Rachel Reeves

[Jack2jack]

The pension triple lock is increasingly unsustainable too. £16bn a year by 2030. It’s a nice idea when the country can afford it but it can’t. Should increase by inflation only.

But how much of that goes back into the economy and by default back into the governments coffers, that 16bn does just vanish.

 

[Londonlisa2001]

That 2p income tax rise will apparently be coupled with a 2p NI cut.

Having spent months floating stupid ideas around it seems we are getting to the time when the actual plans are beginning to emerge.

And this one is excellent.

No hit on people in employment, but brings in several groups that are currently enjoying an unfair advantage.

 

[exiledclaseboy]

But how much of that goes back into the economy and by default back into the governments coffers, that 16bn does just vanish.

Same can be said for pretty much all government spending though, especially spending on benefits.

 

[Londonlisa2001]

But how much of that goes back into the economy and by default back into the governments coffers, that 16bn does just vanish.

Quite a lot of it goes in the pockets of P&O and the other cruise lines

 

[Londonlisa2001]

What would you cut spending on?

Pension triple lock.

 

[exiledclaseboy]

Pension triple lock.

Way ahead of you keep up.

 

[Londonlisa2001]

I have grown very sceptical in my old age. Unfortunately I don't believe ALL of the foreign aid that we kindly supply to countries is spent on GOOD CAUSES to help that countries population. I think that some is taken by "people in high places" for their own gread . Unfortunately I also think that some charities do the same. This is just my opinion and it does honestly hurt me to have these thoughts

Quite a sizeable chunk of our foreign aid budget is currently spent on asylum hotels and residences in this country.

For the first year an asylum seeker is in the UK, the costs come from the ‘foreign aid’ budget. So Reform, for example, often double count savings in this area.

 

[Londonlisa2001]

Way ahead of you keep up.

I’ve just seen.

 

[Londonlisa2001]

What the chancellor should do (and probably won’t) imo is as follows:

Raise income tax by 2% on basic rate and 1% on highest rate.

Cut NI by same 2%.

Increase NI above upper earnings limit from 2% to 4%. (I’m not sure people realise that you only pay 2% NI above about £50k a year and 8% below that. So the higher tax rates aren’t as high as people imagine as you get 6% reduction in NI.

Remove the taper where you lose personal allowance between £100k and £125k as that is an utterly stupid policy.

Introduce a new top band for council tax purposes.

Introduce an exit tax with immediate effect to catch those moving to Dubai etc for tax purposes.

Remove triple lock.

Introduce taxation imputed on in country revenue rather than profits for the tech giants to prevent them offshoring profits via transfer pricing.

That lot should more than cover what is needed.

 

[exiledclaseboy]

What the chancellor should do (and probably won’t) imo is as follows:

Raise income tax by 2% on basic rate and 1% on highest rate.

Cut NI by same 2%.

Increase NI above upper earnings limit from 2% to 4%. (I’m not sure people realise that you only pay 2% NI above about £50k a year and 8% below that. So the higher tax rates aren’t as high as people imagine as you get 6% reduction in NI.

Remove the taper where you lose personal allowance between £100k and £125k as that is an utterly stupid policy.

Introduce a new top band for council tax purposes.

Introduce an exit tax with immediate effect to catch those moving to Dubai etc for tax purposes.

Remove triple lock.

Introduce taxation imputed on in country revenue rather than profits for the tech giants to prevent them offshoring profits via transfer pricing.

That lot should more than cover what is needed.

A lot of that is being trailed/leaked it classic pre-Budget HMT style. So you may not be far off the mark apart from the triple lock which (as I’m sure you know) they won’t have the guts to go anywhere near unfortunately.

 

[Neath_Jack]

Just remember folks, when Plaid get in next year you’ll see very little change as we’ll still be fed scraps from Westminster. We won’t ever see an improvement until we go independent. Until then we’ll just have to accept the underfunding and gentle taps on our heads like the good little boys and girls that we are.

 

[monmouth]

Foreign aid is important for a number of reasons. And a tiny amount in relative terms. It’s not just giving money to other countries. It usually comes with caveats, investment etc. there’s a lot of nonsense been written about Chagos as well.

Soft power is the only hope the UK has left. Cutting foreign aid and support is insane.

 

[PSumbler]

Yeah but this licence …

 

[monmouth]

That 2p income tax rise will apparently be coupled with a 2p NI cut.

That will presumably allow Reeves and Starmer to claim they are keeping their promise not to increase tax on ‘working people’? I would think they’ll need to protect (state) pensioners somehow, and hit wealthy and multiple property owners, or they’ll be crucified and lose the over 65 vote, probably to Fartage.

I can see this one happening, as it gives them political wriggle room to pretend they kept their manifesto promise…one which never needed to be made.

 

[Londonlisa2001]

A lot of that is being trailed/leaked it classic pre-Budget HMT style. So you may not be far off the mark apart from the triple lock which (as I’m sure you know) they won’t have the guts to go anywhere near unfortunately.

Haven’t seen any mention of NI above UEL being touched.

Never understand wh6 they don’t do that.

I think also btw they may tweak around VAT. Perhaps change some of the zero rate / 5% rate stuff rather than touch the 20%. Maybe also reduce the VAT threshold.

I would be tempted (absolutely no chance btw of this happening) of introducing a 1% VAT surcharge on online shopping with the exception of food. To start to address the Amazon issue.

I would be a bloody excellent chancellor