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Basically exactly what Liz Truss tried to do, create a load of unfunded cuts to tax.
True. Be interesting to see how the markets react. It's a smaller sum and part of the problem with Truss had was not publishing HMT/OBR impact assessments and that the markets thought her ideological approach was lunacy in general
BTW I very much think cutting IHT is wrongheaded and £6/8bn is a lot of extra borrowing simply to create a wedge with Labour. Assuming Labour say they will reverse which is not a given with the run into the next election.
If I had any influence I'd run a "unfunded tac cuts - it's Liz Truss all over again - they just can't be trusted with the economy" line if I was Labour
Isn’t that exactly what Labour are saying? That they won’t allow any minister to announce absolutely mental economic policies, a la Truss, without the full OBR cost assessment being published first?
I can’t see Rishi being keen to publish the OBRs opinions on his latest economic nonsense
Good to see Labour increasingly on the offensive on stuff. I was becoming frustrated with the party's timidity
Just need a few more positive policy ideas coming out of conference so we have more to sell on the doorstep.
TBH it feels more like Rishi is on personal and party damage limitation at this stage
He is still a little c**t. They are clearly having a fire sale ironically I can see people buying into it and voting them back in
Very very sweary
The inheritance tax thing is something else that Rishi, or any other cabinet member, is refusing to comment on.
I'm sure that means he's going to make that his big announcement next week to keep Tufton Street and the Telegraph happy
Will Hutton has just been on Radio 4 pointing out that the present rate of people who inheritance tax would apply to is 3.7% and they invariably haven't 'earned' that. They just happen to own property which has gone up in value so much that it takes them over the threshold
They don't give a **** any more, do they. They're just going to sort their mates out before they're booted out
They have never given an Eff. the tory party exist for one reason only - to concentrate wealth and power in the hands of the already wealthy and powerful
the tory party exist for one reason only – to concentrate wealth and power in the hands of the already wealthy and powerful
Yep, and their greatest trick is to get the majority of people (in a current voting system way) to vote for them more times than not.
Yep, I've known Tory-voting blokes in their 40s who have not much more in the world than a car, a phone and a packet of fags. Quite a remarkable achievement really and not always easy to convert them to champagne socialism.
Yep, and their greatest trick is to get the majority of people (in a current voting system way) to vote for them more times than not.
The similar line out of the Usual Suspects* fits quite well here.
*(Or Baudelaire, if you're more classically minded).
Regarding inheritence tax, its a bit of a weird one... was listening to a call in or R2 today, only something like 4% of estates get caught, but the income from that is almost 1% of all tax recipts, while 1% doesn't sound much, it's a LOT of money, over 7billion estimated in the current period.
And its not exaclty punative... if you leave an estate to family, you get £325k allowance, and if a widower, the ex-partners allowance can asl be called upon, so teh tax free allowance is £650k in many cases.
That means an estate worth 1 million after legal expences etc, you'll pay £40% on the £350k above the threshold, or £140k... on a million pound inheritence. Not exactly the end of the world.
I don't think there's much argument for making it stricter in terms of thresholds, but there's certainly no argument that I can see for abolition of the tax.
People with serious cash tend to have financial planning and advice, and a number of mechanisms to avoid it. Trusts, gifts, signing the house over to a reletive (as long as you survive 7 more years etc). In that sense, I think there is an argument to close up some of these loopholes, as thats where the real money is.
Sunak’s family would save a potential £300m by scrapping the tax, there’s your argument
Tory ****s being ****s,
And its not exaclty punative… if you leave an estate to family, you get £325k allowance, and if a widower, the ex-partners allowance can asl be called upon, so teh tax free allowance is £650k in many cases.
That means an estate worth 1 million after legal expences etc, you’ll pay £40% on the £350k above the threshold, or £140k… on a million pound inheritence. Not exactly the end of the world.
Actually you won't in all likelihood. There's up to £175K in family home allowance too, which is a major factor in most estates worth that sort of value (I suspect very few estates reach over £650K without the family house being part of it). Again, that passes to a spouse first so can be 2x £175K
So a £1M estate will in all likelihood be tax free.
Won't someone think of the 4%?
The big con about IHT is that lots of people think they are going to pay it. Or more likely, they are worried that their parents' estates will pay it, meaning less of a wholly unearned windfall for them.
The threshold is already absurdly high, such that the vast majority of estates are nowhere near paying any tax. Abolishing it is just a huge bung to the richest few. Including me, whoopeee, but having already had a good start in life and some decent luck throughout it, my wife and I have absolutely no use for the huge sums that are going to be thrust upon us in a few years. We're already early retired home-owners....
The much-quoted million pound threshold doesn't even include pension investments which are wholly exempt and can now be unlimited (attracting tax relief on contributions). It will be a lot more than a million when people cotton on to this loophole (I'm sure many already have). Laughable that this change in the recent budget was presented as some sort of support for the NHS, and tragic that so many suckers fell for it.
Note, those dying don't pay Inheritance Tax.
If folk want to ensure that their family etc pay less tax, plan it or better still, spend it while you're alive.
Best example IMO was my Granny, quote:
"I'll spend my money on what I want, that gives me the pleasure - I've earned it, I'll spend it".
She gave her 3 kids the deposits for their houses, then the 8 grandkids got the same. Every child, grandchild, great grandchild and even great great grandchild got a cheque for birthday & Christmas - and so did any spouse. She even paid for her funeral, so she could go the way SHE wanted to go.
Most folk inheriting are getting it when they're in their 50's & 60's - people like my OH and I, inheriting when we're almost retired ourselves and as others have said, it needs to be a shed-full of cash before any tax is due.
I've no problem with it, and we too already have it 'planned'.
Im 62. My parents are still alive. I stand to inherit half a house when they do pop off. I needed that money 30 years ago not now. I would be quite happy with a much higher inheritance tax. Use it to pay for old age care perhaps?
Meanwhile Rishi's two fingers to everyone this morning is the go-ahead for more oil and gas drilling in the north sea under the ludicrous pretence that it will 'ensure energy security' and reduce UK energy prices
Yeah, right... it won't just be your mates and paymasters selling it all on the international markets and profiting massively from it
Its literally scorched earth from now until the election, isn't it?
IIRC the UK government awards the licenses for gas an oil extraction but the scots government hold the power to prevent them being used - via planning or something?
If folk want to ensure that their family etc pay less tax, plan it or better still, spend it while you’re alive.
Best example IMO was my Granny, quote:
“I’ll spend my money on what I want, that gives me the pleasure – I’ve earned it, I’ll spend it”.
I agree completely and it would be easy if we all knew when we would die, we could then work backwards and check out with an empty bank balance. Unfortunately we don't so we need to make sure we have enough until. I don't suppose the grandkids would be happy giving the cheque back if granny lives longer than planned and needs to pay her heating bill.
Granny doesn't need a million quid in assets to make sure she can pay her heating bill though... [ well, perhaps she might this winter ].
Sitting on large wealth might be a reassuring and perhaps even pleasurable feeling... but there's a big generational imbalance at the moment... persuading the boomers to use their money, for themselves or others, can be an economic and social good... if not a vote winner with the richest blue rinse oldies.
Granny doesn’t need a million quid in assets to make sure she can pay her heating bill though
Fair point, I was thinking more thousands or tens of thousands than millions. I must have been born into the wrong family 😉
So attacking net-zero has given sunak a2-3 pt poll bounce, i suppose that means theyll double down on this over the next year
how depressing
Indeed.
They're 'dividing lines' policy is now to let any reactionary know, in no uncertain terms, that they're on their side against the 'tofu-eating, Guardian-reading wokerati'
They'll be proposing bringing back the death penalty within weeks
"<span style="background-color: #eeeeee; color: #000000; font-family: Roboto, 'Helvetica Neue', Arial, 'Noto Sans', sans-serif, -apple-system, BlinkMacSystemFont, 'Segoe UI', 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji';">Fair point, I was thinking more thousands or tens of thousands than millions. I must have been born into the wrong family"</span>
And the ones who'll never pay Inheritance Tax - focus back on just how few beneficiary's (of estates) pay it, don't be sucked in.
I must have been born into the wrong family 😉
96%+ of us were, you're far from alone.
This is the problem with inheritance tax (and many other taxes as it happens) aimed at the wealthy, it's so easy to make it sound like a tax on all of us even when carefully targeted at the tiny minority of very well off who want to protect their large wealth.
They’ll be proposing bringing back the death penalty within weeks
Only for the under 50s. 😉
I agree completely and it would be easy if we all knew when we would die, we could then work backwards and check out with an empty bank balance.
Which is why we need to legalise voluntary euthanasia. When the money runs out, off you go. (I'm only half joking)
So attacking net-zero has given sunak a2-3 pt poll bounce,
think it's more nuanced than that as both snp and libdems had improvements, possibly Labours cozy meetings with macron and softer EU rhetoric is at play.
Or maybe people are starting to see what a complete waste of time Starmer is. Ed Davey is more appealing and the Lib Dem policies must be pretty much the same as Labour nowadays.
The election result is not going to reflect the current polls a year out with all the stirring up Sunak can do in the next 12 months with no comeback from Starmer but Sunak should still lose (he better do!).
Or maybe people are starting to see what a complete waste of time Starmer is. Ed Davey is more appealing and the Lib Dem policies must be pretty much the same as Labour nowadays.
I think a lot of people had high hopes for Starmer and now feel disappointed - rightly or wrongly. Was watching a news report on the LibDem conference yesterday and began seriously considering where my "anyone but Tory" would be best placed.(Almost certainly still Labour)
Not just disappointment with Starmer. Disgusted. He has taken labour to a place I and many others cannot accept and vote for. I would love tobe able to vote labour again as I have done most of my life. I cannot vote for Starmers labour. Anti democratic, pro privitisation, brexiteers
Oh christ! Here we go again....
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So attacking net-zero has given sunak a2-3 pt poll bounce,
There has been a slight narrowing of the Labour lead in the last week. Whereas a week ago the polls were putting Labour's lead at 20-22% this week it's 15-20% .
But I don't think there is much evidence that it is connected to Sunak's net zero stance. The polls suggest that Sunak's stance is unpopular with both "blue wall voters" and "red wall voters".
The Conservatives risk losing seats in the “blue wall” of affluent, pro-remain Tory constituencies in southern England because of net zero decisions made this week
'Red wall’ constituents critical of prime minister’s plan to water down climate commitments
Oh christ! Here we go again….
'Hear we go again' someone has expressed dissatisfaction with Starmer's political leadership? On a political thread? Outrageous!
And with Starmer being the main opposition of Sunak it is always going to be relevant in a Sunak thread as Sunak's demise (or size of it) rests with Starmer but post that sign yet again, it really does just get funnier every time.
trash the planet bounce was short lived
https://twitter.com/ElectionMapsUK/status/1707337181264592922?t=bgu6KnxrWchupNke_khBBQ&s=19
and he really isn't good at this
https://twitter.com/AdamBienkov/status/1707303033518891092?t=e_PWxiNrBA_T9JIE0NmCrw&s=19
Tell me you've decided to scrap HS2 to Manchester without telling me you've decided to scrap HS2 to Manchester...
That interview is worth watching as well as listening to as you can see the look of annoyance and exasperation on Anna Jamesons face as Sunak once again ignores the question he's actually been asked and starts spouting his usual utter bollocks in that horribly patronising and condescending tone of his...
https://twitter.com/BBCRadioManc/status/1707343474951901689?s=20
I don't know why Twitter/X links aren't pasting in properly and just displaying as links
There will be much cheering in town halls up and down the country in anticipation of new funds to fill potholes.
So rish! how much net new money and when will it be available?
Let's start with £500 millions - and see how little you get for that.
Filling potholes isn't really the way to improve the quality of roads - we need wholesale resurfacing and complete renewal of road markings.
Talking of road markings, does anyone else think that their current condition - worn away to near invisibility in too many places - represents a danger to drivers and pedestrians?
Meanwhile, back in the real world - sunak really is utterly inept.
HS2 will be chopped, there will be no (or very little) net new money for potholes or other road improvements, Northern Powerhouse will remain a soundbite only.
that horribly patronising and condescending tone of his…
But he dropped his ‘t’s just like one of those northern chappies. Next time he’ll be wearing a cloth cap. Well, cashmere cap.
Sunak would only really be bothered by potholes/ train links if they somehow got in the way of his RAF supplied Flying Uber... but they don't so it's just concerns for little people. Not him.
Just when I though I couldn't detest a tory leader more than our dear Bojo, along comes this absolute turd. I mean where do they get so much moral vacuum from? Never has this amount of selfishness been contained in so few with so much power.
He is literally pointing a flamethrower at the future and saying whatevs