The UK Politics and EU Referendum thread - merged

[vegaslover]

Increase in tax revenues for the govt too, as no up front relief.

Can still have a pension as well as an ISA, but fk knows how much longer they will be around.

[redsimon]

Increase in tax revenues for the govt too, as no up front relief.

Can still have a pension as well as an ISA, but fk knows how much longer they will be around.

Isn't the 25% bonus a form of relief especially as someone saving £4k is putting £333 per month away , which is a lot more than most put into their Pensions?

[OverTheBorder]

Need to read more on the ISA thing but that looks like the death of the personal pension, if I've understood it correctly. Probably not a good thing even though there is more tax relief/enhancements, I've always liked the fact that you can't take money out of a pension early.

Does look like that, I'm guessing though that the bit where you are under 40 in 2017 and can invest £4k with a £1K top up from HMRC will restrict when you can withdraw until 60? Seems the ditching of Pension Relief for higher tax payers might still be on the agenda?

My understanding is that you don't get the bonus, and you also get an early withdrawal penalty, if you withdraw early.

That's what the fact sheet says. 5% penalty on top of loss of bonus and bonus growth. Although can be drawn for house deposit up to 45k or post age 60. Baby steps towards his pension ISA. We are already writing "Will LISA kill our pensions" headlines. Kept us busy today.

[vegaslover]

Increase in tax revenues for the govt too, as no up front relief.

Can still have a pension as well as an ISA, but fk knows how much longer they will be around.

Isn't the 25% bonus a form of relief especially as someone saving £4k is putting £333 per month away , which is a lot more than most put into their Pensions?

From what I read, which hasn't been in-depth as yet, for pensions it comes straight off your wages before deductions, where as with the ISA you will already have paid deductions on your gross earnings.
Then there are all the people that take money back out and lose the bonus, cos lets face it, most people are worse off now then the cons would have us all believe.
I pay about that, if not more, into my NHS pension. Well I do until the end of the month.

[PokerBroker]

i just get stunned by the hypocrisy of it. "champagne socialists" get pilloried yet corbyn's questionable history is brushed aside

i'll try and avoid the lols, but that was what i was heartily doing at the time. Apoliogies.


anyway the budget today. plenty of chance for the opposition to get stuck into Osborne who is on a sticky wicket.

What exactly is his history then?  Go on I'll bite. 

I bet it's nothing in comparison to cutting Corporation Tax from 28 to 17%

its all been done on here and i sense to re-hash it would be unneccessary. it was all done when you were posting under your former non de plume too, you responded to much of it

cutting corporation tax is good too, all other things being equal (which you will argue they aren't)

what i will say is that i listened to and read the speech of dan jarvis last week

now that is a man who if was labour leader would have a fighting chance of victory in 2020. very impressive indeed

I have no idea what you are on about.  Such a strange man. 

You are right of course I would argue that lowering corporation tax is not good.   Especially when we can't get companies to pay what they already owe, why should we be cutting the tax intake from others? 

My view is that high taxes are bad, but reducing them when the debt is so high is silly.   Taxation should be progressive. 

Dan Jarvis, lol.   Corporate Labour in the shape of the Blairites is dead, the Party membership won't allow it to return.   

[Jon MW]

...

My view is that high taxes are bad, but reducing them when the debt is so high is silly.   ... 

Don't you think that tax yield is more important than tax level?

[PokerBroker]

...

My view is that high taxes are bad, but reducing them when the debt is so high is silly.   ... 

Don't you think that tax yield is more important than tax level?

I'm not a tax expert, but I can't see how the yield increases by reducing the tax level.   

[StuartHopkin]

...

My view is that high taxes are bad, but reducing them when the debt is so high is silly.   ... 

Don't you think that tax yield is more important than tax level?

I'm not a tax expert, but I can't see how the yield increases by reducing the tax level.   

Reducing the tax level can directly increase what there is to tax?

[Cf]

Ignorant politics question alert!

Every time I see a budget there's a graph showing borrowing against surplus. It always seems to be deficit for the next few years and surplus after that.

It feels like you could just use the same graph for every budget and change the years on it.

Is this basically the case?

[redsimon]

Ignorant politics question alert!

Every time I see a budget there's a graph showing borrowing against surplus. It always seems to be deficit for the next few years and surplus after that.

It feels like you could just use the same graph for every budget and change the years on it.

Is this basically the case?

Considering there has been only 18 years of budget surpluses since 1949 I'm pretty confident there won't be one in 2019/20.

[neeko]

Ignorant politics question alert!

Every time I see a budget there's a graph showing borrowing against surplus. It always seems to be deficit for the next few years and surplus after that.

It feels like you could just use the same graph for every budget and change the years on it.

Is this basically the case?

Economists and markets are fairly useless at predicting the future. Below is the graph of predictions of the future path of interest rates (dotted lines) against actual outcome (red line) - every year it is wrong but the same prediction is implied.

Click to see full-size image.

[neeko]

Education reforms - why are they proposing the axing of parent governors - they have little actual power so can't cause that much trouble.

[RickBFA]

i just get stunned by the hypocrisy of it. "champagne socialists" get pilloried yet corbyn's questionable history is brushed aside

i'll try and avoid the lols, but that was what i was heartily doing at the time. Apoliogies.


anyway the budget today. plenty of chance for the opposition to get stuck into Osborne who is on a sticky wicket.

What exactly is his history then?  Go on I'll bite. 

I bet it's nothing in comparison to cutting Corporation Tax from 28 to 17%

its all been done on here and i sense to re-hash it would be unneccessary. it was all done when you were posting under your former non de plume too, you responded to much of it

cutting corporation tax is good too, all other things being equal (which you will argue they aren't)

what i will say is that i listened to and read the speech of dan jarvis last week

now that is a man who if was labour leader would have a fighting chance of victory in 2020. very impressive indeed

I have no idea what you are on about.  Such a strange man. 

You are right of course I would argue that lowering corporation tax is not good.   Especially when we can't get companies to pay what they already owe, why should we be cutting the tax intake from others? 

My view is that high taxes are bad, but reducing them when the debt is so high is silly.   Taxation should be progressive. 

Dan Jarvis, lol.   Corporate Labour in the shape of the Blairites is dead, the Party membership won't allow it to return.   

Lowering corporation tax is a positive move. Of course it could increase the tax take.

It incentivises risk takers and job creation.

It makes the UK a more attractive place to base a business.

Even down to small businesses reducing taxes creates the environment for growth. I saw a lady on the news this week who ran a small business and wil now pay no business rates. She said the saving would be used to reinvest in the business and take on a new apprentice.

[Ironside]

IDS resigns over the £1.2 billion cut to PIP in the same budget as a £1.2 billion cut in taxes to those earning over £40k

i can see the government going to be in trouble if they try and get the PIP cut through the chambers

i am still on the old DLA which i get a motability car to help me get around seeing as public transport is so bad, if i want to jump on a bus or train i need to let them know atleast 24 hours in advance, and then only if the one wheelchair spot is still vacant can i travel.

i have heard of people who are having to give up there jobs as they can no longer afford a car, and are not fit enough to walk to bus stops. A large percentage of disabled people who are employed are in minimum wage positions due to the fact employers no matter how much they say they treat everyone equal when interviewing someone for a job will always take into account how much more expensive it is to employ a disabled person, i know i would,

[AdamM]

My guess is that IDS had already decided he was going to find something in the budget to dramatically flounce out over, so he could go full bore on the Brexit campaign and line himself up for the top job if successful.

Cynical?