Pensions untouched in the Budget

Thrugelmir

michaels wrote: »

Nope, tradition os leader of opposition responds to budget speech not shadow chancellor. It is a thankless task without prior knowledge so normally they have had the speech writers prepare some good jokes to catch the soundbite headlines.

The opposition receives the budget beforehand. Therefore has time to draft a response to the key points.

westv

So I was right when I said 30/10

"I don't envisage any changes to:-
TFLS
Tax relief
Nil NI on retirement income
Tax relief of pension contributions"

Although such a statement was pretty obvious though.

Thrugelmir

peterg1965 wrote: »

Knock me down with a feather. Just read the Budget text and the only change appears to be the uprating of LTA to £1,030,000, in line for CPI.


Great news and a 'feel good' budget I think.

With investment returns historically greater than the CPI rate of inflation. The LTA over time will regress and therefore continue to raise additional tax revenue/ cap the contributions that people are able to make. There's more than one way of skinning a cat.

stoozie1

Thrugelmir wrote: »

The LTA over time will regress and therefore continue to raise additional tax revenue/ cap the contributions that people are able to make.

But in such a way as to not affect the relative standard of living as the person drawing on the fund though?

Silvertabby

“ Or they would slap a huge annual admin charge onto all cards, thus penalising those of us who always pay off our credit card bills in full every month.
by Silvertabby ”

No, that wouldn't be allowed - you'd still be paying back more than you borrowed. Posted by Malthusian

Then unless the credit card providers become charities (unlikely) the only other way for them to make money - to pay their staff, etc, etc, - would be to increase the credit card levy charged to the supplier, not the customer/borrower. That would mean at least a 5% increase on all goods. Wonderful.

peterg1965

Thrugelmir wrote: »

Corbyn seemed to be having another of his "election" mode rants rather than a constructive rebutal of the budget. Assume McDonnell was intentionally sidelined.

Not so sure Marxist Mcdonnell was sidelined, Budget protocol in Parliament is that the Leader of the Oppostion responds to the Budget Statement. I think, could be wrong, that there is a debate tomorrow on the Budget in the HoC, Comrade Mcdonnell speaks at that.

lisyloo

Thrugelmir wrote: »

With investment returns historically greater than the CPI rate of inflation. The LTA over time will regress and therefore continue to raise additional tax revenue/ cap the contributions that people are able to make. There's more than one way of skinning a cat.

I don’t think it will raise any more tax.
The vast majority will simply retire early.
The unintended consequences are losing experienced GPS, consultants and Dentists.

If my investments do well and I have to retire a year or so early I’d be delighted. I can’t see who the winners are really. With very low unemployment it’s not as if we need to release the positions to younger people.

stephennt

marlot wrote: »

Yes I heard that and wondered how he thought it might work.

Negative BoE rates to try to prop up the economy

kidmugsy

marlot wrote: »

Yes I heard that and wondered how he thought it might work.

"thought" isn't a Corbyn activity.

bigadaj

lisyloo wrote: »

I don’t think it will raise any more tax.
The vast majority will simply retire early.
The unintended consequences are losing experienced GPS, consultants and Dentists.

If my investments do well and I have to retire a year or so early I’d be delighted. I can’t see who the winners are really. With very low unemployment it’s not as if we need to release the positions to younger people.

The unemployment figures are low, under employment isn't.

As you've specifically raised medics then we're still training far fewer than we need to maintain or ideally increase provision, still importing large numbers to make up the shortfall.