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

[Winker]

Or raise taxes on the individuals and corporations that are squirreling the wealth.

Starmer is a paid up member of the World Economic Forum/ Davos/ New World Order call it what you will.
He will do what they tell him.

 

[Greenbag50]

If there's a £20Bn black hole in the budget then cut spending by £20Bn. Problem solved - next!

Or raise taxes on the individuals and corporations that are squirreling the wealth.

Brilliant idea
Tax them more and they take their wealth creation somewhere else.
Genius

 

[Harry Wilson's tackle]

Starmer is a paid up member of the World Economic Forum/ Davos/ New World Order call it what you will.
He will do what they tell him.

Not to mention the Illuminati.

Oh bugger, I've gone and mentioned them

 

[Harry Wilson's tackle]

And if they do, then the state should step in, using funds collected from things like IHT

Mmmmm.....the very idea, in the situation I'm thinking about, is absurd. But its a private matter so I'll leave it there.

 

[Herr Tubthumper]

Brilliant idea
Tax them more and they take their wealth creation somewhere else.
Genius

Is there any meaningful evidence of this? There’s numerous countries with higher personal and corporation tax than the UK which don’t have an exodus of people and companies.

Hungary has Corp tax of just 9%….why don’t all businesses moving there?

Sweden, Denmark and Norway some of the highest personal tax. Most seem happy to stay put in a country where most things work.

 

[pb21]

Is it reasonable for Labour to say that the financial black hole is bigger than they thought?

Should/could they have understood these issues, or did the Tories play smoke and mirrors when in Government?

 

[rogersix]

Brilliant idea
Tax them more and they take their wealth creation somewhere else.
Genius

the rest of us would be much better off if they did, we can only carry so many liggers

 

[ozzygull]

Is it reasonable for Labour to say that the financial black hole is bigger than they thought?

Should/could they have understood these issues, or did the Tories play smoke and mirrors when in Government?

After the way they behaved over the last 14 years, I suspect this, but obviously I have no evidence.

 

[beorhthelm]

Is it reasonable for Labour to say that the financial black hole is bigger than they thought?

Should/could they have understood these issues, or did the Tories play smoke and mirrors when in Government?

it looks like a bit of both, however there is the OBR that said the budget was OK, so Reeves is basically saying they were wrong. some unspoken planned cuts to service or infrastructure, anything bit controversial will be shelved conveniently. the largest chunk looks like pay increases, 2.5% budgeted for but expected Labour will go for a higher settlement. on the one hand budget hole, on the other hand an increase to spending.

 

[Giraffe]

Or raise taxes on the individuals and corporations that are squirreling the wealth.

What would be your definition of squirreling?

 

[pb21]

it looks like a bit of both, however there is the OBR that said the budget was OK, so Reeves is basically saying they were wrong. some unspoken planned cuts to service or infrastructure, anything bit controversial will be shelved conveniently. the largest chunk looks like pay increases, 2.5% budgeted for but expected Labour will go for a higher settlement. on the one hand budget hole, on the other hand an increase to spending.

Sounds like there will be some documentation/analysis published later detailing the sums...

 

[Weststander]

Is there any meaningful evidence of this? There’s numerous countries with higher personal and corporation tax than the UK which don’t have an exodus of people and companies.

Hungary has Corp tax of just 9%….why don’t all businesses moving there?

Sweden, Denmark and Norway some of the highest personal tax. Most seem happy to stay put in a country where most things work.

Sweden and Finland lowered their CT rates to encourage and keep big business. At 20.6% and 20% now far lower than the UK’s 25%.

 

[Herr Tubthumper]

Sweden and Finland lowered their CT rates to encourage and keep big business. At 20.6% and 20% now far lower than the UK’s 25%.

Fair point, I had not realised this. Just took a look at the rest of Sweden's taxes. Social security for companies is pretty high, 31% . Cheap to HQ in Sweden but very costly to employ and operate in the country. Or have I misunderstood this? What's the rate in the UK?

Personal tax is through the roof. I had a Swedish client for a while and all their staff I worked with took 4 weeks holiday in the summer and most had boats and one owned a plane! All this whilst over paying 50% income tax.

 

[Herr Tubthumper]

 

[Machiavelli]

it looks like a bit of both, however there is the OBR that said the budget was OK, so Reeves is basically saying they were wrong. some unspoken planned cuts to service or infrastructure, anything bit controversial will be shelved conveniently. the largest chunk looks like pay increases, 2.5% budgeted for but expected Labour will go for a higher settlement. on the one hand budget hole, on the other hand an increase to spending.

IFS made it abundantly clear that all parties fiscal projections were too short.
Tories most culpable because they had closest access to the books

 

[Marshy]

Going to get shafted on capital gains

 

[Weststander]

Going to get shafted on capital gains

Rates upped to marginal IT rates of 40% and 45% for higher and additional rate taxpayers. Seems fair imho. Plus a move that will end the tax planning where some income can be retained, to later be taxed at much lower CGT rates.

 

[nicko31]

Going to get shafted on capital gains

Equalisation of earned and unearned income is long overdue. Current system is so unfair, even more so after the recent CGT cut.

Finally I think we are going to see some proper levelling up, not just confined to some bullshit pork barrelling in red wall seats.

If I was Labour I'd do all in on CGT, IHT, upper rate pension tax relief and maybe some wealth tax on the super rich. It won't be popular with some but do it now early in the term. Pension tax relief needs to be favoured toward investment in UK assets, our home market is oversold and vulnerable to overseas M&A.

 

[Bold Seagull]

Brilliant idea
Tax them more and they take their wealth creation somewhere else.
Genius

If you really value this country, understand what it has to offer in terms of skills and expertise, there is no need to undercut everyone else if your product is good.

The idea that the wealth creators will just depart is ludicrous given we are the engine that creates the wealth in the first place.

 

[Harry Wilson's tackle]

Is it reasonable for Labour to say that the financial black hole is bigger than they thought?

Should/could they have understood these issues, or did the Tories play smoke and mirrors when in Government?

Labour say the Tories played smoke and mirrors. Labour say it was deliberate subterfuge. That's what I heard on the radio last night.