The inevitable pre-budget speculation on pensions

Grumpy_chap

Cobbler_tone said:

Could be a ground breaking moment for many, to see an income tax increase for the first time in their life.

Yes, there has not been an increase in the basic rate of income tax for 50 years, apparently:
https://www.bbc.co.uk/news/articles/c74jvm17d79o

Cobbler_tone

SouthCoastBoy said:

BlackKnightMonty said:

Reeves word salad was pretty clear.

More money for the unproductive and those on welfare, to be funded by those who work and are productive.

Yes, that is my sentiment as well. Then they wonder why the UK has a productivity problem?

 

It was classic "Quick heads up, some of the speculation is probably right and you aren't going to like it but I can't tell you yet...cough 2p in the pound"

m_c_s

Cobbler_tone said:

SouthCoastBoy said:

BlackKnightMonty said:

Reeves word salad was pretty clear.

More money for the unproductive and those on welfare, to be funded by those who work and are productive.

Yes, that is my sentiment as well. Then they wonder why the UK has a productivity problem?

 

It was classic "Quick heads up, some of the speculation is probably right and you aren't going to like it but I can't tell you yet...cough 2p in the pound"

Or
"You know what we promised in our manifesto and have repeatedly stated we will stick to it over the last 12 months in public and in parliament, well, errr, ahh, hmm we lied so cough up 2% extra in income tax ."  

I don't have a problem with tax rises so long as the money raised is spent (invested) properly. Unfortunately I don't believe this Government will do that. Public sector productivity, or lack of, and the uncontrolled welfare bill are big drivers of UK's poor productivity overall and difficult public finances and this Government will probably not tackle these so I can only see even more tax rises ahead in future budgets.

grn99

m_c_s said:

What was the point of holding a press conference which told us nothing. There is already so much speculation and no doubt people have been panicking about what could come and probably making poor financial decisions stirred up by that speculation. This now just amplifies the speculation and smacks of desperation. 

Some mandarin somewhere, told her it would soften the blow! 

RogerPensionGuy

I think todays TV event was just enforcing that the Nov budget will taste even more nasty that people were thinking likely.

If they up income tax 1% and get all that negativity, then upping it 2% probably is probably what we will see.

But just 2% income tax upping won't be enough to sort out the issues(self made) looks like we will see lots of other stuff ensuring tax take in the short term is going up quickly.

Lets enjoy the next 3 weeks of rumours! 

BlackKnightMonty

m_c_s said:

Cobbler_tone said:

SouthCoastBoy said:

BlackKnightMonty said:

Reeves word salad was pretty clear.

More money for the unproductive and those on welfare, to be funded by those who work and are productive.

Yes, that is my sentiment as well. Then they wonder why the UK has a productivity problem?

 

It was classic "Quick heads up, some of the speculation is probably right and you aren't going to like it but I can't tell you yet...cough 2p in the pound"

Or
"You know what we promised in our manifesto and have repeatedly stated we will stick to it over the last 12 months in public and in parliament, well, errr, ahh, hmm we lied so cough up 2% extra in income tax ."  

I don't have a problem with tax rises so long at the money raised is spent (invested) properly. Unfortunately I don't believe this Government will do that. Public sector productivity, or lack of, and the uncontrolled welfare bill are big drivers of UK's poor productivity overall and difficult public finances and this Government will probably not tackle these so I can only see even more tax rises ahead in future budgets.

I’d say we are round about here:

Eldi_Dos

It would be good if we could keep the comments pension related on a pensions board.

Did anyone else think that IT going up and NI coming down could be worked so that working people do not see much difference in their take home pay, but those that only pay IT ( pensioners) would pay a bigger contribution.
Think that would be a sellable proposition, although I do not know how much extra that would raise.

Gary1984

BlackKnightMonty said:

m_c_s said:

Cobbler_tone said:

SouthCoastBoy said:

BlackKnightMonty said:

Reeves word salad was pretty clear.

More money for the unproductive and those on welfare, to be funded by those who work and are productive.

Yes, that is my sentiment as well. Then they wonder why the UK has a productivity problem?

 

It was classic "Quick heads up, some of the speculation is probably right and you aren't going to like it but I can't tell you yet...cough 2p in the pound"

Or
"You know what we promised in our manifesto and have repeatedly stated we will stick to it over the last 12 months in public and in parliament, well, errr, ahh, hmm we lied so cough up 2% extra in income tax ."  

I don't have a problem with tax rises so long at the money raised is spent (invested) properly. Unfortunately I don't believe this Government will do that. Public sector productivity, or lack of, and the uncontrolled welfare bill are big drivers of UK's poor productivity overall and difficult public finances and this Government will probably not tackle these so I can only see even more tax rises ahead in future budgets.

I’d say we are round about here:

Funny how all proponents of the laffer curve think we're on the right hand side of it... If that were truly the case then Liz Truss would have been an unmitigated success and all those Nordic countries would be skint.

ColdIron

grn99 said:

m_c_s said:

What was the point of holding a press conference which told us nothing. There is already so much speculation and no doubt people have been panicking about what could come and probably making poor financial decisions stirred up by that speculation. This now just amplifies the speculation and smacks of desperation. 

Some mandarin somewhere, told her it would soften the blow! 

She has been 'submarining' since the letting licence issue. Mostly invisible below the water but coming up for air from time to time