[Finance] Rachel Reeves to reveal £20bn shortfall left by Conservative Government

Bob! · Jul 25, 2024

Reeves is expected to make it explicit that she believes her predecessor deliberately did not act to address the looming spending shortfall. “Jeremy Hunt is going to have a lot of explaining to do,” said one source.

Rachel Reeves expected to reveal £20bn shortfall in public finances

Chancellor may raise some taxes in the autumn due to what Labour describes as its ‘shocking inheritance’ from Tories

www.theguardian.com

Is it PotG? · Jul 25, 2024

Don't tell me, we might see taxes going up after all

Bozza · Jul 25, 2024

There's literally nothng in that article that the IFS wasn't saying, about the plans of both major parties, before the election.

Finances a 'dark cloud' hanging over election campaign, says IFS

A leading think tank warns more tax rises or cuts to public services could lie ahead.

www.bbc.co.uk

Bozza · Jul 25, 2024

Is it PotG? said:
Don't tell me, we might see taxes going up after all

Taxes were always going to go up.

What (probably) won't go up are income tax, VAT and national insurance - which is the pledge Labour gave. There's a whole load of other options available, whilst sticking to that pre-election commitment.

One Teddy Maybank · Jul 25, 2024

Bob! said:
Reeves is expected to make it explicit that she believes her predecessor deliberately did not act to address the looming spending shortfall. “Jeremy Hunt is going to have a lot of explaining to do,” said one source.

Rachel Reeves expected to reveal £20bn shortfall in public finances

Chancellor may raise some taxes in the autumn due to what Labour describes as its ‘shocking inheritance’ from Tories

www.theguardian.com

And Labour before the conservatives?

Remember the note?

It’s all quite tiresome……

Another ignore thread……

Greenbag50 · Jul 25, 2024

We’re all up shit creek….say goodbye to your pension pot or hard earned inheritance owed by boomer parents who worked and paid taxes for 40 years.
Its called shared ownership now BTW.
Stand by

severnside gull · Jul 25, 2024

No surprise.
It was almost the only explanation for calling an early election.

Is it PotG? · Jul 25, 2024

Bozza said:
Taxes were always going to go up.

What (probably) won't go up are income tax, VAT and national insurance - which is the pledge Labour gave. There's a whole load of other options available, whilst sticking to that pre-election commitment.

Which area would your bet be then?

Greenbag50 · Jul 25, 2024

Bozza said:
Taxes were always going to go up.

What (probably) won't go up are income tax, VAT and national insurance - which is the pledge Labour gave. There's a whole load of other options available, whilst sticking to that pre-election commitment.

It’s all the other so called ‘wealth taxes’
Hate socialists

Bozza · Jul 25, 2024

Is it PotG? said:
Which area would your bet be then?

I've no idea.

There seems to be a few suggestions in that Guardian piece. Given the whole article gives the impression of being well-informed from Labour sources, I'd guess those are some of the likely candidates.

Weststander · Jul 25, 2024

Bozza said:
There's literally nothng in that article that the IFS wasn't saying, about the plans of both major parties, before the election.

Finances a 'dark cloud' hanging over election campaign, says IFS

A leading think tank warns more tax rises or cuts to public services could lie ahead.

www.bbc.co.uk

Guardian in shit stirring propaganda shocker.

Weststander · Jul 25, 2024

Is it PotG? said:
Which area would your bet be then?

CGT
IHT
Council tax at the top end.
Close more tax reliefs, claims/elections.
Second/holiday homes.

Bozza · Jul 25, 2024

Weststander said:
Guardian in shit stirring propaganda shocker.

Well, they pretty much wrote the same thing pre-election on June 6th...

Labour is planning a major package of measures this autumn, according to party sources, and Reeves is looking for a “doctor’s mandate”: the state of the public finances is so bad, she will argue, that they will need major surgery to correct.

One source said: “Rachel has between 10 and 12 measures she is looking at which she hasn’t yet announced, all of which will raise small pots of money, with the ambition they should add up to something all together.”

Another said the shadow chancellor wanted to take a “kitchen sink” approach in order to raise tax income and pursue radical reform and investment in public services. The person admitted: “That is not what they are presenting the public with right now.”

“Kitchen-sinking” is a tool common in political and business circles – it has been used at companies including Tesco to Nokia – in which a new leader releases all the bad news at once, thereby justifying drastic measures.

Rachel Reeves under Labour pressure to raise capital gains tax to revive public services

After ruling out rises in VAT, income tax or national insurance, shadow chancellor said to be weighing other options to raise cash in an autumn budget

www.theguardian.com

nicko31 · Jul 25, 2024

Greenbag50 said:
We’re all up shit creek….say goodbye to your pension pot or hard earned inheritance owed by boomer parents who worked and paid taxes for 40 years.
Its called shared ownership now BTW.
Stand by

Just tax the dead, why should people receive hundreds of thousands of unearned wealth tax free? They didn't earn it...

Time to remove the ridiculously generous exemption on the family home.

Is it PotG? · Jul 25, 2024

nicko31 said:
Just tax the dead, why should people receive hundreds of thousands of unearned wealth tax free? They didn't earn it...

Time to remove the ridiculously generation exemption on the family home.

What about folk working their guts out throughout a lifetime in order to pass a safe home to their offspring?

Bozza · Jul 25, 2024

Two stupid things pre-election...

1. Labour hammering the Tories about bringing about the highest tax burden for a gazillion years, because it was always going to be the case they'd need to go higher still, in the short-term at least, before their growth plans start to deliver.

2. The Tories pretending that they were going to pursue tax cuts. Public services are crying out for investment, and that needs to be paid for.

BenGarfield · Jul 25, 2024

So what? The deficit is merely the difference between the money government has spent into the economy and that clawed back in tax. The UK is a self-funding state. It creates money by spending. Whether its £3 billion a year to give food to starving kids - or the £40 billion a year hand out to banks as a government present for being rich - it comes out of thin air. Having worked at the Bank of England, Rachel Reeves should know this.

worthingseagull123 · Jul 25, 2024

nicko31 said:
Just tax the dead, why should people receive hundreds of thousands of unearned wealth tax free? They didn't earn it...

Time to remove the ridiculously generation exemption on the family home.

Is this down to envy?

beorhthelm · Jul 25, 2024

"oh no, there's a budget black hole, we'll have to raise taxes" was on my bingo card and shouldn't surprise anyone. pretty sure this amount is same as the amount left as wiggle room in the long term budget.

Thunder Bolt · Jul 25, 2024

One Teddy Maybank said:
And Labour before the conservatives?

Remember the note?

It’s all quite tiresome……

Another ignore thread……

The note that gets left by every change of government?

Reginald Maudling 1964.
Good luck, old cock. Sorry to have left it in such a mess.

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[Finance] Rachel Reeves to reveal £20bn shortfall left by Conservative Government

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