2024 Election thread
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There's about 30 million households, and 36 million income tax payers, so I guess quoting it by household makes it a bit bigger, but the OBR quotes government spending as a "per household" figure of £42,000 so it's not crazy.
Saying "every household will pay £2,000 more tax" as a single figure is obviously horseshit in at least three different ways though. Either he knows it's bollocks, or he thinks every single household, regardless of circumstances, pays £39,000 in tax currently.
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I don't know how much you have in your pension over the LTA. I assume "not much" as a shrewd guy like you wouldn't have relied on the LTA being abolished and will have gone "long" on other tax-efficient long term saving methods e.g. ISAs rather than blindly piling cash into a pension. So I don't think Labour abolishing the abolishment of the LTA will have much impact on you. (Maybe the difference between basic rate tax and higher rate tax on the amount invested elsewhere, why you don't benefit from getting a higher rate of tax relief on pension contributions than you pay income tax on subsequent pension income.)
So is that relatively small tax saving worth it, if the price to pay is the facilitation of yet more corruption, lying etc. and even less chance of honest, decent politicians being in charge for your offspring to have to endure?
As for becoming a tax exile, you can likely forget that. You'll have all your assets seized by the lefties as soon as you Google foreign estate agents!
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They have all sorts of lovely socialist policies. Pay rises, freebies for everyone. At least everyone they like. All to be paid for out of public sector efficiency.
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Not a huge amount at present: I stopped making additional voluntary contributions several years ago so there is no blindly piling cash into a pension - although my employer continues to do that provided I chip in a smaller amount and it would be daft to turn that down. And I still have a good decade or so before I retire so add in that level of contribution and a reasonable expected growth rate and it probably will hurt unless they increase the cap or someone removes it again.
ISAs are already being utilised annually and am getting shot of the mortgage before it unfixes (although might leave a bit owing just in case I need to re-borrow for some unforeseen reason)
"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
It's quite tricky to max out a pension these days due to the various limits. Either you don't earn enough to make meaningful contributions each year or you earn too much and are restricted.
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Based on discussions with colleagues and other contemporaries, it doesn't seem to be that hard if you've made a concerted effort to build up your pension over a sustained period.
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The limits are a relatively recent thing though. For example, in 2020, the most that could be contributed was £40k, but this was limited to £10k if you earned over £210kpa. This then dropped to £4k in subsequent years for those earning £312k pa.
So someone in their 50s with limited costs earning below the cap could have saved £40k pa, but even then it would still take quite a while to get to £1m. Someone younger with higher costs would struggle to contribute as much.
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At least no one has posted any links to that chap at the FT recently.
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Let's combine everyone's love of Tiktok, FT and graphs!
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The bloke out of blur is in danger of getting elected.
Come on Tories, put up a fight.
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Who do you think/you are kiddin' Mr Sunak?
“New York has the haircuts, London has the trousers, but Belfast has the reason!0 -
If you're wondering if things could get worse for Sunak, he's flown home early from spending the day being photographed with other world leaders to do interviews denying he's a liar.
“New York has the haircuts, London has the trousers, but Belfast has the reason!0 -
Good luck to the people of Basildon and Billericay.
Don't say we northerners don't give you anything!
You're more than welcome to him.
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I went for a bike ride last week that went through Billericay, which is a pretty affluent town and traditional Tory heartlands. Not one Vote Conservative sign anywhere. A handful of Labour and Lib Dem. Very different to previous elections.
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Sunak taking heat for leaving D Day anniversary memorial early. Does he even understand the people he wants vote from?!
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Can you imagine the furore if any labour leader left early? It’s absolutely batshit.
Has Starmer got him so rattled for calling his lie out?
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My first thought on hearing it was that those who will get most upset are his core vote of Boomer ‘patriots’ and those most likely to defect to Reform. Even if he doesn’t find commemorating D-Day important you would think he’d have some advisers who are aware of ‘the optics’.
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Even this aside, maybe it’s the historian in me, but I would be delighted at the privilege to be there at all - it’s beyond commemorating the dead soldiers, it’s a huge set piece of collective memory. And we know my view on the whole poppies shit
even before a chance for a PM who’s never won an election to stand next to a bunch of world leaders.
It’s absolutely mad.
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"Dave can do it, he loves that kind of thing."
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I think you're all forgetting that Labour spelled 'switch' wrong on their campaign launch video.
“New York has the haircuts, London has the trousers, but Belfast has the reason!0
