Jesus lads, 'tis looking like BREXIT!

Following on from Suella's letter last week comparing pro Palestinian marches with unionist marches, there's this little doozy:

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Flegs

Also, questionable use of the word produce.
Nice use of the tricolour for Norn Iron
 
Jeremy Hunt has brought in (nominal) £21bn/yr tax cut that has been funded from (real) £19bn/yr cut in public services.

The disaster of what's happened to UK household incomes: 3.5% fall between the last election and the coming one is the largest reduction in real living standards since ONS records began in the 1950s.

1700674070037.png


This isn't sustainable and it is just a 3 card trick as taxes will have to be raised anyway by the next Govt.

HMRC investigating David Cameron re payments from Greensill Capital Examining failure to disclose taxable perks inc flights on private planes flights from near his homes in Oxford & Cornwalloffshore trust used to pay Cameron extra benefits.
 
Jeremy Hunt has brought in (nominal) £21bn/yr tax cut that has been funded from (real) £19bn/yr cut in public services.

The disaster of what's happened to UK household incomes: 3.5% fall between the last election and the coming one is the largest reduction in real living standards since ONS records began in the 1950s.

View attachment 26912


This isn't sustainable and it is just a 3 card trick as taxes will have to be raised anyway by the next Govt.

HMRC investigating David Cameron re payments from Greensill Capital Examining failure to disclose taxable perks inc flights on private planes flights from near his homes in Oxford & Cornwalloffshore trust used to pay Cameron extra benefits.
There's some of the moves that just make no fucking sense at all.

It's nice that I'm £500+ better off a year as a result of this budget. But really, I'm doing ok. Not really where the focus should be.

It also brings forward some business investment but doesn't change the net forecast over the next 5 years, at the cost of a decent chunk of change in tax.

The biggest impact of this budget is the failure to move income tax brackets, dragging another 1.5 million people into the highest tax band over the next 4 years, 700-800k in the next year alone.

Slightly beyond that tax bracket is a very, very nasty tax trap:
image-15.png



If you earn £50k, as main breadwinner, with 3 young children and have a student loan, then your marginal tax rate is 80%.
Well, it's now 78%.

That is not an unusual or unrealistic scenario.

Additionally, this budget did absolutely nothing for the lowest paid, as there's an allowance at the bottom end for NI, so if you earn under £12.5k a year, a drop on the tax rate above makes no difference. Almost half the benefit from this budget goes on the richest 20% of households.

And of course, they're screwing down on welfare recipients to fund it. Which is shit.


At least they didn't do away with inheritance tax (or at least substantially raise bands) as was proposed by many in the party.
 
There's some of the moves that just make no fucking sense at all.

It's nice that I'm £500+ better off a year as a result of this budget. But really, I'm doing ok. Not really where the focus should be.

It also brings forward some business investment but doesn't change the net forecast over the next 5 years, at the cost of a decent chunk of change in tax.

The biggest impact of this budget is the failure to move income tax brackets, dragging another 1.5 million people into the highest tax band over the next 4 years, 700-800k in the next year alone.

Slightly beyond that tax bracket is a very, very nasty tax trap:
image-15.png



If you earn £50k, as main breadwinner, with 3 young children and have a student loan, then your marginal tax rate is 80%.
Well, it's now 78%.

That is not an unusual or unrealistic scenario.

Additionally, this budget did absolutely nothing for the lowest paid, as there's an allowance at the bottom end for NI, so if you earn under £12.5k a year, a drop on the tax rate above makes no difference. Almost half the benefit from this budget goes on the richest 20% of households.

And of course, they're screwing down on welfare recipients to fund it. Which is shit.


At least they didn't do away with inheritance tax (or at least substantially raise bands) as was proposed by many in the party.
The 2% cut in employee N.I. to 10% isn't generous when he's grabbing from the same workers around as much extra in Income Tax next year by freezing thresholds.

The failure to upgrade tax threshholds means that pensioners are now more likely to be paying tax.

UK public sector investment well below that in most comparable countries as the chancellor just announced a long term cash freeze in investment spending.

Inflation will just eat away at the rest of any "gains"
1700678865899.png
 
The 2% cut in employee N.I. to 10% isn't generous when he's grabbing from the same workers around as much extra in Income Tax next year by freezing thresholds.

The failure to upgrade tax threshholds means that pensioners are now more likely to be paying tax.

UK public sector investment well below that in most comparable countries as the chancellor just announced a long term cash freeze in investment spending.

Inflation will just eat away at the rest of any "gains"
View attachment 26917
Fundamentally, they're introducing so many inefficiencies and fiscal drags it's no wonder the country is in so much trouble.

It's as if they simply don't understand fiscal multipliers. Giving money to the top 20% is far, far less effective in growing the economy than giving it to the bottom 20%

The bottom 20% will spend it immediately, they tend to spend more locally and there's a far greater multiplier effect through the economy than for the richest. Their spending will almost certainly provide a positive multiplier and with taxation of that multiplier, would at least partially pay for itself.

Right now, a significant portion of that NI to the richest 20% will go straight to paying down mortgages.
Which is great but won't do a damned thing for the overall economy.
 
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