Westminster Politics

Whoever is running economic policy of this country did not go to school.
 
sun_tzu said:
so if you earn 160K for example

Currently you have ......................................new rules
0% tax = none ...............................................None (your tax allowance decreases by £1 for every £2 you earn over 100K making it an effective 60% tax rate till you have no tax free allowance
20% tax = 7,540..........................................19% tax = 7,163 (377 saving)
40% tax = 39,892........................................40% tax 43,892
15% tax = 4500............................................None
total = 51,932..............................................total = 51,055

so they are getting an £877 tax reduction or less than 5% of the £20k you mention and almost half that saving comes from the reduction in the basic rate not abolition of the top)

you would actually need to earn around £1.15m for the saving to be £20k so for sure not everyone earning over £150K

And of course somebody earning over £150k is still paying about £50K each year in income tax alone which without going all west wing / sam seaborn is kinda what makes the rest of the system work
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A 5% tax break for people earning over £150k per annum is unconscionable, this is from someone in this bracket.
 
Jippy said:
Yes probably, with the glut of new bond issuance coming. Having simultaneous fiscal loosening and monetary policy tightening will continue to spook investors too.

Glad I just decided to pay down my mortgage using up all my pounds in the bank. I'd get murdered converting them into Singapore dollars.
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Thanks. I had around $120 on my Revolut which got me close to £110…crazy considering how much I bought it for. But I have close to $1,000 cash so I might hold onto it for another week. My dad has a big big dollar cash pile though.

Good shout on the mortgage. Isn’t your rent from the flat covering it though?
 
sun_tzu said:
so if you earn 160K for example

Currently you have ......................................new rules
0% tax = none ...............................................None (your tax allowance decreases by £1 for every £2 you earn over 100K making it an effective 60% tax rate till you have no tax free allowance
20% tax = 7,540..........................................19% tax = 7,163 (377 saving)
40% tax = 39,892........................................40% tax 43,892
15% tax = 4500............................................None
total = 51,932..............................................total = 51,055

so they are getting an £877 tax reduction or less than 5% of the £20k you mention and almost half that saving comes from the reduction in the basic rate not abolition of the top)

you would actually need to earn around £1.15m for the saving to be £20k so for sure not everyone earning over £150K

And of course somebody earning over £150k is still paying about £50K each year in income tax alone which without going all west wing / sam seaborn is kinda what makes the rest of the system work
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This was interesting:

Resolution: mini-budget means £55k tax cut for those on £1m/year.
The Resolution Foundation have rapidly assessed the impact of today’s mini-budget, and warned that the UK will borrow hundreds of billions more than expected.

They say::

The Chancellor’s £45bn package of tax cuts announced today, the largest in a single fiscal event since Anthony Barber’s ill-fated 1972 Budget, will boost growth in the short-term but raise interest rates and see an additional £411 billion of borrowing over five years.

The deterioration of the UK’s economic outlook since March, and additional packages of energy support, are estimated to have increased borrowing by £265bn over the next five years. Today’s tax cuts of £146bn raising that to £411bn.
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Resolution has also worked out that someone on an income of £1 million will receive a tax cut worth £55,220 next year.

Very little goes to the poorest households:

Almost two-thirds (65%) of the gains from personal tax cuts announced today go to the richest fifth of households, who will be better-off on average by £3,090 next year.

Almost half (45%) will go to the richest 5% alone, who will be £8,560 better off.

But just 12% of the gains will go to the poorest half of households, who will be £230 better off on average next year.

Reminder, our Politics Live blog has full details:
 
Murder on Zidane's Floor said:
This was interesting:

Resolution: mini-budget means £55k tax cut for those on £1m/year.
The Resolution Foundation have rapidly assessed the impact of today’s mini-budget, and warned that the UK will borrow hundreds of billions more than expected.

They say::



Resolution has also worked out that someone on an income of £1 million will receive a tax cut worth £55,220 next year.

Very little goes to the poorest households:

Almost two-thirds (65%) of the gains from personal tax cuts announced today go to the richest fifth of households, who will be better-off on average by £3,090 next year.

Almost half (45%) will go to the richest 5% alone, who will be £8,560 better off.

But just 12% of the gains will go to the poorest half of households, who will be £230 better off on average next year.

Reminder, our Politics Live blog has full details:
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Yes the tax differential between those on £1m and those just falling into the old 45% bracket is quite huge

the corporation tax cut (well non rise) was for more of interest to me than the 45% as we had actually scaled back some investment based on the proposed move to 25% - given the collapse in the £ and the 19% rate will probably revisit the sums over the next couple of weeks and see if it makes sense to reconsider
 
TheGame said:
This is scorched earth. They couldn’t give a feck. Just help their mates out whilst still in power. Hope you are proud of yourselves Tory voters. The Tory party are nothing but fecking scum.
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Don't worry.
Their Bible the Daily Mail will manage to spin its gullible readers some ridiculous yarn blaming it all on Labour and they will lap it up believing every word.
 
The budget screams of ticking off as much of their bucket list as possible before losing a majority in parliament. I think these feckers have given up on the next election.
 
sun_tzu said:
so if you earn 160K for example

Currently you have ......................................new rules
0% tax = none ...............................................None (your tax allowance decreases by £1 for every £2 you earn over 100K making it an effective 60% tax rate till you have no tax free allowance
20% tax = 7,540..........................................19% tax = 7,163 (377 saving)
40% tax = 39,892........................................40% tax 43,892
15% tax = 4500............................................None
total = 51,932..............................................total = 51,055

so they are getting an £877 tax reduction or less than 5% of the £20k you mention and almost half that saving comes from the reduction in the basic rate not abolition of the top)

you would actually need to earn around £1.15m for the saving to be £20k so for sure not everyone earning over £150K

And of course somebody earning over £150k is still paying about £50K each year in income tax alone which without going all west wing / sam seaborn is kinda what makes the rest of the system work
Click to expand...

Not that I’m in the least bit surprised to see you trying to defend this, your math seems questionable to say the least.

On your statement in bold of someone “needing to earn around £1.15m for the saving to be £20k”… a person earning £1.15m will save roughly £62,000 as a result of todays budget.

Meanwhile the people struggling to make ends meet and heat their homes and feed their kids have in many cases got nothing, or maybe a few hundred quid a year.
 
Adisa said:
The budget screams of ticking off as much of their bucket list as possible before losing a majority in parliament. I think these feckers have given up on the next election.
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It's scary that there's a possibility they might still win with a minority next election.
 
sun_tzu said:
so if you earn 160K for example

Currently you have ......................................new rules
0% tax = none ...............................................None (your tax allowance decreases by £1 for every £2 you earn over 100K making it an effective 60% tax rate till you have no tax free allowance
20% tax = 7,540..........................................19% tax = 7,163 (377 saving)
40% tax = 39,892........................................40% tax 43,892
15% tax = 4500............................................None
total = 51,932..............................................total = 51,055

so they are getting an £877 tax reduction or less than 5% of the £20k you mention and almost half that saving comes from the reduction in the basic rate not abolition of the top)

you would actually need to earn around £1.15m for the saving to be £20k so for sure not everyone earning over £150K

And of course somebody earning over £150k is still paying about £50K each year in income tax alone which without going all west wing / sam seaborn is kinda what makes the rest of the system work
Click to expand...
Not quite
 
If King Charles III uses his power of royal prerogative to dissolve parliament, then I will pledge my allegiance to the monarch for the rest of my life.

And I bloody hate the royals too.

Mon Charlie, take the throne and use your powers to clean out the scum. Lock up every tory minister in prison too while you're at it and throw away the keys. Or bring back public executions and hang them one by one.
 
sun_tzu said:
so if you earn 160K for example

Currently you have ......................................new rules
0% tax = none ...............................................None (your tax allowance decreases by £1 for every £2 you earn over 100K making it an effective 60% tax rate till you have no tax free allowance
20% tax = 7,540..........................................19% tax = 7,163 (377 saving)
40% tax = 39,892........................................40% tax 43,892
15% tax = 4500............................................None
total = 51,932..............................................total = 51,055

so they are getting an £877 tax reduction or less than 5% of the £20k you mention and almost half that saving comes from the reduction in the basic rate not abolition of the top)

you would actually need to earn around £1.15m for the saving to be £20k so for sure not everyone earning over £150K

And of course somebody earning over £150k is still paying about £50K each year in income tax alone which without going all west wing / sam seaborn is kinda what makes the rest of the system work
Click to expand...

Sun Tzu how much money do you actually earn fella? You love defending the tory's.

Trying to work out if you're the redcafe secret millionaire or if you're just a stubborn as feck plonker? I'm leaning more towards the latter.
 
Attended a presentation about the Tory attacks on the Human Rights Act yesterday.

It's frightening just how shoddy the consultation was and we got lucky Bodger was sacked when he was and Raab was ousted in the justice position.

A real near miss, but the thought is that the tories will now try to enact the worst parts of the Bill Of Rights through piecemeal legislation alongside other valid reforms
 
Drainy said:
Attended a presentation about the Tory attacks on the Human Rights Act yesterday.

It's frightening just how shoddy the consultation was and we got lucky Bodger was sacked when he was and Raab was ousted in the justice position.

A real near miss, but the thought is that the tories will now try to enact the worst parts of the Bill Of Rights through piecemeal legislation alongside other valid reforms
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I think the Good Friday Agreement is doing great work in retaining the HRA. If we didn't have that they would have repealed it in 2015.
 
ThehatchetMan said:
Sun Tzu how much money do you actually earn fella? You love defending the tory's.

Trying to work out if you're the redcafe secret millionaire or if you're just a stubborn as feck plonker? I'm leaning more towards the latter.
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Yeah man he’s definitely a secret millionaire. Hes so subtle with the 600 humble brags he makes each day, I’m actually surprised that you’ve picked up on it.
 
Pexbo said:
Yeah man he’s definitely a secret millionaire. Hes so subtle with the 600 humble brags he makes each day, I’m actually surprised that you’ve picked up on it.
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???

I don't see his posts aside from when he comes in here occasionally to defend the tory scum.
 
Rado_N said:
On your statement in bold of someone “needing to earn around £1.15m for the saving to be £20k”… a person earning £1.15m will save roughly £62,000 as a result of todays budget.
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Yes based on the removal of the 45% tax bracket... I'm sure other people have made more holistic assessments but I was answering the point made that cutting the 45% rate saved everybody over 150k 10to 20k which it does not

As for the budget I think it's generally a mess and I predicted a few days ago it would tank the pound

That said I'm currently pricing a lot of work in euros and dollars so actually it's not the worst timing for my business so silver linings and all that
 
has it dawned on those dumb ass red wall voters yet i wonder that they just got royally fecked?
 
The Corinthian said:
Thanks. I had around $120 on my Revolut which got me close to £110…crazy considering how much I bought it for. But I have close to $1,000 cash so I might hold onto it for another week. My dad has a big big dollar cash pile though.

Good shout on the mortgage. Isn’t your rent from the flat covering it though?
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Yep the rent was covering the mortgage, but we had to remortgage cos the fixed rate was ending next month, so took the opportunity to overpay. Got rid of nearly all my remaining pounds which were getting eaten by inflation and used some SGD to buy cheaper pounds too earlier this week...should've held off til after the mini-budget but hey ho.

Happy days if you have a USD cash pile.
 
stepic said:
has it dawned on those dumb ass red wall voters yet i wonder that they just got royally fecked?
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Was going to post this. Any gauge on their thoughts right now?
Turkeys voting for chirstmas.
 
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