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Iain Dale βš’οΈπŸ‡ΊπŸ‡¦

@IainDale

Sep 23

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Was on a plane to Jersey (no, not visiting my money!) when Kwasi K was on his feet in the Commons. Just catching up. Not exactly a "mini" budget, more of a "We don't care if you don't like us, we're going to do it anyway" budget. "Courageous", as Sir Humphrey might say.

Timing is everything in politics, and economics, for that matter. Is now the right time for a tax cutting splurge? We'll soon see. It's an incredibly risky strategy from both viewpoints. I believe in low taxes, but question the extent of these cuts for the already wellremunerated

V good news on IR35. This will stimulate economic activity and reward self employed strivers. It was a stain on the Conservatives that it was introduced in the first place. Hopefully the Loan Charge will meet the same fate.

Stamp duty has always represented a form of licensed robbery. Cutting it in this way, though, will probably fuel house price inflation at the lower end of the market. There are better ways of taxing property.

Scrapping the Bankers' Bonus cap is politically inept, even if the arguments for introducing it in the first place have diminished. Other regulatory measures mean banks are more insulated against idiotic risk takers. However, the outcry will be loud.

This is not a Thatcherite budget, it is more Anthony Barber (and that didn't end well), it's more Ronald Reagan. What happened to the Thatcherite concept of 'sound money'? Truss is not Thatcher reincarnated, she's Reagan Mark II. Sort of.

In conclusion, there are some things I like and support, but, as a whole, I can't see how the sums add up, unless I'm missing something. Today marks a complete shift in Tory economic policy, and you kind of wonder what the last 12 years were all about.

Iain Dale βš’οΈπŸ‡ΊπŸ‡¦

@IainDale

Presenter, @LBC 7-10pm Mon-Thur, @ForTheManyPod, @IainDaleAllTalk, Telegraph Columnist, Pundit for @GMB Visiting Prof at UEA Agent: info@northbanktalent.com

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