The Treasury expects £17.4 billion more a year in income tax and National Insurance, while higher inflation and frozen tax thresholds threaten to leave workers worse off.
Thankyou for drilling down to the detail Jamie, I didn't believe a word Silly Billy 2.0 said. I think he'll preside over economic failure as his above namesake.
Brilliant analysis as always Jamie. No figures on how defence will be funded until next year and yet they commit to spending £10 Billion more to defend Ukraine. And when our Cyprus base needed defending it took 3 weeks for just the ONE available destroyer to get there. It's like watching a comic opera being played out in front of our eyes. This government is incompetent!
Freezing the tax thresholds is the most devastating and frankly evil move that could have been made. Sunak froze from when, 2023 to 2028? then Labour pushed to 2031. Evil.
As for income tax, benefits are an income. We as pensioners had the definition of state pension changed to 'benefit' and yet is subject to income tax. That being the case, as a benefit, the state pension should be income tax free, period. OR, those on all other benefits should also pay income tax!
How we ever got to the stage where someone not working could receive the same as those working is beyond me. But it's worse than that isn't it! Tens of thousands on benefits now receive 2/3 times that that can be earned working! Insanity. Truly.
And what is all this politician talk of "We must get the younger generation into work and those out of work back in." WHAT JOBS I ask?! What jobs?
Also, for the longest time, Labour (Milliband) kept banging on about 400,000 green jobs, now stated as 650,000 green jobs! Well, what are these 650,000 green jobs. Where are they? What type of jobs are they? Will, should they EVER come to fruition, they be temporary, long term, permanent? Will they be office jobs, manual jobs - what!
No, this whole affair, whether under Conservative or Labour governments is simply pie-in-the-sky, for the birds.
Thanks for this. If the OBR can't accurately predict either borrowing or tax receipts over just a 7 month period it must make their predictions for future years not much better than shots in the dark.
Would there be some growth in the economy anyway if there is some inflation at the same time. Does inflation have the effect of making it look like the economy is growing even when it's really standing still?
Thankyou for drilling down to the detail Jamie, I didn't believe a word Silly Billy 2.0 said. I think he'll preside over economic failure as his above namesake.
Brilliant analysis as always Jamie. No figures on how defence will be funded until next year and yet they commit to spending £10 Billion more to defend Ukraine. And when our Cyprus base needed defending it took 3 weeks for just the ONE available destroyer to get there. It's like watching a comic opera being played out in front of our eyes. This government is incompetent!
Freezing the tax thresholds is the most devastating and frankly evil move that could have been made. Sunak froze from when, 2023 to 2028? then Labour pushed to 2031. Evil.
As for income tax, benefits are an income. We as pensioners had the definition of state pension changed to 'benefit' and yet is subject to income tax. That being the case, as a benefit, the state pension should be income tax free, period. OR, those on all other benefits should also pay income tax!
How we ever got to the stage where someone not working could receive the same as those working is beyond me. But it's worse than that isn't it! Tens of thousands on benefits now receive 2/3 times that that can be earned working! Insanity. Truly.
And what is all this politician talk of "We must get the younger generation into work and those out of work back in." WHAT JOBS I ask?! What jobs?
Also, for the longest time, Labour (Milliband) kept banging on about 400,000 green jobs, now stated as 650,000 green jobs! Well, what are these 650,000 green jobs. Where are they? What type of jobs are they? Will, should they EVER come to fruition, they be temporary, long term, permanent? Will they be office jobs, manual jobs - what!
No, this whole affair, whether under Conservative or Labour governments is simply pie-in-the-sky, for the birds.
The country is finshed. Kaput.
Thanks for this. If the OBR can't accurately predict either borrowing or tax receipts over just a 7 month period it must make their predictions for future years not much better than shots in the dark.
Would there be some growth in the economy anyway if there is some inflation at the same time. Does inflation have the effect of making it look like the economy is growing even when it's really standing still?