#uk finance

[yourelf-x]

Making money on X (formerly known at twitter) through their Monetisation programme (an experiment)

Not many people are aware of this, but 𝕏 (formerly twitter) pays you a decent share of ad revenue, if your impressions (total views on all posts) exceeds 5 million in 3 months.

As an experiment, for 3 months, I moved all my social media activity to 𝕏. I used an account I've had for several years, but never really used. Mostly because I prefer Reddit, personally. But I wanted to try it.

So, instead of posting as I usually would on Reddit, Facebook, Instagram etc. I just moved all my internet activity to 𝕏.

The result was I exceeded 5mil impressions within 1.5months.

My account is @YourElfx, you can see I don't have a huge following yet, and mostly just posted as I usually would on other social media platforms. Connect with me there to find out more.

Final thoughts: Overall, I would not recommend doing this if you are not frequently active on social media. But if you are, I would advise considering it.

[delhi-school-of-business]

Understanding the Challenges of Moving from LIBOR: Navigating the Tides

In the vast ocean of global finance, the London Interbank Offered Rate (LIBOR) stands out. It has long served as a crucial navigational beacon. Established in the mid-1980s, LIBOR quickly became the world’s most widely used benchmark for short-term interest rates. It’s similar to the financial world’s heartbeat. It underpins an estimated $350 trillion worth of financial contracts worldwide. These range from complex derivatives to simple home mortgages.

LIBOR represents the average interest rate for major global banks. They can borrow from one another in the international interbank market for short-term loans. LIBOR is published in five currencies: U.S. dollar, Euro, British pound, Japanese yen, and Swiss franc. It comes in seven different maturities ranging from overnight to one year. This provides a consistent, reliable gauge of the cost of unsecured borrowing in the London interbank market.

The importance of LIBOR in the financial system cannot be overstated. It serves as a reference rate for many financial products. These include syndicated loans, adjustable-rate mortgages, student loans, credit cards, and various types of derivatives. It’s the foundation of the global financial system. It influences borrowing costs throughout the economy. Moreover, it affects the finances of corporations, governments, and consumers alike.

However, LIBOR is the backbone of the financial world. Yet, it doesn’t come without its flaws. The financial world is preparing to navigate a future without it.

The Need for Transition from LIBOR

The journey towards a post-LIBOR world began with a series of unfortunate events. These events shook the financial world to its core. The LIBOR crisis erupted in 2012. It revealed that some banks had been manipulating the rate to their advantage. This led to a crisis of confidence in the benchmark. The scandal tarnished the reputation of LIBOR. It also highlighted its inherent vulnerabilities. One primary concern was that it was based on estimates and not actual transactions. This made it easier to manipulate.

The implications of the crisis were far-reaching. It led to billions of dollars in fines for the banks involved. Additionally, it casts a long shadow over the integrity of the global financial system. In response, it sparked a global conversation. The discussion centred around the need for a more robust and transparent alternative. This alternative needed to withstand the tests of market integrity and reliability.

How Everything Led to LIBOR’s End

In response to the crisis, regulatory bodies worldwide began pushing for a transition away from LIBOR. In the UK, the Financial Conduct Authority (FCA) made an announcement in 2017. It stated it would no longer ask or persuade banks to submit rates for LIBOR’s calculation after 2021. This announcement effectively set the clock ticking for the end of LIBOR.

The final nail in the coffin was in March 2021. The administrator of LIBOR, ICE Benchmark Administration, confirmed the termination dates for most LIBOR settings. It was announced that several LIBOR settings would cease after December 31, 2021. This included all the British pound, euro, Swiss franc, and Japanese yen settings. Additionally, the “one-week and two-month U.S. dollar settings” were included. The remaining U.S. dollar settings would cease immediately after June 30, 2023.

The announcement marked the beginning of the end for LIBOR. It set in motion a significant transition in global finance history. The transition from LIBOR is more than just a regulatory requirement. It’s a crucial step towards a stable and trustworthy financial system.

Challenges in the Transition from LIBOR

Navigating away from LIBOR is no small feat. The transition presents a multitude of challenges that financial institutions and market participants must overcome.

One of the most significant challenges is the complexity of replacing LIBOR in existing contracts, often referred to as “legacy contracts”. These contracts, which can extend beyond 2023, were drafted with LIBOR as the reference rate and often lack adequate provisions for the permanent removal of the benchmark. Modifying these contracts to replace LIBOR with a new rate is an enormous task, both legally and operationally, and raises the potential for legal disputes and market disruption.

The transition also involves the adoption of new risk-free rates (RFRs) that are fundamentally different from LIBOR. Unlike LIBOR, which reflects the credit risk of unsecured interbank lending, RFRs such as the Secured Overnight Financing Rate (SOFR) in the U.S. and the Sterling Overnight Index Average (SONIA) in the UK are nearly risk-free, as they are based on actual transaction data from secure lending markets. This shift from a credit-sensitive rate to a risk-free rate could have significant implications for the pricing and risk management of financial products.

Adding to the complexity is the absence of term structures in the new RFRs. While LIBOR is quoted for different maturities, most RFRs are overnight rates. The development of term rates based on RFRs is still in progress, and until these are widely available and accepted, the transition will remain a challenge.

The impact of the transition extends to various financial sectors and products. From securities, where LIBOR is deeply embedded, to syndicated loans and adjustable-rate mortgages that reference LIBOR, the transition will require significant adjustments. Market participants will need to adapt to new pricing mechanisms, risk management tools, and system changes, all while ensuring minimal disruption to financial markets.

Potential Solutions and Strategies for the Transition

Despite the challenges, the financial world is not walking without a light in this dark transition. Several solutions and strategies are being developed and implemented to navigate the shift from LIBOR. A key part of the solution lies in the development of alternative RFRs.

In the U.S., the Federal Reserve has endorsed the Secured Overnight Financing Rate (SOFR) as the replacement for U.S. dollar LIBOR. SOFR is based on actual transactions in the Treasury repurchase market, making it a more robust and reliable benchmark.

In the UK, the Bank of England has identified the Sterling Overnight Index Average (SONIA) as the preferred alternative to the sterling LIBOR.

These RFRs, along with others being developed around the world, are set to play a pivotal role in the post-LIBOR era.

Another crucial strategy for the transition is the incorporation of robust fallback language in financial contracts. Fallback provisions outline the steps to be taken and the replacement rate to be used if LIBOR ceases to exist. The International Swaps and Derivatives Association (ISDA) has developed a standard fallback protocol, which many market participants have agreed to, providing a clear path for the transition in derivative contracts.

Technology and data also hold the key to managing the transition effectively. Financial institutions are leveraging technology solutions to identify and analyze LIBOR exposure in their contract portfolios. Advanced analytics, fintech solutions and AI are being used to extract and review contractual terms at scale, enabling institutions to manage the transition in a more efficient and risk-controlled manner.

The transition from LIBOR is undoubtedly a complex and challenging process. However, with the right strategies and solutions in place, the financial world can successfully navigate the shift and emerge with a more transparent and robust benchmarking system.

The Impact of the Transition on Global Financial Markets

The ripples of the transition from LIBOR are being felt across global financial markets. This is leading to significant changes and potential disruptions.

One of the most profound impacts is the change in market risk profiles. The shift from LIBOR, a credit-sensitive rate, to nearly risk-free rates changes the dynamics of interest rate risk.

Financial institutions will need to review their risk management strategies. This is because the new rates do not reflect bank credit risk. These rates could also behave differently from LIBOR under various market conditions.

The transition also has a significant effect on interest-rate products and securities. LIBOR is deeply embedded in these markets. Its replacement will require adjustments in pricing, valuation, and risk management of these products. For instance, the shift to SOFR in the U.S. will have effects. It could affect the pricing of interest rate swaps. This is because SOFR tends to be lower than LIBOR due to its nearly risk-free nature.

Moreover, the transition carries the potential for market disruption and legal disputes. The modification of legacy contracts to replace LIBOR could be problematic. It could lead to disagreements over the choice of replacement rate. The adjustment spread might also be a point of contention. This could potentially result in lawsuits. There’s also the risk of market fragmentation. Different jurisdictions or market segments might choose different replacement rates.

The Role of Regulatory Bodies and Financial Institutions in the Transition

Read the full article at: https://dsb.edu.in/understanding-the-challenges-of-moving-from-libor-navigating-the-tides/?utm_source=Tumblr&utm_medium=Tumblr&utm_campaign=Tumblr+LIBOR

[isaurabhpande1]

Demystifying Credit Checks: How They Impact Loan Comparison

When comparing loan options, understanding the role of credit checks is crucial. Lenders often perform credit checks to assess borrowers' creditworthiness and determine the terms of the loan. These credit checks can have a significant impact on your loan comparison process. In this blog post, we will demystify credit checks, explain how they influence loan comparison, and provide insights into managing your credit to secure the best loan offers.

Understanding Credit Checks : Credit checks involve lenders accessing your credit report from credit bureaus to evaluate your credit history, credit score, and financial behavior. They help lenders assess the risk of lending to you and determine the terms, interest rates, and loan amounts they are willing to offer. There are two types of credit checks: soft inquiries (non-impactful) and hard inquiries (impactful). Soft inquiries are used for informational purposes, while hard inquiries are recorded on your credit report and can affect your credit score temporarily.

Impact on Loan Comparison: Credit checks play a vital role in loan comparison. They directly influence the interest rates, loan terms, and loan amounts offered by lenders. Lenders typically offer better terms and lower interest rates to borrowers with good credit scores and a positive credit history. When comparing loans, borrowers with higher credit scores are more likely to qualify for lower interest rates and favorable terms, saving money in the long run. On the other hand, borrowers with lower credit scores may face higher interest rates or stricter loan terms. It's important to consider how credit checks and your credit score will impact the affordability and overall cost of borrowing when comparing loan options.

Managing Your Credit: To improve your chances of securing better loan offers, it's important to manage your credit effectively. Start by reviewing your credit report for any inaccuracies or errors. Pay your bills on time, reduce your credit card balances, and avoid taking on excessive debt. Avoid making multiple loan applications within a short period, as each application can result in a hard inquiry and potentially lower your credit score. Instead, focus on targeted applications based on thorough research and comparison. Additionally, consider using credit monitoring services to stay updated on your credit status and make improvements where necessary.

Strategies for Loan Comparison: When comparing loans, be mindful of lenders who offer personalized interest rates based on creditworthiness. Some lenders may pre-qualify you or provide rate estimates without impacting your credit score. Utilize loan comparison tools or approach lenders for pre-qualification to get a better understanding of the rates and terms available to you. Compare loans with similar terms and request personalized loan quotes from multiple lenders to ensure accurate comparisons. Pay attention not only to interest rates but also to the APR, repayment terms, fees, and additional features offered by each lender.

Credit checks have a significant impact on loan comparison. Understanding how credit checks work, their impact on loan terms, and managing your credit effectively can help you secure better loan offers. Maintain a good credit score by managing your credit responsibly and reviewing your credit report regularly. When comparing loans, consider lenders that offer personalized interest rates based on creditworthiness and utilize loan comparison tools for accurate comparisons. By demystifying credit checks and incorporating credit management strategies, you can make informed decisions and secure the most favorable loan options.

[emeriobanque]

Recently, the ICC United Kingdom has reported launching a new drive to enhance the UK finance industry against the adverse effects of duplicate financing fraud.

The Centre for Digital Trade and Innovation (C4DTI)operated initiative will use ICC United Kingdom’s convening abilities to convey this leading project under the C4DTI’s “Shutting Fraudsters out of Trade” workstream in association with MonetaGo.

Duplicate Financing is defined as a fraudulent act where fraudsters avail multiple funds for the same transaction several times. In the present scenario, a fraudster can visit various banks and get the same transaction financed, without letting the other banks know or having them cross-check with the same.

Guidelines related to confidentiality inhibit the banks from disclosing or sharing information on deals they have financed with other banks, creating a hopeless situation that fraudsters take advantage of to get funds for the same transaction multiple times.

Read more: https://www.emeriobanque.com/news/icc-uk-introduces-initiative-to-cope-duplicate-finance

[bigdreamsminibudgets]

Bank of England announces additional measures to support market functioning (W/C 3.10.22)

The following is a summary and explanantion of the Bank of England's recent announcment.

A central bank has the responsibility of maintain financial stability within a country. The Bank of England (BoE) is England’s central bank. The UK has faced great financial instability (a fall in the value of the pound, and increase in interest rates) following the reformation of the UK government and subsequent changes to tax policies. Therefore, the BoE has taken action to restore financial stability.

From the 28th of September 2022, the BoE has purchased long-dated gilts.

Gilts are UK government bonds. A government bond is government debt. UK government bonds are known as gilts.

A central bank will purchase government bonds, which will increase the money supply in the UK as they exchange money for the bonds. . Large financial institutions (FIs) (like banks) hold gilts, which the BoE will exchange for money. With more money supplied into the economy, businesses and people have more money to spend. This is intended to keep the exchange of goods and services going.

A significant way that his money reaches households and businesses is through loans. With more money, these FIs can give out more loans. A loan is a liability: a financial responsibility to pay money. With a loan, a business person can expand their business, which has a impact on the wealth of the workers and customers: a liability driven investment has been made.

The BoE is now announcing:

To steadily increase the continued purchase of gilts. This should steadily increase the money supply and liability driven investment (as explained above).

Expand available collateral. Collateral is money (in this case, but can be another asset) which is held to replace money lost due to a loan not being repaid. By expanding available collateral, the BoE enables FIs to give out more loans because FIs will now have increased collateral which they can claim if they don’t get their money back. With more loans lent out, more money is in the hands of businesses and people, so goods and services can continue to be exchanged.

(in this explanation, I have not summarised the regular Indexed Long Term Repo operations)

[mariocki]

Death Dorm (The Dorm That Dripped Blood, 1982)

"I'm not gonna hurt you! I love you! I'm not gonna hurt you like all the others. The others - the others! Do you wanna see the others, huh?"

[probablyasocialecologist]

If we owe George Osborne anything, it is irrefutable empirical evidence that using the analogy of a credit card for a nation’s budget (along with inane “belt tightening” and “fixing the roof when it is sunny” metaphors) is a terrible basis for prudent fiscal policy. It is true that the Tories will leave scorched earth behind for the next government, with a budget dripping in red ink and a pitiful level of investment in the technologies and services the UK needs to escape a long-term slump. But this is precisely the reason why Labour must reject the austerian urges that, inevitably, spring from the credit card analogy.

[...]

The state’s budget is nothing like a credit card. As chancellor of the exchequer, your (tax) income is highly dependent on your (public) spending. Limit your spending and you have limited your income too. This is why the more Osborne slashed public spending in the 2010s, the more money he needed to borrow. By adopting the “maxed credit card” narrative, Reeves endorsed Osborne’s flawed logic and, indirectly, absolved the Tories for the wanton damage they have inflicted on a generation of Britons. Austerity, and the credit card analogy that provides its thin veneer of logic, is not just bad for workers and people in desperate need of state support during tough times; it also depresses investment. By hastening the stagnation of a society’s aggregate income, it signals to businesses that they would be mad to put money into building up the capacity to produce the output that society is too impecunious to buy. That’s how austerity undermined investment in Britain and that’s how it will annul Labour’s ambition to draw in private green investments, now that Reeves has ditched her modest green public investment plan, replacing it with wishful thinking that the private sector will, magically, make up the difference.

[aneverydaything]

Day 2023, 6 January 2024

[eaglesnick]

“Things come apart so easily when they have been held together with lies." -  Dorothy Allison

“Five ways to fix the £40bn hole in UK’s public finances.” (FT: 18/10/22)

“Fast-rising borrowing costs putting UK public finances at greater risk, warns OBR.” (Guardian: 13/07/23)

“Britain’s debt timebomb is about to explode – and politicians are too timid to defuse it.” (The Telegraph: 09/12/23)

“The Institute for Fiscal Studies (IFS) suggested some government departments could see cuts of between £10bn and £20bn – something Labour was reluctant to engage with during the election campaign." (BBC News: 27/07/24)

Given that the above news outlets – along with many others – have been telling us about the hole in UK public sector finances for at least  2 years why does it seem to have come as a great shock to Rachel Reeves?

“Chancellor Rachel Reeves said there was a £22 billion black hole in the public finances as she accused the Tories of covering up the scale of the problems.” (Northwich & Winsford Guardian: 29/07/24)

Either Rachel Reeves does not read official financial reports (in which case why is she Chancellor of the Exchequer) - or she is simply lying. I suspect the latter. This is what fullfact.org had to say:

“The IFS says many of the challenges Labour outlined this week were “entirely predictable”, and during the election campaign the think tank said that a new government would likely see a shortfall of £10-£20 billion by 2028/29.” (30/07/24)

How disappointing that Starmer’s Labour Government has the same relationship with the truth as the Tories - utter distain! 

[the-dear-skull]

Watching the fit note speech made by the UK PM. Listen I don't really consider myself disabled. Technically I do wear glasses and have clinical depression, but I am able to function like the average person, perhaps just a little more quieter, emotional, and only seems to perk up during discussions of metal and electronic music.

But after watching that, there are definitely people in the UK government who would definitely MAiD me. It's weird.

I'm used to the angst of being marginalized as a contradictory lesbian or whatever. But like (I'm not saying the US is the bastion of mental health. There is DEFINITELY stuff going on with me that isn't being addressed.) I (personally) was able to find support for when my depression and GAD got too much, with the UK it seems like if I was in the same situation, they would leave me to rot.

[tmarshconnors]

Biden and Trump First TV Debate

As I watch Biden and Trump face off in their first televised debate, I can't help but reflect on a country that has a population of 333.3 million people (as of 2022). With so many citizens, one would think there would be a wealth of candidates eager to run for the highest office in the land. Yet, here we are again, faced with a choice between Joe Biden and Donald Trump.

I am no fan of Joe Biden by any means, and I am not saying that Donald Trump is the "savior" of America either. The reality is far more complex. Surely, there must be more people who can run for office, bringing fresh perspectives and new energy to our political landscape. Instead, we seem trapped in a cycle of familiar faces and entrenched political battles.

The Problem with the Status Quo

No matter who wins the upcoming election, one thing is certain: the American people will lose out. This isn't just a uniquely American problem, either. Over in the United Kingdom, we're facing a similar scenario. Our general election on the 4th of July this year feels like a rerun of old political dramas, with little hope for real change.

In both countries, the political landscape seems devoid of truly inspiring leaders. We see the same names, the same faces, and hear the same tired rhetoric. It's as if our political systems are designed to recycle the past rather than innovate for the future.

Where Are the Fresh Faces?

One of the biggest questions is why we aren't seeing more new faces in politics. With so many intelligent, capable, and passionate individuals in both the U.S. and the U.K., why do so few step up to run for office? The reasons are multifaceted:

The Financial Barrier: Running for office is incredibly expensive. Campaigns require vast amounts of money, which often means that only those with substantial financial backing or connections can realistically consider running.

Political Entrenchment: Established politicians have a stronghold on their positions, making it difficult for newcomers to break through. The political machinery often favors incumbents, who have name recognition and a network of support.

Public Disillusionment: Many potential candidates are dissuaded by the current state of politics. The negativity, polarization, and media scrutiny can be overwhelming. This discourages fresh talent from entering the fray, preferring to make a difference in less public, and perhaps less contentious, ways.

The Impact on Democracy

The lack of diversity in our political candidates has a direct impact on democracy. When voters are presented with limited choices, it undermines the very principles of democratic governance. Democracy thrives on variety and choice, enabling the electorate to select leaders who truly represent their values and aspirations.

In the absence of this variety, elections become exercises in choosing the lesser of two evils rather than selecting the best possible leader. This, in turn, leads to widespread disillusionment and apathy among the electorate. When people feel that their vote won't bring about meaningful change, they are less likely to participate in the democratic process.

Looking Forward

As we watch Biden and Trump debate, we should be asking ourselves what we can do to encourage more people to run for office. How can we lower the financial barriers, dismantle the entrenched political systems, and inspire a new generation of leaders?

We need to foster a political culture that values innovation, inclusivity, and genuine public service. This means supporting candidates from diverse backgrounds and with new ideas. It also means holding our current leaders accountable and demanding more from them.

In the end, the future of our democracy depends on our ability to broaden the pool of candidates and ensure that our political systems are open to fresh voices and new perspectives. Only then can we hope to elect leaders who truly represent the will of the people and can bring about the change that so many of us desire.

In both the United States and the United Kingdom, the time for political renewal is now. Let's hope that the next debate, and the next election, will feature a more diverse and inspiring lineup of candidates, giving us all a reason to believe in the future of our democracy.

[aurianneor]

2024 UK general election: choosing the Right or the Left.

The Left and the Right are two ideologies that recognise the importance of having elites. For the Right, some people are considered to have fewer rights than others: women, black people, workers, etc. The elite is composed of Oxbridge. The people have to sacrifice on their housing, health and education to give to the elites. The Right take advice from the richest. For the Left, elites are appreciated but the people are not asked to sacrifice for the elites. The elites are there to inform the people and help them to do better.

For the Right, everyone has to support their leader and repeat their ideas. That’s Rishi Sunak’s or Nigel Farage’s programme. For the Left, a plurality of opinions and strong debate are expressed.

Poverty in the UK has escalated since 2011 to reach 19% of the population. The cost of leaving has increased exponentially up to 12% per year. Energy has increased by 19% since 2022, rent 69% and food 40%.

Cost of living statistics UK: 2024 – Finder: https://www.finder.com/uk/banking/cost-of-living-statistics

Meanwhile, since 2017, tax havens have increased (to avoid paying tax). The UK rich people are getting richer. The top 10 billionaires in the UK are three times richer than 15 years ago. With the Tories in power during Brexit, work standards have been lowered (security, social and environmental measures) to the profit of the owners who became even richer. The Tories signed free trade agreements with developing countries with low security social an environmental standards creating an unfair competition with the UK workers. The British producers can hardly sell in those countries. Those free trades only benefit the owners of the factory there.

The UK’S Rich Are Getting Richer – Statista: https://www.statista.com/chart/amp/27505/uks-richest-are-getting-richer/

Deregulation and standards after Brexit – what Naomi Klein’s ‘disaster capitalism’ can tell us – City University of London: https://www.city.ac.uk/news-and-events/news/2019/10/deregulation-and-standards-after-brexit-what-naomi-kleins-disaster-capitalism-can-tell-us

Trade deals: What has the UK done since Brexit? – BBC: https://www.bbc.com/news/uk-47213842

In the past, when the left has rallied, it has benefited the country: the population has increased its standard of living without sacrificing public spending or the performance of its economy. Let’s remember the spirit of 1945 and the New Labour in 1997. In 1945 was created public service of steal, health (NHS), rail and energy. In 1997 the left multiplied by four the budget for public health, reduced youth unemployment by 75%, they doubled the budget of public education, they introduced the minimum wage, 2 million people have been helped out of poverty. From 1997 to 2007, there were ten years of consecutive growth. The Labour of 2024 has the same ambition as the one in 1945 when they want to restore public services of energy and rail.

The Spirit of ’45 – Ken Loach – Wikipedia: https://en.wikipedia.org/wiki/The_Spirit_of_%2745

Labour governments’ achievements – Shrewsbury Labour Party: https://www.shrewsburylabour.org.uk/labours-top-50-achievements/

What’s more, the stock market did better when the Left was in power. The ones who suffered were the ultra-rich who had ill-gotten gains (tax breaks, tax reductions, etc). The ultra-rich don’t need the poor to struggle to benefit from their wealth. The Left isn’t milking them for all they’re worth, it’s just asking them to contribute their fair share. The economic crises have occurred when the Right was in charge : 1982 (Margaret Thatcher), 2019 (Boris Johnson). The Right didn’t deal with Covid very well: they didn’t stop economy soon enough and had many death. They gave the money borrowed to support the economy to the ultra-rich.

Early 1980s recession – Wikipedia: https://en.wikipedia.org/wiki/Early_1980s_recession

UK swiftly exits its third recession in 16 years – Resolution Foundation: https://www.resolutionfoundation.org/press-releases/uk-swiftly-exits-its-third-recession-in-16-years/

Labour is right: billions were lost to Covid fraud, and the public deserve a reckoning – The Guardian: https://www.theguardian.com/commentisfree/2023/oct/11/labour-billions-covid-fraud-pandemic

COVID, CONTRACTS, AND CONFLICT: THE YEAR CORRUPTION TOOK CENTRE STAGE – Transparency International UK: https://transparency.org.uk/COVID-contracts-conflict-2020-2021-year-corruption-took-centre-stage

The neo-liberals and the identitarians point to the bad guys; they target the foreigners, the “lazy” or the misfits. They give priority to the ultra-rich, who have more rights than others.

A very strong and very democratic state is needed to protect the workers against unfair competition from badly-treated foreigners and against the social and environmental dumping of foreign products. The people need to be richer so that they can buy quality goods and have quality public services (health, pensions, education, etc.). This wealth has been captured by the ultra-rich, not by immigrants or ‘idlers’. Britain is rich but inequalities are high.

Believing that the solution to the problem is to attack the poor, the disabled, the people of colour, etc. by treating them badly (inadequate pay, fewer rights) hurts the whole system: old diseases like cholera re-emerge, poorer working conditions are accepted, and so on.

Many people are angry and worried about their livelihoods, their health, their children’s education and so on. Providing public services for everyone everywhere will be very expensive. Neoliberals are asking the poor to have less (by cutting pensions and public services) because they think they don’t deserve enough. The identitarian right-wing is calling for the poor to be made to pay. The right is diverting people’s anger away from the bourgeoisie. The Left is calling for the ultra-rich to pay the price of these reforms, but they will still be very rich. To restore prosperity to the people, taxing capital and controlling prices is the way to go.

Even then, the laws passed by the House of Commons must not be blocked by the House of Lords, which is not elected by the people and is not a power check serving the people.

It’s a shame that the Brits don’t have the right to a referendum on popular initiative and that the only way to express themselves is by electing representatives!

10 Labour policies to change Britain Under the Tories, the NHS waiting list has tripled, and drastic action needs to be taken to get patients seen and receiving the care they need. 10 Labour policies to change Britain: https://labour.org.uk/updates/stories/10-labour-policies-to-change-britain/

WATCH LIVE: Keir Starmer launches Labour’s manifesto. – Labour Party: https://youtu.be/gyna0dYUUSI?t=2061

Labour’s fiscal plan – Labour Party: https://labour.org.uk/change/labours-fiscal-plan/

Kickstart economic growth – Labour Party: https://labour.org.uk/change/kickstart-economic-growth/

Expert economists back Labour’s plan to end economic stagnation in UK – The Guardian: https://www.theguardian.com/politics/article/2024/jun/19/labour-plan-end-economic-stagnation-uk-economists

Woman who pulled out 12 teeth with pliers says government failing on NHS dentistry – ITV News: https://www.youtube.com/watch?v=ZdWonwyrNiY

Genesis – Selling England By The Pound (Full Album Remastered) With Lyrics: https://youtu.be/GEE3T35C7Y8?si=fCicsBgsqtLVm850

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Législatives 2024: choisir la gauche ou la droite.: https://www.aurianneor.org/legislatives-2024-choisir-la-gauche-ou-la-droite/

Restricting personal wealth: https://www.aurianneor.org/restricting-personal-wealth/

A slice of the cake: https://www.aurianneor.org/a-slice-of-the-cake/

Oui au Référendum d’initiative populaire: https://www.aurianneor.org/oui-au-referendum-dinitiative-populaire-petition/

Immigration: https://www.aurianneor.org/immigration-2/

Living with dignity: https://www.aurianneor.org/living-with-dignity/

Rob the poor to feed the rich: https://www.aurianneor.org/rob-the-poor-to-feed-the-rich/

Le RIC – Référendum d’initiative citoyenne: https://www.aurianneor.org/via-httpswwwyoutubecomwatchv-e2lnzwuy4ks/

Price ceilings and price floors: https://www.aurianneor.org/price-ceilings-and-price-floors/

The Senate, the power to piss people off: https://www.aurianneor.org/the-senate-the-power-to-piss-people-off/

Humiliated by the Republic: https://www.aurianneor.org/humiliated-by-the-republic/

Nos ancêtres les marrons: https://www.aurianneor.org/nos-ancetres-les-marrons-il-nexiste-quune-seule/

[bigdreamsminibudgets]

The 45p Rate (W/C 3.10.22)

This week, at the Conservative Party Conference, Kwasi Kwarteng, Chancellor of the Exchequer, announced that they will no longer scrap the 45p rate, that was to be a tax reduction for people earning more than £150,000 a year. On the 23rd of September 2022, the Conservative party announced the Mini Budget.

A normal budget released by the UK government constitutes the spending plans and means to raise revenue at the start of the financial year. A budget must be scrutinised by parliament before it is approved and written into law. On the other hand, the acting government has the ability to produce a budget before the start of the financial year, without parliamentary scrutiny. This is typically undertaken for emergency measures. The Mini Budget was a sort of emergency budget, produced in the middle of the financial year, after a new Prime Minister was instated outside of the election cycle, alongside a new cabinet- an unusual circumstance which could require an emergency budget.

Nevertheless the Mini Budget of 2022 holds economic significance because it is the biggest package of UK tax cuts seen in half a century: it amounted to around £45bn of tax reductions for people and businesses (which also means a £45bn reduction in revenue received by the government, so a £45bn reduction in funding for public services, e.g. schools and highway maintenance). A notable, controversial aspect of the Mini Budget was that it had more generous benefits for the wealthiest individuals in UK society. Particularly, the 45p rate was going to be abolished.

Anyone earning more than £150,000 a year pays 45p for every additional £1 they earn above that threshold. Without that rate, the highest tax bracket would have been 40p paid on every £1 earned over £50,270.  This cut in tax for the highest earners would have enabled them to take home an additional £10,000 per year, on average. Generally, the response to the Mini Budget announcement had been negative: the value of the pound fell below £1.05 against the US dollar, and the cost of borrowing for the UK government increased (a fall in confidence that a government will pay back its debt is reflected in a higher cost for it to borrow).

With general negative feedback to scrapping the 45p rate, on Monday, the 3rd of October 2022, the Conservative government announced that it will no longer go ahead with the tax cut.

Almost two weeks since the Mini Budget was announced, and less than a week since the U-turn on the new tax cut, the value of the pound is re-approaching pre-Mini-Budget levels (>£1.10/1$). Tax reductions from the Mini Budget (as they stand, although they may change), are due to reduce government revenue by £43bn now, saving £2bn in revenue for the public budget specifically due to no longer abolishing the 45p tax rate.

Making historic tax announcements, and then doubling back on them has invoked mixed reactions: whilst some praise the conservative party for being able to respond to public sentiment, others criticise the party for being indecisive, with a lack of true strategy.

[globallegalassociation]

August 22-23: GLA Patent and Legal Conference

The GLA Patent and Legal Conference on August 22-23 is an essential event for professionals navigating the complex landscape of intellectual property and legal regulations. Hosted by the Global Law Association (GLA), this conference brings together industry leaders, legal experts, and patent professionals for two days of intensive discussions, insightful presentations, and networking opportunities.

This year’s conference will feature a series of keynote speeches and panel discussions led by renowned experts in patent law, intellectual property rights, and legal innovations. Attendees will gain valuable insights into emerging trends, recent case studies, and best practices in patent management and legal strategy. 

Whether you are a seasoned professional or new to the field, the GLA Patent and Legal Conference promises to be an invaluable experience. Don’t miss this chance to stay at the forefront of patent and legal developments and to enhance your understanding of the evolving landscape. Join us on August 22-23 to engage with experts, expand your network, and advance your knowledge in this critical field.

Address- Global Legal Association Suite-427,425 Broadhollow Road, Melville, New York, USA- 11747 Website: https://www.globallegalassociation.org/ Mail id: events@globallegalassociation.org US: +1 716 941 7798

[corvid-language-library]

I decided to check out how to apply for Norwegian uni and is it really as fucking easy as logging into a website, choosing the courses you want and hitting submit? That sounds so fake