Sly doing its "its a concern, but not a crisis" because its Labour. Absolute hypocrites

[@Lynnpjjbdndji]

Typical Sky Crap .... Guild yeald went up 0.04%. ...Truss Budget it went up 2.8% Fact !!!!!

[@amandag5072]

I know, even the Guardian was being hysterical saying this budget was a "Truss style budget".

[@growler5678]

We're now at 4.49. The UK won't be able to tolerate much higher without major ramifications.

[@RayleighBoy]

were higher now than the mini budget lol

[@shponger-q7o]

Bond yields going up = some wealthy people pressing on the scales, not loving crackdown on foreign wealth, capital gains, and private jets. They'll be working all the big tech algos to get their message across.

[@TheCam920]

@@shponger-q7o They can do what they like, but at the end of the day all of their assets are tied to the UK and they won't spoil their billions over a bit of extra tax.

[@louisbaker4362]

​@@TheCam920people with economic agency will leave if they can to protect the wealth that they have. In fact the number of millionaires alone that have left has doubled this year from last year. That's a cumulative loss of tax income per year for the UK.

[@anthonyrybicki1000]

​@@louisbaker4362plonker!

[@boblionia]

​​@@louisbaker4362but the people who are not tied to the country are also expressly not paying tax in the country, yet they are extracting money out of the economy. Any mill/billionaire who has the ability to completely sever ties with the UK was never benefiting the UK, pretty much 100% of them are a negative drain on our economy. There has so far not been a proven link between millionairs leaving and tax going down, because these people aren't actually paying much more tax than your average worker joe. There is actually a provable uplift as money is no longer being extracted from the UK economy

[@FrankHaney-b9y]

@@boblionia The top 1% of wealthy people in this country pay more tax than the bottom 50% combined. Lets stop vilifying merit and wealth.

[@user-bu9nb8wr6e]

So she puts up NI and minimum wage. Watch out for inflation as supermarkets are not going to soak that up.

[@TheCam920]

@@user-bu9nb8wr6e We're set to be experiencing fiscal drag due to the income tax thresholds being frozen, which causes a drop in demand, which causes deflation in the market.

[@JackKing12.]

Nope...the common people will be soaking it up...

[@samscopeproductionz]

That’s on them being greedy.

[@mrmrgaming]

Smaller businesses will not be able to pay their wages.

[@yanboa]

@@mrmrgaming oh please.

[@notjustforhackers4252]

Will the media attack Labour in the same way they attacked Truss?

[@jackdubz4247]

Truss got off lightly.

[@TheCam920]

@@notjustforhackers4252 No because unlike Truss, debt isn't being used to cover day-to-day running costs in order to fund corporate tax breaks. The free market utterly and absolutely rejected truss, while this is merely a normal response. Classic libertarian illiteracy

[@richardburns1287]

Media attack Truss? Traditionally a Labour government is always closely examined, attacked and ridiculed more than a Tory one by the media.

[@TheCam920]

@@richardburns1287 Need I bring up the corbyn head-tilt angle controversy?

[@richardburns1287]

@TheCam920 exactly absolutely hammered and not even in office! Think of Tony Blairs time, it was constant, then think of Johnsons time and the circus of the last 14 years. Now look at Starmer, the most hated and vilified man on the planet. A labour administration is always hammered by the press more than a Tory one.

[@mellymoo_eats]

Borrowing more money for that black hole 🕳 😂 Bloody jokers!

[@TheCam920]

So then buy the bonds yourself idiot

[@johnagar7610]

No more than usual. The world got out of the great depression by increasing public spending. Your view is simplistic and narrow. Comparing government borrowing to thT of a household is ridiculous

[@glennlilley8608]

A self-imposed black hole no less

[@91Durktheturk]

​@@johnagar7610This is utterly and ahistorical crap.

[@glennlilley8608]

@johnagar7610 The borrowing to combat the great depression was to fund an upcoming world war Now, Who's being simplistic?

[@supabika2339]

Ole Murdoch machine buzzing away 😂

[@sardendibs]

Didn’t Murdoch sell all his shares in Sky six years ago?

[@hjm9586]

Murdoch has no stake in this Sky News

[@EssGL]

Murdoch had to sell Sky news in the u.k, he owns gb news, and piers morgans show and all the stuff.

[@basedelon]

@@EssGL Sir Paul Marshall owns GB news, not Murdoch.

[@EssGL]

@@basedelon aye lad thanks for the correction

[@VirtuosoGT]

The issue comes down to the media talking nonsense over the last few weeks, predicting taxes and changes that never materialised in the budget. Markets are efficient and attenpt to price in whatever information is provided. Failing to do this effectively results in a slight shock but it'll even out as the effects of the budget are better understood. This is a pretty natural reaction, especially considering performance in other western markets.

[@damianbutterworth2434]

Labour was leaking information all the time Blame them.

[@dingchan5197]

Consequence of Tory govt in the last 12 yrs. Ppl voted them have to take it. Its yr vote resulted this. No point blaming current budget

[@damianbutterworth2434]

And Tony Blair before that.

[@KevinTalbotTV]

How is the loan ever going to be repaid? Man this is one big sinking ship

[@TheCam920]

The stock market is literally just about emotions. Uncertainty breeds fear and leads bad and inexperienced investors to panic. It will settle down within weeks if not days

[@TomTomicMic]

UK PLC is in more debt, we must cut spending and "we" know where, the majority that is not the bloody Labour Party!?!

[@TheCam920]

@@TomTomicMic National and corporate debt is not a bad thing and works entirely different to how it works on an individual level. Many companies and nations have a vested interest in our success, otherwise they don't get their billions back from us.

[@hilarymiseroy]

Stocks and shares will settle down but the Bond Market is a little different. They are sending a signal that they have doubts about Reeves financial planning.

[@TheCam920]

@@hilarymiseroy And once the dust settles, they will go straight back to buying our bonds like they always have

[@Godsavethecrumpets]

this is financially illiterate.

[@gregcurlewis8751]

Everyone’s better off until they pay NI. So no one who works is better off.

[@shaun819]

Well companies could reduce their profits to absorb the National Insurance increase, but they'd rather increase costs for customers and reduce wages for workers. Labour could unveil great policies, but if it depends on companies being altruistic, then the lay man won't see any benefit.

[@tomm2036]

But it’s employers not employes who they lowered income tax they didn’t raise national insurance

[@Contentibus]

@@tomm2036they raised employer NIC not employee contributions. The end result will be lay offs, stagnant wages and further reluctance to hire new staff. So the already understaffed departments will feel the pain even more now.

[@FreaksSpeaks]

​@@shaun819show them how it's done, easy talking.

[@FallenPhoenix86]

​@@Contentibus We've had stagnant wages for the better part of 20 years... we're not going to notice any effect this budget may or may not have on that particular front.

[@samzsports]

Send more money to Ukraine. War mongers has disrupted supply of grains, fertilizers, energy and raw metals. Everybody has to face consequences in years to come. People in EU and UK are most vulnerable.

[@JagdWehrwolf]

I did not know that it's UK that invaded Ukraine... /s

[@Aarenby]

Hey pubot

[@HMSBreadnought]

Unironically yes

[@themightydash1714]

When will the government realise that employers are not the enemy. If business owners cant make money, they close, we lose our jobs.

[@cnrspiller3549]

Why do my comments disappear instantly?

[@jakehayward1993]

​@@cnrspiller3549KZbin issue I think. I've been noticing it for the past week. Usually gets flagged more in larger posts.

[@simonglancy5729]

When will people understand basic economics. Higher min wage means more spending in those businesses thus more profits. Reeves protected the smallest businesses by raising the NI cap to 10k this mean many more small businesses now pay 0 NI for thier employees thus their profits just went up. Min wage and public sector wage increases have always historically driven pay increases. So the real question is when will people wake up and realise slow wage growth driven by the tories and big business is the real enemy?

[@cnrspiller3549]

@@simonglancy5729 that's not basic economics. Basic economics is the law of supply and demand. Supply more pay, in the form of a meaningful minimum wage, and demand for workers drops. Ie. employment drops, as businesses can afford to demand fewer expensive workers. That is basic economics.

[@Ryan-dk7mm]

​@simonglancy5729 err wages were stagnant under new labour. In fact, that's where most of the UK's monetary woes began. Increasing the minimum wage reduces the amount that employers have to spend creating layoffs. That's why unions like minimum wage increases because it reduces employee competition. Just look at California's minimim wage increases for restaurant workers. Record layoffs right off the bat and no hiring.

[@jimmeltonbradley1497]

Choice: Borrow to invest, or borrow to give tax breaks to your donors. Hmmm.

[@mattg5878]

Markets don’t like uncertainty. A new budget and fiscal approach is uncertainty. Will recover over the next couple of weeks

[@jamietherooster]

Unless the establishment force the markets to get worse. Eg Lizz Truss. Funny how it's all 'let's just wait and see' when it's liebour

[@TomTomicMic]

Markets might but we are on the hook for more debt!?!

[@TheCam920]

@@jamietherooster Liz Truss didn't force the market to do anything. Her budget ended up being shredded by numerous financial institutions (rightfully so) and that caused investors to sell in order to mitigate losses.

[@simonglancy5729]

@@jamietherooster what lies - every thing in this budget was in Labours manifesto, if your being honest this is the most truthful budget in the last 14 years. The markets recovered within hours as we expected.

[@zoeloutay4734]

​@@jamietheroosterthe market reaction is nowhere near as severe as after Liz Truss' disaster.

[@bailzzzzzz]

How about some credit for Ed Conway for that superb presentation. I'm not sure it's possible to explain complex forecasts and market reaction any clearer or more concisely to the average viewer than he managed in that 5 minute segment, that was great stuff no messing around

[@hjcks1]

almost all of it was complete bullshit but ok

[@nickmannion3879]

The pound drops 0.7%.....and as a comparison it dropped 8.0 % after the Truss budget....yet the markets are 'hostile'? Get a grip eh...

[@jeffcyho]

Once again, Labour will borrow, borrow, spend spend and tax tax

[@leonard8766]

Erm isn't that what every government does 😅 globally!

[@leor7870]

They do not borrow they invest

[@marleneboycie4004]

No surprise 😢

[@brainrot4919]

Only the money they borrow and spend won't be used to benefit the taxpayer, as it historically has under labour.

[@spaycehoppa]

At least Labour borrow to help the country. The tories borrow to give billions to their friends and family

[@sarogers6294]

Let this man talk for longer

[@TheFrenchMansControl]

Borrowing up, taxes up, where's it all going?

[@oldskoolraver72]

NHS and illegal immigrants

[@TheCam920]

@@oldskoolraver72 Good, both of these issues desperately need investment.

[@antonyetheridge1050]

south

[@yeahokno]

Bike lanes and hookers

[@artapples8417]

Filling the hole your Tories left

[@arthurdixon5890]

It shows who is running the country and it’s not the government.

[@Hamishmcbeth]

Its nice to have a budget that didn’t crash the economy for a change.

[@janesansome8393]

Wake up

[@basedelon]

What budget did?

[@lentilsoup460]

​@@basedelon It didn't exactly crash the economy, but the one in September 2022 caused quite a lot of problems.

[@Pertonite1]

It will do don't worry.

[@dora71803]

We're markets hostile to brexit? 'Our' media never asked that question.

[@meglobob9217]

This is classic tax & spend isn't it, which usually never ends well. The UK is up to its eyeballs in debt, so no surprise the markets are uneasy about increasing the debt. Also, there is literally no wiggle room, we after hope no crisis comes along for at least 5 yrs.

[@Wordbavk]

Same thing the democrats are doing in 🇺🇸

[@glennlilley8608]

After hope? Not have to hope, then?

[@TheCam920]

@@meglobob9217 Me when I have no idea how debt works at a corporate and national level

[@liam-james]

The UK is up to its eyeballs in debt that’s why they change how they measure debt so they could borrow more 🤦 it’s like a crack addict convincing themselves buying larger amounts of crack will shake the addiction.

[@TheCam920]

@@liam-james That's not how it works at all 😂😂😂

[@MrFlamingo2002]

It’s pretty obvious to me that there would always have to be a massive investment in public spending to begin with, the whole country is falling into disrepair, but once it’s fixed, the investment should be less.

[@Adept24]

It wasn't that long ago Liz Truss was kicked out of her job because of a bad budget, so why is Starmer still in his position?

[@nt300uk]

Because the reaction and consequences were nowhere near as extreme

[@ElSWVisitor]

Answers to bankers so no need for a coup

[@therversonkanavathy7554]

Because public opinion is "Labour can do no wrong"

[@Harry-rr4km]

The reaction to this budget is not in the same stratosphere as the Liz Truss mini budget

[@JohnnyOrgan]

Because Liz Truss's wasn't just a "bad budget". It absolutely tanked the economy overnight.

[@gabrielarg9901]

When a non-economist explains this and says “it is definitely a concern”. It is a common mechanism for governments that want to push the economy to incentivise expenditure and fill the gaps that previous governments left behind.

[@InfernalPasquale]

FOX News levels of analysis. The y axis on the pound value is hilarious.

[@bigdaz7272]

4 Billion per Year to Ukraine, where is that coming from?

[@richardpayne9828]

is it me or are they trying really hard to make this sound really bad.

[@cc3]

They did put the liz truss graph up which sort of showcased that it has been a lot worse. I don't watch sky news so don't know their biases but it looked like fair reporting to me (aside from the potentially misleading "everyone's a bit worse off" at the end)

[@jensablefur155]

They want the Blue Team back in power ASAP. Politics is a rigged game when it comes to media support.

[@RainbowYawn]

Those charts are like something straight out of Brass eye

[@vegasmike]

Labour is just doing what they did before. Digging a hole. 😮

[@siffegy]

Just like our previous government have been for the last 14 years or whatever it was

[@spaycehoppa]

The tories dug the hole for 14 years!!!!

[@1ForTheShieldz]

​@@spaycehoppaso that's an excuse to let labour continue making a bigger hole? Classic, so when labour are out next term the next clowns ca. Say look at the hole labourers we need to dig a bigger one. All good right. Classic what aboutery

[@davidrutty6733]

Labour are putting things right after 14 years of Tory corruption 👍

[@Aarenby]

And reform are raping

[@poppyqueen111]

Our dept is trillions..and interest is £5000 every second imagine that...

[@theworldaccordingtochris4370]

Who knew Labour would do this, WHO KNEW!🙄

[@Sensation_Spectrum]

Do what?

[@johnmorgan7989]

@@Sensation_Spectrum make everything even worse than it already was. I knew.

[@kingatheist7231]

Yeah imagine taxing the public. Monsters!

[@pluskowaty]

I did

[@johnmorgan7989]

@@kingatheist7231 taxing the public through income tax would have been a good idea. But they couldn't do that cos they said they wouldn't. So instead they've raised taxes that will result in food prices and everything else going up so we're all going to have less money yo spend thus pushing our economy further into the shitter.

[@zoeloutay4734]

So he just said the OBR told Reeves that she has a bit of leeway, and then showed a graph where clearly Rachel Reeves has used a bit of that Leeway!! ... It just seems that this presenter is trying to make an issue where there isn't one!!

[@TheLeonPrior]

Also suggesting by saying things like "we're already here" insinuating that the market will continue responding along the trend... it's all propagandist bullshit. I wish we could enjoy sensible political discourse.

[@simonmenzies3142]

Labour are clueless

[@simonglancy5729]

please give costed examples of this?

[@lentilsoup460]

Not completely clueless and it's still a big improvement compared to the conservatives' budgeting. Higher taxes, but they're actually using the taxes on public services and investments, instead of raising taxes and not spending the money or just giving it to their mates like the Tories.

[@bigben8272]

Stop the net zero madness and we can start walking this back.

[@hdog1180]

Reverse Brexshite

[@MIEJ4]

There’s a huge amount of money to be made with net zero. It is madness to miss out on that.

[@bigben8272]

@@MIEJ4 It will make people cold and poor. It is madness to participate in the destruction of society. Do your research.

[@MarmaLloyd]

I don't even have a good job and thinking of leaving. There is no future here

[@MIEJ4]

Cheerio!

[@Anon1370]

there is a future but not a desirable one.

[@shanetomlinson4604]

Worst government by far, beats Liz Truss in my books

[@DayOldMeat]

This report literally makes it clear this is nowhere near as bad as Truss. Also, a lot of this is because the last government cooked the books.

[@theotherside8258]

by what criteria? The country nearly went bankrupt overnight. Her intention was to basically close down govt to avoid collecting tax. We would have a worse country than Sudan

[@casualwargamer]

Rise in min wage and business NI contribution, small businesses are given a death sentence

[@chrismoore7700]

Diiiiiiiidn't we get conned out of £37 billion on track and trace and haven't we lost around £140 billion thanks to Brexit?

[@bobsmith3136]

After every general election, budget the markets exhibit fluctuations, it's normal, markets are not a flatline. Within days or weeks they then go back to their usual trends, it just takes a while for analyse of the impact to be undertaken and companies to understand how they need to react to changes going forward.

[@Problembeing]

Didn't Liz Truss get kicked out of office for spooking the markets? What's the hold-up here?

[@TheCam920]

@@Problembeing "Spooking" the markets was an understatement. She was planning to use debt to cover for massive corporate tax breaks which is completely unhinged.

[@immers2410]

@@TheCam920exactly, there’s a world of difference between giving your corporate cronies an early Xmas present and raising money to invest

[@FarmerEnvoyXtreme]

Because Liz truss tried one thing that'll actually benefit everyone as a whole.... Taxing the rich. So yeah markets reacted but because the poor and working class is now going to be worser off. It's okay

[@TheCam920]

@@immers2410 Yep, would have done absolutely nothing to serve our interests and was just another way for the wealthy to siphon even more money offshore

[@samle-lg3jg]

@@FarmerEnvoyXtreme source? This is what i got from chatGPT "Liz Truss proposed a plan to cut taxes for the country's top earners, which caused quite a stir. Her plan aimed to remove the top tier of income tax, benefiting those who earn more than £150,000 a year . However, this proposal led to market turmoil and a significant backlash, ultimately forcing her to abandon the plan"

[@simonbamford8441]

As if Rupert Murdoch would say anything good about Labour!

[@Callum_009]

The Left Wing Comcast Own Sky

[@simonbird1973]

Labour + economics = car crash

[@stephenbrown4211]

Car crash??? More like a motorway pile up

[@halcalaquende9952]

As opposed to the tories and great pm's like liz truss who grew the economy tremendously without any mistakes

[@MCDONALD6969]

​@@halcalaquende9952the graph has just shown we'll be worse off under this budget than under the Tories.

[@MCDONALD6969]

Labour are just awful & anyone who voted them in deserves to be poorer.

[@davidjupp961]

​@@MCDONALD6969absolute bollocks

[@kaishaifta7758]

In 24 hours the market is gonna crash! Come on stop with the propaganda

[@sarangistudent8614]

10 hours to go...

[@joefortey4]

Has it crashed yet?

[@kaishaifta7758]

@ yesh it crashed the second it was announced! But remember under the conservatives we were all struggling to put the heating on! People really do have poor memories

[@schmitz4206]

@@kaishaifta7758 winter fuel allowance??

[@pharmacistweb3947]

And, give 3 billion pounds a year to Ukraine when our nhs is in deep trouble

[@TheCam920]

@@pharmacistweb3947 3 billion is virtually nothing. Not even a percent of a percent of the UK economy.

[@Who-rx5ky]

@@TheCam920 Money is money and it could have been better used at home instead of funding a war in Eastern Europe.

[@topfuelteddy]

​@@TheCam920If it's nothing spend it here then .

[@ZephyrCrypto]

@@TheCam920Virtually nothing 😂 Yea right!! Is that why Reeves favourite line is ‘the 20 billion black hole!!’. We shouldn’t sending any money abroad. We’ve done it all my life and what do we get, ‘U.K. is the most racist place on earth, white man bad, give us reparations!!’ Sick of it, time to look after our own country. Repatriations!!

[@TheCam920]

@@topfuelteddy How are we supposed to spend a missile exactly? Ukraine doesn't receive money, they receive that value in our surplus.

[@Philip0128]

I’m favoured financially with Bitcoin ETFs,.$90,700 biweekly profit regardless of how bad it gets on the economy

[@andrewjackson2811]

These headlines would be so different if it was the conservatives budget 😂

[@infrasleep]

Why ?

[@marcusclarke5628]

​@@infrasleep The media attack the Tories

[@TheCam920]

@@infrasleep Because conservatives have no idea how budgets work

[@MIEJ4]

@@marcusclarke5628LOL good one 🤣🤣🤣🤣🤣🤣🤣🤣🤦🏻‍♂️

[@boblionia]

​@@infrasleepbecause this report specifically omitted all of the relevant information, such as who the tax changes actually effect and the actual results it will have on the economy Since Sky got sold, they have been hard on the side of big business and are encouraged to ensure that big business continues to dominate. If this was a conservative budget, they would include the actual facts because those suddenly make the entire situation positive. Do just 2 minutes of research for once in your life brother, it helps

[@theearlofgrantham9816]

I love how Labour say they found a black hole and then immediately decide to borrow more 😐

[@TheLeonPrior]

Yes, to meet the spending requirements not met by the previous government

[@jamiemorton1765]

10 million per day for illegal immigrants

[@trerisel]

100's of billion of pounds in off shore accounts

[@owen8500]

£70,000 pound a year for our politicians who sit on their arse and do nothing for us except make us poorer. We can start by cutting that down, make sure only the people who truly care about politics and running our country get involved. We can also stop paying their bar tabs on our taxes too, along with every other tax payable expense they take from us.

[@PROGAMING-yu5ef]

Nothing for growth for small business, only taxes.

[@mattp7136]

Whatever happened, as the A team for corruption, insider trading and backing against the the country's prosperity have been replaced, there was always going to be market manipulation to feign discontent, where in reality very little has changed, price gouging the population will continue and profits will continue to flow.

[@TheCam920]

People are so desperate for *something* bad to happen, but nothing ever changes and the line will march upwards until the end of capitalism

[@Thetruthwillsetyoufreee]

Take me back to the year 2000

[@judyhopps9380]

1995 seems good about now

[@benjamingriffith4991]

Great reporting sky

[@Pironi28]

I am no fan of Sky but this is balanced and objective analysis!

[@benjamingriffith4991]

@ same, if they do this consistently I’d definitely maybe think of being a fan

[@peterHales-p9v]

Starmer OUT

[@burn_burn_satellite75]

Brexit OUT

[@MIEJ4]

Vote him out in 4-5 years. Welcome to democracy.

[@brainrot4919]

​@@MIEJ4Four to five years? Don't think they have democracy under sharia law pal.

[@Luppy-v8f]

Wasting money on Ukraine is madness.

[@des_smith7658]

It's a sunk cost investment

[@TheCam920]

@@des_smith7658 More like it's a drop in the pond. £3bn is barely a fraction of our wealth

[@des_smith7658]

@@TheCam920 well it sounds like a lot of money

[@redbeard3923]

​@@TheCam920Didn't stop liebour stopping the fuel allowance

[@TheCam920]

@@des_smith7658 the UK economy is worth 4-5 trillion , a trillion being 1000 billion. It's like crying over losing a one pence coin while being a millionaire

[@michaelstimpson1137]

This is madness. If the markets respond badly to any kind of stimulus, then we're all pretty screwed. But it does show that we are now living in an era of zero growth and we need to realise that infinite growth in a finite world is impossible. The first step is to remove the banks from money creation and control their toxic influence on the system.

[@mart34]

Last time Labour were in power, it ended with the great financial crises. My bet is this time it'll be a government debt crises thanks to Reeves or an energy crises thanks to Ed Milliband. An energy crises would result in a debt crises, given how fragile our finances are. Exciting times ahead! 😂

[@Garfie489]

After 10 years of extremely strong growth, and only ending due to a crisis Labour was not actually responsible for or could have policed against. It was a US crisis, but other countries felt the effect as well.

[@jackdubz4247]

That had nothing to do with Labour. That was the subprime mortgage market in the USA.

[@Superfoodcookie]

Lol 2008 wasn't labour focused. It was globally focused every single stock market dropped. Go check Nasdaq etc American stocks they all dropped.

[@TheCam920]

@@mart34 How is that labour's fault, the GFC was literally caused by wall street investors hedging bets against the banks. The entire world suffered for that

[@MH-kc8pq]

This is misleading

[@kittyluca7789]

Maybe they should give up their second homes and 3 cars being fuelled by the public while they earn moee from the public. Maybe stop sending our money (taxpayers) to other countries. Our government officials are like a millionaire whose money ran out, and now they are scrambling yo keep their lifestyle while watching our infrastructure burn

[@davidgermain]

full set of strikes by next summer,

[@jackdubz4247]

Couldn't be any worse than it was under the Tories.

[@TheCam920]

@@davidgermain Unions members, notoriously angry about paying capital gains tax and their myriad investments not returning as much as usual.

[@elriano1]

@@jackdubz4247 We can't continue to view things as Labour vs. Tory. They're both as bad as each other because they're controlled by the same set of globalist donors. Until we break out of the two-party system things will continue to get worse.

[@Anon1370]

get a penny increase and no more

[@darad1659]

Why is it always called "borrowing". When do we ever get it back!?!

[@MrH1990s]

Well, we wasting 3-5 billion a year on Ukraine, 9-13 billion on foreign aid, meanwhile our bus fares are going up to £3 per trip

[@MrBath1985]

Bus fares have gone down over the years they used to be £5 minimum by me. Now single is £2

[@MrH1990s]

@ no, never was £5, stop lying, it’s just gone up from £1.75 to £3

[@GramDraws]

Ed explained that well, fair play mate

[@carmellewislapthorn1802]

Horrendous to now take our personal pensions into our estate on death and have to pay inheritance tax.

[@calirun1]

Absolutely criminal. Wait and see if it is passed into law..

[@monikaszafranek5611]

Market this. Market that. Can we just acknowledge that the market is just a bunch of dudes' with a fuckton of money opinion?

[@sirrathersplendid4825]

Sure, but dudes who spend their whole day analysing such things. They’re not dumb.

[@jamieevans5979]

Well said 👏🏻

[@TheCam920]

@@sirrathersplendid4825 The market is based entirely on how people "feel" it's incredibly stupid. Only non-investors and insecure people think there's any intelligence involved

[@des_smith7658]

It's just a keyboard not a market

[@jaaguitar]

No, because it's all our pension funds as well.

[@bobmason1361]

Feeding Ukraine war though.

[@leonkowalski6987]

"Government borrowing" should be renamed "stealth tax", because that's what it is.

[@peterrichard9769]

It's a disadvantage because more taxes less wages.

[@michaelreid5307]

Imagine the defence for this current govt being "well we're not quite as bad as the worst tory PM".....

[@michaelhughes6634]

To be honest as a 23 I’m annoyed at the increases in taxes going to the NHS, which will be aimed at helping elderly people more than young. I’m very glad the blood scandal and the post office scandal are finally being paid and can be put behind us. With the victims can be left to deal with the consequences rather than the bill of the illnesses. I’m annoyed this bill was not paid earlier with liz truss because compensation has increased for the last 10 years and could of saved billions.

[@Anon1370]

one day the young will be elderly and want the same thing to be taken care of by the nhs the only thing is it wont be around for them i think it will collapse before that.......its on its last legs to keep it going until the young ones get old cant see it....

[@katecackett]

When these politicians mess up they should be fined held accountable for their castrophic failures

[@milo2324]

so basically there is little money to spend. and yet the Gov still have not stopped Channel crossings. And also is preparing to open more hotels to house refugees.

[@Starskream180]

That labour mp still hasn’t been charged for punching a man with his hands in his pockets and when he was on the floor disgusting behaviour.

[@jankoszuta9835]

This makes no sense. No employee is paying more NI

[@ashw6015]

No but increasing employer NI artificially increases the cost of labour so it will apply downward pressure to salaries.

[@FreaksSpeaks]

Someone is paying

[@TheCam920]

@@ashw6015 Not gonna be an issue for those who unionised

[@chilliboy99]

​@TheCam920 how does unionisation help? Im genuinely interested

[@TheManball]

@@chilliboy99unions have better negotiating power due to their numbers to fend off corporate from lowering wages. They can threaten to go on strike to cause more financial pain compared to the increased cost of labour caused by the employer ni increase

[@mrsteve170]

"Everyone is worse off". I'd hate to be someone who is surprised at this.

[@GraceEisele]

I'm favoured only God knows how much I praise Him, $230k every 4weeks! I now have a big mansion and can now afford anything and also support God’s work and the church.

[@FernabdoCassidy]

Only God knows how much grateful i am. After so much struggles I now own a new house and my family is happy once again everything is finally falling into place!!

[@ShirleysCruquer]

I'm 37 and have been looking for ways to be successful, please how??

[@FernabdoCassidy]

I earn from investing in the digital market with the guidance of (Ms. Evelyn Vera) Brokerage services. I remember giving her my first saved up $20000 and she opened a brokerage account with it for me, it turned out to be the best thing that ever happened to me.

[@JuliethNgom]

Hy, How can I reach her directly please???

[@GraceEisele]

I will leave her info below this comment.

[@DavidBrown-bs7gg]

Labour have never understood how numbers work

[@Hanz_Moleman]

The real big news story is WHO IS THAT BLONDE BOMBSHELL?!

[@marknewton7212]

Ali Fortescue

[@williamthompson4389]

Time to give up! My Grandmother taught me to NEVER vote for a Labour Government. She was far more intelligent than most. I have always followed her advice thank goodness!

[@mclaconic7974]

Yes mate! Last 14 years have been amazing with the tories. Get this labour lot out and let’s get the rightful heirs to the country back in. Tory rule forever!

[@Fidelisjoff]

Who would have thought raising taxes to expand the public sector will grow nothing and only make those in the public sector possibly better off or just more of them.

[@magnuswalker7957]

Oh to be a train driver earning £70k per annum instead of a 77 year pensioner with a terminal illness.

[@jamesarnold7253]

A 77 year old pensioner has lived through economic times that people my age could only dream of

[@dddgtsd]

@@jamesarnold7253 yes Jimmy lad

[@brainrot4919]

​@@jamesarnold7253That they worked hard to prop up. It's not their fault that globalists hijacked the prosperity they helped create, while we look after illegal immigrants and refugees better than we do our elderly because the elderly don't provide cheap labour for the elites. Being bitter towards average oaps is just sad, the globalist elite that Starmer answers to are the real cause of all these problems.

[@Betinasorangeboxcom]

❤❤❤❤

[@JordanSharkey]

Why aren’t people protesting about this

[@MrCarhoo]

Spend my money harder daddy

[@sisterinchristdaily5331]

This may work if they thought of putting the cost of shopping rent tax and anything else that is killing our pockets down before this budget comes out

[@stephennewby5060]

Labour overspending already......😢

[@amandag5072]

Ffs

[@moonie-zw5by]

It's not the best of budgets.

[@CharlieHarper-d4x]

Same old labour , back to the 70s socialist economy.

[@tracysmith-yv5lt]

buy candles

[@pgtipz7468]

Yeah I remember the 3 day weeks the tories brought and the Barber ‘Boom’.

[@CharlieHarper-d4x]

@@pgtipz7468 trying to deal with the socialist policies labour had introduced. It's always the conservatives having to clean up after labour.

[@Yusuf-fm2if]

@@CharlieHarper-d4xhillarious 😂😂😂😂😂😂😂😂

[@TheCam920]

@@CharlieHarper-d4x Yep, time to scrap the winter fuel allowance entirely. It's one of their more communistic policies after all.

[@FC-PeakVersatility]

Didn't Rachel Reaves say she was going to break the fiscal rules?

[@JayHomes-h7c]

Blair’s Britain

[@magnuswalker7957]

And that was a disaster 😢

[@harrymorton6872]

what has this got to do with Blair?

[@ZephyrCrypto]

@@harrymorton6872You’re joking, right?!

[@tariqahmed2214]

Remember, this is SKY, and who owens Sky

[@advocate1563]

Bond vigilantes are circling. She has absolutely NO room for manoeuvre. .

[@travelwell6049]

I didn’t think we were going to be paying more in National insurance so I’m not how that’s the take away that’s made us worse off.