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Politics, politics, politics (so long and thanks for all the fish)
- Thread starter SpurMeUp
- Start date
Mikey10
Frederic Kanoute
It’s a policy which hasn’t been thought through and it’s going to cost a huge amount more than it will bring in - as it did in Greece, where they reversed it after two years.
Gilzeantoscore
Justin Edinburgh
Why is your place of work a state secret?
thfcsteff
George Hunt
No-one does. You included. Love the photo in fairness...
Yep. It's a policy based on a back-of-a-fag-packet report produced by a guy at the IFS who is best mates with the cabinet minister whose baby the policy is. Labour have only been back in power for a few months and they've already reintroduced the "dodgy dossier" to support ideology-based policies. The "ooops we overlooked the *checks notes* fundamentals of the VAT scheme when doing our analysis" is the new "ooops, when we said Iraq had advanced military capability of landing a warhead 3000 miles away within 30 minutes what we meant to write was *checks notes* they've got a rag tag assortment of 1960s hardware, some conscripts and a herd of camels"
Looks like they're already going to have to u-turn on the scrapping of the non-dom status and changes on the tax rules for private equity funds also after the Treasury have told them they'll both lose money in the long run too.
I wish them well because a successful government is good for the majority of people but it does all feel a bit student union politics at the moment. Looking more and more like they don't really have any proper plans, scrabbling around for tax rises screaming about growth isn't going to work out.
Yeah they look 1) totally clueless 2) totally gobsmacked that they're where they are. I think that's what's gone on with all the selfies in Ibiza and Taylor Swift concerts. They look like a bunch of 6 formers that have got to run the school for a day.
And the cringe of the economic policy:
- They've said they'll stick religiously to whatever the OBR says, because "we're not Liz Truss" (my comment: you don't need to differentiate yourself from Liz Truss - she's literally an object of ridicule in the public consciousness)
- The OBR basically say taxes have to go up significantly to avoid austerity measures or borrowing.
- Labour have committed to their fiscal rules (strike through borrowing), not raising taxes on "working people", i.e. fudging everyone (if you love cringe humour dig out Starmer's interview when he's asked to define working people - it's actually hilarious).
That's left them in actual Alan Partridge territory....you've literally got ministers going "idea for a policy....me..... in trafalgar square, with a money tin....saying OH GOOOOD!"
Interesting revelations from David Cameron that he was in the process of drawing up sanctions against right wing members of the Israeli government prior to the election. Surprised Lammy hasn't followed through on this given his publically tougher words on Israel than the previous government....
Robspur12
Nick Barmby
So in their first 100 days they have successfully dealt with National Far right riots; the appointment of James Timpson to deal with the prison system is a good thing that needs time to be seen through; Have reached multiple pay deals where the last government failed. Easy to build a narrative that they've only been a disaster.
No doubt Labour need a vision right now on where they see the economy growing. But tbh the prospective Tory leadership candidates looked even more clueless despite being in power for more than 14 years. Take James "I'll scrap stamp duty" Cleverly but have no plans on how to fill the £29bn hole that will leave. And I liked him because he was the sensible one.
I'm willing to give Labour a chance as they seem eminently more sensible than the last lot.
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But the whole talk of "holes" is economic illiteracy in and of itself. And Labour are finding that out. Lowering tax on something can often make that something more attractive and therefore you get more people giving you the tax albeit at a lower rate - this can often result in a higher overall tax rate. That's what the treasury are telling them about some of their tax rises: that they'll actually reduce tax income rather than raise it:
- With Non dom status because 1) Non-does have to pay at least £30K a year for the status and that waw generating a couple of billion a year - you're losing that revenue straight off the bat and 2) every Non Dom is a non-British citizen for whom Britain isn't their main country of residence. They're "investors" in the British economy with money which largely wasn't generated here (I.e. it's pretty much all net gain for us). So guess what? They are only putting their money in while conditions make it worth their while.
- With private equity funds because most private equity funds are already off shore and so if you start hammering the onshore funds with tax - guess what they'll do? "Hello, is that the Cayman Islands Monetary Authority? Yes, I'd like to become authorised please"
I'm not sure myself whether scrapping stamp duty is a good idea or not, but it would unlikely leave a *straight* hole and if it resulted in a propery market boom as property transactions are suddenly way cheaper, you may even see a break even or increase in tax revenue. The other thing is that even if it didnt result in a housing boom, if just the same amount of property transactions kept going but noe those people have more money in their pockets and they might spend it on stuff (increasing VAT income) and so on and so forth. It's often hard to predict exactly what impact tax changes will have. The best way of seeing taxation is less about raising revenue in and of itself, but as a control lever of the economy- you raise tax to take money out of the economy and put the brakes on. You lower tax to keep money in the economy and stimulate activity.
It is common for countries to run a budget deficit. This results in borrowing but if the rate isn't too high, this can be managed by creating more money at a rate which will not have an adverse impact on e.g. inflation/value of the currency.
The government's budget Isn't like a household budget. It doesn't need to be perfectly balanced.
Which is why I give Reeves the dunce's hat for strapping herself to her fiscal rules.
Robspur12
Nick Barmby
It may well be a good idea but not in isolation which was how he was presenting it, in other words eye catching but not thought out. The IFS produced an interesting report on how removing stamp duty on primary residences can be part of a suite of tax measures.
It's time to stamp on a tax that penalises landlords and renters | Institute for Fiscal Studies
Stamp duty land tax, the tax paid on the purchase of a property, is among our worst and most damaging taxes.
Non doms take more out of the country than they put in.
One of the most disgusting aspects of modern politics is the fact that governments since the early 80's have relied on foreign invest as they have been far to incompetant to do it themselves, then give them tax deals, and then watch the general public get run into the ground and fleeced for everything they have got.
The entire system is built on a trickle down fantasy.
The majority of the top 1% have sucked this country dry.
£80+ billion to investors since gas and electricity was privatised. Not to mention the housing market that has been heavily skewed from foreign investment.
There was a report that come out around the time of the Panama off shore accounts were releaes highlighting the fact that there is 14 trillion hidden in offshore bank accounts that pay 0% tax. How is that exactly helping anyone?
The problem is, non doms only help a small minority at the top of the list whilst the rest of us have to feed on scraps, work brick jobs with brick wages, maximising their profits. So despite all this wealth they are supposed to bring, living standards and quality of life, are falling off a cliff.
Labour won't solve this problem as they are just as complicit in this as the Tories.
22 billion on a scam carbon storage garbage. should have spent 22 billion developing new green tech outside of the energy market and give everyone and business super cheap energy.
22 billion something that is going to help no one, will buy green votes from the sheeples.
This country is fubar.
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It may well be a good idea but not in isolation which was how he was presenting it, in other words eye catching but not thought out. The IFS produced an interesting report on how removing stamp duty on primary residences can be part of a suite of tax measures.
It's time to stamp on a tax that penalises landlords and renters | Institute for Fiscal Studies
Stamp duty land tax, the tax paid on the purchase of a property, is among our worst and most damaging taxes.ifs.org.uk
That's the thing. You can't just look at individual policies in isolation but what the whole suite of policies look like together. I have no real idea on any of the tory candidates "manifestos" which probably says something in and of itself (I can't be bothered to even Google it)
What do Nom Doms "take out of the country"? Honestly it's this kind of mindless gonads that does my head in.