Keir Starmer at it again..

[Elephant Pyjamas]

Budget tomorrow, hope they remember us old un’s did our 40yrs plus in the ‘working people’ trenches.

I think you've done OK all things considered compared to the young now?

 

[ROVERT47]

I think you've done OK all things considered compared to the young now?

Fuck me you never give up, I was young once, have you never heard of Thatcherism, you haven’t got a clue.

 

[EpsomWolf]

Fuck me you never give up, I was young once, have you never heard of Thatcherism, you haven’t got a clue.

That’s not a trump card unfortunately, he’s made a very valid point.

The young of today will not get the same rewards for the same amount of work. It won’t be possible to retire with enormous equity from a house-buying journey spanning say 40 years. There will be no such thing as a final salary pension scheme, they won’t be taking big fat tax-free lump sums at 55 and travelling the world or even thinking about retiring on a state pension at 60 and 65.

In fact, never mind the same rewards for the same amount of work, they won’t even get them for harder work. They’ll never see overtime at time and a half, double-time on Saturdays or treble on Sundays and Bank Holidays. They won’t know what a 37 and a half hour week is, and all the aforementioned retirement, huge equity and pension-pot stuff a pure fantasy. They’d be absolutely overjoyed in the knowledge there was security from plentiful, quality social housing stock for anyone with fewer resources too.

Thatcherism hurt a lot of people and it would be foolish to underplay the impact of that, but the post-Thatcher decimation of workers terms and conditions that has been a tough pill for those seeing themselves go backwards swallow, is actually the starting point for the young of today. They don’t get any of the advantages older people once had who spend a lot of time resenting what they’ve lost. I know not all pensioners are doing well but millions who have done nothing special other than go to work and try and get by, EXACTLY the same as young people today are doing, are relatively speaking, fucking minted.

Every generation with have challenges on its journey but this is the first generation with outcomes likely to be significantly worse that its predecessor and I think we need to acknowledge that.

 

[ROVERT47]

 

[sycophantia]

That’s not a trump card unfortunately, he’s made a very valid point.

The young of today will not get the same rewards for the same amount of work. It won’t be possible to retire with enormous equity from a house-buying journey spanning say 40 years. There will be no such thing as a final salary pension scheme, they won’t be taking big fat tax-free lump sums at 55 and travelling the world or even thinking about retiring on a state pension at 60 and 65.

In fact, never mind the same rewards for the same amount of work, they won’t even get them for harder work. They’ll never see overtime at time and a half, double-time on Saturdays or treble on Sundays and Bank Holidays. They won’t know what a 37 and a half hour week is, and all the aforementioned retirement, huge equity and pension-pot stuff a pure fantasy. They’d be absolutely overjoyed in the knowledge there was security from plentiful, quality social housing stock for anyone with fewer resources too.

Thatcherism hurt a lot of people and it would be foolish to underplay the impact of that, but the post-Thatcher decimation of workers terms and conditions that has been a tough pill for those seeing themselves go backwards swallow, is actually the starting point for the young of today, they don’t get any of the advantages the older people once had who spend a lot of time resenting what was lost. I know not all pensioners are doing well but millions who have done nothing special other than go to work and try and get by, EXACTLY the same as young people today are doing, are relative speaking, fucking minted.

Every generation with have challenges on its journey but this is the first generation with outcomes likely to be significantly worse that its predecessor and I think we need to acknowledge that.

Some of this is valid, but there are a lot of older people who couldn't take advantage of the 'benefits' you mention.
The main issue for younger people is housing obviously, it is much more expensive than when I was young in real terms. However opportunities for youngsters are much more available. Hardly anyone went to university among my peers, just wasn't an option.
I'd be interested to see what the average salary is currently compared to 40 years ago when adjusted for inflation.
As much as I dislike the necessity for a minimum wage, there is no doubt that has helped people in the lower end of the wage market.
I'm not at all saying young people have it easy, not by a long way but you have to balance their current problems with a different set for older people. We don't all have 50,000 per year company pensions and large investment portfolios.

 

[Wilf Wolf]

One way of targeting those with a lot of savings would be to make changes to ISAs. Many wealthy people will have hundreds of thousands tied up in ISAs and won’t pay any tax on the income and capital growth. Perhaps limit the amount you can hold in ISAs to £200,000?

 

[EpsomWolf]

One way of targeting those with a lot of savings would be to make changes to ISAs. Many wealthy people will have hundreds of thousands tied up in ISAs and won’t pay any tax on the income and capital growth. Perhaps limit the amount you can hold in ISAs to £200,000?

One of the glaring tax omissions is CGT on a house sale. You pay CGT on additional properties but are exempt when it’s your home. Quite shocking people can make vast Capital Gain sums on their property for doing absolutely nothing other than living there and when you decide to cash in the chancellor simply lets you pocket the lot tax-free.

 

[Wilf Wolf]

One of the glaring tax omissions is CGT on a house sale. You pay CGT on additional properties but are exempt when it’s your home. Quite shocking people can make vast Capital Gain sums on their property for doing absolutely nothing other than living there and when you decide to cash in the chancellor simply lets you pocket the lot tax-free.

The problem with that is downsizing is many people’s pension.

 

[EpsomWolf]

The problem with that is downsizing is many people’s pension.

Oh yes, agreed. The ramifications adding CGT now are enormous, the impact of which is a boat all chancellors so far have decided not worth rocking.

I’ll stand by the principle though. Tax is understandably applied to gains on investment property, it just seems utterly bizarre it’s excluded from gains on property you live in. Tax free money for nothing, there has to be a morality question around that.

 

[ROVERT47]

I’m happy to show a bit of humility, I was wrong, let’s face it, I’m usually wrong on most things.
Apologies to EP.

 

[sycophantia]

I’m happy to show a bit of humility, I was wrong, let’s face it, I’m usually wrong on most things.
Apologies to EP.

Nah mate, rant on, it's what us oldies are best at

 

[Elephant Pyjamas]

I’m happy to show a bit of humility, I was wrong, let’s face it, I’m usually wrong on most things.
Apologies to EP.

I don't think you're wrong as such to be honest, but it's not black and white.

 

[Sniffer]

All this shit isn’t going to be on the news reels Rachel. Please start on the stuff we all want to hear about.

 

[Del Woppio]

That vaping duty at £2.20 a bottle is massive. I stopped about 4 months ago, but was only paying £1 a bottle from B&M, and even most of the vape shop nice ones were 3 for a tenner.

NIC's at 1.2% should be more palatable for businesses, and a small CGT increase (that should still go further imo). I don't really understand the changes to IHT so no comment

 

[Tredman]

Impressive so far

 

[Sniffer]

That vaping duty at £2.20 a bottle is massive. I stopped about 4 months ago, but was only paying £1 a bottle from B&M, and even most of the vape shop nice ones were 3 for a tenner.

NIC's at 1.2% should be more palatable for businesses, and a small CGT increase (that should still go further imo). I don't really understand the changes to IHT so no comment

Employers Allowance (a rebate on Employers NIC) is to be doubled to effectively eliminate the 1.2% increase for small businesses. It’s a tax grab from larger businesses.

 

[Deutsch Wolf]

Important to keep ramming home the message that the Tories broke everything (as they always do) - do not EVER let them again pretend that they are the party you can trust to run the economy.

 

[AndyWolves]

That vaping duty at £2.20 a bottle is massive. I stopped about 4 months ago, but was only paying £1 a bottle from B&M, and even most of the vape shop nice ones were 3 for a tenner.

NIC's at 1.2% should be more palatable for businesses, and a small CGT increase (that should still go further imo). I don't really understand the changes to IHT so no comment

IHT is going to include pensions. But i think it'll only really affect people who have big pensions left when they die and / or people passing property other than family homes to their kids. Only 4% of estates pay any kind of IHT at the moment.

 

[AndyWolves]

Summary here

Budget 2024: Key points from Rachel Reeves’s speech

Chancellor Rachel Reeves is delivering Labour’s first Budget since 2010 – here’s what you need to know.

www.bbc.co.uk

 

[lemonjelly]

tbh have always liked/valued @Sniffer giving insights to the budget, as often things are identified I wouldn't see.