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

[Guinness Boy]

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.

Yes, exactly why I try and walk the middle line economically.

Want good public services, healthcare, education, public transport? You have to pay for it by *some* taxation. Printing money turns you into Peron era Argentina or Zimbabwe. The ideological question should be “which taxation?”.

But furlough wasn’t a magic money tree, weapons to Ukraine isn’t a magic money tree.

Plenty of our European neighbours have worked this out without their economies going to hell in a handcart.

 

[portslade seagull]

The honeymoon period didn't last long.

 

[Weststander]

it's not the state's money though either. i think it's the framing of IHT, a tax on death and your inheritance which is something a lot of people spend their live working for (pass on something, give them something they didnt have, etc). most often people dont even qualify but still get annoyed at the concept of that. reframe it to tax the recipient, flat 20-30% rate on monies received. people accept income tax as quite normal, i reckon this would raise way more, more difficult to avoid, and help ease the abomination of probate.

I would’ve agreed with you for decades, but the assets disparity in the UK has become untenable, unfair. We’ve sitting in homes worth 6x that of 1996 not through entrepreneurship or working harder than today’s 30 year old, but by luck. Those with second UK homes, a place in the Dordogne, a million or two or three under wealth management, have gained even more. I literally see people make £400k transfers for 25 year old offspring to buy their first house. Grandparents make big pension contributions for their 20 year olds. Wealth making wealth, it hasn’t been like this for possibly centuries.

Meanwhile tens of millions either rent or are broke with mortgages, living week to week. They could be on a different planet.

I still believe in capitalism, but spotted this years ago, the injustice. I knew the wider public would eventually cotton on through pain, that the Tories would be kicked out. If only monetary policies and mass housebuilding had been set on course. They weren’t.

 

[Greenbag50]

Probably not as much as I hate greedy, arrogant capitalists

I guess we have to agree to disagree then.
Not a big deal; ideological difference.
Work hard all life, pay taxes all life. Pay off house, which means my house now belongs to me, as I paid for it, which was bought with paying tax to buy house.
Now, when I die, I want to give my whole house that I own and have paid for over 30 years legally, to my children I have to give some of that house worth to the state.
All of my house worth, should go to who I want it to go. It is my house, bought and paid for, by me.
Not the states right to take a slice.

 

[nicko31]

The honeymoon period didn't last long.

Reality was always going to hit, the Tories destroyed our country. Will take a good decade to get things back on track.

They need to get the unpopular stuff out the way early

 

[nicko31]

I guess we have to agree to disagree then.
Not a big deal; ideological difference.
Work hard all life, pay taxes all life. Pay off house, which means my house now belongs to me, as I paid for it, which was bought with paying tax to buy house.
Now, when I die, I want to give my whole house that I own and have paid for over 30 years legally, to my children I have to give some of that house worth to the state.
All of my house worth, should go to who I want it to go. It is my house, bought and paid for, by me.
Not the states right to take a slice.

its not your kids house either, they need to go out and do what you did...

 

[Greenbag50]

Reality was always going to hit, the Tories destroyed our country. Will take a good decade to get things back on track.

They need to get the unpopular stuff out the way early

Not a political point, would like to have a different party in during COVID to see how spending decisions would have panned out when the science line was ‘lock down, all stay at home, but we still all want paid guvnor’

 

[Bozza]

It is high time for a grown-up appraisal of the financial situation. The party politicking - as evidenced on this thread - is utter bollocks.

In case I'm one of those you are targeting there - I'm certainly not party politicking at all here.

Both major parties ignored the economic elephant in the room during election campaigning, sticking their fingers in their ears when the IFS, and others, suggested we were speeding towards an unavoidable major decision point, and it would have been nice if that was acknowledged and addressed.

 

[Guinness Boy]

The honeymoon period didn't last long.

Is anyone surprised they got in power with promises, now in power reality hits ??

Well what a suprise, Labour having to raise taxes !!!
Standby for ULEZ in every city etc etc

One Guardian article.

Don’t watch the budget lads, you’ll melt.

 

[Pavilionaire]

Nothing like shoving people into silly categories ….oh then going on about politicking but bringing up Brexit ..lol
..I do like that first line though

Brexit has nothing to do with politicking. People from across the political spectrum were opposed to it, Thatcher herself would be livid to see it. It was a pack of lies designed to get some greedy people quick power and money and it worked. Now it is the difference from Britain 'Just About Managing' to 'Off To The Foodbank'.

I am on the left of centre, yet am genuinely saddened to see the state of the Tory Party absolutely decimated because of Brexit. Sky News regularly has 3 or 4 decent right wing political journalists who talk a lot of sense (Mark Wallace, Tim Montgomery, Henry Hill, Rory Stewart too)- we have more in common that that which divides us - and British politics needs them for balance but The Conservative Party now is a empty shell.

 

[Guinness Boy]

Brexit has nothing to do with politicking. People from across the political spectrum were opposed to it, Thatcher herself would be livid to see it. It was a pack of lies designed to get some greedy people quick power and money and it worked. Now it is the difference from Britain 'Just About Managing' to 'Off To The Foodbank'.

I am on the left of centre, yet am genuinely saddened to see the state of the Tory Party absolutely decimated because of Brexit. Sky News regularly has 3 or 4 decent right wing political journalists who talk a lot of sense - we have more in common that that which divides us - and British politics needs them for balance but The Conservative Party now is a empty shell.

Yep

 

[Kinky Gerbil]

Not a political point, would like to have a different party in during COVID to see how spending decisions would have panned out when the science line was ‘lock down, all stay at home, but we still all want paid guvnor’

It would have been the same amount of money really, longer lock downs meaning more losses, less shady PPE deals meaning less losses.

 

[LamieRobertson]

In case I'm one of those you are targeting there - I'm certainly not party politicking at all here.

Both major parties ignored the economic elephant in the room during election campaigning, sticking their fingers in their ears when the IFS, and others, suggested we were speeding towards an unavoidable major decision point, and it would have been nice if that was acknowledged and addressed.

I thought your opening post was quite balanced and I’m not brown nosing….honest

 

[Guinness Boy]

Not a political point, would like to have a different party in during COVID to see how spending decisions would have panned out when the science line was ‘lock down, all stay at home, but we still all want paid guvnor’

Likely a different party wouldn’t have drunk Grand Cru wine on the nation’s ticket while we couldn’t see dying relatives though, isn’t it?

 

[Greenbag50]

its not your kids house either, they need to go out and do what you did...

It’s my house that belongs to me, that I have paid for, so I have the right deterine what happens to it.
Same as anything that belongs to me that I want my kids to have.
Why TF should anyone have a part of what I have worked for?
If they want that, go and earn it like I did.
Grew up in housing estate in 80’s Glasgow. Comfortable now, as have worked hard to live in beautiful Sussex, and proud to work and provide for my family.
That’s why I don’t like grifters or governments who take more of money layer over layer.
Tax me once, then leave me alone.

 

[Greenbag50]

Likely a different party wouldn’t have drunk Grand Cru wine on the nation’s ticket while we couldn’t see dying relatives though, isn’t it?

Lot of wine for paying the nations wages for 6 months

 

[LamieRobertson]

Is anyone surprised they got in power with promises, now in power reality hits ??

Not sure they got into power on the back of any promises….more because people were fed up with the previous emcumbants and a general malaise re the state of politics/the country

 

[Guinness Boy]

Lot of wine for paying the nations wages for 6 months

It’s an example.

I’ve acknowledged earlier in the thread there were costs in that era. Serious ones. They shouldn’t have included Boris and his cronies guzzling fine wine and doing the Macarena.

I think MP’s expenses should be limited to 10% of their salary PA. If you want to serve your country then serve your country. Do you?

 

[Thunder Bolt]

We need more young people paying taxes to contribute to the Treasury. There are multiple vacancies to be filled which is why we need immigrants.

Ducks and runs for cover.

 

[dsr-burnley]

its not your kids house either, they need to go out and do what you did...

Surely the problem with ensuring that children' can't inherit parents' homes is (1) the multi-millionaire rich will still avoid it with family trusts and so forth, so it will be primarily aimed at the middle class, and (2) - and this is the biggie IMO - that there are already many millions of twenties and thirties scrambling round to buy homes which they are struggling to afford, and if parents can't leave houses to their children (or they can't afford to keep the house they've been left) then there will be even more people joining the scramble.