Tuesday, 25 November 2008

Why no income tax decrease?

Sorry to harp on about this. But how are we going to get more money to spend in the shops with their awesome 2.5% sales?

At least one other person agrees with me.

No extra money into the system, no government spending cuts, a tax on the entrepreneurial, an increase in fuel tax, an increase in enjoying yourself tax (booze and cigs), and more tax credit nonsense and unsustainable pension payouts. Nothing whatsoever to prop up private sector pensions either.

This is a nightmare. The increase in the markets today is unsustainable although I like the look of Superglass Holdings , who may well be one of the beneficiaries of the governments increase in grants for insulation (although who actually qualifies for these grants? Certainly nobody who works or has a mortgage!). Superglass were up a massive 47% today, and there may be more to come as they are trading well down on last years figures.

Personally I've got to decide whether to take my profit in BP now or wait it out. I still think we're in for another massive decline in the market so it is tempting to cut and run now, and buy in again later. With the oil price at a bit of a low and possible heading lower, BP could well run out of steam again.