2022 mini-budget discussion
- Thread starter Harlequin
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Soldato
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Fair enough but that's well below the averageI stand corrected.
Plenty of 1-2 bed flats for £60k up here in Aberdeen, even £50k.
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And that's fixed price only. If you add those open to offers (more normal up here) it's over 150 as of writing.
UK House Price Index for April 2022
The UK HPI shows house price changes for England, Scotland, Wales and Northern Ireland.
And not everybody on £27,500 a year or less can live in Aberdeen now can they
Granted there will be cheap housing in every part of the country but it will be cheap for a reason, meaning it either needs work doing or it's in the worst areas, so it's not as simple as you're making out and that's without factoring interest rates rising and inflation now the £ has tanked internationally, that £27,500 a year won't be going very far with or without a mortgage
I'm quite forunate, most of my savings are in $'s at the moment so my relative wealth has increased with the £ going down, silver linings and all that, I still can't quite believe that this was the best they could come up with though it's an absolute travesty for anybody earning below £50k
I've seen him called Kami-Kwasi Kwarteng which made me laugh.
From the BoE? Yeah... that ain't gonna happen.
If you earn 150k+ you are paying 6x+ tax for someone who is paying 25k. If you are on 25k, half of your income is 0% tax.
Therefore, you need the 150k+ lot to stick around because if they don't, you won't have a 20% tax rate anymore, you will have a 30% income tax rate, like we had in the early 1980s.
There's only so much you can do with tax for people earning under 30k, the objective needs to be to get them to become net contributors to the system, which happens around 48k, that is the conundrum to solve, through investment, not necessarily cutting taxes at that level and not investing in people at that level.
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Soldato
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The 150k lot won't be getting 150k for long if the 25k lot have no money to spend at the businesses the 150k lot run
We will. People have been calling for higher hikes from the BoE now for a long time, they are firmly rooted in the dovish slow lane. Already a full percentage point behind the Fed, so unless they plan to hike by 2-3% anything they do is meaningless anyway.
Where do you get £48k from?
Is there some provision for landlords/second homeowners? The tories have generally tightened things for them over the years.
That's the bit people miss, it's just basic numeracy but of course, any time you want to broadly reduce income tax (or indeed remove some additional band that didn't exist for most of the time Labour was last in power too) there is only so much that can be reduced for lower earners and higher earners inherently pay way more tax ergo you'll get the inevitable NPC like bleating "but but the rich are getting bigger savings"... insert video clip of James O'Brien spending several minutes just doing an angry rant about how he's a high earner and he's getting more money now and [insert more anger]... like yes, that's to be expected if some Conservative Chancellor is aiming to reduce tax as part of some attempt to stimulate growth. He'd be much better placed actually trying to address the pros and cons of that than just having a big rant and feigning ignorance about why they're attempting this.
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They had 12 years to do it, go get our economy going again after 2008 financial crisis, and they decide NOW is the best time to push through these tax cuts?
Clearly the markets didn't believe a word of it and experts have called it a total failure. Maybe they are wrong, maybe hundreds of thousands of rich bankers and busines people will come flocking from around the world to UK to help pay for all of this...
Why take advantage of cheap borrowing in the aftermath of 2008 in order to invest in education, infrastructure and public services, to lay a platform for growth, when you can throttle the economy for a decade with austerity, and THEN decide the time to borrow vast sums is when inflation and the cost of borrowing goes through the roof.
The scale of the fiscal incompetence is unbelievable. They are economically illiterate.
It only won't happen because they're incompetent fools, which is what I think you're getting at.
GIG economy means it's easier than ever for wealth to trickle down now though.
all these work from home top earners with their bidets and gucci belts can now afford to give tips to the deliveroo and uber eats riders.
"Toss a coin if your richer" I'm making that the official tory slogan
all these work from home top earners with their bidets and gucci belts can now afford to give tips to the deliveroo and uber eats riders.
"Toss a coin if your richer" I'm making that the official tory slogan
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Well yea, that's because someone on £150k+ is earning 6x+ more than someone on £25k, if you're earning 6x+ more you should be paying more tax than someone on a 6th of what you earn, taxes should be progressive IMO because taking the same percentage from someone with little has a far, far, bigger impact on them than someone who has a lot.
Not if they're anything like you and your missus...
Obviously what you do with your money is entirely up to you but personally I'd swap two people earning £150+ for 6 people earning £25k in a heart beat if it meant that extra money was used in an economic activity rather than sitting in a bank account doing nothing.
Yawn.
Soldato
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The bit that IR35 makes it impossible to hire the right people is utter balls. What you mean is long term contractors (ie employees in all but name) aren’t willing to take the tax hit the rest of us have to suffer for working largely identical jobs.
I'm tired of corruption as well comrade.
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