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Proposed Changes to Wine Duty Rates

It’s quite a shock to see an apparent return to the trickle-down fallacy [as I see it at any rate]. Concerning IMO, and a lot of folk are going to suffer I think.

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I agree. I’m not totally against growth initiatives. I’d support some more targeted growth measures but this is blanket unrolling of measures rather than improvements.

Some sensible ones could be energy related or grants around energy efficiency improvements to households/businesses

Tax wise I gain today more than my monthly wine spend and it does not make me feel good

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Back to the currency depreciation aspect and let’s put USA wines aside for a moment.

A lot of contracts across international trade are dollar denominated.

So, from a Wine Society perspective, there’s plenty of opportunity for further pain.

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On the flip side Sterling weakness tends to be helpful for most of the FTSE where they have significant overseas earnings. Interesting to see the FTSE 100 get battered even so!

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The economic blitzkrieg is fairly predictable. What’s up next is even more frightening, if you care about… well just about everything.

Environmental protection laws are about to be scrapped wholesale, completely coincidentally just after environmental protesting has been criminalised. Your rights, your health, your well-being? All irrelevant, I’m afraid.

So after figuratively shitting on our doorstep by alienating our neighbours, friends and most importantly largest-trading-block-right-next-to-us, they’re now quite literally legislating to enable shitting on our own doorstep.

If this isn’t a scorched earth, toys-out-the-pram exercise because they know they’re electoral toast it very much looks like it. And I sincerely hope that enough British people remember what a British Government - not an ill-defined coterie of foreigners and ‘others’, but British, and more importantly tory - Government did to them and their lives when they come to place their X. Or at least gives them some pause for thought.

And in the meantime, everything will be more expensive because the world pretty much works on the dollar. Remind me what happened to that shiny new trade deal with the US?

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Read something pointing out that a classic mark of an emerging market currency is that it depreciates at the same time as its rates rise, rather than (as for e.g. USD, EUR) a rate rise strengthening the currency. So yesterday a particularly bad sign for the UK :sleepy:

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Many FX analysts have been describing Sterling as an EM currency for a few years now. From major banks too. So i think that you are spot on sadly.

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My son is about ready to buy a house I’m not sure this is a good idea

This is a great book to read at the moment.

Submerging market …

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‘Unlit Slumlands’ I think is the best description I’ve heard yet…

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Larry Summers description…

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Tricky. In 10 years time this discussion would have seemed irrelevant, I hope, but right now one needs to evaluate carefully if this is the time to acquire assets / investments denominated in sterling, whose revenue is solely in sterling as well, in light of what’s going to happen to interests rates over the next 5 years. It’s a tough decision, especially given what’s happening in the rental market. We’ve had a chronic supply problem in the country when it comes to affordable housing, and cutting the stamp duty without a corresponding action on the supply side will end a lot of people’s dreams.

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I am 77 so theres a good chance I might be dead in 10 years time. If Putin actually uses Nuclear weapons in the Ukraine conflict none of us might be here in 10 years time!