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Bozo wants to hike National Insurance to pay for social care


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2 minutes ago, Gigantic Purple Slug said:

It makes no sense to compare UK wages with those places and more than it does to compare them with africa.

The only important thing to me is wages vs. cost of living in this country.

It does as house prices are going up at almost the inverse of this

it also shows how people are being robbed 

a friend of mine graduated same time done same postgrads, he went London to work I stayed in Ireland couple decades later he comes back and shocked to find how little he was being paid compared to here

he is now struggling get mortgage family home while i have a home/land and 4 investment apartments all mortgage free

and his pension got trashed

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1 minute ago, yelims said:

It does as house prices are going up at almost the inverse of this

it also shows how people are being robbed 

a friend of mine graduated same time done same postgrads, he went London to work I stayed in Ireland couple decades later he comes back and shocked to find how little he was being paid compared to here

he is now struggling get mortgage family home while i have a home/land and 4 investment apartments all mortgage free

and his pension got trashed

Well if he'd done the same in London after 2 decades he would be mortgage free too. And how much would 4x investment properties be worth there ?

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19 minutes ago, Gigantic Purple Slug said:

If you trust the (any) government enough to hold your investments in cash that's up to you.

If push comes to shove, governments will print however much is necessary to cover their guaranties. So cash up to £85K per person, per banking licence, is pretty safe. If the state collapses, all bets are off.

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2 hours ago, Gigantic Purple Slug said:

In 2010 this website was full of people predicting that the UK was doomed. If now you think its time that the stopped clock is right. Good luck with that.

+1 

People have posted In every one of the 14 years I’ve been on this site that the U.K. is doomed, trashed, a third world country and the Armageddon is always roughly 6-18 months away.  14 years later and life is broadly the same. There is also a lot of “grass is greener” posting about other countries, when the truth is all have pros and cons. 

1 hour ago, kzb said:

What is the legal basis of the salary sacrifice loophole ?

I was assuming they claimed it to be the employer contribution to the pension, but that was just an assumption on my part.

That’s right - and because NI (and one assumes the new levy too) don’t apply to employer pension contributions or pensions in payment the money never gets Charged NI

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4 minutes ago, scottbeard said:

+1 

People have posted In every one of the 14 years I’ve been on this site that the U.K. is doomed, trashed, a third world country and the Armageddon is always roughly 6-18 months away.  14 years later and life is broadly the same. There is also a lot of “grass is greener” posting about other countries, when the truth is all have pros and cons. 

That’s right - and because NI (and one assumes the new levy too) don’t apply to employer pension contributions or pensions in payment the money never gets Charged NI

I've circled the global financial crisis.

I think this is probably the reason for much of the gloom tbh.

 

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Edited by byron78
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1 hour ago, dugsbody said:

I'm not questioning this but do you mind posting a source for that? It impacts me so I would like to check.

I assume the same applies for S&S ISAs?

Daily Mail, so approach with caution: https://www.dailymail.co.uk/news/article-9967539/Shareholders-hit-tax-hike-dividends-plan-fund-social-care.html

"But there was relief for millions of workers as the Treasury confirmed that pension funds will be exempt from the tax hike, shielding retirement savings."

Not sure about ISAs, sorry.

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3 minutes ago, scottbeard said:

+1 

People have posted In every one of the 14 years I’ve been on this site that the U.K. is doomed, trashed, a third world country and the Armageddon is always roughly 6-18 months away.  14 years later and life is broadly the same. There is also a lot of “grass is greener” posting about other countries, when the truth is all have pros and cons. 

 

 

Categorically untrue.

The UK had a AAA credit rating 14 years ago, now it's AA-.

The national debt was £500bn in 2007, now it's £2.3tn.

The UK annualised growth rate was >2.5%, now it's <1%.

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26 minutes ago, RentingForever said:

Daily Mail, so approach with caution: https://www.dailymail.co.uk/news/article-9967539/Shareholders-hit-tax-hike-dividends-plan-fund-social-care.html

"But there was relief for millions of workers as the Treasury confirmed that pension funds will be exempt from the tax hike, shielding retirement savings."

Not sure about ISAs, sorry.

Oh my goodness.

ISAs don't pay dividend tax anyway so I doubt they'll be subject to this. Pensions do so that makes things complicated.

Edit: no pensions don't. My bad.

Edited by Si1
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1 minute ago, zugzwang said:

 

Categorically untrue.

The UK had a AAA credit rating 14 years ago, now it's AA-.

The national debt was £500bn in 2007, now it's £2.3tn.

The UK annualised growth rate was >2.5%, now it's <1%.

UK GDP per capita is lagging the rest of Northern Europe now I believe, even Belgium.

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1 hour ago, zugzwang said:

Something else that's changed irrevocably since 2007. We're no longer members of the world's biggest free trade club.

I think this NI increase is to move us closer to EU social security contribution rates, so we won't be far off the EU mandated tax rates when they are equivalised.  That would help us rejoin of course.

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1 hour ago, zugzwang said:

Something else that's changed irrevocably since 2007. We're no longer members of the world's biggest free trade club.

It’s not irrevocable any more than joining in the first place was.

Indeed being out of the club is selling the benefits of the club ten times more effectively than the Remain campaign ever could have. 

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6 hours ago, Si1 said:

UK GDP per capita is lagging the rest of Northern Europe now I believe, even Belgium.

Yes the GDP per capita gap between the UK and the rest of northern Europe is getting embarrassing now, the UK is about halfway between countries like Spain/Italy and Netherlands/Belgium/Germany.

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21 minutes ago, Dorkins said:

Yes the GDP per capita gap between the UK and the rest of northern Europe is getting embarrassing now, the UK is about halfway between countries like Spain/Italy and Netherlands/Belgium/Germany.

In my view that has to be to do with UK economic policy focusing on house prices and politics rather than, you know, economic production; that and brexit disruption

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9 minutes ago, Si1 said:

In my view that has to be to do with UK economic policy focusing on house prices and politics rather than, you know, economic production; that and brexit disruption

20180425_Robot_Workers.jpg

The Ozzies can get away with underinvesting in the real economy because they've got a whole continent's worth of minerals to dig up and sell to countries that make things. What's the UK's strategy here?

Edited by Dorkins
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17 hours ago, kzb said:

I think this NI increase is to move us closer to EU social security contribution rates, so we won't be far off the EU mandated tax rates when they are equivalised.  That would help us rejoin of course.

I heard that 10 years ago on this site, still waiting

Any minute now 

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1 hour ago, nickb1 said:

Nope. Rent is exactly that: unearned income. It's a mistake to think of landlords as producing something and a tax as increasing their cost of production. 

So it won't increase your rent then.  OK let's go for it, the sky's the limit.  How many 100's of billions could be raised at no cost to anyone but landlords?

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On 13/09/2021 at 20:18, Dorkins said:

The Ozzies can get away with underinvesting in the real economy because they've got a whole continent's worth of minerals to dig up and sell to countries that make things. What's the UK's strategy here?

People are cheaper than robots !

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1 minute ago, kzb said:

So it won't increase your rent then.  OK let's go for it, the sky's the limit.  How many 100's of billions could be raised at no cost to anyone but landlords?

Total private rent bill in the UK is about £50bn pa I believe, take off the amount private landlords spend on repairs and that leaves you with £49.999bn pa.

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