What Could Labour's Budget Mean for Your Money?

[@well-blazeredman6187]

It's quite apparent that Starmer & Co didn't think through many of their policies. The departure of many millionaires is telling.

[@SlowhandGreg]

That is anecdotal and mostly hype in the right wing media. Most wealthy people have considerable fixed assets to liquidate and the sort of people that are likely to leave contribute very little to the economy. The bulk of their tax savings go offshore or into fixed assets where it is locked away from the everyday economy. In fact not having them will help lower London house prices

[@Misiu223]

Not just millionaires. Anyone earning a reasonable salary or with savings is looking for an exit plan - unless they enjoy paying tax

[@benking9593]

I think they did think it through. Everything they are doing is being done very deliberately. They want as many people as possible reliant on the state, so that they can declare ownership over us. "We'll own nothing, but be happy"

[@Misiu223]

@@benking9593 You are so right. I feel as though the country is rapidly being transformed into a social and economic dictatorship

[@shazoids]

NO come back none tax paying millionaires. As a worthless bootlicker I am here as you human foot stool, despite their being sweet nothing in it for me. We need you to come back so you can contribute sweet feck all to our economy.

[@darrenowen3338]

Thank you for this very informative video. Plenty of food for thought!

[@lescallus7865]

There isn’t a black hole and why isn’t Sunak contesting this?

[@davideyres955]

£22 billion black hole that they won’t publish any details of. Borrowing in the first 4 months over 4.7 billion driven by public sector pay wonder how much of that 22 billion is down to that, we won’t know because Labour are keeping it under wraps.

[@SlowhandGreg]

10 billion if you want to know It's clear the pre election bribe of a 20 billion NI cut was unfunded and designed to handcuff an incoming Labour Party wanting to repair public services Let's be clear the public sector pay rises were still a pay cut they did not restore pay to its 2019 levels accounting for inflation. Also, the Tories have been using public sector pay suppression, then papering over the staff shortage it creates with migration primarily from the 3rd world who also fetch dependents creating the biggest expansion of legal migration since the end of ww2

[@jeffocks793]

In an economy of 2.73 Trillion 22Bn is a pothole. But anyway I don't see how any of the anticipated tax changes people are currently speculating actually deal with an unfunded "in year" spending deficit. The proposed changes would be backfiring attempts to raise revenue for further spending. The only fair and immediately practical way to deal with the pothole is to raise income tax.

[@SlowhandGreg]

Rich people use cgt to dodge income tax Sunak paid 21p in the £ using this method last year on 3 million in income, Jeremy Hu nt was also a major beneficiary

[@jeffocks793]

@@SlowhandGreg if it's legal is it a 'dodge'? If it's unfair find a fairer way that firstly doesn't damage the economy and secondly actually fulfils the immediate need. I'm not clear or convinced that re-rigging the framework to go after Sunak and Hunt, however desirable that may be for financial morality, will be of immediate practical benefit. Just like going through 15 poor pensioners to get the one millionaire in receipt of winter fuel allowance: good intention, bad outcomes.

[@SlowhandGreg]

@jeffocks793 the Tories reduced CGT to 20% in 2016, the tax recommendations to Sunak in 2021 when he froze the thresholds was to raise it Quote Rishi Sunak shelves proposal to hike capital gains tax, pointing to ‘burden’ Office of Tax Simplification backed raising rates to match income tax - after chancellor ordered review

[@jeffocks793]

@@SlowhandGreg The video to which these comments relate is about anticipated tax changes to deal with the chancellor's 'in year black hole'. I'm not setting out a political economic position. I am simply questioning whether what people see as the likely alterations to the taxation system in the budget (see the video) will have the desired outcome of dealing with the in year problem. That's it. It doesn't matter how we got here or who's to blame, the strategy may have undesirable economic and political outcomes.

[@SlowhandGreg]

@jeffocks793 I'd reduce or stop paying interest to the banks on deposit with the BOE to fill the hole after all we printed nearly all of it because of the banking crisis. It would reduce bank profits and slightly lower savings rates. Last year hmrc failed to collect 42 billion in owed tax, again an area ripe for correction Sunak and Hu nt were robbing Peter to pay Paul cancelling infrastructure to fund day to day spending HS2 and failing to implement a comprehensive windfall tax on energy providers (at a cost to the treasury of 52 billion) To say the government finances aren't a complete mess is an understatement

[@grumblewoof4721]

For decades now, under successive governments, the standard of living for the majority has fallen. We are paying more tax than ever before and we are getting less and less for it. For some odd reason, Brexiteers expected to be better off after Brexit. Growth has been stagnant which perhaps explains the need to keep raising taxes. Decades of government incompetence and where the wealthy just kept getting wealthier will impact generations to come.

[@seatree4727]

No mention of employer NIC as a possible hunting ground to fill the black hole ? I pay into an LGPS Prudential shared cost AVC how could this impact my pension if Labour meddle with these ?

[@laurietaylor8982]

Whodve thought that having loads of money was so stressful? We are all part of a cohesive whole…or should be! Inequality is destroying us. Is not paying back to support this a good idea?

[@wayneread6480]

It’s labour tax and spend