2022 mini-budget discussion

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Murf said:
I'm in the 1% that is within that band (100-125k), so 97th percentile. Admittedly if you looked at the North East alone I'm probably more likely to be in the 99th percentile.

I can't wrap my head around how you can't get this. How do you think people on £97,500 survive in London? How do people on the NMW survive??
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£100-125k is as "excessive" in Newcastle is £500k would be in London, how are you not getting that? You can't legitimately say "oh well I'm comfortable in that bracket in the cheapest part of the country, so people in London must be fine".

At no point have I said people on lower incomes are fine. It's not even close to my point?
 
Chris Wilson said:
I'm curious as to the sort of cash savings these people in the heady 100K a year bracket have, and whether they are mortgage free, or if not, how long before they are? To me this is an eye opening thread, compared to some here I must live like a pauper as I can get by and run this place on what must be a relative pittance.
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100k, I'd be a millionaire within 20 years. :p
 
Chris Wilson said:
I'm curious as to the sort of cash savings these people in the heady 100K a year bracket have, and whether they are mortgage free, or if not, how long before they are? To me this is an eye opening thread, compared to some here I must live like a pauper as I can get by and run this place on what must be a relative pittance.
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I've got limited cash savings but my other half is much less risk averse than me and has about 6 months worth of salary I think. Started a 25 year term mortgage in 2017, currently overpay the capital amount by 50% so on track to pay off the 25 year mortgage in 12 years. With our fixed rate due to expire in Feb 2025, bonuses, and any reduction in our tax bills will go straight against the mortgage. May even manage to clear it by Feb 2025 at that rate.

So none of my tax savings will be trickling down. I'll just use them to save even more money on mortgage interest.
 
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rG-tom said:
£100-125k is as "excessive" in Newcastle is £500k would be in London, how are you not getting that? You can't legitimately say "oh well I'm comfortable in that bracket in the cheapest part of the country, so people in London must be fine".

At no point have I said people on lower incomes are fine. It's not even close to my point?
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According to this site there's an admittedly huge £380k difference in house prices between the North East and London. Keep in mind though I live in the most expensive part of the North East, but disregard that for now. So you think that you would need to earn an extra £375k per year to offset the difference in house prices and other costs that vary by region?!
 
Murf said:
I'm in the 1% that is within that band (100-125k), so 97th percentile. Admittedly if you looked at the North East alone I'm probably more likely to be in the 99th percentile.

I can't wrap my head around how you can't get this. How do you think people on £97,500 survive in London? How do people on the NMW survive??
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Have you ever considered that young Archibald would have to go to state school? Or the missus might have to go and get a part time job to heat the stables?
 
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Look as crap as it maybe paying 60% tax on 100k, that’s the price you pay to become a baller. You knew what it was, you wanted to be it, it makes you feel good so embrace it.

Meanwhile in the real World.

news.sky.com

Cost of living crisis: How would a squeeze on benefits affect people day-to-day?

After Liz Truss and Kwasi Kwarteng's mini-budget saw the pound plummet and interest rates rocket, the PM and chancellor are under pressure to announce a cut in public spending.
news.sky.com news.sky.com
 
Doobedoo said:
Look as crap as it maybe paying 60% tax on 100k, that’s the price you pay to become a baller. You knew what it was, you wanted to be it, it makes you feel good so embrace it.

Meanwhile in the real World.

news.sky.com

Cost of living crisis: How would a squeeze on benefits affect people day-to-day?

After Liz Truss and Kwasi Kwarteng's mini-budget saw the pound plummet and interest rates rocket, the PM and chancellor are under pressure to announce a cut in public spending.
news.sky.com news.sky.com
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Why should people on benefits get increases in pay that exceeds what those in work get?
 
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