2024 UK politics - now with Labour in charge
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What about their businesses, though? Somehow doubt they are relocating those and they obviously can't relocate property. Selling that penthouse will have been a nice little earner for HMRC.
1985 Mercian King of Mercia - work in progress (Hah! Who am I kidding?)
Pinnacle Monzonite
Part of the anti-growth coalition0 -
telegraph ≠ evidence
also a high degree of hypocrisy on show, the telegraph wasn't concerned about the rich leaving due to brexit, even brexiters left the uk
my bike - faster than god's and twice as shiny0 -
I assume if they they start the piece with "politics of envy" then they have an axe to grind and are looking for a few bits of anecdata to back up their POV rather than testable widespread actual data.
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What, not even when they quote two anonymous billionaires they know?
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Along with - "UK national debt is on course to treble over the next half a century due to several pressures, according to the government’s official forecaster."
The above may be fact, or fiction, I may be serious, I may be jesting.
I am not sure. You have no chance.Veronese68 wrote:PB is the most sensible person on here.0 -
And it's not even in the FT.
1985 Mercian King of Mercia - work in progress (Hah! Who am I kidding?)
Pinnacle Monzonite
Part of the anti-growth coalition0 -
We don't know in those cases, but we will lose the impact of their no doubt substantial spending and the tax on the dividends etc from those businesses, which will also likely be significant. Also what we may never know if how many decisions along the lines of 'no more investment in the UK as it's not business friendly enough'.
As for property sales, whether HMRC gets any CGT will depend on the ownership structure and possibly double tax treaties. They may well not own them personally.
"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
Maybe you missed the point that many are stating they are leaving the UK because of Labour.
"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
How many are we talking about, half dozen, hundreds or thousands.
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We don't know yet, but there will be plenty more to come. Billionaires maybe small in number but the tax they pay is significant.
"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
It all feels rather theoretical. I've no doubt some HNWI do decide to emigrate. What the actual impact of that emigration on receipts is seems to be mostly supposition to back up the author's view on tax.
Somebody will be paying some tax on the sale of a penthouse, whether it's a direct owner or a holding company and exactly which tax doesn't really matter.
Let's not pretend business investment was buzzing before July 4th. The working assumption has been that taxes were going up since before then, too.
1985 Mercian King of Mercia - work in progress (Hah! Who am I kidding?)
Pinnacle Monzonite
Part of the anti-growth coalition0 -
I thought most of them usually managed to avoid paying any, by using services of someone like your good self.😉
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Actually thats a bit of leftie myth. The top 1% of earners pay 30% of income tax. I work for a multinational so not my doing in any event.
"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
My original point point was that Labour's attempts to extract more tax from the very wealhy and non-doms will have the opposite effect overall. See the first link in my post above which estimates it will, reduce the tax take by approx £1bn pa overall.
It's happened before but unfortunately lefties don't learn.
"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
I think "broadest shoulders" is likely to include most of us on here. The rest is all guesswork until the budget. £1bn is a rounding error in the overall tax receipts of £1trn so I doubt we'll ever know
1985 Mercian King of Mercia - work in progress (Hah! Who am I kidding?)
Pinnacle Monzonite
Part of the anti-growth coalition0 -
However it seems strange that when the righties were in charge despite the billionaire’s not leaving, the economy tanked. 🤔
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Point is, they were tyring to raise more revenue but are very likely to reduce it. This is just one 'revenue raising' initiative which takes no account of the human reaction to tax rises. Wonder how many others will fail? Having tied one arm behind their backs by promising not to raise rates of income tax, NI, VAT or corporation tax (the largest sources of tax revenue), they are now scrabbling around trying to get more money from peripheral sources, thus setting themselves up to fail.
As for broadest shoulders, yep most of us are the enemy now...let's see what they will try to hit us with on 30th October.
"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
That's not the issue here.
"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
Just want to say that they also said they wouldn't scrap the heating allowance. Everything is on the budget table.
The above may be fact, or fiction, I may be serious, I may be jesting.
I am not sure. You have no chance.Veronese68 wrote:PB is the most sensible person on here.1 -
maybe you missed the point that the telegraph is demonstrating it's hypocrisy and also making unsubstantiated claims
my bike - faster than god's and twice as shiny0 -
Which specific points do you think are untrue or incorrect?
"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
poor attempt at changing the subject
my bike - faster than god's and twice as shiny0 -
I am genuinely worried labour have caught the "treasury brain" they were so scathing of out of power.
They did genuinely seem interested to campaign on growth - indeed that was the major tenant of the election.
UK spending will grow automatically, and unless the economy grows it's a problem, and clearly the tories ran the budget very aggressively and there are gaping holes.
The worry is labour end up doing what the Tories did 15 years ago which laid the path for the 15 years of stagnation. The demographics are considerably worse now than they are then so now is not a good time to start hurting growth because the treasury refuses to consider anything beyond first order costs.
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Nope, it's the same subject, I'm asking you what you think is incorrect. Poor attempt to avoid a question.
"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
I don't know much more than what I can listen to and parrot, but I was quite persuaded by an IFS economist (I think) who argued that the fiscal rules were pretty arbitrary and didn't distinguish enough between capital spending and everything else.
Thoughts? (Please don't post a chart though)
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The UK is probably big enough that it doesn't really matter. Most capital projects aren't going to make much difference to the budget. For example, a school* might last 30 years, but there are lots of schools, so every year some schools will need to be built. That's capital spending, but it's also something that's going to happen every year, so can't really be ignored or put in another bucket.
Equally things like education and health are ongoing expenses; however, healthy educated people help the economy, so again there is not much difference.
*These are actually paid for by local authorities, but don't quibble over the point.
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The difficulty is the fiscal rule around debt shrinking as a percentage of GDP at the end of a five year period. It means that plans are put in place for debt to be forecast to shrink in the fifth forecast year, and then next year, there are plans for it to fall in the fifth year etc.
If it isn't taken seriously, and just as a technical hoop to jump through, it can't do what it was supposed to, and just produces unrealistic plans that then can't happen. You can't plan for long term spending, because that might affect the position in 5 years, but you can do anything for the first three years into the future (as long as it can be forecast to meet the other rules).
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Okay, so I can follow this so far.
I think possibly the discussion was around things like HS2 (was around the time it was scrapped), transpennine links, airports, that sort of thing. I certainly think that long needed refreshing of energy and transport infrastructure spending would be non negligible even on the scale of the UK economy.
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