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Arabia
Saudi Arabia TRIPLES VAT and scraps monthly £1,000 payments to citizens as slumping oil prices and coronavirus pandemic hits the economy
2020-05-12
  • Saudi Arabia pays some citizens £250 a month, with £1000 bonuses available

  • The kingdom plans to slash oil prices by 50% and triple its Value Added Tax

  • Likely to cause uproar over state spending billions in plans to buy Newcastle Utd

  • Economy minister said the measures were necessary to shore up finances amid a 'sharp decline' in oil revenue as the coronavirus pandemic saps crude demand
Posted by:Skidmark

#6  What happens when you can't print money
Posted by: M. Murcek   2020-05-12 15:29  

#5  I'm amazed. It's been 25 years since I was in Riyadh; but these payments were sacrosanct then. They were the way that the royals bought off the population and made sure they could do whatever they wanted without serious opposition.
Posted by: Tom   2020-05-12 13:29  

#4  Revolution in 5 .. 4 .. 3
Posted by: g(r)omgoru   2020-05-12 08:34  

#3  Point taken, AlanC
Posted by: M. Murcek   2020-05-12 07:57  

#2  MM, ignoring lessons is no strain at all for those folk.
Posted by: AlanC   2020-05-12 07:41  

#1  A great opportunity to see what happens if UBI grants are withdrawn. Of course, the same people who loves them some socialism regardless of what happens how bad it gets in Cuba, Venezuela and NKor will strain to ignore the lesson.
Posted by: M. Murcek   2020-05-12 07:18  

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