Precautions in case of a Labour win

[Deleted User]

Not too worried about the super rich. My bet is that the contingency arrangements have been made for their assets and families to leave the country.

A really good article in The Economist. Many think that if Corbyn has a minority government, Labour will be held in check by the SNP and/or Lib Dems. The article explains that given the unique UK system, the government will be able to implement the bulk of its radical and damaging agenda without new legislation (nationalisation being a significant exception).

The other point was that given the unusually high deficit (5%), UK relies on foreign money flowing in and the loss of trust and/or uncontrolled spending will completely upend the economy.

They also mention the problems which Labour will face not just with the financial but also with the legal system when they try to implement their radical proposals. The point that didn’t get a mention was that Corbyn & Co will muzzle mass media, starting with the much hated BBC.

JoeCrystal

Silvertabby wrote: »

If the NI LEL was the same as the personal tax allowance, then over 40% of people wouldn't pay a penny towards State pensions, benefits, the NHS etc. Be careful what you wish for.

And there has been some noise about increasing the NI limit to Personal Allowance level a few months ago as well, which is quite concerning. I am a firm believer that everyone should be paying taxes. I am stunned that over 40% of the people don't pay any income taxes.:(

fizio

Basically its a lose lose situation with either boris or corbyn-snp and a different set of people will be the biggest losers depending on which way it goes. At a personal level I will lose out for sure if corbyn wins but tories have also done me no favours at all (high earner with property). I don't believe a minority goverment can do anything too radical versus a rampant boris/cumming so its a case of the least worse of 2 bad options.

shinytop

haf63 wrote: »

Basically its a lose lose situation with either boris or corbyn-snp and a different set of people will be the biggest losers depending on which way it goes. At a personal level I will lose out for sure if corbyn wins but tories have also done me no favours at all (high earner with property). I don't believe a minority goverment can do anything too radical versus a rampant boris/cumming so its a case of the least worse of 2 bad options.

Wee Jimmy's price for propping up Corbyn will be another Indyref. Which, if the English/Welsh are on their way out of Europe, she'll win. If that particular sequence of events happens I'll be leaving, unless I'm deported first .

Davy_Jones_II

haf63 wrote: »

I'm guessing that if you look at the super rich with offshore accounts and clever accountants then the tories have done next to nothing to go after them. I'm sure rees-mogg is doing very well with his investment comoany based in the low tax haven of ireland..

It’s based in England, one of his funds, the one that is based on Irish stocks, is domiciled in Ireland.

Why don’t you check things like this before posting? You can’t accept and spread lies just because they match your prejudices.

Linton

JoeCrystal wrote: »

And there has been some noise about increasing the NI limit to Personal Allowance level a few months ago as well, which is quite concerning. I am a firm believer that everyone should be paying taxes. I am stunned that over 40% of the people don't pay any income taxes.:(

Everyone does pay taxes even if it is only VAT. If the very poorest people had to pay income tax benefits would need to be increased and from your 40% figure HMRC staffing would need to be doubled to handle the increased admin for comparatively little if any gain.

I guess that a major driver for increasing personal allowance is to reduce HMRC costs, rather than any concern for hard working families.

[Deleted User]

I agree with some of Labour's policies although the taking 10% of company's shares to employees seems a bit unfair. Would much prefer a more central left Labour, if they do lose the election then the silver lining will be that Corbyn and McDonnell will stand down and hopefully they can elect a much better leader.

bluenose1

Linton wrote: »

Everyone does pay taxes even if it is only VAT. If the very poorest people had to pay income tax benefits would need to be increased and from your 40% figure HMRC staffing would need to be doubled to handle the increased admin for comparatively little if any gain.

I guess that a major driver for increasing personal allowance is to reduce HMRC costs, rather than any concern for hard working families.

Good point Linton, I read a Government report that said the poorest earners pay close on 30% of their income on indirect taxes.
I certainly don't begrudge low earners paying little / no Income tax. I would rather Government concentrated their efforts on stopping large corporations evading tax.

Johnnyboy11

Spare a thought for those with the temerity to live and work in the People's Republic of Scotland, who will most certainly be faced with an out-of-control SNP Government:

"Scotland: Scottish taxpayers pay nothing on earnings up to £12,500, 19pc up to £14,549, 20pc up to £24,944, 21pc up to £43,430, 41pc up to £150,000 and then 46pc on earnings above this level"

Yes, that's an eye watering 41% tax on earnings above £43,430, ouch! And the extra LBTT on additional properties in Scotland is now 4%.

Property* is theft, you know...




*Government officials excepted.

Davy_Jones_II

bluenose1 wrote: »

Good point Linton, I read a Government report that said the poorest earners pay close on 30% of their income on indirect taxes.
I certainly don't begrudge low earners paying little / no Income tax. I would rather Government concentrated their efforts on stopping large corporations evading tax.

That is a very dishonest spin on the actual facts, which are that low earners receive more back in direct benefits than they pay in tax, so their net tax rate is actually negative.