Trading budget – Taiyo 33 http://taiyo-33.com/ Thu, 24 Nov 2022 13:21:49 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://taiyo-33.com/wp-content/uploads/2021/11/taiyo-150x150.png Trading budget – Taiyo 33 http://taiyo-33.com/ 32 32 Nirmala Sitharaman chairs interviews with social sector experts https://taiyo-33.com/nirmala-sitharaman-chairs-interviews-with-social-sector-experts/ Thu, 24 Nov 2022 13:09:00 +0000 https://taiyo-33.com/nirmala-sitharaman-chairs-interviews-with-social-sector-experts/ This will be the fifth budget of the Narendra Modi 2.0 government and FM Nirmala Sitharaman. The Union budget 2023-2024 will also be the last full budget before the general elections scheduled for April-May 2024. Union Finance Minister Nirmala Sitharaman on Thursday (November 24th) chaired her sixth pre-budget consultations with representatives of the social sectors, […]]]>

This will be the fifth budget of the Narendra Modi 2.0 government and FM Nirmala Sitharaman. The Union budget 2023-2024 will also be the last full budget before the general elections scheduled for April-May 2024.

Union Finance Minister Nirmala Sitharaman on Thursday (November 24th) chaired her sixth pre-budget consultations with representatives of the social sectors, including health, education, rural development, water and sanitation, in the nation’s capital.

Besides Sitharaman, the meeting was attended by Union Minister of State for Finance Pankaj Chaudhary, Finance Secretary TV Somanathan, secretaries from other departments in the Ministry of Finance and Chief Economic Advisor Anantha Nageswaran, the official said. ministry in a tweet today.

Pre-budget meetings with union representatives and economists are scheduled for November 28. Participants will make suggestions on the 2023-24 budget, which will be presented to Parliament by the Minister of Finance in February.

This will be the fifth budget of the Narendra Modi 2.0 government and FM Nirmala Sitharaman and the last full budget before the general elections scheduled for April-May 2024.

During the election year, the government presents a count vote for the limited period. Usually, the budget is released until July. The 2023-2024 budget is expected to be presented on February 1, during the first half of Parliament’s budget session which usually begins the last week of January each year.

The 2023-24 budget is expected to be presented on February 1 during the first half of Parliament’s budget session, which usually begins the last week of January each year.

The current year’s budget projected a growth rate of around 7-7.5% in real terms, while the budget deficit was set at 6.4% of gross domestic product (GDP).

The government led by Prime Minister Narendra Modi has abandoned a colonial-era tradition of presenting the budget at the end of February. The then finance minister, Arun Jaitley, first presented the annual accounts on February 1, 2017.

With the preponation of the budget, ministries now receive their budgeted funds from the start of the fiscal year beginning in April. This gives departments more leeway to spend and gives businesses time to adjust to trade and fiscal plans.

Previously, when the budget was tabled in late February, Parliament’s three-step approval process ended in mid-May, weeks before the onset of the monsoon rains. This meant that ministries would only start spending on projects from late August or September after the monsoon season ended.

(Edited by : Shoma Bhattacharjee)

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Cooking a holiday dinner on a budget? Here are 8 money-saving hacks https://taiyo-33.com/cooking-a-holiday-dinner-on-a-budget-here-are-8-money-saving-hacks/ Wed, 23 Nov 2022 13:36:52 +0000 https://taiyo-33.com/cooking-a-holiday-dinner-on-a-budget-here-are-8-money-saving-hacks/ Between appetizers, main course, sides, and desserts, your holiday menu can cost you dearly. Image credit: GMVozd/E+/GettyImages Holiday dinners take a little more effort than your usual get-togethers. Your home smells of cinnamon and rosemary, your friends and family have come from near and far to gather around the table, and holiday cheer is in […]]]>

Between appetizers, main course, sides, and desserts, your holiday menu can cost you dearly.

Image credit:
GMVozd/E+/GettyImages

Holiday dinners take a little more effort than your usual get-togethers.

Your home smells of cinnamon and rosemary, your friends and family have come from near and far to gather around the table, and holiday cheer is in the air. The only downside? The exorbitant cost of making a holiday feast weighs on many hosts. In addition, food prices are expected to increase by up to 10% throughout 2022, according to the USDA.

Here are eight ways to cook an affordable holiday dinner, according to dietitians.

1. Have a plan and stick to it

When you’re cooking up a big holiday feast, chances are you’ll take at least one trip to the grocery store. If you’re thinking of getting started, you’ll likely throw ingredients into the basket that you haven’t budgeted for.

Before heading to the supermarket, sit down and strategize about dealing with unexpected purchases. First, plan your menu in advance, including starters and desserts. Write down all the ingredients you will need and their quantities. Next, check your pantry for items you might already have, like canned green beans and chicken broth.

Having a plan and a detailed to-do list will help you stay focused on the laser in the grocery store. It will also help you avoid the temptation to throw fun (but expensive) seasonal items into the basket. Pumpkin frosting? You do notneedthis. Holiday-themed napkins? Stay strong.

Don’t underestimate the great savings associated with buying in bulk: the more volume you buy, the less you pay per unit. When you’re already planning to buy a large amount of food for a big meal, it makes sense to check your local warehouse first.

“It pays to be a club member at warehouses like Costco, BJ’s Wholesale Club, and Sam’s Club during the holidays,” says an Arizona-based dietitian-nutritionist. Anne Danahy, RDN. “These stores usually have deals on holiday essentials, so take advantage and stock up.”

If you are not using ingredients that can spoil over time, you can freeze them. You can even freeze eggs bought in bulk – just break them open and beat them, then transfer them to freezer-safe containers, depending on the Nutrition and Dietetics Academy.

3. Use canned and frozen ingredients

Holiday dinners often call for lots of fresh produce, such as carrots, yams, cranberries, onions, etc. It’s a great way to eat your fruits and vegetables, but it can add up quickly. The economic alternative? Head to the freezer aisles and stable shelves.

“Depending on the ingredient, canned versions can be up to 80% cheaper than fresh versions and 50% cheaper than frozen versions,” explains Joan Salge Blake, RDN, LDN, registered dietitian and professor of nutrition at Boston University. “You can make a very inexpensive vegetable soup for the first course by replacing the fresh vegetables in the recipe with the canned variety, such as tomatoes, potatoes, and beans.”

Bonus: canned and frozen vegetables are always washed, chopped and ready to go, saving you time. Frozen products may also contain more nutrients, depending on the Mayo Clinic.

4. Mark big ticket items when they’re on sale

If your vacation home involves roast turkey, glazed ham, pork tenderloin, lamb chops or another meaty centerpiece, you know these aren’t exactly cheap dishes. You can save big on the main course by timing it correctly.

“Grocery stores often reduce the price of turkeys during the holidays to entice buyers,” Blake says. “They put the birds up for sale to lure buyers into the store to buy everything else for the meal.”

Most grocery stores distribute flyers and display offers on their mobile apps, so you can track sales. Shop around for the best deals and strike when the time is right. you can always freeze meat and defrost before the big day.

This hack also applies to small objects. “You can stock your freezer when your favorite vacation items are on sale,” says Danahy. “For example, fresh cranberries: they’re available in the fall but last all year in the freezer. When they’re on sale, restock and thaw as needed for a fresh cranberry sauce.” Frozen Foods Are Safe Forever, According To The USDA.

There’s no shame in asking for help, and sometimes it takes a whole village. Cooking a full holiday meal with multiple courses is a big financial drain on a person, and no one expects you to foot the entire bill yourself. If you’re expecting a lot of guests, ask them to bring a dish or item to help ease the load and cost.

“Everyone knows how much work it takes to cook holiday meals, so when someone offers to bring something, I always say yes,” Danahy says. She recommends keeping tabs on what people are planning to bring so you don’t end up with ten pumpkin pies but no sauce.

Feeding several mouths can quickly become complicated and expensive. So less is more. Yes, you need a lot of servings, but you don’t need as much variety as you think.

Stick to a handful of dishes instead of biting off more than you can chew with an elaborate menu. It will save you time and money.

“When hosting a dinner party, it’s easy to go overboard with too much food or too many different dishes,” says Danahy. “Pick a few favorite dishes and make enough for an average serving per person. No one will ever miss that side dish or that extra entree.”

7. Trade convenience for savings by DIYing

When you buy a pre-made pie, you’re not just paying for the cost of the ingredients — you’re paying a premium for the convenience of not having to make one yourself. When you go the DIY route, the savings are noticeable, although the trade-off is your time.

“Don’t pay extra for things you can do yourself,” warns Blake. “For example, baby carrots are ready to cook, but they usually cost more than double the amount of regular carrots.”

During the holidays, many dishes can be bought ready-made at the store. You can even buy a whole spread at some restaurants if you don’t want to make it all yourself. To get your money’s worth, try making some dishes yourself that you would normally buy, such as mashed potatoes, gravy, cranberry sauce, stuffing, and Green bean casserole.

This also applies to cleaning. If you usually serve holiday meals with paper plates, disposable napkins, and plastic cutlery to save time doing the dishes, you can save money by using reusable tableware.

The (arguably) best part of holiday dinners is the leftovers. You can reheat leftovers for days and get creative with recipes for reusing them.

Knowing that your efforts will create dozens of servings throughout the days following the holiday season, the initial cost will be a little lower.

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Consolidation of Rivers, continuity budget scales at first reading in the Assembly https://taiyo-33.com/consolidation-of-rivers-continuity-budget-scales-at-first-reading-in-the-assembly/ Tue, 22 Nov 2022 23:55:36 +0000 https://taiyo-33.com/consolidation-of-rivers-continuity-budget-scales-at-first-reading-in-the-assembly/ Rivers State Governor, Chief Nyesom Wike said Nigeria desperately needed a unifier who would steer governance affairs without any form of segregation.Wike spoke at the inauguration of the Mgbuitanwo Internal Roads in the Emohua Local Government Area of ​​the state.Mgbuitanwo internal roads were inaugurated by the New Nigeria Peoples Party (NNPP) presidential candidate, Senator Rabiu […]]]>

Rivers State Governor, Chief Nyesom Wike said Nigeria desperately needed a unifier who would steer governance affairs without any form of segregation.
Wike spoke at the inauguration of the Mgbuitanwo Internal Roads in the Emohua Local Government Area of ​​the state.
Mgbuitanwo internal roads were inaugurated by the New Nigeria Peoples Party (NNPP) presidential candidate, Senator Rabiu Musa Kwankwaso last Monday.
The governor expressed grave concern about how the country’s diversity has been grossly threatened by those who have resorted to campaigns based on ethnic and regional sentiments.
According to him, such a parochial trend would make Nigerians more divided than ever along religious and ethnic lines.
The Governor of Rivers State further stated that Integrity Governors are committed to always doing the right thing as long as it helps move the country forward.
“That doesn’t mean don’t vote for a Yoruba man, don’t vote for an Igbo man. That’s not what we need in this country right now. What we need is a man who will bring Nigeria together. We of the Integrity Group will continue to support all that is right, all that will help this country. »
The governor explained that he tried unsuccessfully to persuade the Peoples Democratic Party (PDP) leaders not to let Kwankwaso leave the party because of the strategic importance of Kano State.
“When you wanted to leave PDP, I came to your home in Abuja. I said sir, don’t leave the party. I begged you. I came twice. Those who have never had good intentions for this party, who will want to take control where they have never sown, said no, leave Kwankwaso to leave. Who is he? Let him go! After all, I was Speaker of the Senate when he was Deputy Speaker of the House of Representatives. I said no, he is an asset to the party in Kano State. Kano is very important to our party, so no matter what, let’s keep it; let’s handle it. They said, ‘let him go’.
“I said the more the merrier. We are an opposition party; we cannot continue to hunt our people. Whoever is angry, let’s keep it, they said no. They said I went to see Kwankwaso, I said yes, because I know that with him in Kano, chances are it will be better for us. But if we let him go, the backlash will be too heavy. They said no. Kwankwaso has left us.
The Governor of Rivers State described the NNPP Presidential candidate and former Governor of Kano State as a man of integrity and numbered among the leaders Nigeria needs.
According to him, the NNPP presidential candidate had assured him that his supporters who were still in the PDP would vote for him in the PDP presidential primary, and they did.
Wike has offered to provide protocol and logistical support to Kwankwaso whenever he wishes to campaign in Rivers State.
“If you come to campaign here, I will provide the logistical support for you to campaign. You are a former governor.
He, however, told Kwankwaso that it was difficult for any other party to win in Rivers State.
“Therefore, it will be useless for you to waste resources, thinking that you will win the election for any candidate of your party in this state,” Wike said.
On his comment on the release of the 13% unpaid diversion money from 1999 to date, by President Muhammadu Buhari, the Governor said he never said that other Niger Delta Governors would have to show proof of what they had done with their states’ share.
Instead, Wike said he only expressed his gratitude to Buhari for releasing the money, which helped him execute a plethora of projects in the state.
“I never said that people had to account for their money. I never told anyone. All I said was that people should thank Buhari for me, for giving me money to do all these projects. That’s all I said. If you interpret something different, that’s up to you. Is it wrong to thank someone who has done well for you?
Wike pointed out that his administration has never spent more than 14 months completing a project in the state.
He said the Mgbuitanwo domestic routes were among 20 other projects like the 9th and 10th flyovers which were all reported in June 2021, all of which were completed during the period.
Wike said good governance is about the welfare of the people, and if someone in government or close to a senior official is unable to attract projects to their community, that person has failed.
The governor pointed out that his administration had delivered the interior roads of Mgbuitanwo, where Senator Andrew Uchendu, a leader of the All Progressives Congress (APC), is from.
He regretted that the former senator had not succeeded, while he was in government, in making the path for his community.
Wike also mocked former agriculture commissioner Emma Chinda for failing to entice the government to do the roads for his Ogbakiri community, which his administration was now delivering to the people.
During the inauguration, the New Nigeria People’s Party (NNPP) presidential candidate, Senator Rabiu Musa Kwankwaso, commended Wike for hiring Julius Berger Nigeria Plc to provide the best quality of roads in a rural community.
Such a gesture, noted Kwankwaso, speaks of a leader who loves his people and did his best to improve their lot in all areas, including the provision of quality educational infrastructure.
Kwankwaso pointed out that those who undermine the capacity of the G-5 PDP, especially Wike, do so politically at their peril, as Rivers State, like Kano and Lagos, was critical to winning any election.
The NNPP presidential candidate said members of the integrity group led by Wike were good people who would continue to do the right thing and would be judged by posterity on what they did.
For his part, the works commissioner, Dr. Dakorinima Alabo George-Kelly, said that the internal roads of Mgbuitanwo were 39,300 square meters; has a thickness of 200 millimeters, with a binder course of 50 millimeters, a wearing course of 50 millimeters equipped with public lighting and drains.
Regional Manager, South South of Julius Berger Nigeria Plc, Jergen Fitcher said they have continued to provide standard infrastructure in support of Wike State’s development policy.

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UK austerity budget had ‘massive’ hole that will hurt growth: Michael Saunders https://taiyo-33.com/uk-austerity-budget-had-massive-hole-that-will-hurt-growth-michael-saunders/ Tue, 22 Nov 2022 11:09:49 +0000 https://taiyo-33.com/uk-austerity-budget-had-massive-hole-that-will-hurt-growth-michael-saunders/ Finance Minister Jeremy Hunt, in his much-awaited inaugural autumn statement, unveiled a sweeping £55bn ($66bn) fiscal plan. Anadolu Agency | Anadolu Agency | Getty Images LONDON — Britain’s Finance Minister Jeremy Hunt’s recent budget announcement had a “massive” hole where an economic growth strategy should be, according to the former bank of england decision maker […]]]>

Finance Minister Jeremy Hunt, in his much-awaited inaugural autumn statement, unveiled a sweeping £55bn ($66bn) fiscal plan.

Anadolu Agency | Anadolu Agency | Getty Images

LONDON — Britain’s Finance Minister Jeremy Hunt’s recent budget announcement had a “massive” hole where an economic growth strategy should be, according to the former bank of england decision maker Michael Saunders.

Last week, Hunt announced £55 billion ($65.2 billion) program of tax increases and spending cuts as he tried to fill a hole in the country’s public finances.

This came as the independent The Office for Budget Responsibility has confirmed that the UK economy is already in recession and faces a contraction of 1.4% of GDP in 2023, while theliving standards are set to fall at their fastest pace on record.

Speaking to CNBC on Monday, Saunders – who sat on the Bank of England’s monetary policy committee from August 2016 to August 2022 – said the reduction in trading intensity due to Brexit and lower productivity growth had permanently damaged potential output.

The OBR estimated in May that the UK’s new terms of trade with the European Union, set out in the Trade and Cooperation Agreement (TCA) which came into force on January 1, 2021, will be reduce long-term productivity by 4% compared to the previous trajectory if the UK had remained in the EU.

“Part of the reason things are so bad is that potential growth is so low and should be low,” Saunders said.

“That’s why according to the MPC, even though GDP is expected to be slightly lower in the fourth quarter of 2019, they think the economy is in high excess demand, in other words, it’s overheated, even without They believe that the potential growth in production for the next few years will be less than 1% per year.

Essentially, the shock to the economy that caused the inflation was not stronger than expected production or demand, but rather a shortfall in production on the supply side of the economy. , meaning the bar for excess demand that could overheat the economy is much lower.

“The big surprise of the past year is not that the economy was stronger than expected, because it wasn’t, it was that the supply side of the economy was weaker than expected. , with the result that unemployment is lower than expected and domestic inflation pressure is stronger than expected, even though GDP growth has not been stronger than expected,” Saunders explained.

He added that monetary policy must therefore ensure that the economy does not grow faster than its current anemic rate, as potential output growth is low, meaning the government must resort to “little or no growth”. public expenditure or an increase in the tax burden”. if it wants to put its budgetary situation back on a sustainable path.

“If you think about this previous output trajectory, the MPC and OBR think potential output is lower in Q4 2019, but… over three years at the pre-pandemic pace, you would expect potential output to grow probably 4.5%, something like 1.5% per year, so that’s that shortfall from what was a pretty miserable trend anyway,” Saunders said.

“We’ve spent most of the last 10 years saying that potential output growth is weak because look how far below the pre-GFC (Global Financial Crisis) trend we are, and now we’ve even fallen below the post-GFC trend.”

Hunt’s budget plans include around £30billion in public spending cuts, the biggest of which have been heavily delayed beyond April 2025, which is after the country’s next general election.

“I thought the fall statement just had a huge hole where a long-term growth strategy should have been,” Saunders told CNBC by phone.

“Delaying government spending cuts isn’t really about trying to improve long-term growth prospects, it’s just about trying to limit the pain of adjustment to weak potential growth prospects.”

A UK Treasury spokesperson was not immediately available for comment when contacted by CNBC.

New UK government must think long-term and fund NHS and research, says AstraZeneca CEO

He noted that cuts in public investment, which constituted a substantial part of the cut in government spending, “will likely worsen potential output growth”, and pointed to OECD studies that suggest a large gain public investment for potential growth.

A 2016 OECD report found that public investment “has a positive effect on long-term growth and labor productivity” and can also “accelerate the speed of convergence of catch-up countries”.

“If you want to do fiscal consolidation, doing it by cutting public investment is the least useful thing you can do to try to boost potential output,” Saunders added.

His comments were echoed on Sunday by Britain’s biggest business lobby group, the Confederation of British Industry. Chief executive Tony Danker told the BBC that Hunt had apparently prioritized stability over growth, but that without higher growth the country would not be able to meet the rising costs of health and social care.

Danker told the BBC that the autumn statement was “all about tackling inflation and getting a decent government budget in place and that needs to be done”, but added that “it There was really nothing there that tells us the economy is going to avoid another decade of low productivity and low growth.”

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Budget coffin maker has a Black Friday deal – if you plan ahead https://taiyo-33.com/budget-coffin-maker-has-a-black-friday-deal-if-you-plan-ahead/ Mon, 21 Nov 2022 21:51:31 +0000 https://taiyo-33.com/budget-coffin-maker-has-a-black-friday-deal-if-you-plan-ahead/ A Boston, Massachusetts coffin maker is offering a $50 Black Friday deal on the cost of its future and final resting place. Purchasing a casket before you die will potentially save thousands of dollars for those left behind, as well as spare them emotionally charged and costly decisions, according to Joshua Siegal, chief operating officer […]]]>

A Boston, Massachusetts coffin maker is offering a $50 Black Friday deal on the cost of its future and final resting place.

Purchasing a casket before you die will potentially save thousands of dollars for those left behind, as well as spare them emotionally charged and costly decisions, according to Joshua Siegal, chief operating officer and co- founder of Titan Casket, an online service that seeks to provide cost transparency in an industry not known for the practice.

“Consumers end up spending way too much and have few options to choose from,” Siegal told CBS MoneyWatch.

Most major manufacturers only sell caskets to funeral homes, with products marked up by up to 300%, according to Siegal.

Meanwhile, most Americans are unaware of a federal law enacted in the 1980s that requires funeral homes to accept shipments of consumer-purchased caskets.

Siegel was working in logistics at Amazon when Scott Ginsberg, who had been selling caskets through Amazon since 2016, approached him to sell caskets directly to consumers. In 2020, Siegel and his wife joined Ginsberg, adopting a Costco-like business model.

People can choose from 1,000 designs, including some specially designed for military veterans and others custom-wrapped in LGBTQ rainbow flags. Prices start at $500 for a biodegradable cardboard box to $4,000 for a steel casket and other decorative finishes.

According to a Federal Trade Commission staffer, less than 40% of funeral service provider websites offer online pricing, forcing grieving relatives to do their funeral shopping in person. report released in October.

c3f5heds.jpg
Taylor Swift takes a look at the Titan Casket product in a recent music video.

Taylor Swift/YouTube


In addition to its own website and Amazon, Titan’s products are sold at retailers such as Costco, Sam’s Club and Walmart.

The company received an unexpected but welcome marketing boost when one of its coffins appeared in a Taylor Swift video released in October. Swift’s “Anti-Hero” video includes a skit set at Swift’s fictional funeral, in which the singer opens the top of the coffin and looks on.

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Industrialists seek fiscal measures to boost demand and help create jobs to offset global slowdown https://taiyo-33.com/industrialists-seek-fiscal-measures-to-boost-demand-and-help-create-jobs-to-offset-global-slowdown/ Mon, 21 Nov 2022 15:39:00 +0000 https://taiyo-33.com/industrialists-seek-fiscal-measures-to-boost-demand-and-help-create-jobs-to-offset-global-slowdown/ Finance Minister Nirmala Sitharaman launched consultations on the Union’s budget for 2023-2024 on Monday, with captains of industry seeking measures to revive domestic demand and create jobs as an antidote to the headwinds of slowing economic growth. global economic growth. Along with a reduction in the tax burden for households, the captains of industry also […]]]>

Finance Minister Nirmala Sitharaman launched consultations on the Union’s budget for 2023-2024 on Monday, with captains of industry seeking measures to revive domestic demand and create jobs as an antidote to the headwinds of slowing economic growth. global economic growth.

Along with a reduction in the tax burden for households, the captains of industry also urged the government to bring petroleum products, ATFs, natural gas and electricity under the GST regime, reduce duty importation and broaden the scope of tax rebates granted to exporters.

“At this crucial time of geopolitical uncertainties, high inflation and slowing global economic growth, calibrated measures to improve domestic sources of growth would be crucial to maintaining a stable economic growth trajectory,” said the President of PHD Chamber of Commerce and Industry, Saket Dalmia. senior finance ministry officials at the meeting.

The Confederation of Indian Industry (CII) has suggested drastically reducing income tax slab rates for people earning up to ₹20 lakh, arguing that “the burden of inflation falls on taxpayers low and middle income groups”.

“As the cost of living has risen, there is no respite in income tax which has remained constant, crushing these taxpayers on both sides,” CII noted, and pointed to the widening gap. between personal and corporate tax rates as a source of concern.

“The top marginal rate for individuals has now risen to 42.74% (highest slab) against the normal corporate tax rate of 25.17%. The huge tax rate gap mentioned between personal and corporate tax rates leads to the adoption of several structuring decisions in favor of the business model (for example, the sole proprietorship changing to the corporate format ),” CII noted in its memo.

Over the next week, Ms Sitharaman will engage with stakeholders from different sectors to seek ideas and inputs for what is expected to be the last full budget before the Lok Sabha elections in 2024.

While Monday’s meetings focused on issues related to industry, infrastructure and climate change, subsequent discussions will focus on agriculture, the financial sector and capital markets, services and trade, sectors social issues, as well as interactions with labor leaders and economists.

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Sri Lankan president presents IMF-dictated budget https://taiyo-33.com/sri-lankan-president-presents-imf-dictated-budget/ Mon, 21 Nov 2022 02:59:30 +0000 https://taiyo-33.com/sri-lankan-president-presents-imf-dictated-budget/ On November 14, Sri Lankan President Ranil Wickremesinghe, who is also finance minister, presented the 2023 budget, along lines dictated by the International Monetary Fund (IMF) savage austerity program. The government will only receive an IMF rescue loan if its demands are implemented. Wickremesinghe, however, said in his budget speech that “the economic reforms we […]]]>

On November 14, Sri Lankan President Ranil Wickremesinghe, who is also finance minister, presented the 2023 budget, along lines dictated by the International Monetary Fund (IMF) savage austerity program. The government will only receive an IMF rescue loan if its demands are implemented.

Wickremesinghe, however, said in his budget speech that “the economic reforms we are bringing are not limited to the reforms agreed with the IMF.”

Sri Lankan President Ranil Wickremesinghe arrives at the parliament complex in Colombo, Sri Lanka, August 3, 2022. [AP Photo/Eranga Jayawardena]

The budget did not include any measures to address the brutal social conditions faced by working people and the poor, who are battling hyperinflation, shortages of essentials and starvation.

At the time of the budget presentation, a survey by the World Food Program (WFP) revealed that almost seven out of ten households, or 68% of the country’s population, are turning to coping mechanisms such as eating less of their favorite foods and reduce the number and size of meals. According to the WFP, 3.4 million people are priority for receiving emergency aid.

Sri Lanka’s Statistics and Census Department reported in October that annual inflation stood at 66% and food inflation at 86%. However, Professor Steve Hanke of Johns Hopkins University in the US recently said the actual inflation rate was 115 and called the official figures “complete fiction”.

The budget calls for spending of 5.8 trillion rupees ($15.8 billion), compared to an estimated 4.4 trillion for this year. The new spending must be financed by a massive increase in tax revenue of 69%. Wickremesinghe plans to reduce the budget deficit to 7.9% of gross domestic product (GDP) in 2023, from 9.8% this year, and produce a surplus of 2.3%.

These figures indicate that an immense burden will be imposed on workers.

* The government has increased CESS taxes (collected to fund hundreds of different services) by around 15% and will further increase the cost of importing many essential items.

* Value Added Tax (VAT) will be increased again next April. In September, the government raised this tax from 12% to 15% on all goods and services.

* A surcharge will be imposed at the point of importation on diesel, gasoline and crude oil, which will increase prices. The new taxes come on top of the increases introduced in September.

* The finance minister also announced the end of the public institutions income tax regime from January next year, a change that will affect public sector workers. Sri Lanka’s state banks and some state-owned enterprises (SOEs) currently pay their employees’ taxes as a concession.

* The budget announced the privatization of several state-owned companies, including Sri Lankan Airlines, Sri Lanka Telecom, Colombo Hilton and Waters Edge hotels, as well as the Sri Lanka Insurance Corporation and its subsidiaries. Other privatizations are in progress.

* A presidential commission will be appointed to propose “reforms” to the public sector, which employs 1.45 million people. Wickremesinghe complained that “a great deal of government revenue has to be spent on their wages and salaries”. The government has already planned to halve the number of public employees.

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Expected Washington State Revenues Up $762 Million Over Two Years; Next budget up to $681 million | Local https://taiyo-33.com/expected-washington-state-revenues-up-762-million-over-two-years-next-budget-up-to-681-million-local/ Sat, 19 Nov 2022 22:53:49 +0000 https://taiyo-33.com/expected-washington-state-revenues-up-762-million-over-two-years-next-budget-up-to-681-million-local/ Despite the economic headwinds of high inflation and a possible recession on the horizon, revenue forecast for the current Washington State 2021-23 biennium increased by $762 million and $681 million for the 2023-25 ​​biennium. It is an improvement over the September revenue forecast that had the next budget cycle down $495 million. So said Stephen […]]]>

Despite the economic headwinds of high inflation and a possible recession on the horizon, revenue forecast for the current Washington State 2021-23 biennium increased by $762 million and $681 million for the 2023-25 ​​biennium. It is an improvement over the September revenue forecast that had the next budget cycle down $495 million.

So said Stephen Lerch, executive director of the Economic Revenue Forecast Council, on Friday afternoon. virtual meeting advice.

“In the two months since the September forecast, we had a positive variance of $283 million,” Lerch said. “We observed very strong growth in collections in the first quarter. We thought that would kind of be the highlight. We anticipated a slowdown.

But that was not the case, he noted.

“We really saw that revenue growth slow down a little too soon,” Lerch explained. “We still think things are going to slow down, but clearly we’ve done it a bit earlier than expected.”

Higher-than-expected business and professional tax receipts since September have also contributed to the robustness of revenue forecasts.

“B&O was a big driver,” Lerch said, adding that large property tax payments, increased auto sales and online stock interest income were additional factors in revenue forecasts.

He warned that these good economic times will not last.

The revenue growth rate for this fiscal year is 11.6%. The expected revenue growth rate for fiscal 2023 is 3.2% and -0.2% for fiscal 2024, before rebounding to 4.1% in fiscal 2025.

The fall into the red in fiscal year 2024 is due to the fact that the tax sources that currently go into the education legacy account be transferred to the public works account, Lerch said, reducing the funds subject to the budget outlook.

“But in general, you know, we’re looking at considerably slower growth going forward than what we’ve seen in the last two years,” he said.

Total government revenue is expected to increase by 20.4% between the 2019-21 and 2021-23 biennia and by 3.5% between the 2021-23 and 2023-25 ​​biennia.

Reactions to the good revenue news were split across parties among legislative members of the council, with Republicans advocating for widespread tax relief and Democrats urging caution.

Since the initial budget for this biennium was written, “we saw revenue increase by $4.5 billion last February,” said Rep. Ed Orcutt, R-Kalama. “Now about another $2.2 billion. This puts us $6.7 billion above the original projections on which the original budget was written. »

He went on to say, “You know, somewhere here we have to find some kind of tax relief, because we have a lot of people suffering there.”

Orcutt specifically mentioned general property tax and state sales tax reductions.

Rep. Lynda Wilson, R-Vancouver, agreed but was pessimistic, noting that an expected slowdown in revenue growth combined with government spending means little chance of widespread tax relief.

“I would like to see, again, tax relief,” she said. “I’m not sure that’s going to happen.”

Senator Christine Rolfes, D-Bainbridge Island, had a different opinion.

“But I also think that as we go into session, the budget writers are going to look at where we are today and in terms of government spending and programs and look at the long-term trend,” the drafter said. chief of the Senate budget. “And we’ll see where we go.”

Rep. Timm Ormsby, D-Spokane, echoed those sentiments.

“Revenue growth is slowing down and it’s always very tempting to insert the, you know, really good circumstances as if they’re going to continue,” the chairman of the House Appropriations Committee said.

Gov. Jay Inslee will release his proposed two-year budget in December, ahead of the January start of the 105-day legislative session.


Bird launches campaign for Governor of Washington in 2024

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Latest Autumn Budget summary: More than half of Britons blame Tories for cost of living crisis https://taiyo-33.com/latest-autumn-budget-summary-more-than-half-of-britons-blame-tories-for-cost-of-living-crisis/ Sat, 19 Nov 2022 08:20:57 +0000 https://taiyo-33.com/latest-autumn-budget-summary-more-than-half-of-britons-blame-tories-for-cost-of-living-crisis/ Chancellor admits government made ‘some mistakes’ with mini-budget Sign up to the Inside Politics email for your free daily briefing on the biggest stories in British politics Get our free Inside Politics email More than half of Britons blame the Conservative government for global factors in the cost of living crisis, a new poll reveals. […]]]>

Chancellor admits government made ‘some mistakes’ with mini-budget

More than half of Britons blame the Conservative government for global factors in the cost of living crisis, a new poll reveals.

A nationally representative survey of over 2,000 people from Find Out Now for Channel 4 News found that 51% of people believe the government is largely responsible for soaring household bills, while 37% blame international factors, such as the Covid pandemic and the war in Ukraine.

Following Chancellor Jeremy Hunt’s explosive autumn budget, 29% of voters said they now trust Labor to manage the economy. Meanwhile, only 19% trust the Conservative Party on tax issues.

It comes after Rishi Sunak and his chancellor were accused of preventing the super-rich from paying their fair share of tax by refusing to close the no-dom loophole.

Labor leader Sir Keir Starmer has accused the government of ‘pursuing workers’ with tax hikes while ‘doing nothing about non-dom status’, telling broadcasters during a visit to Swindon: “The super-rich don’t pay their taxes in this country. country.”

1668846057

Hello. We’re pausing our live updates on Jeremy Hunt’s fall budget for the time being.

Follow here for all the latest news on the war in Ukraine.

Emily AtkinsonNovember 19, 2022 08:20

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John Rentoul: If the fall statement got bad press, does that mean it was good?

John Rentoul request : Is the quality of a Budget inversely proportional to its initial reception by the media?

Professor Philip Cowley, political scientist at Queen Mary University, said today: “The usual rule with budgets is that those immediately hailed by the media turn out to be disasters. Based on that, and after seeing today’s headlines, yesterday was pure genius.

Emily AtkinsonNovember 19, 2022 08:00

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More than half of Britons blame the Tories for the cost of living crisis

More than half of Britons blame the Conservative government for global factors in the cost of living crisis, a new poll reveals.

A nationally representative poll of more than 2,000 people from Find Out Now found that 51% of people believe the government is largely responsible for soaring household bills, while 37% hold international factors. , such as the Covid pandemic and the war in Ukraine, responsible.

Following Chancellor Jeremy Hunt’s explosive autumn budget, 29% of voters said they now trust Labor to manage the economy. Meanwhile, only 19% trust the Conservative Party on tax issues.

The survey for Channel 4 News also revealed that only 17% of people think the government is sticking to its “race to the top” agenda.

Emily AtkinsonNovember 19, 2022 07:29

1668841231

Jeremy Hunt said to ‘be clear’ on the economic cost of non-dom tax status

Ministers have been told to ‘clean up’ the economic argument for the decision not to scrap UK non-dom status, after the Chancellor suggested he didn’t know how many money the removal of the controversial tax status would pay off.

Jeremy Hunt insisted the economy would not be helped by scrapping the controversial tax status, saying on Friday he would rather the super-rich ‘stay … and spend their money here’. And he said Treasury officials told him they were “very uncertain” how much money the move would actually bring in.

Work has now called on ministers to release figures on the number of non-doms in the UK and how much the Treasury is currently losing from the loophole.

Read Kate Devlin and Jon Stone’s full story here:

Maroosha MuzaffarNovember 19, 2022 07:00

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Hunt warned spending cuts could prove ‘undeliverable’

Jeremy Hunt has been warned that his planned spending cuts may prove ‘unachievable’ as he has come under fire from some senior Tories for raising taxes as he seeks to rebuild the UK’s battered public finances.

Former commercial secretary Jacob Rees Mogg accused the Chancellor to choose the “easy option” in Thursday’s fall statement rather than cut government spending further.

He said the country needed tax cuts to boost growth after Mr Hunt acknowledged the UK was already in recession.

Read the full story here:

Maroosha MuzaffarNovember 19, 2022 06:30

1668837631

ICYMI: What are stealth taxes?

Chancellor Jeremy Hunt presented its autumn statement to Parliament outlining its plans to restore order to Britain’s public finances.

Mr. Hunt succeeded Kwasi Kwarteng on October 14, becoming the fourth British Tory Treasury boss since early July, after his predecessor’s ill-conceived “mini-budget” debacle on September 23.

Mr Kwarteng’s sweeping but uncosted tax-cutting package, which depended on large government borrowing, promised to deliver “growth, growth, growth”, but instead spooked international markets, tumbling the pound sterling, triggered chaos in the mortgage sector, caused a dramatic intervention by the bank of england to support pensions and quickly ended the premiership of Liz Trusswho has barely been seen in public since his humiliating exit from Downing Street.

What is a stealth tax?

Chancellor Jeremy Hunt presents an autumn statement to Parliament outlining a package of tax hikes worth £24billion and spending cuts of £30billion to plug the massive public funding black hole

Maroosha MuzaffarNovember 19, 2022 06:00

1668835831

ICYMI: Chancellor admits Brexit has created barriers to EU and says migration is ‘very important’

by Boris Johnson Brexit agreement has created harmful trade barriers with the European Union, Chancellor conceded, according to him, immigration will be “very important” for the economy.

Jeremy Hunt insisted the UK would find a way to improve trade relations with the EU without joining the single market.

His comments came after the Office for Budget Responsibility (OBR) said Brexit had a “significant negative impact” on trade volumes and business relationships between UK and EU businesses.

Maroosha MuzaffarNovember 19, 2022 05:30

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ICYMI: Fall 2022 Budget: All the key points from Jeremy Hunt’s statement

The chancellor said his plan would aim to “rebuild our economy” in the aftermath of the Covid pandemic, Liz Truss’ disastrous September mini-budget and Russia’s ongoing war in Ukraine, which is fueling runaway inflation.

Read the full story here:

Maroosha MuzaffarNovember 19, 2022 05:00

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Jeremy Hunt’s triple lockdown could end up forcing pensioners to pay state pension tax by 2030

Pensioners in the UK, claiming a new full state pension, are at risk of paying income tax for the first time as the triple lockdown drives up payments, it has been learned.

According to an analysis of Office for Budget Responsibility (OBR) figures by Canada Life, the pension will rise to £12,544 a year in 2028, just £26 below the threshold for paying the basic rate of income tax. Income.

This means that if inflation rises above the OBR’s estimate, hundreds of thousands of pensioners will have to pay taxes for the first time.

Maroosha MuzaffarNovember 19, 2022 04:30

1668830340

Iran’s banned nuclear program ‘more advanced’ than ever, smart to warn

James Cleverly will accuse Iran of sowing ‘bloodshed and destruction’ around the world as the Foreign Secretary reaffirms Britain’s determination to prevent the Tehran regime from acquiring nuclear weapons.

Addressing an international security conference in Bahrain on Saturday ahead of his trip to Qatar for the FIFA World Cup opener in England, Mr Cleverly will warn that weapons supplied by Iran threaten security in the country. Middle East and beyond.

He will cite the Iranian-made attack drone used by Russia to target Ukraine’s civilian infrastructure as an example of its nefarious influence, and warn that Tehran’s banned nuclear program is at a “more advanced” stage of development. ” than ever.

Andy GregoireNovember 19, 2022 03:59

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Washington projected a revenue increase of $762 million over two years; next budget up $681 million | New https://taiyo-33.com/washington-projected-a-revenue-increase-of-762-million-over-two-years-next-budget-up-681-million-new/ Sat, 19 Nov 2022 00:50:00 +0000 https://taiyo-33.com/washington-projected-a-revenue-increase-of-762-million-over-two-years-next-budget-up-681-million-new/ (The Center Square) – Despite the economic headwinds of high inflation and a possible recession on the horizon, revenue forecast for the current Washington State 2021-23 biennium increased by $762 million and $681 million for the 2023-25 ​​biennium. It is an improvement over the September revenue forecast that had the next budget cycle down $495 […]]]>

(The Center Square) – Despite the economic headwinds of high inflation and a possible recession on the horizon, revenue forecast for the current Washington State 2021-23 biennium increased by $762 million and $681 million for the 2023-25 ​​biennium. It is an improvement over the September revenue forecast that had the next budget cycle down $495 million.

So said Stephen Lerch, executive director of the Economic Revenue Forecast Council, on Friday afternoon. virtual meeting advice.

“In the two months since the September forecast, we had a positive variance of $283 million,” Lerch said. “We observed very strong growth in collections in the first quarter. We thought that would kind of be the highlight. We anticipated a slowdown.

But that was not the case, he noted.

“We really saw that revenue growth slow down a little too soon,” Lerch explained. “We still think things are going to slow down, but clearly we’ve done it a bit earlier than expected.”

Higher-than-expected business and professional tax receipts since September have also contributed to the robustness of revenue forecasts.

“B&O was a big driver,” Lerch said, adding that large property tax payments, increased auto sales and online stock interest income were additional factors in revenue forecasts.

He warned that these good economic times will not last.

The revenue growth rate for this fiscal year is 11.6%. The expected revenue growth rate for fiscal 2023 is 3.2% and -0.2% for fiscal 2024, before rebounding to 4.1% in fiscal 2025.

The fall into the red in fiscal year 2024 is due to the fact that the tax sources that currently go into the education legacy account be transferred to the public works account, Lerch said, reducing the funds subject to the budget outlook.

“But in general, you know, we’re looking at considerably slower growth going forward than what we’ve seen in the last two years,” he said.

Total government revenue is expected to increase by 20.4% between the 2019-21 and 2021-23 biennia and by 3.5% between the 2021-23 and 2023-25 ​​biennia.

Reactions to the good revenue news were split across parties among legislative members of the council, with Republicans advocating for widespread tax relief and Democrats urging caution.

Since the initial budget for this biennium was written, “we saw revenue increase by $4.5 billion last February,” said Rep. Ed Orcutt, R-Kalama. “Now about another $2.2 billion. This puts us $6.7 billion above the original projections on which the original budget was written. »

He went on to say, “You know, somewhere here we have to find some kind of tax relief, because we have a lot of people suffering there.”

Orcutt specifically mentioned general property tax and state sales tax reductions.

Rep. Lynda Wilson, R-Vancouver, agreed but was pessimistic, noting that an expected slowdown in revenue growth combined with government spending means little chance of widespread tax relief.

“I would like to see, again, tax relief,” she said. “I’m not sure that’s going to happen.”

Senator Christine Rolfes, D-Bainbridge Island, had a different opinion.

“But I also think that as we go into session, the budget writers are going to look at where we are today and in terms of government spending and programs and look at the long-term trend,” the drafter said. chief of the Senate budget. “And we’ll see where we go.”

Rep. Timm Ormsby, D-Spokane, echoed those sentiments.

“Revenue growth is slowing down and it’s always very tempting to insert the, you know, really good circumstances as if they’re going to continue,” the chairman of the House Appropriations Committee said.

Gov. Jay Inslee will release his proposed two-year budget in December, ahead of the January start of the 105-day legislative session.

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