Discussion
Here we go again, will we win, will we lose ...
As appears customary these days, proposals/intentions are leaked in advance. This one concerns personal/occupational pensions.
https://www.dailymail.co.uk/news/article-11841951/...
Inflation has seriously affected pension provision possibilities.
As appears customary these days, proposals/intentions are leaked in advance. This one concerns personal/occupational pensions.
https://www.dailymail.co.uk/news/article-11841951/...
Inflation has seriously affected pension provision possibilities.
A better pension in twenty years time doesn't pay my mortgage bill this month... Do they really think we're all that stupid?
My guess is he will postpone the energy price cap scheduled to come in to force on 01 Apr... He has to surely? There are a few inches of snow on the ground across the north and he's going to let them add 20% to the energy bills?!
My guess is he will postpone the energy price cap scheduled to come in to force on 01 Apr... He has to surely? There are a few inches of snow on the ground across the north and he's going to let them add 20% to the energy bills?!
pablo said:
A better pension in twenty years time doesn't pay my mortgage bill this month... Do they really think we're all that stupid?
My guess is he will postpone the energy price cap scheduled to come in to force on 01 Apr... He has to surely? There are a few inches of snow on the ground across the north and he's going to let them add 20% to the energy bills?!
It has been rumoured that he will continue the current cap for further three months.My guess is he will postpone the energy price cap scheduled to come in to force on 01 Apr... He has to surely? There are a few inches of snow on the ground across the north and he's going to let them add 20% to the energy bills?!
KingNothing said:
I'm sure people struggling with food, fuel and housing bills will be happy to know they'll soon be able to put more than £40k into their pension each year 
Also its not the reason many Dr's quit. IR35 banned Dr's working as a PSC so thoes close to retirement saw tax earnings go up about 30% when forced onto payroll with no expenses allowed (travell costs to another hospital). So they simply quit.Happened across the UK again in 2020 but the government doesn't want to admit it aggressive tax is bringing in less as strangling growth
Rufus Stone said:
pablo said:
A better pension in twenty years time doesn't pay my mortgage bill this month... Do they really think we're all that stupid?
My guess is he will postpone the energy price cap scheduled to come in to force on 01 Apr... He has to surely? There are a few inches of snow on the ground across the north and he's going to let them add 20% to the energy bills?!
It has been rumoured that he will continue the current cap for further three months.My guess is he will postpone the energy price cap scheduled to come in to force on 01 Apr... He has to surely? There are a few inches of snow on the ground across the north and he's going to let them add 20% to the energy bills?!
Even HS2 that giant money pit is being scalled back
Gecko1978 said:
Capping energy is one thing but people need cash in there pockets to buy food, petrol, clothing etc. Freezing tax allowances and raising tax on higher earners is not going to help people spend now an boost the economy.
Even HS2 that giant money pit is being scalled back
Are people not getting any pay rises?Even HS2 that giant money pit is being scalled back
Gecko1978 said:
KingNothing said:
I'm sure people struggling with food, fuel and housing bills will be happy to know they'll soon be able to put more than £40k into their pension each year
Also its not the reason many Dr's quit. IR35 banned Dr's working as a PSC so thoes close to retirement saw tax earnings go up about 30% when forced onto payroll with no expenses allowed (travell costs to another hospital). So they simply quit.Happened across the UK again in 2020 but the government doesn't want to admit it aggressive tax is bringing in less as strangling growth
Gecko1978 said:
Capping energy is one thing but people need cash in there pockets to buy food, petrol, clothing etc. Freezing tax allowances and raising tax on higher earners is not going to help people spend now an boost the economy.
Even HS2 that giant money pit is being scalled back
It's not only "people spending" that boosts the economy, "Government spending" (funded by taxation) has the same effect. In fact arguably it has a greater effect because the Govt. doesn't stick it in a long term savings account or pension. Even HS2 that giant money pit is being scalled back
Rufus Stone said:
Gecko1978 said:
Capping energy is one thing but people need cash in there pockets to buy food, petrol, clothing etc. Freezing tax allowances and raising tax on higher earners is not going to help people spend now an boost the economy.
Even HS2 that giant money pit is being scalled back
Are people not getting any pay rises?Even HS2 that giant money pit is being scalled back
The £100k threshold on personal allowance means people have to overload their pension rather than taking out 40p of a pound (therefore have less usable money today). The fixing of the 40% tax rate threshold means that people have less money in their pocket compared to if the tax rate was increased in line with the value of money. Etc. etc.
pghstochaj said:
Gecko1978 said:
KingNothing said:
I'm sure people struggling with food, fuel and housing bills will be happy to know they'll soon be able to put more than £40k into their pension each year
Also its not the reason many Dr's quit. IR35 banned Dr's working as a PSC so thoes close to retirement saw tax earnings go up about 30% when forced onto payroll with no expenses allowed (travell costs to another hospital). So they simply quit.Happened across the UK again in 2020 but the government doesn't want to admit it aggressive tax is bringing in less as strangling growth
Rufus Stone said:
Are people not getting any pay rises?
Public sector rises have generally been well under inflation (mine was 2.5% for 22-23) although the ones with a more powerful negotiating position have obviously used it.Some private sector companies have been reported in the news as dishing out reasonable pay rises (ie supermarkets) but there is little data on it imo
But it would be political suicide for anyone to say "actually, most people can afford these rises, they just don't want to."
So instead the Guardian will root out some example of a single mum who has had to choose heating or eating, and ignore that for a lot of people, it will just mean cutting back on things like clothes.
As reported by the Mail: the majority of people surveyed are still planning an oversees holiday.
https://www.dailymail.co.uk/news/article-11304895/...
So not quite at the point where "people don't have money in their pockets" as was suggested earlier in this thread.
No one wants to hear that of course, and it will be cold comfort for those who genuinely are up again it.
With a progressive tax system, the sensible thing to do now would be increase tax in the middle and top income levels, and direct more welfare support to those at the bottom.
But no one wants to hear that, either.
Or perhaps reduce taxes, so that the 1% who shield their wealth offshore can magically generate wealth for the UK, which will trickle down like a warm shower over all the UK's grateful poor.
If anyone believes that, they have obviously missed the last 40 years.
pghstochaj said:
The average pay rise is behind the inflation figure and with tax thresholds fixed, people are less well off even with good pay rises.
The £100k threshold on personal allowance means people have to overload their pension rather than taking out 40p of a pound (therefore have less usable money today). The fixing of the 40% tax rate threshold means that people have less money in their pocket compared to if the tax rate was increased in line with the value of money. Etc. etc.
The Government loves fiscal drag, I hate it with a passion.The £100k threshold on personal allowance means people have to overload their pension rather than taking out 40p of a pound (therefore have less usable money today). The fixing of the 40% tax rate threshold means that people have less money in their pocket compared to if the tax rate was increased in line with the value of money. Etc. etc.
Rufus Stone said:
Gecko1978 said:
Capping energy is one thing but people need cash in there pockets to buy food, petrol, clothing etc. Freezing tax allowances and raising tax on higher earners is not going to help people spend now an boost the economy.
Even HS2 that giant money pit is being scalled back
Are people not getting any pay rises?Even HS2 that giant money pit is being scalled back
sebdangerfield said:
pghstochaj said:
Gecko1978 said:
KingNothing said:
I'm sure people struggling with food, fuel and housing bills will be happy to know they'll soon be able to put more than £40k into their pension each year
Also its not the reason many Dr's quit. IR35 banned Dr's working as a PSC so thoes close to retirement saw tax earnings go up about 30% when forced onto payroll with no expenses allowed (travell costs to another hospital). So they simply quit.Happened across the UK again in 2020 but the government doesn't want to admit it aggressive tax is bringing in less as strangling growth
Countdown said:
Gecko1978 said:
Capping energy is one thing but people need cash in there pockets to buy food, petrol, clothing etc. Freezing tax allowances and raising tax on higher earners is not going to help people spend now an boost the economy.
Even HS2 that giant money pit is being scalled back
It's not only "people spending" that boosts the economy, "Government spending" (funded by taxation) has the same effect. In fact arguably it has a greater effect because the Govt. doesn't stick it in a long term savings account or pension. Even HS2 that giant money pit is being scalled back
Gassing Station | News, Politics & Economics | Top of Page | What's New | My Stuff