[Politics] The Labour Government

[Is it PotG?]

It makes no difference to the students what the tuition fee is, it only affects them on what the repayment mechanic is. A vast majority of students will not repay the loan in its 40 year term and it will get written off. It's a Graduate Tax, not a loan. What it does mean is that Universities will either stop losing money teaching UK students, or at least not lose as much as they have been losing.

Thank goodness Labour are doing everyone a favour then by raising fees.

 

[Igzilla]

Thank goodness Labour are doing everyone a favour then by raising fees.

To repay the loan, you are taxed at 9% of your earnings above £25k, and it's written off after 40 years. It won't make any impact to the actual student. The Universities will be better funded. I guess in the end, the taxpayer ends up footing the bill, as they always did before tuition fees were introduced. How is this a bad thing, I'm genuinely struggling to work out what sort of wind up trip you are on?

 

[Is it PotG?]

To repay the loan, you are taxed at 9% of your earnings above £25k, and it's written off after 40 years. It won't make any impact to the actual student. The Universities will be better funded. I guess in the end, the taxpayer ends up footing the bill, as they always did before tuition fees were introduced. How is this a bad thing, I'm genuinely struggling to work out what sort of wind up trip you are on?

I do have experience of the system, thanks for the info though.

You are Alastair Campbell and I claim my £5.

 

[Igzilla]

I do have experience of the system, thanks for the info though.

You are Alastair Campbell and I claim my £5.

So, presumably you'd prefer the University system to shut down due to underfunding, then? Or take even more foreign students than they do now? Well done. clown.

 

[Is it PotG?]

So, presumably you'd prefer the University system to shut down due to underfunding, then? Or take even more foreign students than they do now? Well done. clown.

Are you actually aware of the difference between a fee increase and the restructuring of loan repayments?

 

[Is it PotG?]

One of the UK's wealthiest people has called Labour's budget "spiteful" and warned the rise in inheritance tax on farms and family businesses will be the "death of entrepreneurship".

Sir James Dyson said the move was an "ignorant swipe at aspiration".

"Every business expects to pay tax, but for Labour to kill off homegrown family businesses is a tragedy," he wrote in The Times.

"In particular, I have huge empathy for the small businesses and start-ups that will suffer. Labour has shown its true colours with a spiteful budget."

 

[Igzilla]

Are you actually aware of the difference between a fee increase and the restructuring of loan repayments?

So far, no talk of changing the way the loans are repaid.

 

[Is it PotG?]

So far, no talk of changing the way the loans are repaid.

Indeed, so it's just a cost hike.

 

[Igzilla]

One of the UK's wealthiest people has called Labour's budget "spiteful" and warned the rise in inheritance tax on farms and family businesses will be the "death of entrepreneurship".

Sir James Dyson said the move was an "ignorant swipe at aspiration".

"Every business expects to pay tax, but for Labour to kill off homegrown family businesses is a tragedy," he wrote in The Times.

"In particular, I have huge empathy for the small businesses and start-ups that will suffer. Labour has shown its true colours with a spiteful budget."

This Sir James Dyson??

 

[Is it PotG?]

This Sir James Dyson??

Looks like he's hoovered up quite a bit there.

 

[Igzilla]

Indeed, so it's just a cost hike.

So you're against funding our universities, then?

 

[Is it PotG?]

So, no I'm not.

Wasn't Sir Freebie recently in favour of ditching them though?

 

[Guinness Boy]

This Sir James Dyson??

Yes that one. They then had a business leader on the Today programme to talk about the budget who was largely positive, particularly because it was for long term benefit instead of short term politics for a change and fairly much laughed the Dyson chunterings out of the studio.

Good to see @Is it PotG? with his finger on the pulse though, posting this a good six or so hours after Today, having already double announced the fees increase.

 

[Is it PotG?]

Good to see @Is it PotG? with his finger on the pulse though, posting this a good six or so hours after Today, having already double announced the fees increase.

Thanks mate

is Today still going?

 

[sparkie]

Plus VAT, perhaps?

They like putting VAT on tuition so that may well be coming for those over 18 as well.

 

[Igzilla]

Yes that one. They then had a business leader on the Today programme to talk about the budget who was largely positive, particularly because it was for long term benefit instead of short term politics for a change and fairly much laughed the Dyson chunterings out of the studio.

Good to see @Is it PotG? with his finger on the pulse though, posting this a good six or so hours after Today, having already double announced the fees increase.

Yes, I heard that interview this morning as well. At first I though he was going to go down the chuntering road, but it was a pleasant surpise when he veered off that particular bit of chumpery.

 

[Bry Nylon]

If that was the guy who is founder and CEO of AO, what I heard him say is that talking to fellow business leaders since the Budget, "for sure - the mood music has changed to conversions around taking people out (in favour of AI) and off-shoring."

He didn't seem overly positive or overly negative to me; just quite realistic and said we won't really be able to assess the budget until it is clear how the government spend the money raised through the additional taxation.

 

[sparkie]

If that was the guy who is founder and CEO of AO, what I heard him say is that talking to fellow business leaders since the Budget, "for sure - the mood music has changed to conversions around taking people out (in favour of AI) and off-shoring."

He didn't seem overly positive or overly negative to me; just quite realistic and said we won't really be able to assess the budget until it is clear how the government spend the money raised through the additional taxation.

AI will take more and more and more jobs - any excuse is welcome to employers tbh.

I am in a race between my retirement date and my AI makes me obsolete date. Retirement is around 10 years away, but I fear AI replacement will take me first. Musk reckons Artificial General Intelligence in 2 years. Even with a pinch of salt and a lag to rollout to my company, I may not make it to retirement without "career disruption".

 

[Peteinblack]

So far, no talk of changing the way the loans are repaid.

Sadly, because the student loans company was privatised a while ago (because privatisation has proved such a resounding success elsewhere), students now have to pay interest on their outstanding loans.

https://commonslibrary.parliament.uk/research-briefings/sn01079/

If the loans company once again became a purely publicly-owned entity, the interest charged could be reduced or even set to '0', which would mean that even if the fees increased slightly, students would actually pay back less over 30 years; ie, just the fees, rather than fees + interest @ RPI + 3%.

 

[Machiavelli]

Indeed, so it's just a cost hike.

You're struggling big time and don't seem to understand things like inflation (you went very quiet on that particular topic when it soared ohh, just over three years ago). The fee increase is in line with the rise in inflation so, in real terms, the higher nominal charge is in line with the current one. This follows on from one increase in 14 years, which means that universities have been providing a service but receiving two-thirds in real terms than what it was back in 2011.
If any other business had to endure that, I'm sure you'd be along imputing it's all the new government's fault.