The Labour Government

Vic said:
Is that you trying to claim that the mansion tax will reduce house prices so much that lost stamp duty will cost more than what the mansion tax will raise?
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No, i'm not trying to claim anything. I'm merely quoting the government's own figures and estimates.
 
WRicko said:
I think the growth figures are way out and will be much better than expected going forward.

They are currently low in fact lower after this year. Yet the things affecting growth, inflation, Trumps tariffs, war in Ukraine, Middle East will be over at some point.

We don’t seem to have any positives despite the AI growth Zones, increased spending on public services, especially capital, increased investment, increase defense spending especially domestically and again in capital, more devolution more spending on transport, more spending on for example airports, second Thames crossing etc
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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.
 
WRicko said:
I think the growth figures are way out and will be much better than expected going forward.

They are currently low in fact lower after this year. Yet the things affecting growth, inflation, Trumps tariffs, war in Ukraine, Middle East will be over at some point.

We don’t seem to have any positives despite the AI growth Zones, increased spending on public services, especially capital, increased investment, increase defense spending especially domestically and again in capital, more devolution more spending on transport, more spending on for example airports, second Thames crossing etc
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Absolutely, a lot of moving parts. Last year I think they were too punchy with estimates which is partly why they ended up needing more. I don’t think they’ve made that same mistake this time.

Whoever is in government I want them to do well, it’s in all our interests. The lifting of the 2 child cap is a bit of a rabbit out the hat, on a personal level it’s a bit of a pity for Reeves that it was leaked ahead as it would have been a great announcement and carried the headlines for a few days (whatever any of us think of the actual policy). I think she has thus far proven herself to be ill equipped for the role but shame to have denied her her moment in the sun as she’s had a time of it.

Next step is to see if the polls improve for Labour, I don’t see it having done any damage.
 
WRicko said:
Not clear what changes you want regarding tax.

What about the online safety bill ?
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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.
 
Brewster's millions said:
It doesn't look credible.

Even if you ignore the fact that current receipts as a share of GDP is going to a crazy level, the decisions taken today don't really do anything until 2028-29, when they're suddenly expected to reduce borrowing by £10bn and then £22bn the year after.

So all the pain is delayed years ahead of an election, and when they're just about to go to another General Election, they're suggesting that you'll have a sharp slowdown in departmental spending growth and a big increases in taxes.

You don't really have to be a cynic to question it.
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There is certainly a risk this is kicking the proverbial can down the road. That’s politics for you!!
 
BlueHammer85 said:
much to the disappointment of a few no doubt.
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Even the posh estate agents aren't frothing about the mansion tax.

For a bit of perspective I'd look at what a house worth £2m was paying in rates before the Tories gave us first the Poll Tax then the Council Tax, changes that saved the rich a lot of money.
 
NPBlue said:
OK.

Enjoy your life, vote for what you want, and when, not if, the avericiousness of the wealthy rears up and bites you, remember it's your personal responsibility that enabled it.

When it happens, get a better job, don't have kids you can't afford, cancel your Netflix subscription, and move to a cheaper area.

Over and out.
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In your view. I could counter by saying wait until this Labour government bankrupts the country and we all suffer. Biggest taxes rises ever, and we're only 17 months in. Got away with it to an extent in this budget. The next one will be more penal for sure.
 
Chippy_boy said:
In your view. I could counter by saying wait until this Labour government bankrupts the country and we all suffer. Biggest taxes rises ever, and we're only 17 months in. Got away with it to an extent in this budget. The next one will be more penal for sure.
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So Chippy has his crystal ball out already for 2026. Oh, it wasn't as bad as he thought so he's turned into mystic Meg.
 
Chippy_boy said:
In your view. I could counter by saying wait until this Labour government bankrupts the country and we all suffer. Biggest taxes rises ever, and we're only 17 months in. Got away with it to an extent in this budget. The next one will be more penal for sure.
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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.
 
bobbyowenquiff said:
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.
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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.
 
mosssideblue said:
That will not go down well with the usual suspects on here
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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.
 
threespires said:
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.
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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
 
hampshireblue said:
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.
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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?????
 
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