Tory cuts could be mighty unpleasant

Thrugelmir

Spiv wrote: »

This is an interesting nugget of info. The tax relief given on private sector pensions costs the tax payer more than the public sector pensions.




http://www.thisislondon.co.uk/standard-business/article-23753413-just-a-plaster-on-the-pensions-wound.do

Great soundbite. But you must look into the finer detail.

Around 25% of the tax relief granted on private pensions goes to the top 1% of earners (£10 billion)

So a capping of relief to 20% and discarding the 40% relief could be an option for a future government.

In Osbornes speech the other day, something that wasn't reported widely, was the reinstatement of tax credits for pension schemes at some point in time. To reinstate the culture of worthwhile long term savings.

The_White_Horse

moggylover wrote: »

I would agree to some extent, but there are people who go into nursing to NURSE, not to be a manager! Personally I would see dedication to hands on nursing rather than paper-pushing to be something to applaud not criticise with comments regarding competence or ambition.

but why should nurse with 20 yrs experience get paid more than a nurse with 6 years of experience, if they are doing exactly the same job? if the 20 yr experience nurse is training or managing a team of nurses, they can be paid more. but not for doing the same job.

i think this is a public sector thing - they just expect to go up a scale every year without fail and basically get promoted for doing nothing other than the job they are paid to do.

Dave101t

i would of thought working full time for 6 years would be better than not working, afterall ive paid my money and taken nothing in return, maybe you cant see that from all the way up there...

StevieJ

Thrugelmir wrote: »

In Osbornes speech the other day, something that wasn't reported widely, was the reinstatement of tax credits for pension schemes at some point in time. To reinstate the culture of worthwhile long term savings.

I thought they intended to pay down the debt not increase it.

StevieJ

The_White_Horse wrote: »

but why should nurse with 20 yrs experience get paid more than a nurse with 6 years of experience, if they are doing exactly the same job? if the 20 yr experience nurse is training or managing a team of nurses, they can be paid more. but not for doing the same job.

i think this is a public sector thing - they just expect to go up a scale every year without fail and basically get promoted for doing nothing other than the job they are paid to do.

Tell you what, if you are ever in hospital for an operation we will get the doctor with two months experience to do it, I will have the one with twenty years experience

Old_Slaphead

StevieJ wrote: »

I thought they intended to pay down the debt not increase it.

He suggested restoration of pension credit was an ambition for the 2nd half of the next decade - ie for the 2015 Gov't

Dave101t

of course experience counts as extra, if we had faith in the entry level examinations standard maybe things would be different. read the following then tell me you wouldnt want the experienced one:

http://www.telegraph.co.uk/science/6219047/Death-rates-rise-as-junior-doctors-change-over.html

kennyboy66_2

Spiv wrote: »

And what is particularly illuminating is the interest which George Osborne, shadow Chancellor of the Exchequer, is showing in the 1981 Budget of the then Tory Chancellor Sir Geoffrey Howe — a budget which even almost 30 years later, remains the most controversial of modern times.
This was because it sought savagely to cut the fiscal deficit at a time when the economy was already in recession — by for example doubling the rate of value added tax from 7.5% to 15% — while at the same time running a relatively loose monetary policy.

Interesting.

This is indeed an interesting article, however monetary policy was certainly not loose. In fact Geoffrey Howe controlled monetary policy with almost a missionary zeal at the time. Real interest rates were significantly higher than necessary.

The effect of this was that Sterling traded as high as $2.40 in 1980 and early 1981.

Sterling was equally strong against DEM & FRF.
It was this policy that laid waste to British Manufacturing.

The other interesting thing is that fiscal policy was tight because of sharp tax increases and just restraint in public spending. Its a bit of a myth that Thatcher cut public spending.

StevieJ

Old_Slaphead wrote: »

He suggested restoration of pension credit was an ambition for the 2nd half of the next decade - ie for the 2015 Gov't

Yes, OK :rolleyes:

Thrugelmir

StevieJ wrote: »

I thought they intended to pay down the debt not increase it.

It could be done in neutral fiscal manner. Restrict relief on pension contributions to basic rate for example to offset.