Top 5 financial things to do before labour get in?
Discussion
oneandone said:
Mikebentley said:
The fact we pay for our kid’s education unburdens the state schools. I believe that our school fees should be credited with the £7690 government funding for state school places which every state school gets. Knock that off my bill and I will happily pay the VAT.
By the same logic, should any couple that chooses not to have children should get 1.7x that back?( and then some)
Should I be able to claim the £10k a year I pay for my private healthcare back ?
People with no kids have more money for themselves. The private healthcare is again a choice which many set up via businesses to make it financially advantageous.
In summary please don’t think I don’t believe in a society where we all look out for the vulnerable and disadvantaged. My 18 yr old daughter has Downs Syndrome and I come from a very poor working class background where my single mother worked 2/3 jobs. I don’t even know my fathers name I’m 57. It’s just this is an Ill thought policy in my view. Many of the parents maybe 85% at my sons school go without to provide this start. If they want to level the educational playing field then let’s have Grammar schools, the nearest is 40 miles away and you have to live within 14 miles of it and give all schools regardless of status the same funding per child.
So money will be worthless soon
Invest in gold, silver
NHS waiting lists 7m
Invest in Bupa
600 billion owed to china whilst they give them millions in aid lol
Invest in war companies
I've been waiting 2 years for a dentist
Invest in a depression drugs company as they have found a link between poor teeth dentistry and depression
People are getting lazier and fatter
Invest in fast food company
Invest in gold, silver
NHS waiting lists 7m
Invest in Bupa
600 billion owed to china whilst they give them millions in aid lol
Invest in war companies
I've been waiting 2 years for a dentist
Invest in a depression drugs company as they have found a link between poor teeth dentistry and depression
People are getting lazier and fatter
Invest in fast food company
Edited by mickythefish on Tuesday 28th May 20:17
I would dearly love for Labour to remove the pension LTA and also remove the daft limit for higher income earners that prevents us from saving more than 10k a year into a pension.
I would like to save into a pension, earn well enough now that I can do, but gov't says no. I wont be earning this much for ever, and when I stop earning this I wont be able to make significant contributions to the pension.
Its a mess that I would hope Labour sort out as I am told they know what they are doing with the economy.
Glad I don't have kids though as I see they intend on taxing school children when they get into power.
I would like to save into a pension, earn well enough now that I can do, but gov't says no. I wont be earning this much for ever, and when I stop earning this I wont be able to make significant contributions to the pension.
Its a mess that I would hope Labour sort out as I am told they know what they are doing with the economy.
Glad I don't have kids though as I see they intend on taxing school children when they get into power.
I would dearly love for Labour to remove the pension LTA and also remove the daft limit for higher income earners that prevents us from saving more than 10k a year into a pension.
I would like to save into a pension, earn well enough now that I can do, but gov't says no. I wont be earning this much for ever, and when I stop earning this I wont be able to make significant contributions to the pension.
Its a mess that I would hope Labour sort out as I am told they know what they are doing with the economy.
Glad I don't have kids though as I see they intend on taxing school children when they get into power.
I would like to save into a pension, earn well enough now that I can do, but gov't says no. I wont be earning this much for ever, and when I stop earning this I wont be able to make significant contributions to the pension.
Its a mess that I would hope Labour sort out as I am told they know what they are doing with the economy.
Glad I don't have kids though as I see they intend on taxing school children when they get into power.
Mikebentley said:
oneandone said:
Mikebentley said:
The fact we pay for our kid’s education unburdens the state schools. I believe that our school fees should be credited with the £7690 government funding for state school places which every state school gets. Knock that off my bill and I will happily pay the VAT.
By the same logic, should any couple that chooses not to have children should get 1.7x that back?( and then some)
Should I be able to claim the £10k a year I pay for my private healthcare back ?
People with no kids have more money for themselves. The private healthcare is again a choice which many set up via businesses to make it financially advantageous.
In summary please don’t think I don’t believe in a society where we all look out for the vulnerable and disadvantaged. My 18 yr old daughter has Downs Syndrome and I come from a very poor working class background where my single mother worked 2/3 jobs. I don’t even know my fathers name I’m 57. It’s just this is an Ill thought policy in my view. Many of the parents maybe 85% at my sons school go without to provide this start. If they want to level the educational playing field then let’s have Grammar schools, the nearest is 40 miles away and you have to live within 14 miles of it and give all schools regardless of status the same funding per child.
But saying healthcare is a choice ( I pay for my own now) is no different to the choice you make to send your children to a private school, or that you choose to live where you do.
Not having private healthcare for me has far greater implications though ( hence I have to pay so bloody much for it )
I do think the policy is going to cause real problems in comprehensives that are already at or near capacity.
But as I said, we all make our own choices.
Let's be real, to fix the economy with a slowing growth rate will take decades now. People just won't face up to the fact,bthe current debt situation makes us very weak now on the global stage thus trying to I create economic growth is near impossible. I only thing we can do is cut expenditures. Which no party will ever do.
mickythefish said:
Let's be real, to fix the economy with a slowing growth rate will take decades now. People just won't face up to the fact,bthe current debt situation makes us very weak now on the global stage thus trying to I create economic growth is near impossible. I only thing we can do is cut expenditures. Which no party will ever do.
It seems global economics have turned a blind eye to this. Highest debt as %gdp is Japan followed by US for the global power houses. I believe France is higher than UK (haven't checked).The point is that US, Japan, EU are all high debt as %gdp so UK doesn't look that bad in comparison. Which doesn't make it alright but means the whole developed world has a major problem.
Olivera said:
DevonOhar said:
You seem to forget that Labour was pushing for deeper/longer Covid lockdowns ...so yes you are damn right that I'm worried about the next government.
I'm rather more pissed off with what did happen: PPE fast lane contracts (e.g. Michael Mone), overpriced PPE contracts (£2bn to a company with a handful of employees), Test and Trace costing £37bn, fraudulent Bounce Back Loan scheme that you could drive a horse and car through, Furlough fraud, and on and on. The Conservative party of financial prudence blew £410bn on these debacles.I think Labour are even more incompetent than Tories but for the above reasons, I have to vote Labour to ensure that Tories are kicked out otherwise I giving Tories bolder reasons for bigger corruption schemes for the next four years. It's just the lesser of two evils.
when a country is in debt and printing money to prop up the economy. UK interest debt payments are 100 billion a year . 120 million a day . These figures are absolutely crazy.
UK debt will never get paid off, will continue to grow, whilst the rich get richer until one day the system stops working. Ft did an article about USA running out of money in next 20 years
The problem is no one ever talks about it, but the UK has used low interest debt to keep economic growth up. Like some council debts, who spend more on actual interest than actual services for the public, that is the looming future.
China, russian economies are booming at the detriment of western stagnating growth rates.
So invest in Russian and Chinese companies if making money is what you want.
UK debt will never get paid off, will continue to grow, whilst the rich get richer until one day the system stops working. Ft did an article about USA running out of money in next 20 years
The problem is no one ever talks about it, but the UK has used low interest debt to keep economic growth up. Like some council debts, who spend more on actual interest than actual services for the public, that is the looming future.
China, russian economies are booming at the detriment of western stagnating growth rates.
So invest in Russian and Chinese companies if making money is what you want.
Interesting debate but the question posed was what to do before labour gets in?
I don’t have a crystal ball so it’s all guessing really but as a high earner I don’t expect generous tax relief on pension contributions to continue so I intend to max pension contributions before the election.
I also expect the LTA will be introduced at some level, it was introduced by labour, at £1.8m I think, and subsequently cut, so what level it comes back at I don’t know but as I have already gone over that I can only play the cards to today’s rules so I don’t know if the above first suggestion is a good idea.
Ref reducing tax by cutting earnings, I will probably reduce the days I work if punitive tax is imposed, my wife has retired early so we can do more things together it’s a bit earlier than I planned for but I am not going to work for little personal return on my graft. Besides which I always have a list of things to do some of which mean I employ others so I could sort some of these myself.
Taking a tax free lump sum from the pension? I am not going to do this I just would not know where to invest it with a lower threshold at which CGT is due, increased tax on share dividends and paying tax on interest on cash savings all effectively reducing any return on using that TFLS. Besides which I think long term you are better in drawdown using that 25% deferring when you start to pay any sort of tax.
Other taxes will go up, VAT on travel under the badge of encouraging sustainability maybe, who knows?
Road fund license on cars with high emissions will probably go up, probably.
Personal carbon footprint tax introduced- it’s been talked about for a while but would need a brave government to bring in but with a huge majority who will complain loudly enough?
Those are my guesses anyway.
I don’t have a crystal ball so it’s all guessing really but as a high earner I don’t expect generous tax relief on pension contributions to continue so I intend to max pension contributions before the election.
I also expect the LTA will be introduced at some level, it was introduced by labour, at £1.8m I think, and subsequently cut, so what level it comes back at I don’t know but as I have already gone over that I can only play the cards to today’s rules so I don’t know if the above first suggestion is a good idea.
Ref reducing tax by cutting earnings, I will probably reduce the days I work if punitive tax is imposed, my wife has retired early so we can do more things together it’s a bit earlier than I planned for but I am not going to work for little personal return on my graft. Besides which I always have a list of things to do some of which mean I employ others so I could sort some of these myself.
Taking a tax free lump sum from the pension? I am not going to do this I just would not know where to invest it with a lower threshold at which CGT is due, increased tax on share dividends and paying tax on interest on cash savings all effectively reducing any return on using that TFLS. Besides which I think long term you are better in drawdown using that 25% deferring when you start to pay any sort of tax.
Other taxes will go up, VAT on travel under the badge of encouraging sustainability maybe, who knows?
Road fund license on cars with high emissions will probably go up, probably.
Personal carbon footprint tax introduced- it’s been talked about for a while but would need a brave government to bring in but with a huge majority who will complain loudly enough?
Those are my guesses anyway.
mickythefish said:
China, russian economies are booming at the detriment of western stagnating growth rates.
So invest in Russian and Chinese companies if making money is what you want.
property prices in St Petersburg and Moscow are low/dropping and for foreign currency there are some great deals if you are willing to take a (big) riskSo invest in Russian and Chinese companies if making money is what you want.
Just to show what I speak about is based on latest research not daily mail articles
https://www.cato.org/cato-journal/fall-2021/impact...
""A notable pattern emerges from existing research published since the GFC, pointing toward a broadly well?founded conclusion that high levels of public debt have a negative impact on economic growth.""
See for me, less taxes more growth. More person accountability, less big state involvement. More wealth spread , less big contracts to friends of the government.
So clearly unless something changes the path and future is very much already written unless, significant changes , which will hurt people in the short term but make the country stronger long term.
https://www.cato.org/cato-journal/fall-2021/impact...
""A notable pattern emerges from existing research published since the GFC, pointing toward a broadly well?founded conclusion that high levels of public debt have a negative impact on economic growth.""
See for me, less taxes more growth. More person accountability, less big state involvement. More wealth spread , less big contracts to friends of the government.
So clearly unless something changes the path and future is very much already written unless, significant changes , which will hurt people in the short term but make the country stronger long term.
Mikebentley said:
I’ve got one at an Independent school who goes into sixth form in September. Our school has said for the next year they will increase rates by a maximum of 10% but will absorb any VAT within that increase so effectively a 10% reduction if it comes to pass disguised as a real terms 10% increase.
We are not what I would call wealthy but make sacrifices for this. My wife and I haven’t had a holiday in 5 years. Something that annoys me is the criticism of the charitable status. Our school is overrun by local state school kids of all ages pretty much all week being given access to facilities. Bursaries, scholarships and even 6 or more Ukrainian children getting fully funded free educations.
The fact we pay for our kid’s education unburdens the state schools. I believe that our school fees should be credited with the £7690 government funding for state school places which every state school gets. Knock that off my bill and I will happily pay the VAT.
The school could be a charity, but there's no reason at all that you or I buying a service from a charity should get a tax break. And that's precisely what the VAT argument is about. It's not a tax break for the school, it's a tax break for those of us who buy a service from the school. When you pay your kids' fees, you aren't thinking "I'm making a donation to a charity", you're clearly buying a service. We are not what I would call wealthy but make sacrifices for this. My wife and I haven’t had a holiday in 5 years. Something that annoys me is the criticism of the charitable status. Our school is overrun by local state school kids of all ages pretty much all week being given access to facilities. Bursaries, scholarships and even 6 or more Ukrainian children getting fully funded free educations.
The fact we pay for our kid’s education unburdens the state schools. I believe that our school fees should be credited with the £7690 government funding for state school places which every state school gets. Knock that off my bill and I will happily pay the VAT.
As to the "tax back becoz not burdening the state", with all due respect that is a silly argument. On that basis why should anyone who isn't the parent of a child at a state school fund state education? Your kid isn't a burden on state education, well what about all the parents of kids aged 0-4? They're not a burden on state education. Ditto parents of kids who've left school. Why should people who don't have kids fund education? Funnily enough we all pay for state education through general taxation because we all benefit from living in a society of vaguely educated people and because we all have a shared responsibility to educate the country's children.
The reason we choose to send our kids to private schools is because we know the state alternatives are worse and we value education. I wish every kid had the educational opportunities that my kid has. Smart buildings, massive sports fields ... that's all toss aimed at parents whose priorities are off beam. The crux is small class sizes, subject matter expertise in the staff room and the teachers being interested and skilled educators (which is certainly not guaranteed just becoz private). It also helps enormously that parental expectations of discipline and outcomes are significantly higher than average.
I'm in the process of choosing a senior school for my son. The private schools in my area are non-selective, just as the state schools are. The value-add achieved in the private sector is demonstrably greater than that in the state sector, particularly for those kids who need the most support, and providing that additional support doesn't create a drag on the more able students. The private schools have roughly four times the budget per pupil compared to the state sector. That is a measure of how underfunded the state sector is.
leef44 said:
Olivera said:
DevonOhar said:
You seem to forget that Labour was pushing for deeper/longer Covid lockdowns ...so yes you are damn right that I'm worried about the next government.
I'm rather more pissed off with what did happen: PPE fast lane contracts (e.g. Michael Mone), overpriced PPE contracts (£2bn to a company with a handful of employees), Test and Trace costing £37bn, fraudulent Bounce Back Loan scheme that you could drive a horse and car through, Furlough fraud, and on and on. The Conservative party of financial prudence blew £410bn on these debacles.I think Labour are even more incompetent than Tories but for the above reasons, I have to vote Labour to ensure that Tories are kicked out otherwise I giving Tories bolder reasons for bigger corruption schemes for the next four years. It's just the lesser of two evils.
Instead of Tory mates getting rich you would have had something like forced confiscation of property/pensions to pay for the even longer and more costly lockdowns we would have experienced. Labour just can’t help themselves levelling down the whole country.
You just watch!
DevonOhar said:
Don’t get me wrong, I’m as pissed off as the next person about all the Covid shenanigans that went on. My point is, you can pretty much guarantee that if Labour had been in charge it would have been much, much worse.
Instead of Tory mates getting rich you would have had something like forced confiscation of property/pensions to pay for the even longer and more costly lockdowns we would have experienced. Labour just can’t help themselves levelling down the whole country.
You just watch!
It's awfully early to be drinking.Instead of Tory mates getting rich you would have had something like forced confiscation of property/pensions to pay for the even longer and more costly lockdowns we would have experienced. Labour just can’t help themselves levelling down the whole country.
You just watch!
mickythefish said:
Just to show what I speak about is based on latest research not daily mail articles
https://www.cato.org/cato-journal/fall-2021/impact...
""A notable pattern emerges from existing research published since the GFC, pointing toward a broadly well?founded conclusion that high levels of public debt have a negative impact on economic growth.""
See for me, less taxes more growth. More person accountability, less big state involvement. More wealth spread , less big contracts to friends of the government.
So clearly unless something changes the path and future is very much already written unless, significant changes , which will hurt people in the short term but make the country stronger long term.
You want to use a pre-2022 article to talk about the Russian economy? Are you joking?https://www.cato.org/cato-journal/fall-2021/impact...
""A notable pattern emerges from existing research published since the GFC, pointing toward a broadly well?founded conclusion that high levels of public debt have a negative impact on economic growth.""
See for me, less taxes more growth. More person accountability, less big state involvement. More wealth spread , less big contracts to friends of the government.
So clearly unless something changes the path and future is very much already written unless, significant changes , which will hurt people in the short term but make the country stronger long term.
Then tell people to invest in Russian companies when they are subject to the largest sanction regime ever, cut-off from SWIFT and threat of confiscation of funds to pay to aid Ukraine? Are you mad?
Less big contracts to friends if the Govt? That's Russian M.O. Have you looked at Rosneft, Lukoil, Sberbank, Gazprom etc?
Seriously?
Oh, and as to the actual topic - Labour know that to be an electoral force they have to drop the silly financial rhetoric now. Liz Truss 100% demonstrated how the markets will not tolerate financial bulls
t. It matters NOT what side of the spectrum you sit, politician's are system bounded given the levels of debt in the system. Anything stupid, GBP gets a kicking that's likely to be highly inflationary - that creates all sorts of negative second order effect. The mood music on nearly all business surveys is positive on Labour, negative on the Torys. Most of this is high level paranoia (although I do think the approach to school fees is wrong - its probably the limit of the nuts they can get away with), but that doesn't mean they are not out to get you.... leef44 said:
Olivera said:
DevonOhar said:
You seem to forget that Labour was pushing for deeper/longer Covid lockdowns ...so yes you are damn right that I'm worried about the next government.
I'm rather more pissed off with what did happen: PPE fast lane contracts (e.g. Michael Mone), overpriced PPE contracts (£2bn to a company with a handful of employees), Test and Trace costing £37bn, fraudulent Bounce Back Loan scheme that you could drive a horse and car through, Furlough fraud, and on and on. The Conservative party of financial prudence blew £410bn on these debacles.I think Labour are even more incompetent than Tories but for the above reasons, I have to vote Labour to ensure that Tories are kicked out otherwise I giving Tories bolder reasons for bigger corruption schemes for the next four years. It's just the lesser of two evils.
Once any party has been in charge long enough, they lose their way.
As someone once wisely put it: “you should change your politicians like you change your babies nappy, and for pretty much the same reason”
I don’t subscribe to the doom-mongers who witter about “but Labour would be so much worse”.
Maybe they will….but the past few years, as mentioned above, under the Conservatives haven’t been particularly well managed. The corruption is widespread.
Much as I don’t like many on the Labour back benches, I’m willing to see what they can do, whilst the Tory party has some strong words with itself. Reform appears to have split it, and the likes of Badenoch and Jenrick with their super right wing bike and nonsense fills me with horror.
Maybe the time is ripe for some form of PR (not that I have seen one that works particularly well anywhere….)
ATG said:
Mikebentley said:
I’ve got one at an Independent school who goes into sixth form in September. Our school has said for the next year they will increase rates by a maximum of 10% but will absorb any VAT within that increase so effectively a 10% reduction if it comes to pass disguised as a real terms 10% increase.
We are not what I would call wealthy but make sacrifices for this. My wife and I haven’t had a holiday in 5 years. Something that annoys me is the criticism of the charitable status. Our school is overrun by local state school kids of all ages pretty much all week being given access to facilities. Bursaries, scholarships and even 6 or more Ukrainian children getting fully funded free educations.
The fact we pay for our kid’s education unburdens the state schools. I believe that our school fees should be credited with the £7690 government funding for state school places which every state school gets. Knock that off my bill and I will happily pay the VAT.
The school could be a charity, but there's no reason at all that you or I buying a service from a charity should get a tax break. And that's precisely what the VAT argument is about. It's not a tax break for the school, it's a tax break for those of us who buy a service from the school. When you pay your kids' fees, you aren't thinking "I'm making a donation to a charity", you're clearly buying a service. We are not what I would call wealthy but make sacrifices for this. My wife and I haven’t had a holiday in 5 years. Something that annoys me is the criticism of the charitable status. Our school is overrun by local state school kids of all ages pretty much all week being given access to facilities. Bursaries, scholarships and even 6 or more Ukrainian children getting fully funded free educations.
The fact we pay for our kid’s education unburdens the state schools. I believe that our school fees should be credited with the £7690 government funding for state school places which every state school gets. Knock that off my bill and I will happily pay the VAT.
As to the "tax back becoz not burdening the state", with all due respect that is a silly argument. On that basis why should anyone who isn't the parent of a child at a state school fund state education? Your kid isn't a burden on state education, well what about all the parents of kids aged 0-4? They're not a burden on state education. Ditto parents of kids who've left school. Why should people who don't have kids fund education? Funnily enough we all pay for state education through general taxation because we all benefit from living in a society of vaguely educated people and because we all have a shared responsibility to educate the country's children.
The reason we choose to send our kids to private schools is because we know the state alternatives are worse and we value education. I wish every kid had the educational opportunities that my kid has. Smart buildings, massive sports fields ... that's all toss aimed at parents whose priorities are off beam. The crux is small class sizes, subject matter expertise in the staff room and the teachers being interested and skilled educators (which is certainly not guaranteed just becoz private). It also helps enormously that parental expectations of discipline and outcomes are significantly higher than average.
I'm in the process of choosing a senior school for my son. The private schools in my area are non-selective, just as the state schools are. The value-add achieved in the private sector is demonstrably greater than that in the state sector, particularly for those kids who need the most support, and providing that additional support doesn't create a drag on the more able students. The private schools have roughly four times the budget per pupil compared to the state sector. That is a measure of how underfunded the state sector is.
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