Brophypants
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What are you doing with my badge? :(
Posts: 4,537
Favourite CUFC player: Harrison Dunk
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Post by Brophypants on Oct 31, 2024 16:23:06 GMT
You've said this twice, but I can see no evidence and you've provided none. How does this budget make it pointless saving? Do you struggle with economics? Evidence - watch the budget and the implications for pensions in IHT for a wife and family. Why do you want me to research your answer? Defend your claims or don't make them. IHT doesn't affect retirement. It affects what happens when you die. And your assertion that changes to the former will suddenly make huge changes to people's behaviour towards the latter are absurd. What moron would decide not to pay into a pension on the chance that if they die after their partner with a £500,000 estate their child will have £20,000 tax deducted from it? |
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Post by saltyvinegar on Oct 31, 2024 16:46:02 GMT
Do you struggle with economics? Evidence - watch the budget and the implications for pensions in IHT for a wife and family. Why do you want me to research your answer? Defend your claims or don't make them. IHT doesn't affect retirement. It affects what happens when you die. And your assertion that changes to the former will suddenly make huge changes to people's behaviour towards the latter are absurd. What moron would decide not to pay into a pension on the chance that if they die after their partner with a £500,000 estate their child will have £20,000 tax deducted from it? If you die after your partner & part of your estate includes your residence which is passed onto a direct descendant then you have £1m as a total allowance & anything over that is taxed at 40% The nil rate band (NRB) is £325K & the main residence NRB is £175K. Both of these amounts can be transferred to a spouse or civil partner e.g. Undrawn Pension of £500K + House worth £500K + savings of £200K = £1.2m estate incurs taxation of £80K when last partner dies. Descendants end up with £1.12m. Not a bad return for a "working person" |
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cambsno
Youth team star
Posts: 1,313
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Post by cambsno on Oct 31, 2024 17:04:10 GMT
You've said this twice, but I can see no evidence and you've provided none. How does this budget make it pointless saving? Do you struggle with economics? Evidence - watch the budget and the implications for pensions in IHT for a wife and family. You obviously struggle with economics... Only 4% of people pay IHT - the richest. Most of us won't be affected! You can leave 500k tax free to child/spouse - thats more than most of us will be leaving. What is wrong is the 325k threshold is being frozen till 2030 - but it was 2028 and IMO these are too low. You should be able to leave at least 750k, maybe 1m tax free IMO but this is not just Labour, Tories had this set and didn't do anything about it |
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barry
Youth team regular
Posts: 920
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Post by barry on Oct 31, 2024 17:24:15 GMT
Ah, how quaint. The have nots want to screw over the haves because they saved/invested rather than spent. The very nature of Communism.
Assume she will resign soon as the pound is tanking and gilts are rising, mortgage rates have already started going up. It’s quite Truss like. I will get my popcorn and see how this unfolds.
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Brophypants
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What are you doing with my badge? :(
Posts: 4,537
Favourite CUFC player: Harrison Dunk
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Post by Brophypants on Oct 31, 2024 19:40:46 GMT
Ah, how quaint. The have nots want to screw over the haves because they saved/invested rather than spent. The very nature of Communism. Assume she will resign soon as the pound is tanking and gilts are rising, mortgage rates have already started going up. It’s quite Truss like. I will get my popcorn and see how this unfolds. It didn't take long for you to drop your support for the working person and go back to complaining about the great unwashed again, did it? It would be annoying if it weren't so predictable. |
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barry
Youth team regular
Posts: 920
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Post by barry on Oct 31, 2024 20:27:00 GMT
Ah, how quaint. The have nots want to screw over the haves because they saved/invested rather than spent. The very nature of Communism. Assume she will resign soon as the pound is tanking and gilts are rising, mortgage rates have already started going up. It’s quite Truss like. I will get my popcorn and see how this unfolds. It didn't take long for you to drop your support for the working person and go back to complaining about the great unwashed again, did it? It would be annoying if it weren't so predictable. You are so precious about the woman who is as crazy as Truss. She bottled going on Martin Lewis’ programme tonight I see. Horrendous budget. |
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MartinL
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Posts: 4,191
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Post by MartinL on Oct 31, 2024 20:33:08 GMT
It didn't take long for you to drop your support for the working person and go back to complaining about the great unwashed again, did it? It would be annoying if it weren't so predictable. You are so precious about the woman who is as crazy as Truss. She bottled going on Martin Lewis’ programme tonight I see. Horrendous budget. It could have been the best budget ever and helped everyone and you would still complain, wouldn’t you? You lost poppet- get over it |
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barry
Youth team regular
Posts: 920
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Post by barry on Oct 31, 2024 21:07:10 GMT
You are so precious about the woman who is as crazy as Truss. She bottled going on Martin Lewis’ programme tonight I see. Horrendous budget. It could have been the best budget ever and helped everyone and you would still complain, wouldn’t you? You lost poppet- get over it We’ve all lost poppet |
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Post by Tom Shaw's Fist of Rage on Oct 31, 2024 21:32:00 GMT
. Assume she will resign soon as the pound is tanking and gilts are rising, mortgage rates have already started going up. It’s quite Truss like. I will get my popcorn and see how this unfolds. As the economics expert can you let us know the comparative rises and falls vs Truss' budget. |
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Brophypants
Reserve team star
What are you doing with my badge? :(
Posts: 4,537
Favourite CUFC player: Harrison Dunk
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Post by Brophypants on Oct 31, 2024 21:42:52 GMT
It didn't take long for you to drop your support for the working person and go back to complaining about the great unwashed again, did it? It would be annoying if it weren't so predictable. You are so precious about the woman who is as crazy as Truss. She bottled going on Martin Lewis’ programme tonight I see. Horrendous budget. What a bizarre thing to say. |
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barry
Youth team regular
Posts: 920
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Post by barry on Nov 1, 2024 8:37:49 GMT
. Assume she will resign soon as the pound is tanking and gilts are rising, mortgage rates have already started going up. It’s quite Truss like. I will get my popcorn and see how this unfolds. As the economics expert can you let us know the comparative rises and falls vs Truss' budget. 10 year gilts now at over 4.5%, at roughly the same level as after Truss. So likely to have the same effect on mortgage rates and a hit on “working people”. You carry on being in denial on what a Labour government always does. Spend and borrow as per usual. |
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Post by saltyvinegar on Nov 1, 2024 9:21:18 GMT
If people can check facts more & read beyond the headlines they may discover the real culprits (wealthy landowners) who milk the IHT loopholes & in reality the revised IHT rules should cover the genuine working farmers. The legislation was designed for the likes of James Dyson as well as Clarkson who bought the farm as a tax dodge & also makes a nice TV earner from it now. I very much doubt that JC's wealth would give him any struggles to pay his fair share of tax. I am lucky enough to have a decent job, house & pension savings but I pay every tax due without resorting to loopholes like these lot www.theguardian.com/uk-news/2024/nov/01/farmers-shocked-budget-inheritance-tax-estates |
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Post by Tom Shaw's Fist of Rage on Nov 1, 2024 10:42:31 GMT
As the economics expert can you let us know the comparative rises and falls vs Truss' budget. 10 year gilts now at over 4.5%, at roughly the same level as after Truss. So likely to have the same effect on mortgage rates and a hit on “working people”. You carry on being in denial on what a Labour government always does. Spend and borrow as per usual. A slowing of the reduction is predicted but to say that's the same effect as Truss' budget is totally disingenuous. |
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barry
Youth team regular
Posts: 920
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Post by barry on Nov 1, 2024 16:16:10 GMT
10 year gilts now at over 4.5%, at roughly the same level as after Truss. So likely to have the same effect on mortgage rates and a hit on “working people”. You carry on being in denial on what a Labour government always does. Spend and borrow as per usual. A slowing of the reduction is predicted but to say that's the same effect as Truss' budget is totally disingenuous. Hardly disingenuous but as the Labour manifesto was built on growth, to find out now via the OBR that the economy will bumble along for the next 5 years sounds like a downright lie to me. So the budget wasn’t to stimulate growth (that’s usually achieved by LOWERING taxes), it was to pander to the unions, immigrants and low achievers. |
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Mark of Carnage
Reserve team substitute
Responsibility, Resilience, Respect
Posts: 2,593 
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Post by Mark of Carnage on Nov 1, 2024 18:29:23 GMT
A slowing of the reduction is predicted but to say that's the same effect as Truss' budget is totally disingenuous. Hardly disingenuous but as the Labour manifesto was built on growth, to find out now via the OBR that the economy will bumble along for the next 5 years sounds like a downright lie to me. So the budget wasn’t to stimulate growth (that’s usually achieved by LOWERING taxes), it was to pander to the unions, immigrants and low achievers. Agree that the economy is predicted to bumble along as you put it and that has made the markets a little jittery as can be seen in a modest rise in the cost of gilts since the budget. This shows the markets have some concern about the Chancellor's progressive fiscal commitments to the NHS for example. They did say in their manifesto they would grow the economy 2.5% a year and while they are expected to grow the economy each year it is not expected to be until the early 2030's that a 2.5% real terms annual growth target is predicted to be achieved. That 2.5% promise was not a lie though as it was not a real terms commitment and inflation will probably bobble about but is generally predicted to remain above the BOE 2% target for several years so they will have to stay tight on interest rates which is not good for exports and growth. Despite lacklustre growth the UK's AA rating does not appear to be under threat. I think lacklustre is just that and still better than flatlining and far better than the damage Lettuce Lady did to the economy. The UK economy has still not recovered from the financial crisis and even if our growth did double to US growth rates we would still be in the slow lane compared to the BRICS however well we do for growth over the next decade. The government might yet achieve their fiscal commitments by simply changing the fiscal rules again. Fiscal rules are self imposed constraints and changing the fiscal rules is something every UK government does when the heat is on them to spend. Tory governments do it every budget when they want to give cut income tax etc. Ideally a government should pass the fiscal rule making to a quango body to stop this abuse such as the BOE as happens in most other states. This government has ambitious fiscal commitments for growth that may or may not work and they are selling the budget as the foundation for that growth. I think the key for it to work is for them to find a way to keep inflation better controlled. The last government were doing nothing to generate growth and this lot are at least making an attempt. Let's wait and see. I want to see even more fiscal loosening and spending on people in poverty as those struggling to make ends meet put all of what they get back into the economy. Spending on the wealthy is pointless, they squirrel away too much which only proves they are not paying enough in taxes. Am not in favour of tax cuts as a way forward. It's gimmicky and inflationary. My approach is essentially Keynesianist, fiscal loosening and keep inflation low. That will I think get sustainable growth and improve the quality of life of the people of the UK. What struck me in the budget was this stupid narrative of 'tough decisions' while they try to walk down the middle of the road getting hit by the traffic coming both ways. They should be the government of the people and get on with it. They only got 5 years to make a difference. We need to see real terms growth at least doubling before the 2030s or the electorate will kick them out of power. |
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