Really, why is that?
When the 50 richest familes have more wealth than the bottom 50% of society
And the poorest households pay 48% of their income in tax whereas the richest pay just 39%.
Not to mention that the richest will be making money in ways which avoid being labelled “income”, if they can.
Dumb thing to say given that the “ordinary people” are the ones already suffering the most.
Some bizarre and complex tax measures that will net ??? (pick any number) when it would have been easier to just put up income tax and know instantly how much it would add to the coffers.
Perhaps. But it would also have been political suicide.
Phil Moorhouse of “A Different Bias” on YouTube just posted a video about some recent American research which suggests that Brexit is currently costing the UK government £90bn a year in lost taxes, and the UK economy as a whole is currently taking a hit of between 6 and 8% of GDP.
So we know what to blame for the black hole in Reeves’ finances and the tax rises…
I’m no fan of Reeves, and I haven’t read too much this afternoon, but her budget seems to have been reasonably well received across the board, markets, industry, unions.. which is good. Maybe they’re just glad all the uncertainty is over, for now. I hope it works out well.
But for me the bottom line for me is Chris’s point (which was also expressed my an MP on R4 PM). There is and only has been since Labour won the election one sure fire way to growth… closer ties to the EU. There is, at minimum 4% out there waiting to be grabbed and Starmer and his self-serving band of brothers (and sisters) haven’t got the balls to call it out like it is and go for it, because they’re scared of alienating the halfwits that voted for Brexit and those that are still too dim to realise they screwed up.
A true statesman, a true patriot would put the right course for Country above the right course to reelection.
They were always going to hit those in the middle, we are their natural prey. They can’t be seen to take money from all levels of society because of the backbench rebellion (and it’s unethical to hit the poorest) and the rich weren’t going to pay more tax either. Who is left (pun not intended)?
The wealthy can afford tax advice, the poor have no money. It is always the middle that is squeezed.
As budgets go it’s average, I suppose, in a “don’t scare the horses” kind of way - but still seems to leave the truly wealthy more or less unscathed.
A balanced look at the UK’s budget by Full Fact…
Completely.
I’d argue that proportionately they’re hitting those lower down more because yet again, the income tax starting threshold hasn’t been raised in line with inflation.
Depends who you ask -
This is the lead headline from The Guardian.
They need to target the super rich - those with 100 million plus…
The billionaire classes seize all the assets (just need to look at Bill Gates for example, who’s now the largest farmland owner in the US); ultimately it wrecks economies with no hope that things can ever get better.
Yes, I saw that. Have to say I raised an eyebrow.
Some stuff like reducing the cash ISA limit will only affect the moderately wealthy and it only shifts the balance between cash and stocks investments anyway - more a sop to the markets I think.
Effectively taxing pension contributions over £2k at 10% (or 12% for higher earners) will hit quite a lot of people.
3p a mile will mean ~£240 to £300 a year for all EV owners.
Freezing income tax thresholds will hit low-medium earners disproportionately.
2% on dividends - yeah, I suppose that will be higher earners.
BTW - full details here
There was someone on here, can’t remember who, predicting NI being levied on rental income, seemed a bit unhappy. So it is going to be 2%, and one gets a year off first (2027). As a ‘squeezed’ (not) middle person, I’m happy with that.
Many of the UK inhabitants seem to want good services and don’t want to pay (their fair share).
But it’s not NI that is increasing on rental income. It’s income tax. Going up basic rate from 20 to 22%
That’s what I thought I said - whoops, income tax is what I meant 
Those days are long gone, John. Unfortunately.
I read recently that the personal tax allowance should now be raised to £20,000 pa if it were to be based on having been raised annually instead of frozen. Stealth tax! Easily done. Will bring low earners into paying tax on pathetic salaries. How families on basic wages manage is worrying.
Someone please get rid of this dreadful woman and give us someone with some empathy. Referring to Mrs Reeves.
What remains to be seen is what hapens when the state pension is more than the personal allowance - it will not quite do so with next year’s 4.8% rise but it will be within £23 at that point.
Do they a) adjust the allowance for pensioners or b) tax the pension.