Excuses, Excuses, Excuses

[Michael5482]

so basically, 2010-2024 it climbed by 4% of gdp, whereas, it's projected/best guessed to climb 2% by 2030 and then tail off??

Guess so, but I imagine it will be revised each yearly budget. All depends what happens with tax threshold allowances.If they keep freezing those then it could rise significantly.

The worry is these employer changes could mean extra costs being passed onto consumers/customers which could lead to a rise in inflation and increasing interest rates.

But who knows without a crystal ball etc.

This is just the start of the pain.
Very depressing.
Country will run out of money.
Will have to go begging to the IMF

Makes me think where we'll be in a few years time, people's faith in politicians is at an absolute all time low and will only get worse.

The left have gone to far to the left to the point where it's become stupidity especially around gender they can't even define what a woman is and the right have gone too far to the right where they're setting fire to hotels to attack illegal immigrants. There's a massive void in the centre and centre left/right where the common sense is to be found but it won't be found anytime soon.

Reform and Lib Dems will benefit IMO but they're poles apart so that'd be even more devise politics than the Labour/Tory fiascos.

[jimibt]

Guess so, but I imagine it will be revised each yearly budget. All depends what happens with tax threshold allowances.If they keep freezing those then it could rise significantly.

The worry is these employer changes could mean extra costs being passed onto consumers/customers which could lead to a rise in inflation and increasing interest rates.

But who knows without a crystal ball etc.

This is just the start of the pain.
Very depressing.
Country will run out of money.
Will have to go begging to the IMF

Makes me think where we'll be in a few years time, people's faith in politicians is at an absolute all time low and will only get worse.

The left have gone to far to the left to the point where it's become stupidity especially around gender they can't even define what a woman is and the right have gone too far to the right where they're setting fire to hotels to attack illegal immigrants. There's a massive void in the centre and centre left/right where the common sense is to be found but it won't be found anytime soon.

Reform and Lib Dems will benefit IMO but they're poles apart so that'd be even more devise politics than the Labour/Tory fiascos.

totally agree that sanity exists in the centre in either direction. i always loved the stories from the old guard where you'd hear of the likes of Ken Clarke buddying up with John Prescott of an evening and heading out to Ronnie Scott's for a bit of jazz. can't imagine too much of that cross party alliances these days

[Archery1969]

Farmers are up in arms over the budget due to inheritance of 20% being applied in 2026.

James Reed head of the largest recruitment firm said this budget is going to backfire.

OBR in the last 2 hours has said growth will be < 1% for each year up until 2029 and in 2030 will be < -1%.

What a fuck up!!!!

[Emmson]

What nations does UK have a trade surplus with?

United States
Ireland
Switzerland
Australia
Holland
Singapore
UAE

[Emmson]

DEMOGRAPHICS is the main reason

[Archery1969]

What nations does UK have a trade surplus with?

United States
Ireland
Switzerland
Australia
Holland
Singapore
UAE

Not for long with the USA if Trump wins.

[Euler]

DEMOGRAPHICS is the main reason

I think it has more to do with a number of things. It all kick-off with the financial crisis in 2008 when all governments had to intervene. Then again in 2020. Then the war in Ukraine etc. It's really leveraging the west to an unsustainable point.

At this stage we should be de-leveraing, even if it impacts growth. That way there is room for the next crisis.

As it stands: -

[url]Q: Chancellor, I’ve got your manifesto here. Where does it say the next Labour government is going to increase spending by £74bn and raise taxes by £40bn because I have looked through it and I can’t find it?[/url]

[ForFolksSake]

DEMOGRAPHICS is the main reason

I think it has more to do with a number of things. It all kick-off with the financial crisis in 2008 when all governments had to intervene. Then again in 2020. Then the war in Ukraine etc. It's really leveraging the west to an unsustainable point.

At this stage we should be de-leveraing, even if it impacts growth. That way there is room for the next crisis.

As it stands: -

[url]Q: Chancellor, I’ve got your manifesto here. Where does it say the next Labour government is going to increase spending by £74bn and raise taxes by £40bn because I have looked through it and I can’t find it?[/url]

Budget costs:

£11.8bn ( could total more than £20bn ) - Infected blood scandal
£5.1bn (could reach £15bn ) - cladding scandal
£1.8bn - Post Office Horizon scandal
Fraud scandal ( Benefits, Covid ) - who f^ckn knows how much

Shot ourselves in the foot

[greenmark]

Farmers are up in arms over the budget due to inheritance of 20% being applied in 2026.

James Reed head of the largest recruitment firm said this budget is going to backfire.

OBR in the last 2 hours has said growth will be < 1% for each year up until 2029 and in 2030 will be < -1%.

What a fuck up!!!!

20% on assets over £1 million.

[jimibt]

Farmers are up in arms over the budget due to inheritance of 20% being applied in 2026.

James Reed head of the largest recruitment firm said this budget is going to backfire.

OBR in the last 2 hours has said growth will be < 1% for each year up until 2029 and in 2030 will be < -1%.

What a fuck up!!!!

20% on assets over £1 million.

i have to say, living in a rural community, i can understand the angst on this one. there has been a steady decline in generational farming for a variety of reasons and i think this change will only hasten that decline. however, we all have to evolve and thrive out of adversity and i'm certain the fittest will figure out a way to work around these new measures.

[greenmark]

Farmers are up in arms over the budget due to inheritance of 20% being applied in 2026.

James Reed head of the largest recruitment firm said this budget is going to backfire.

OBR in the last 2 hours has said growth will be < 1% for each year up until 2029 and in 2030 will be < -1%.

What a fuck up!!!!

20% on assets over £1 million.

i have to say, living in a rural community, i can understand the angst on this one. there has been a steady decline in generational farming for a variety of reasons and i think this change will only hasten that decline. however, we all have to evolve and thrive out of adversity and i'm certain the fittest will figure out a way to work around these new measures.

My understanding is the tax is only payable you flog it. If you run it for 7 years you pay nothing, but yes that's a big commitment. Still only 20% on > £1 million.
And this is inheritance tax. If you are the child of a farmer and been involved and can continue, no tax. If you've left and had your own life and income the inheritance from a plus £1 million estate should be taxed.

[jimibt]

20% on assets over £1 million.

i have to say, living in a rural community, i can understand the angst on this one. there has been a steady decline in generational farming for a variety of reasons and i think this change will only hasten that decline. however, we all have to evolve and thrive out of adversity and i'm certain the fittest will figure out a way to work around these new measures.

My understanding is the tax is only payable you flog it. If you run it for 7 years you pay nothing, but yes that's a big commitment. Still only 20% on > £1 million.
And this is inheritance tax. If you are the child of a farmer and been involved and can continue, no tax. If you've left and had your own life and income the inheritance from a plus £1 million estate should be taxed.

my understanding is different (and is hopefully wrong). i'm understanding it as being that the farm owner, on their death, must pass the farm onto their beneficiaries and that this transaction is being taxed. currently, it's a closed loop on passing it as a business transfer of name only.

[Archery1969]

i have to say, living in a rural community, i can understand the angst on this one. there has been a steady decline in generational farming for a variety of reasons and i think this change will only hasten that decline. however, we all have to evolve and thrive out of adversity and i'm certain the fittest will figure out a way to work around these new measures.

My understanding is the tax is only payable you flog it. If you run it for 7 years you pay nothing, but yes that's a big commitment. Still only 20% on > £1 million.
And this is inheritance tax. If you are the child of a farmer and been involved and can continue, no tax. If you've left and had your own life and income the inheritance from a plus £1 million estate should be taxed.

my understanding is different (and is hopefully wrong). i'm understanding it as being that the farm owner, on their death, must pass the farm onto their beneficiaries and that this transaction is being taxed. currently, it's a closed loop on passing it as a business transfer of name only.

That was my understanding too after Newsnight interviewed a couple of farmers. Maybe we/they all wrong ?

[Archery1969]

There maybe trouble ahead....

https://news.sky.com/story/disposable-i ... k-13245253

Also...

IFS: Labour engaging in 'same silly games playing' as the Tories on spending
The non-partisan Institute for Fiscal Studies (IFS) has given its verdict on Rachel Reeves's spending plans in the budget.

Director Paul Johnson says it is "striking" that much of the increase in day-to-day public spending happens in the next two years, (4.3% and 2.6% respectively), but only 1.3% the year after.

He says: "I am willing to bet a substantial sum that day-to-day public service spending will in fact increase more quickly than supposedly planned after next year."

That is because a rise of 1.3% overall "would almost certainly mean real terms cuts for some departments".

"It would be odd to increase spending rapidly only to start cutting back again in subsequent years."

Mr Johnson goes on to say: "I’m afraid this looks like the same silly games playing as we got used to with the last lot. Pencil in implausibly low spending increases for the future in order to make the fiscal arithmetic balance."

[greenmark]

There maybe trouble ahead....

https://news.sky.com/story/disposable-i ... k-13245253

Also...

IFS: Labour engaging in 'same silly games playing' as the Tories on spending
The non-partisan Institute for Fiscal Studies (IFS) has given its verdict on Rachel Reeves's spending plans in the budget.

Director Paul Johnson says it is "striking" that much of the increase in day-to-day public spending happens in the next two years, (4.3% and 2.6% respectively), but only 1.3% the year after.

He says: "I am willing to bet a substantial sum that day-to-day public service spending will in fact increase more quickly than supposedly planned after next year."

That is because a rise of 1.3% overall "would almost certainly mean real terms cuts for some departments".

"It would be odd to increase spending rapidly only to start cutting back again in subsequent years."

Mr Johnson goes on to say: "I’m afraid this looks like the same silly games playing as we got used to with the last lot. Pencil in implausibly low spending increases for the future in order to make the fiscal arithmetic balance."

May all be true. But the reality is brexit hasn't delivered anythiing yet (quite the opposite). GDP is flatline compared to our "competitors". Ditto with the FTSE.
We are up the proverbial creek without a paddle and our leaders have failed for decades.
We have the worst health system in Europe.
We have such a shortage of supply in housing sellers can pretty much name their price.
The lack of regulation of the property market drives me potty.

Here's a thought why not deregulate water.
Then it would be:
I'm Severn Trent Water. You want water? You're gonna pay what I ask for or you can get stuffed!