Rachel Reeves è in un buco nero economico. Solo enormi aumenti fiscali lo riempiranno
https://www.thetimes.com/uk/politics/article/rachel-reeves-in-a-budget-black-hole-only-huge-tax-rises-will-fill-it-2fxmmmzfg
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Rachel Reeves è in un buco nero economico. Solo enormi aumenti fiscali lo riempiranno
https://www.thetimes.com/uk/politics/article/rachel-reeves-in-a-budget-black-hole-only-huge-tax-rises-will-fill-it-2fxmmmzfg
di 457655676
37 commenti
Only is a strong word
You could tax wealth
You could cut PIP
You could cut benefits
You could cut triple lock
You could cut government departments funding
You could make welfare and NHS for citizens only
You could do some combination of the above to various degrees
Obviously there’s political pros and cons to any option, but tax isn’t the only option
Or, and hear me out, scrap the triple lock and means test the fuck out of unproductive pensioner welfare spending
This was true before they won the election. The Tories weren’t doing great on the economy and then Covid came and cost a lot. And cost even more because it certainly looks like it was used as a way for mates of ministers to siphon off millions of pounds.
Anyway – the economy was stuffed before the election. We could all see it. We all knew. So god alone knows why Labour nailed their colours to the idea of not raising taxes to sort it out. They’re now going to get painted as the bad guys for breaking a promise to the electorate because they’re going to have to do what we all knew they had to do to fix the mess they inherited.
Absolute shambles.
The countries infrastructure is falling apart thanks to decades of cuts and short sighted greed, costing us more and more to patch rotting roads and rails.
What the UK needs is economic stimulus not a continuation of the same failed policy of cut, cut, cut that got us into this mess.
Oh dear. The lady who can’t stop spending the nations money on all the nice polical things she likes will have to raise taxes on the rest of us to pay for all the nice things she likes.
Charging the petit bourgeois is a decent option, conceptually, ‘cos they’re living high on the hog as it is (not worrying about making ends meet) BUT not that wealthy they can move stuff overseas.
So, they’re a trapped tax target worth milking.
Shocked! I am shocked I tell you!
Imagine taxing companies that chose to employ people and giving that to the fucking boomers didnt improve the economy!
Rachel from Accounts must be fuming, how dare the companies lay off record numbers of staff and stagnate the economy
I would legitimately welcome tax rises if I knew the ultra rich would have to do the same. I’d also welcome them if I saw a tangible improvement to the NHS, support for pensioners, support for ex servicemen/women etc instead of ploughing money into foreign disputes/wars
OBR lowers forecasts.
Chancellor raises taxes and cuts spending to keep to stupid self imposed fiscal rules.
OBR lowers forecasts.
And down we go.
The entire way the economy of this country is run is absolutely insane.
You try to build a railway and someone does a projection of how much money it’ll make. And they have no fucking idea what it’ll be worth. The beatles met on a bus in manchester, running that one bus route made a billion for the UK economy. It’s absolutely impossible to predict the future well.
But the forecasts come back low so the railway isn’t built and we end up sliding deeper into economic irrelevance and torpor.
Treasury brain has ruined this country and Reeves is the worst example of it.
She’s not in charge, she’s a slave to stupid rules.
Stop allowing the entire world to have access to GP primary care services/some secondary care and community services and A and E completely free.
Absolutely blood boiling. At a time when the two child cap is lifted too. Don’t worry Shazza and Bazza. I’ll pay more for your fifth kid because you don’t know how fucking contraception works.
More tax rises? On top of:
– High energy bills with large taxation (“levy”) components
– Council tax, rising 4.99% YoY
– NI increases
– Tax-free bands / VAT threshold fiscal drag
– Many people paying for private healthcare (Gov gets 20/40/45% tax on it, and IPT, and reduced NHS demand – triple bonus)
– Relatively high inflation, meaning the Gov gets more VAT etc
– Stamp duty increase
– VED increases
And reduced spending by doing:
– Oh that’s right, almost nothing
Pay up middle-class cashpigs!
Hey little PAYE piggies, the pensioners need their triple lock.
Well, tax rises or properly taxing rich people and companies.
NI payments on unearned income should be near the top of the list. Also, NI for high income pensioners.
The triple lock should go, and I’m in my 50’s now. It should 100% go. This is what a responsible government would do.
A fickle government not suited to actually be in leadership positions will retain it. Because like we saw with Brexit, the younger voter won’t care as they won’t understand, and nothing will shift the opinion of the coffin dodger who has made their mind up. In fact the coffin dodger will never vote Labour because of it.
Therefore scrapping the triple lock would be the right thing to do, and is exactly why this lot won’t do it.
She doesn’t. We have.
We demand things we can’t afford. Either we pay more or we get less. It doesn’t matter who the Chancellor is. They would face the same problem.
All the levers she is pulling are going to make impacts in many years to come (IHT changes for example). It will make little impact over the next 5-10.
We are fucked.
Although it ‘won’t touch the sides’ I expect RR is dreaming of a £122m payback like hoping for a lottery win
Raise the taxes and cut the benefits of everyone, but me!!!
Wealth definitely needs to be looked at as a source of funds to plug these black holes. It isn’t right that someone can accumulate wealth and then live off income that the wealth generates (interest, dividends etc.). The people earning passive income are not productive. The more wealth you have, the more money you can make, it’s a bit like mass and gravity – more mass attracts stronger. It doesn’t sit right with me that simply accumulating money and investments can earn you more than working. And of course – there is no limit to how much wealth you can accumulate.
Not to mention the fact that it is getting increasingly harder to have any surplus at the end of the month with prices rising all around us, so it is becoming even harder to generate any wealth in the first place. Maybe this is the plan to pull the ladder up behind them?
Another way that the wealthy get around tax is to get a loan using those investments as collateral. This way you avoid having to sell anything, which is the point when tax would be due. As far as I know, you don’t have to pay any tax on a loan…
Then we have the situation of generational wealth that is handed down. Many of the wealthy avoid paying tax on their estates by tying it up in trusts, obdfuscated by shell companies. The ordinary citizen would have to pay inheritance tax once the estate’s value passes the threshold. No such thing applies to the super wealthy.
Rachel Reeves declares a radical new 100% tax concept! Instead of some of your earned income, the government can just take all of it! 100% tax on the middle and working class! Revolutionary!
How about you fuck off and stopping paying chavs to pump out sprogs at an alarming rate?
Tax the super rich, companies will take their place if they leave
We are bankrupt – there is no taxing or cutting that’s going to get us out of this because the nation wouldn’t tolerate 20+years of WW2 rationing, blackouts, etc. The only way is to sell out to the highest bidder
From the article:
“The criticism levelled at the OBR by ministers is that it is fundamentally too gloomy in its outlook and has become increasingly antagonistic in its relationship with the government. That it is too quick to score economic downgrades but incredibly reticent when it comes to scoring potential growth measures.”
And:
“There are also long-standing concerns about the accuracy of the OBR’s forecasts. In the summer it carried out a review of its long-term performance and found that it had significantly overestimated how much the UK economy would grow in most of its long-term forecasts over the past 12 years.
As far back as 2012 it predicted that GDP growth in 2017 would be 2.8 per cent when it turned out to be 1.7 per cent. Most recently in March 2023 it forecast a 0.3 per cent decline in real GDP when it ended up falling by 0.8 per cent. It also suggested government borrowing rates would be 4.35 per cent when they were actually 5.25 per cent.”
If anything it sounds like the OBR isn’t gloomy enough.
Scrap the biggest scam right now which is the motabililty scheme.
I wish they would just say “the UK has a massive debt and tax problem” rather than personalise it. For whichever party. A bit of honesty would be nice. Both parties lied in the run up to the election. But that doesn’t mean they have to continue bankrupting the country.
She blew it.
Who on earth comes in after 14 years out of power and acts like we in great depression.
She has burnt goodwill and now more tax rises will mark end of this disastrous Labour government
The more you tax the working and middle classes, the worst the economy will become. You’re taking money out of the pockets of the people drive the economy. Wealth inequality is the primary driver of the UK’s economic issues.
Yes the OBR has revised their forecasts –
*In the government there is mounting anger with the Office for Budget Responsibility, the tiny independent body that sits on the 14th floor of the Ministry of Justice.*
*The forecaster has chosen this moment to make a large downgrade to its forecasts, based on the fact that productivity has been significantly lower than previously thought over the past decade.*
but it has long been known that the OBR has been over estimating economic growth – Reeves as an ‘economist from the Bank of England’ will certainly have known this. Let us not also forget that Reeves was needing an extra £20bn to £30bn before any revision to the OBRs methods – poor growth, increasing borrowing costs, Labour backbenchers allowing even more growth in benefits to working age people, changing the Winter Fuel Allowance restrictions to be more generous, possibly freeing up the two child benefit cap, large increases in minimum wage (which feed through to costs for public sector pay) etc.
The Govt don’t think they could get large cuts – or even restrictions in the future growth of benefits – past their own backbenchers, so large tax rises is the only option left. It will just be a choice as to if they are lots of tax rises that might distort parts of the economy or she keeps it simple with an increase in income tax.
NHS fixes: GP appointments against a £15-£20 deposit. You get it back if you attend the session. Otherwise you lose it. Saves people booking for nothing.
Welfare: means test, or make it so that it’s not incentivising to stay on it and go be part of the workforce
You hit a point when you overtax that people just think “fuck it” and give up spending.
Huge tax rises for billionaires and corporations, not ordinary folk… right? Right??
Rejoin the customs union and single market, you know like fucking Daniel Hannan said no one was talking about leaving?
Are we fixing wealthy inequality yet and taking this money from the people that have all the money yet?
No? Oh, maybe we will just wait a bit longer then.
Times, did you mean: “The Tories put the UK in a budget black hole, and Reeves wants us Tory voters/donors to pay the bill”?
It’s just unbelievable how the press is in this country.
We need to create a news source based purely on facts, one that people can trust, to stop the press from destroying this country.