2022 mini-budget discussion

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Zefan said:
....doesn't the pound bouncing back seem to indicate that it's a confidence builder?
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As a confidence building exercise sure, however the markets reaction was never just about how the markets reacted (IMO). The markets were an indication of the overall economic impact, a bit like how dark clouds on the horizon are an indication that you may get wet soon. While it maybe good that we're not borrowing more to fund tax breaks for the wealthiest we're still going to get wet, it's just now the wealthiest are going to join us in the soaking.
fez said:
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.
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Or we've done a really great job of diverting public funds to mates, donors, and private interests. ;)
 
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fez said:
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.
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Definitely agreed with you. A general refocusing is what it feels like is required. Unfortunately from my experience this only tends to happens in organisations when threatened or forced, perhaps increasing restrictions to budgets will help reshape or simply squeeze what is already a breaking system.
 
ci_newman said:
Nope :) When you earn over £100k, you lose your tax-free allowance at a rate of £1 for every £2 earnt:

www.buzzacott.co.uk

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
www.buzzacott.co.uk www.buzzacott.co.uk
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Oh no, how awful!
Cry me a river.
 
ci_newman said:
Nope :) When you earn over £100k, you lose your tax-free allowance at a rate of £1 for every £2 earnt:

www.buzzacott.co.uk

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
www.buzzacott.co.uk www.buzzacott.co.uk
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Thanks for the link! A position I can't see myself ever being in so nothing to worry about for me - but good to know, at least.
 
Ahleckz said:
Oh no, how awful!
Cry me a river.
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If you actually followed what I was replying to, I was pointing out that the effective tax rates aren't as simple as 20%-40%-45%, at no point was I saying "woe is me, poor rich people" :rolleyes::rolleyes::rolleyes: .As other's have commented on, the marginal tax rates are impacted by the loss of child benefit and marriage allowance too. It was an attempt to helpfully inform, none of those tax rates impact me personally as I don't earn enough.
 
fez said:
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.
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If it wasn't for Ukraine the military would probably be taking the brunt.
 
ci_newman said:
If you actually followed what I was replying to, I was pointing out that the effective tax rates aren't as simple as 20%-40%-45%, at no point was I saying "woe is me, poor rich people" :rolleyes::rolleyes::rolleyes: .As other's have commented on, the marginal tax rates are impacted by the loss of child benefit and marriage allowance too. It was an attempt to helpfully inform, none of those tax rates impact me personally as I don't earn enough.
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You’re right, I wasn’t meaning you were saying that the “60% rate” was a bad thing. I was just commenting to make a point that it’s not really a concern and who cares if there’s a 60% rate for super high earners. Didn’t mean to make it about you and I should have worded it better!
Apologies!
 
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Bouton Aide said:
Only way for that is a full reform and that will defo not happen.
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In case it's escaped your notice these people are only coming from one place and that place ain't the 'system'.

The apple trees ain't growing rotten apples so maybe we should give one of the other barrels a try before cutting down the orchard and throwing out all the barrels.
 
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