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Nov 2022
9:23am, 18 Nov 2022
28,911 posts
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Johnny Blaze
"The Office for Budget Responsibility says household incomes will fall by 7% over the next 18 months
Meanwhile, the Resolution Foundation think tank says the government's plans pile further pressure on "squeezed middle" earners
But the chancellor says it simply wasn't possible to raise £25bn simply by taxing the wealthiest"
I'm no political guru but I can't see how this is going to get them a single vote back.
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Nov 2022
9:26am, 18 Nov 2022
28,912 posts
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Johnny Blaze
As a UK resident non-dom, you are entitled to use the remittance basis for up to 15 tax years in any given 20. You then become deemed domiciled for all tax purposes, unless you cease being UK resident. For the first seven out of nine tax years of being UK resident, you can use the remittance basis “for free”. For the 8th to 12th tax years (out of 14), you need to pay the remittance basis charge of £30,000 for each year you choose to use the remittance basis (which seems to be the position of the chancellor’s wife). For the 13th to 15th tax years, the charge rises to £60,000 per year of use. These intricacies tend not to be reported by the UK press.
I'm not the Chancellor but it seems to me you could tweak this by quite a lot...
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Nov 2022
9:37am, 18 Nov 2022
19,639 posts
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larkim
Bear with me on this though, as it is not properly thought through...
*Some* of the current inflationary issues are down to the global issue with availability of fuel as a consequence of Russia.
This is causing a direct impact in terms of the increased costs of production of goods in terms of manufacture, changed levels of supply, but also a direct impact in that employers (both state and private) are having to pay more to staff to help them to afford "life". And also pensioners and national living wage rates are "supporting" this.
If / when the Russia impact falls away, the raw material cost of goods / production should fall back to where it was (to a degree), but the cost of labour will not because simply put salaries never fall (in absolute terms) and pensions / national living wage will not retreat. So this means any temporary upward blip in inflation is cemented into perpetuity, rather than allowing for fuel costs to retreat and costs come down.
So would it not be better to be putting into the economy non-consolidated funding (e.g. like the fuel scheme) rather than baking in this year's 10%+ inflation into the cost of everything for the future?
(I am not an economist, but was looking at pensions yesterday in a work related matter, and it just occurred to me that if my parents' domestic fuel bill falls back to "normal" levels, they'll have 10% more income now for the rest of their lives, even if cost of goods inflation falls or even goes backwards)
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Nov 2022
11:11am, 18 Nov 2022
18,768 posts
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rf_fozzy
Pensions are a Ponzi scheme.
I've said this before.
And of course the Tories gave them free money. It's their core vote
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Nov 2022
11:27am, 18 Nov 2022
20,196 posts
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richmac
With a lot of the cuts not due till after the next GE this is only half the pain.
Everyones amount of Tax rises making payrises worth less than they were before, leading to higher wage demands and more inflation.
It makes benefits more attractive.
Not looking good
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Nov 2022
11:30am, 18 Nov 2022
30,733 posts
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macca 53
My local CLP elected one of my kids’ schoolfriends as PLP Candidate last night - that doesn’t make me feel old at all (she stood in a Cumbrian seat in 2019)
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Nov 2022
12:04pm, 18 Nov 2022
23,940 posts
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Bazoaxe
Pensions are a Ponzi scheme. I've said this before. And of course the Tories gave them free money. It's their core vote
Which Pensions do you mean ?
1) State pensions
2) Public Sector DB
3) Private Sector DB
4) DC pensions
I agree that 1) and 2) are Ponzi schemes, 3) and 4) though are not, or should not be post maxwell
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Nov 2022
12:06pm, 18 Nov 2022
19,643 posts
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larkim
Not all public sector are unfunded. Local Government PS are all individually funded in separate pots around the country, they are pretty much private sector DB but operating in the public sector.
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Nov 2022
12:09pm, 18 Nov 2022
23,942 posts
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Bazoaxe
Are there employer funds for those larkim or is it just the employee portion that is funded ?
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Nov 2022
12:09pm, 18 Nov 2022
7,504 posts
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Fields
Pensions are a ponzi scheme is on my fozzy bingo card
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Fantasy General Election
Jul 2024