The punishment here for dying early is being dead, if you’ve saved up a lot and die early, you no longer need the money for its intended purpose. The money instead is an unexpected windfall for your estate.
Thieves and Stalin absolutely destroyed by Sunak at the dispatch box yesterday. Thieves destroyed by Death Rigby today as well. This Liebour government has been nothing but a total shambles from day one! But hey, most of you clowns voted for it. High tax, high borrowing, high inflation, no investment and no growth! Also no mention of the mythical £22bn black hole by the OBR in their report. Politicised and weaponised so Liebour could hit us with this budget!! C**ts.
I mean they literally released the report and Jeremy Hunt tried to block it, but yeah sure. https://obr.uk/docs/dlm_uploads/Letter_to_Meg_Hillier_DEL_Review.pdf And isn’t a shame Rishi wasn’t so compelling to the electorate when he was actually in the job?
I dunno. Money just gets taxed as it goes round. I earn money get taxed and then buy something and pay VAT and duty. Not sure I would count that as double taxation. I think the thresholds need to go up as it’s been frozen for ages but that goes for all the thresholds that they keep static which just f&cks everyone over as inflation and wages go up,
Inflation down to less than 2% after COVID disaster and Ukraine war. Avoided recession which which we were all told was absolutely inevitable with sensible fiscal policies which enabled us to be one of the fastest growing major economies. Just a bunch of trade unionists and lawyers with zero idea on business!! The clowns are at the wheel now and it’ll be the tax payer that suffers the most! Get ready for mass lay-offs and unemployment and huge welfare increases. The circus is in town.
First time I have seen that, but did see an interview with someone from OBR, who said that there was £9.5bn of pressures on departments and a forecasted underspend. He did say that the pressures were exactly that, no physical spending or spent money. I suppose yes it would have changed their forecasting and outlook, but it also says that the rest is mad eup from decisions made since the March budget. So a £22bn black hole that they are both responsible for. Without the over inflation wage increases (yes i know about 14 years of real time wage increases) and the benefits of additional public pensions that go with that, it would have been nearer a dark grey hole rather than black.
That’s a pretty insane take considering where it was, it’s a bit like praising them for getting Covid deaths down to a certain level but ignoring how many people in fact died beforehand. Also the fact it’s down is due to interest rate hikes by the BOE who are completely independent of the government.
It will be interesting to see what interest rates do next week - 7th November https://markets.ft.com/data/bonds/tearsheet/summary?s=UK10YG - cost of borrowing up, this is very close to Truss territory at the moment, so needs to come down to easy pressure https://markets.ft.com/data/indices/tearsheet/summary?s=FTSE:FSI - FST100 nervous I suspect that they will sit where they are, to try to counter any possible inflation in the coming months.
I think I'd just say give it a chance and see how it pans out. What's the alternative? Inflation is one of those things politicians can't do much about when it's caused by global factors like that. It makes good ammo for them to throw each other but it hurts everyone, especially the less well off, so really it's more about how you target support at people. I actually don't think the Tories did too badly at that, though they essentially did the same as Labour would have and just borrowed loads to fund it. We all paid and will continue to pay for that for many years. Hospital waiting lists, crumbling schools, roads looking worse than Gaza, can't see a GP or dentist this side of Christmas, trains that you need a mortgage to buy a ticket for, street lights that don't work... I'd say the taxpayer has been suffering for ages now. People want stuff improved and you'd be hard pressed to say that was happening under the last lot. Everything was visibly getting worse every year.
And the sad fact is Labour will probably do a decent enough job of at least stabilising the NHS, maybe improving it a bit along with things like schools, but they’ll probably get the boot in about 10 years, the Tories will then think great, they’re all ok, and then drive them back into the ground again and the whole cycle repeats.
The tax system is complicated, certainly beyond the understanding of your average Joe (include myself in this). This is why it's better to rely on *shudders* experts rather than those that shout loudest. Good explanation of the Agricultural Inheritance Tax issue here: https://x.com/DanNeidle/status/1851956384167776598
I know of some small local businesses that are really under the cosh right now and this budget as all but condemned them. The Tories kicked and beat small business and now Labour has just finished the job. Al political parties appear clueless.
I think you need to consider the desirability of maintaining a wide range of smaller, traditional, family-owned farms that provide more diversity and sustainability within our food chain. Conglomerates don’t give much of a t055 about such things, but will be happy to continue buying up small farms at prices that are often well below market value due to the financial situation of the vendor. They then incorporate more and more of those farms into their ‘intensive’ portfolio which will deliver them profits at the expense of continuing damage to the health of that same ecosystem. Think battery-hen produced anti-chicken and such like. BSE anyone?
Serious question - do those small business do anything particularly useful? Round my way whenever the local paper has a splash about a new shop opening in town it's always some odd tat shop, a niche service or one of those dodgy looking fly-by-night market stall type clothes ones. And sure as night follows days they're gone again in 2 years. Sometimes even moaning about things like business rates, energy bills and the minimum wage in the same paper!
The ones I'm talking about specifically fall in to the food and drink category. I do know the ones you mean though that I never see anyone visit.
I recently opened hundreds of American candy shops on Oxford street and this budget is really going to make business difficult
The bit I do agree this government hasn't come up with any new ideas for, which the last lot gave free reign to as well, is the constant approach of increasing taxes on bricks and mortar high street small businesses but seemingly having no idea how to apply similar rules to online companies around the same size.
So Business relief on AIM is halved Was 100% relief to 50% this means AIM shares and portfolios bought to avoid inheritance tax will now be subject to 20%. This was hidden away as far as I could see but that's quite a big stealth tax raid on £90Bn. I would hazard a guess that in a year or two they'll cancel the relief altogether. Doing it chunks and leaking rumours it would go in one fell swoop means the market isn't spooked so much. But I would expect a dip in new investment and a tail off over time. A pretty anti-growth measure from those that want to rely on growth to fund spending in my opinion.
This is a great read. Really appreciate you sharing it - this is well outside of my competence so the expert breakdown is extremely useful.
Gotta say, some of the replies to his comments are absolutely wild. People just falling over themselves with ignorant comments and getting schooled. Xhitter really is a Dunning-Kruger goldmine.
The BBC news led yesterday with a family run pottery shop in a posh village somewhere. I just thought, is it really that big a deal? Do we plan to grow our economy to keep up with the USA and China with pottery shops selling expensive flower vases to the middle class? It would be good to see some strategy to grow hospitality agreed. Restaurants at suffering but in every town and city you can't walk without rushing getting run over by a delivery bike. How are there so many people struggling to afford bills and eating out, but seem to have just enough money to be able to afford restaurant prices plus delivery to eat lukewarm chain food?
Any highlights? I don't have twitter so can't see. https://www.threads.net/@danneidle/...QGzNQ_G6IoOAACXupfJPCldZAyTqR5p1xBvtiaCoaRtfg Threads link to the same guy for anyone who deleted Twitter. The tax relief benefit they get is huge. The reaction to this and also the outrage over the wfa suggests to me labour at making enemies and losing votes from these people anyway and still not making meaningful gains. Why not apply the same 40% tax as everyone else, and roll NI into income tax do it affects pensions? Lots of people want to be victims anyway
With regard to inheritance tax, I heard an idea that I thought was very good, or at least had possibilities. When both your parents die, you receive an inheritance of £120,000 from the government no matter what they had - whether they were rich or poor. This would level out society and stop all these Blenkinsop-Hoggs etc passing money down from generation to generation as we see currently. It ought to be near enough self-financing. The richie millions balancing out all those papa rolling stones who don't leave anything... Does this seem a good idea?
I think it makes a lot of sense when you think about the wider implications of the delivery culture shift. The delivery services siphon off a percentage of the meal cost, and the restaurant also loses out on the (high mark up) drinks sales that they would otherwise make to the captive audience. I wouldn't be surprised if dessert sales are way, way down too.
I have told the children that I have solved the Inheritance Tax issue with a detailed spending review to get me below the threshold before I die. I am pleased we have returned to the days of Margaret Thatcher with proper policies towards inheriting farm land and tax. It worked under her premiership it will work again. Why that wet Mr Major decided to introduce the Massive tax break for the largest individual landowners in the country just weeks before a General Election I will never know.
this is a great example of how all political parties and politicians hide the truth https://obr.uk/docs/dlm_uploads/OBR_Economic_and_fiscal_outlook_Oct_2024.pdf Point 3.71 The 1.4% growth that is expected from the investment in public services, isn't expected until........ 2073/4 Under this framework, from 2032-33 onwards, higher capital spending more than explains the increases in potential output shown in Chart 3.3. As Chart 3.4 shows, it provides a 0.14 per cent of GDP boost to potential output in 2029-30, which grows to 1.4 per cent of GDP by 2073-74, reflecting the following three channels: