Labour's October Budget

Roseberrytop86 said:
Tories were originally planning on bringing in an extra 100% Council tax on second homes in April 25 before the election, or is this something different
Click to expand...
100% of what???
I've heard this , I've heard that....what a bunch of old women you are. Or worst still tory shills.( not aimed at you Roseberry)
Edit.
 
Last edited:
Roseberrytop86 said:
Presume you don’t have any form of private pension, and if you do you won’t take any of it as it’s based upon your premise and would make you a Leech.
Click to expand...
I do have one. Built up with money earned from a productive activity. Something that Reece-Mogg has never done, since he has never done a day's work in his fascist life. Also, I don't have insider information that he and his ilk have.
 
Andy_W said:
An issue now is people now live till they're ~85, or one of the couple will probably make 90, and generally don't give inheritance before they die (as it's locked up in the 300k house they live in), all that means is this current generation passes on to the kids they had when they were 25, who are now ~65. That's a generation which has also benefitted from a housing boom. It's another 25 years before they pass none/ some/ all of that onto the kids they had when they were 30, so they end up getting the pay out if it comes around 60, by then it's too late, that's effectively retirement age.

Unless wealth/ inheritance or whatever is not largely spent, and passed directly to a younger generation when they actually need it, it doesn't really help, when they need it most. They young probably need ~ half the house value to get parity with older generations, but they need it early, as in 25, not at 55. It needs to skip a generation basically.

The fact is the younger generations now are a lot more screwed than any younger generation which has come before them, other than those who literally fought in WW2 etc, but they're like 100 years old, few and far between). The young are also basically being screwed by people living longer (weird thing to say I know), as well as house prices are now 10x earnings, rather than the 2-3x earnings they were for the parents or grandparents. And no, despite what old folk say, the high rates in the 80's don't even this up, it's not even close. Plus, inflation has battered wages, so everything else is comparatively expensive too, as well as the house.

Plus there's no council houses and no right to buy etc, another thing screwing them over. Growth is crap too, as are the limitations to working abroad, no free uni, crap schools, no teachers etc, it gets rougher for the young folk every decade. The only thing they have going for them is tech, but this doesn't level this up, and every age group gets the tech benefit.

Another problem is the population is getting more top heavy by the day so that's less people paying in, and more people taking out, it won't work. The more the young get screwed the less they have kids, so again, the problem just gets worse and worse until this works it's wall all the way though, but that would take like 50 years.

Can't even rely on immigration to bring the average age down, as a load of the old and/ or right wing folk don't want that either.

A problem is loads of old folk think they deserve the gain in the house prices, but I don't see how they do to be honest, and they might as well be taking that directly from their grandkids, as that's where it's coming from.

Growth can help to fix some of these problems, but you're talking decades at best. The old folk voting the young out of the EU doesn't help this growth either. Same as climate change, that's a problem the younger generations are going to have to deal with and largely pay for etc, and that is going to be extremely expensive.
Click to expand...
Is it the old folk who've screwed the younger generation by benefiting from the rising house prices, or employers by not ensuring that wages keep pace with the true cost of living, or even the government for paying in work benefits so that the employers can still have employees on the cheap?
 
Boro4life said:
The thing is as someone in my 20s I do have to wait for my grant parents inheritance to be able to afford a decent home but they are only 80 now if they live to they are 100 gonna be 40 before get a house 😅. I'd say my situation is lucky to have that wealth coming in the future some folk won't have that but do get worried about taxes on inheritance and capital gains tax increasing when that's the route out for many of the young generations.
Click to expand...
Then start where us old gits did, in a terraced house on an old council estate. They're not so expensive.
 
LessoftheLip said:
I just remember the child benefit debacle years ago where if one adult in the household earned more than £50k then the child benefit became tapered even if the partner earned nothing. Meanwhile Paul and Jacqui next door earning £49k each lost nothing of the benefit. The Government of the day said it was too complex to administer properly so they went for the easy option.
Click to expand...
Not as bad as the winter fuel allowance being limited to those on pensions credit.
 
RedAsABeetroot said:
Is it the old folk who've screwed the younger generation by benefiting from the rising house prices, or employers by not ensuring that wages keep pace with the true cost of living, or even the government for paying in work benefits so that the employers can still have employees on the cheap?
Click to expand...
It's time the young folk got off their @rses and became politicised.
 
My plan when I reach retirement is to use a lifetime mortgage, to enjoy the money myself. I will use a proportion of that money to pass to my children so I get to see them use the inheritance.
 
Roseberrytop86 said:
The odious JRM didn’t inherit his wealth he earned it himself. His wife is due to inherit a fortune but the slimy sod actually earned his wealth contrary to common belief.
Click to expand...
...at thirteen he opened a Coutts bank account
Click to expand...
To open an account all UK clients and expats are required to save £3m+ or borrow (such as through a mortgage) or invest more than £1m with Coutts.
Click to expand...
His paper round must have paid well...
 
Osboro said:
I worked in wealth management and what you need is a very simple tax system. It's the complications that give the wriggle room for tax evasion .
Click to expand...
I fully agree, but the tax system is currently complicated. That can't be an excuse to not implement a fairer system. If it becomes more complicated due to the fact it's already deliberately complicated then so be it.

Simplify it over time. It won't be fixed overnight.
 
RedAsABeetroot said:
Not as bad as the winter fuel allowance being limited to those on pensions credit.
Click to expand...
I wasn't commenting on the merits of the policy. I was commenting on the perceived complexity of implementing such a policy comparing @Scrote's wealth tax suggestion to the child benefit measures I described. So please don't infer that I consider the winter fuel allowance limitation as a 'better' way of cutting costs/increasing revenue.
 
It’s always on the too hard to do pile, but it would make sense for the government to look at council tax, given it’s all based on nominal values from 1991
 
You must log in or register to reply here.
Back
Top