[Politics] No Budget thread?

[Bodian]

The old chestnut about the Public Sector being lower paid is a myth. It may have been the case 20 years ago, but it's not the case any more. Not many shop workers, security guards, delivery drivers, or farm workers in the public sector.

Much better pensions in the Public Sector too.

As a matter of interest, how many Public Sector workers have been either been furloughed or lost their jobs in the past year?

220 staff work(ed) in my local authority. At first lockdown, around 70% were fully furloughed (in my department - only five of us out of 50 were not furloughed) - most for the duration. We have now restructured because of the financial hit, and we have lost 15 of our 50 (plus others in other areas). Out of the 35 that are left, around 15 are still part furloughed at the moment (working half-time).

 

[Herr Tubthumper]

oh i think you know well enough its on land. heres a handy primer on the concept.

Thanks. I’m now really struggling to see the benefit as it seems nothing more than moving something to a less glamorous place at the taxpayers expense and also to then lose taxes from over the longer term. And this is completely ignoring the associated crime which goes with free ports. What’s the upside?

 

[WATFORD zero]

pensions, investment funds, businesses, foreign investors.

Via the bond market. The Government sells bonds to investors to raise cash and pays interest to the buyers. It’s just another way of borrowing money and paying interest. The rate will be lower than in most of the corporate bond market as the risk of Government default is lower. Bond buyers will be attracted by the overall risk reduction.

You, Me, Our children, and possibly, our children's children. Sorry

Not really. How else do you expect pension funds etc to invest our money ? They will likely increase the value of funds under management from a hedged bond portfolio.

I think that, not for the first time, we will have to agree to disagree

 

[Neville's Breakfast]

Thanks. I’m now really struggling to see the benefit as it seems nothing more than moving something to a less glamorous place at the taxpayers expense and also to then lose taxes from over the longer term. And this is completely ignoring the associated crime which goes with free ports. What’s the upside?

It’s used as a means of boosting economies in deprived port areas. Economic activity and investment is stimulated by the absence of taxes. However, I would have thought it might work best in larger countries. In a country the size of the UK it may simply attract business from other ports ie a zero sum game.

 

[Herr Tubthumper]

It’s used as a means of boosting economies in deprived port areas. Economic activity and investment is stimulated by the absence of taxes. However, I would have thought it might work best in larger countries. In a country the size of the UK it may simply attract business from other ports ie a zero sum game.

Your latter point is the same point I made. I note the UK has had these before but they were closed down...anyone know why this was?

 

[Neville's Breakfast]

I think that, not for the first time, we will have to agree to disagree

Fair enough. I never realized the Government bond market was a source of controversy
It’s actually quite dull..

 

[WATFORD zero]

Fair enough. I never realized the Government bond market was a source of controversy
It’s actually quite dull..

Now there's something we agree on

 

[nicko31]

You, Me, Our children, and possibly, our children's children. Sorry

100% Debt to GDP as far as the eye can see, its OK until the cheap money comes to an end

 

[Paulie Gualtieri]

no one seems to ask or answer what a freeport is either. is it extension of bonded warehouse, the dockside used to hold goods in transit without incurring tariffs? or is it a wider industrial and commercial park, where those goods are used in manufacturing with out tariffs?

It’s a wider retail park, there is / was talk about Mayor Royal (Gatwick / Crawley) applying for the status.


Freeports are typically located around shipping ports or airports. Also known as free trade zones, they are designated areas where a country's usual tax and tariff rules do not apply.

Taxes would only be paid if the goods left the freeport and were moved elsewhere in the UK.

Makes you wonder why not ship directly?

artwork related money laundering risk is often associated to these


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[Paulie Gualtieri]

Just completed a sky news budget calculator and apparently I will be better of by £57 next year.


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[Live by the sea]

The additional stamp duty relaxation up to £500k until end of June and the 5% deposit with the govt guarantee will I think greatly help the housing market . Can’t see prices dropping at all in the next 6 months . Not in the most desirable parts of Brighton and hove .

 

[wellquickwoody]

We don't know that. Labour would almost certainly have entered lockdown sooner and they definitely wouldn't have spaffed £22bn on a track and trace scheme. To say that things would be exactly the same is just speculation

Speculation you say?

 

[Herr Tubthumper]

It’s used as a means of boosting economies in deprived port areas. Economic activity and investment is stimulated by the absence of taxes.

Why not just invest in these areas instead? As has been pointed out creating a tax free zone runs the risk of existing businesses relocating and the government losing the tax they were paying. If there’s one thing the government coffers need right now is businesses paying tax.

 

[JC Footy Genius]

Good job Rishi, spending tens of billions every week, throwing money at everything, all funded by borrowing, massive debt levels, the highest tax burden for decades on the way .... all those ex-Labour Shadow Chancellors must be crying into their pillows tonight sobbing ..'that should have been me'.

#jealous

 

[Herr Tubthumper]

“ Mr Sunak also announced that 750 civil service jobs at the Treasury will be transferred to Darlington, in the north-east of England”

Poor sods. They’re not called the nasty party for nothing are they?

 

[nicko31]

Good job Rishi, spending tens of billions every week, throwing money at everything, all funded by borrowing, massive debt levels, the highest tax burden for decades on the way .... all those ex-Labour Shadow Chancellors must be crying into their pillows tonight sobbing ..'that should have been me'.

#jealous

I know...

Thank god the Cayman Islands favourite hedge fund manager came to save us all....

 

[Neville's Breakfast]

Why not just invest in these areas instead? As has been pointed out creating a tax free zone runs the risk of existing businesses relocating and the government losing the tax they were paying. If there’s one thing the government coffers need right now is businesses paying tax.

It’s just another option. Elsewhere in this thread people are complaining about borrowing levels. Governments have to be creative to keep everyone happy. The freeport idea strikes me as more spin than substance but we’ll see.

 

[Guinness Boy]

Good job Rishi, spending tens of billions every week, throwing money at everything, all funded by borrowing, massive debt levels, the highest tax burden for decades on the way .... all those ex-Labour Shadow Chancellors must be crying into their pillows tonight sobbing ..'that should have been me'.

#jealous

Well, he's certainly found the magic money tree. Do you know where it was hiding?

 

[LamieRobertson]

Well, he's certainly found the magic money forest....Do you know where it was hiding?

Slight amendment

 

[Randy McNob]

I seem to recall the outrage when labour proposed tax rises in the last election. The Tories do it, happy days...