The Labour Government

[Alan Harper's Tash]

You must be gutted as this budget wasn’t as bad as you kept predicting, so you’ve moved on to the next one being bad.

I was going to put a fiver on her lasting the week, but won’t bother as she’s taxed online betting and I can’t be arsed to go to the bookies.

 

[hampshireblue]

I admire your optimism and hope you are right. I honestly think the decision to extend the freeze on tax thresholds till 2031 is devastating for all workers including those on low incomes. Most of us have seen a huge drop in living standards since this policy came in in 2021. The Government has lost the plot.

I agree that 2031 seems along time off. But don't forget we are still in the period that the Tories froze the thresholds for and so not a single personal tax rise until 2028 is down to anything actively imposed by Labour.

 

[bluethrunthru]

That will not go down well with the usual suspects on here

and in the media. People with expensive houses, who drive EV's, holiday abroad a lot and earn a lot of money through investments will be crippled. I know that because Kirstie Alsopp tweeted it. Says more about her circle of friends really.

 

[WRicko]

I want a tax regime that first arrests and then reverses rising wealth inequality. Reeves has just said everyone has to do their bit, I disagree. Given the level of wealth inequality in this country using tools like fiscal drag is just wrong imo. It also isn't sustainable in the term. I also recognise what I want is a huge ask of any government in the current climate.

Currently the Online Safety Bill is just words on paper it's value is entirely in the implementation. It remains to be seen whether it survives first contact with the real world including the inherent conflicts of both trying to court and regulate these firms. Online safety is an important but small part of the relationship between these tech firms and the governments they increasing seek to shape and control. At the moment the big tech firms are essentially capturing the means to conduct warfare and no one is batting an eyelid.

To be clear my point in both cases is that doing something material is extremely difficult because you are dragging the ultra wealthy to a place they will absolutely resist and/or you're dealing with hugely complex global geopolitics. To have a chance to even make the slightest dent you need a broad coalition behind you both within and beyond your borders that requires a both radical and skilled politician not a well meaning technocrat. Can't remember but I think my original comment made the point that in the last few decades we've seen huge amounts of state capture by a small concentration of private interests. That's not something you reverse by spending your time creating fiscal head room to avoid the bond markets giving you a kicking.

So let’s ignore mansion tax the fiscal drag affecting the rich. The NI for employers, the changes to interest property and dividend tax, of salary sacrifice or even EV which will all affect the rich more than the averages

Still no specifics from you

 

[mosssideblue]

I was going to put a fiver on her lasting the week, but won’t bother as she’s taxed online betting and I can’t be arsed to go to the bookies.

Put your bet on, you won’t be taxed today

 

[bluethrunthru]

I agree that 2031 seems along time off. But don't forget we are still in the period that the Tories froze the thresholds for and so not a single personal tax rise until 2028 is down to anything actively imposed by Labour.

2031 is six years away - forget the vote by then we will have left the EU for over a decade - surely we will all be on the sunlit uplands by then?????

 

[City Hobgoblin]

Good to see that those weirdos who own Stoke City will be coughing up more

 

[hilts]

I agree that 2031 seems along time off. But don't forget we are still in the period that the Tories froze the thresholds for and so not a single personal tax rise until 2028 is down to anything actively imposed by Labour.

You are Alistair Campbell and I claim my commons subsidised pint:-)

I actually believe you shouldn't be able to use this blag of freezing things for years and then adding length to it.

The Tories froze it, Labour are continuing with it. We are all adults and are aware either of them could have changed this. Its in effect a tax increase on everyone done for the easily fooled.

Dishonest optics from both parties if we are being honest.

 

[jimharri]

So; what's the general feeling about the budget among the Labour supporters on here?
Good?
Bad?
Meh?

Has she pulled a Haaland, or a Savinho?

 

[hampshireblue]

Yep. But they could have changed it and I wish they had because if only for optics, paying tax on any of the state pension is just mad. But all parties don't tinker with unpopular bits that they moaned about at the time of introduction. I was reacting to someone saying this government in out of control with a direct regard to freezing the thresholds.

 

[domalino]

You must be gutted as this budget wasn’t as bad as you kept predicting, so you’ve moved on to the next one being bad.

His party were in power for 14 years, left a £22Bn spending deficit and he has the gall to talk about Labour bankrupting the fucking country.

 

[west didsblue]

That's right.

Why would anyone want to care or question what's happening in bond markets, when the circus surrounding the government over the past year has been driven in large part by, er, bond markets?

Anyway, the good news is that the estimate for gilt interest payment costs for the forecast period has only increased by £41bn since last year's Budget.

I'm sure we'll agree that an extra £41bn is an irrelevance to taxpayers. And as you've pointed out previously, the UK can't go bankrupt with the FTSE at these levels.

Are you still suggesting the country will go bankrupt?

 

[mosssideblue]

Are you still suggesting the country will go bankrupt?

BKB

 

[threespires]

So let’s ignore mansion tax the fiscal drag affecting the rich. The NI for employers, the changes to interest property and dividend tax, of salary sacrifice or even EV which will all affect the rich more than the averages

Still no specifics from you

You''re either willfully ignoring my point or we're arguing at cross purposes. At no point have I ever said the current government isn't doing anything or ignoring what they've done; I've said I can't see how it's sufficient to arrest and reverse the huge levels of wealth inequality and continued erosion of nation state control versus wealthy elites and he doesn't have the political capital, skills or will to go further. If this current 'don't scare the horses' incremental approach wins the day, things improve for ordinary people and that results in him then creating a large enough political consensus behind him to embolden him to move further forward then I'll (happily) be wrong. I suspect it's more likely it'll just result in continued discontent and a one term government with lord knows what comes after. Same with the tech firms, its not unreasonable to suggest that some of the people running them actively want to replace government as the primary unit of policy making and execution. To put these people back in their box is a herculean task which will require a level of broad political support there's no evidence he can generate. I'm not sure anyone can tbh but I see nothing in him that says he's the man to do it.

 

[roubaixtuesday]

and in the media. People with expensive houses, who drive EV's, holiday abroad a lot and earn a lot of money through investments will be crippled. I know that because Kirstie Alsopp tweeted it. Says more about her circle of friends really.

Kirsty Alsopp opposes it you say? Probably decent then.

 

[blueish swede]

So; what's the general feeling about the budget among the Labour supporters on here?
Good?
Bad?
Meh?

Has she pulled a Haaland, or a Savinho?

I think it's an adult budget. A budget developed by adults, living in the real world. Pragmatic and shows an understanding of the limited room for maneuver the Government has. There's no significant idealogical aspect to it. The sort of budget you see in most European countries.
The 2 child benefit cap going is a good thing, and most of that money will go straight back into the economy as it will be spent immediately.

 

[bluethrunthru]

Kirsty Alsopp opposes it you say? Probably decent then.

from humble beginnings - a Dorset estate of 25 acres in a manor house daughter of the 6th Baron Hindlip - a girl from da hood

 

[Brewster's millions]

Are you still suggesting the country will go bankrupt?

You’ve already said that the UK can’t go bankrupt with the FTSE at these levels. How could anyone question logic like that?

£41bn extra on debt servicing. £29bn extra on welfare. The borrowing forecast for this year alone has been increased by £21bn from the figure they published as recently as March, purely because this government has lost control of spending.

And in a desperate attempt to make the figures add up, they’re asking people to believe that they’ll be a real terms freeze on departmental spending just ahead of a general election. It’s actually forecast to decline in per capita terms.

Given that cuts like this caused you so much distress under the last government, I assume you’ll hopping mad about what’s scheduled to follow the next couple of years.

 

[roubaixtuesday]

from humble beginnings - a Dorset estate of 25 acres in a manor house daughter of the 6th Baron Hindlip - a girl from da hood

Weird how incredibly talented these people turn out to be, well deserving their media appointments from their friends.

 

[stan bowles]

Well that's where you're wrong as it is nothing to do with child benefit, it is Universal Credit and the top up you get per child. So you it's all linked to one payment you get a month, which is then reduced depending on how much money you earn as a family.

And like Rachel pointed out, currently the only exemption for 3rd child or above was proving you had been raped and didn't plan for the 3rd or above child. Disgusting rule.

Least the parents luxury benefit goes back into the economy.

Eh ? It's the same money that taxpayers would have put back into the economy anyway had they not lost the additional tax to pay for it. Same money, just different people spending it, that's all.