Inflation higher than expected yet again

MattMattMattUK

subjecttocontract said:

We seem to have a fundamental difference on how we both view the situation. I see only opportunity and chances to increase my wealth. If you want to only see problems and dwell on doom and gloom you're doing quite a good job without any help from me.

Pragmatism and rationality is not to "dwell on doom and gloom". 

hallmark

Always worth factoring in that any Govt policy regarding tax or entitlements will benefit one group and directly disadvantage another group at best. 

There are very few (if any) fiscal policies I can think of that are indiscriminately good news for everybody.   Although there are a few that are extremely bad news for everybody.

Digital_Payback

DavidAC said

State pension great for you, today's tax payers have to pay for it.

Your point taken, and very true …..
but those now receiving the state pension have also paid for it during their working lifetime, and now being retired, that would mean they paid even longer for it than those now paying and still working. 

MattMattMattUK

Digital_Payback said:

DavidAC said

State pension great for you, today's tax payers have to pay for it.

Your point taken, and very true …..
but those now receiving the state pension have also paid for it during their working lifetime, and now being retired, that would mean they paid even longer for it than those now paying and still working. 

The majority of people arrive at state pension age having not made a net contribution and it gets worse from there. 

MattMattMattUK

hallmark said:

Always worth factoring in that any Govt policy regarding tax or entitlements will benefit one group and directly disadvantage another group at best. 

There are very few (if any) fiscal policies I can think of that are indiscriminately good news for everybody.   Although there are a few that are extremely bad news for everybody.

Taken in isolation no, but take holistically tax policy can be beneficial to many as it allows a functioning society which is good for all of us. The major issue we have with our tax policy is that it has placed an ever growing burden on a smaller and smaller group of people. Other advanced economies apart from the USA have continually widened their tax base, where as we have narrowed ours. It is why the UK has the lowest level of net contributors in the G7, the lowest of any major European economy and the bottom two thirds of earners have the lowest effective rate of income taxation in the EU (the top third have the fifth highest). 

Thumbs_Up

MattMattMattUK said:

Digital_Payback said:

DavidAC said

State pension great for you, today's tax payers have to pay for it.

Your point taken, and very true …..
but those now receiving the state pension have also paid for it during their working lifetime, and now being retired, that would mean they paid even longer for it than those now paying and still working. 

The majority of people arrive at state pension age having not made a net contribution and it gets worse from there. 

You have touch of this a few times, somewhere I have read an article that concurs with your statement.

So, Britain must be a socialist paradise? What I mean is for the majority they put in a little but take out a lot.

How does the 18 year-old enjoy the future benefits of Britain? Maybe raising the population from 70 million to a 100 million?  Where Japan will fail, we may excel ?

Edit - What is the reasoning behind reducing the NI contributions to 35 years ?

Nebulous2

Thumbs_Up said:

MattMattMattUK said:

Digital_Payback said:

DavidAC said

State pension great for you, today's tax payers have to pay for it.

Your point taken, and very true …..
but those now receiving the state pension have also paid for it during their working lifetime, and now being retired, that would mean they paid even longer for it than those now paying and still working. 

The majority of people arrive at state pension age having not made a net contribution and it gets worse from there. 

You have touch of this a few times, somewhere I have read an article that concurs with your statement.

So, Britain must be a socialist paradise? What I mean is for the majority they put in a little but take out a lot.

How does the 18 year-old enjoy the future benefits of Britain? Maybe raising the population from 70 million to a 100 million?  Where Japan will fail, we may excel ?

I don't know about Japan failing, but it is 10 or 15 years further down the road than we are, and while we wont replicate them exactly, they can certainly give us some pointers. 

They have whole towns with no-one under 60. They are bulldozing some towns and rewilding them. The population is congregating more and more in the cities, particularly Tokyo. The lessons for those, like me, who want to live in smaller towns is that we will have to look after ourselves and continue working. The idea of retiring early predominates in MSE, but many people wont be able to retire in the way we recognise it.

I've said before - I've an elderly relative who has 3 carers in their 70s. Our local paperboy / grocery delivery person is in his late 70s. I took two flights this week and both times I was sitting beside someone in their mid-seventies, who couldn't countenance the idea of retiring. One of them was holidaying abroad about 12-15 weeks a year and was partly working to fund that, but also didn't want to let long-standing customers down, while the other couldn't bear leaving work long enough to go on holiday. 

So back to your young person. In my view their best opportunity is to move to a city, get the best paying job they can, avoid driving with its associated costs, and move heaven and earth to get on the property ladder. Ironically their best chance of doing that is probably financial help from their family. 

MeteredOut

subjecttocontract said:

MeteredOut said:

subjecttocontract said:

I don't understand what the problem is. Inflation down to 4.6 %, best interest rates we've had for a while, fabulous pension increases, financially never been so well off. The Gov' are about to hand us £600 quid wfa and I'm looking forward to Christmas. 

Still, if you think it's all doom & gloom carry on upsetting yourselves.

“I’m alright jack”. I sure a significant percentage of the country do not share your positivity.

This is a money saving website so the current inflation rate, interest rates, pension increases, financial well being AND winter fuel allowance are all completely on the agenda. OK, it's a bit early to mention Christmas but I've got some Christmas regular savers due to mature soon and I'm sure you wouldn't begrudge me looking forward to the payout.

You said "I don't understand what the problem is".

Your lack of empathy, and your inability or refusal to recognise the real struggle many in this country are going through at present, are not traits most people on MSE would advocate.

boingy

I think some of you really are overthinking it. Maybe take a break and chill for a while.

Bazzalona13295

Eirambler said:

subjecttocontract said:

I don't understand what the problem is. Inflation down to 4.6 %, best interest rates we've had for a while, fabulous pension increases, financially never been so well off. The Gov' are about to hand us £600 quid wfa and I'm looking forward to Christmas. 

Still, if you think it's all doom & gloom carry on upsetting yourselves.

This government has certainly looked after it's key voter base alright, the elderly. Unfortunately, for the vast majority of people under 50, it's a very different story. 

Once the Conservatives are voted out next year I can't see them getting back into power for a long, long time, if ever. Multiple generations of voters despise them and most of the one generation that doesn't will likely be deceased by the time there is sufficient apathy towards Labour to give anyone else a possibility of unseating them.

I think it might actually be the Lib Dems, or a completely new party, that eventually take over from Labour down the line.

If Labour or Lib Dems are our best bet God help us.