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



Bob!

Coffee Buyer
Jul 5, 2003
11,717
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.

 






Bozza

You can change this
Helpful Moderator
Jul 4, 2003
57,513
Back in Sussex


Bozza

You can change this
Helpful Moderator
Jul 4, 2003
57,513
Back in Sussex
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

Well-known member
NSC Patron
Aug 4, 2006
23,248
Worthing
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.

And Labour before the conservatives?

Remember the note?

It’s all quite tiresome……

Another ignore thread……
 








Is it PotG?

Thrifty non-licker
Feb 20, 2017
25,742
Sussex by the Sea
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

Well-known member
Jun 1, 2016
516
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

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Helpful Moderator
Jul 4, 2003
57,513
Back in Sussex
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

Well-known member
NSC Patron
Aug 25, 2011
69,897
Withdean area






Bozza

You can change this
Helpful Moderator
Jul 4, 2003
57,513
Back in Sussex
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.​

 


nicko31

Well-known member
Jan 7, 2010
18,709
Gods country fortnightly
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.
 
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Is it PotG?

Thrifty non-licker
Feb 20, 2017
25,742
Sussex by the Sea
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

You can change this
Helpful Moderator
Jul 4, 2003
57,513
Back in Sussex
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

Active member
Feb 22, 2019
348
crawley
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.
 






beorhthelm

A. Virgo, Football Genius
Jul 21, 2003
36,063
"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

Silly old bat
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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