It is a win for ordinary people that will be facing hardship regardless, while those that won’t would have been getting a nice backhander.
2022 mini-budget discussion
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Caporegime
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Soldato
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It’s typical that they capitulated on this probably solely because of the feelings amongst the MPs.
They may say it‘s about listening to the country but it’s really about listening to MPs who want to keep their jobs and avoid an even more embarrassing defeat in parliment.
In fact I’m sure the discussion was “what’s more damaging? A uturn or losing the vote?’
Summary, the MPs are still ERG nutters don’t be fooled!
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Soldato
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The NHS is really struggling as it is. Winter with another COVID wave will be a mess.
The police are understaffed and overworked and seem more focussed on "soft crime" rather than with issues like theft, muggings etc.
Our roads are in a state as always.
Considering our levels of taxation in this country, we have made a cracking job of spending badly on public services. No idea where they are going to find these cuts.
The police are understaffed and overworked and seem more focussed on "soft crime" rather than with issues like theft, muggings etc.
Our roads are in a state as always.
Considering our levels of taxation in this country, we have made a cracking job of spending badly on public services. No idea where they are going to find these cuts.
Luckily, usually having 8 kids and earning £50k are mutually exclusive
That's a lot of kidneys to sell
Soldato
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A contradiction isn't it? Are we not spending enough or are we spending badly? Are the police understaffed or are they focused on the wrong things? Obviously these aren't mutually exclusive but they definitely offset each other at least a little.
It's not a win - giving the lower income households £100 a month whilst giving the super rich many thousands a month in tax savings continues to make the transfer of wealth (assets) and inequality much worse.
That £100 a month is used to buy essentials - food, clothes, energy, water etc.. which flows up to the super rich, who use that income (along with their tax savings) to buy assets, houses, land, offices, etc... which pushes up the prices of assets. Meaning more and more people have less opportunity to grow wealth
Ultimately that £100 monthly Government 'gift' is making this group of people worse off, than they would be without it. The problem is, they don't know this !!!
[If the rich get richer by 20% and you get richer by 10% - then you get POORER BY 10%]
There is a possibility and I’d like to be wrong, but I suspect that a massive increase in interest rates will lead to cheap homes available through repossession. This will enable the richest people in the country to expand their assets and push current homeowners into renting. And again, the richest get richer
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You've missed a step though, the diminshing tax-free allowance between £100k and £125k. So the rate of taxation between £50k-£100k is 40%, but between £100k-£125k it rapidly increases and is much closer to an marginal rate of 60%. Then £125k-£150k is back to 40% again.
[Edit] Then the tax trap between £50k - £60k and the high-income charges for things like child benefit.
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How is only £2.5k that's free from tax? My personal allowance is the national standard of £12,570 so I'm not paying income tax on that first £12,570 of my earnings.
Could you explain that for me? The tax-free allowance is only at the "start" of your earnings, so anything above that is subject to the 20/40/45% tax rates.
Thats very hard to say. The NHS is underfunded and poorly run at some levels. We also have a really unhealthy population. Tax income can be squandered in a million places and we seem to be very good at it. Poor COVID management and Brexit have hit us for 6 as well.
The police comment was more of a "they are underfunded/understaffed and then they are also being told to focus on crap like online hate speech instead of more traditional crime that actually makes a lot of people feel unsafe.
Not announce a pie in the sky mini budget that the bank then had to spend 65bn to bail out. There you go I would have saved the country 47bn.. Oh wait the damage is done whilst the chancellor and his cronies made millions shorting the pound of it
Just adding to the marginal tax rate discussion, There's also the marriage allowance which gets removed at £50,270 (or more gradually uo to £12,570 for the partner transferring the allowance) which gives a very high marginal tax rate then.
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Nope
When you earn over £100k, you lose your tax-free allowance at a rate of £1 for every £2 earnt:
Exposing the hidden 60% Income Tax rate
It’s most people’s understanding that the highest UK Income Tax rate is currently 45%. However there’s a quirk in the system which means that if your annual
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