Soldato
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Yep - and Onlyfans, Twitch & Youtube have absolutely no potential to crash the UK economy - the very reason the bonus cap exists.
2022 mini-budget discussion
- Thread starter Harlequin
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We shouldn't have bailed the banks out, banks should be allowed to fail. Also that was back in 2007/2008, a decade and a half ago.
The thing is they must realise that they will cop some flak for the headlines, "bankers making hay while the nation freezes/starves" etc, yet have gone ahead anyway. To me this implies they are either so aloof they think they can act with impunity (Boris, Trump et al) or they firmly believe it is the right course of action. They know people are looking to the new government to take action on cost of living and bankers bonuses are an easy target for the press / public so the fact they are going down this route is surprising from a political standpoint (ignoring the rights or wrongs of it from an economic standpoint).
Not sure what to think of this yet.
- Bonuses are already pretty high - this never really stopped
- Will it encourage more risk taking? Not sure, ring fencing pretty much helped secure this and those rules aren't going anywhere.
- Will it invite more investment firms to be based out of London - potentially.
I think the key thing for me is less about the amounts involved and more about the targets and incentives those bonuses are linked to.
Make as much money as you like, as long as it’s legal, ethical, and doesn’t collapse the global financial system.
I guess that second one is the issue though. “Ethical” can be subjective…
Make as much money as you like, as long as it’s legal, ethical, and doesn’t collapse the global financial system.
I guess that second one is the issue though. “Ethical” can be subjective…
So while relaxing the rules on Bankers bonuses (the wealthier amongst us), Kwarteng is looking at tightening the rules for those on Universal Credit (the poorest amongst us)
BBC News - Universal Credit rules to be tightened under chancellor's plans
https://www.bbc.co.uk/news/business-62989572
BBC News - Universal Credit rules to be tightened under chancellor's plans
https://www.bbc.co.uk/news/business-62989572
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You know you live in an utterly broken society/economy, when the apparent only way to "boost the economy" is to give people that do nothing but move money around/gamble on other people's money all day, even more exorbitant wealth.
It is about time we treated these blood sucking greedy **** with the contempt they deserve.
It is about time we treated these blood sucking greedy **** with the contempt they deserve.
Soldato
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I wish the job was that easy! I don’t work in that sector but have friends that do and it’s one of the most stressful long hours job you can do
I think it’s too late, we are as Carlin put it just circling the drain. Our political class are brought and paid for.
Channel 4 news debunked it on their show last night with both their interviews. A term being incorrectly used by critics. It’s not trickled down economics.
Why? It is just playing with other people's money. There is nothing inherently stressful about, other than how stressful it is made by stupid humans.
"Stressful long hours jobs"....LMAO. Only because they make it so because the whole culture is toxic. "Oh no, i'm so stressed, i might not make the right gamble on the increasingly irrational, computer/AI controlled money/stock markets, and then i won't be mega rich".
Try being a nurse/doctor in a hospital through covid. That is a REAL stressful and long hours job and they earn a pittance in comparison. Someone's life potentially being lost compared with how many zeros you can add to an already large number.
The system is broken. Utterly and completely.
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What it is ,is a big slap in the face to those struggling during what is being called a cost of living crisis.
Some don’t have enough and those that do are being given even more. Good times.
From my understanding the cap might be lifted, but they are keeping the far more stringent rules in place to minimise the incentive to take risks, such has clawbacks and deferals.
Bonuses, under law, need to be reported through PAYE so it should increase tax take.
Bonuses, under law, need to be reported through PAYE so it should increase tax take.
But they are also reducing tax hence the YouTube clip I posted. They are shaming those that a striking in order to get a wage rise, just to keep up with inflation not because they are being greedy, whilst simultaneously giving handouts to those that relatively already have more than enough. How much is enough for these people?
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Soldato
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Any nurse or doctor could tell you that all stress is REAL and not based on the opinion of a complete stranger on the internet who hasn't a clue about your actual situation.
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But the increase in Income Tax take from lifting a bonus cap for exceeds the tax lost in reducing National insurance rates on bankers. It is 40%/45% of the additional bonus less the 1.5% reduction in National Insurance.
The issue is we can’t take money from something that’s not here. If we need to attract people to the UK and long term investment then we have to make it attractive and competitive with other countries. The alternative is to keep squeezing what is there until there is nothing left.
You will know when you’ve worked in that environment what it’s like.
How much money do you think that’ll bring in?
We’ve been hearing this over and over since time began yet the proofs in the pudding. We are no better off now are we? The wealth is being concentrated not shared.
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