Who exactly is a 'working person' according to Labour?

[diy_fun_uk]

They were trying to define working class without calling it working class.

It's clear that those who pay the most will be asked to pay more and those who pay hardly anything will call it "chipping in", or

Employers National insurance increase will come directly from Pay and benefits from employees of the private sector.

Labour will tax the South, to fund the North.

Yep. Because we don't have a class system any more apparently

 

[ajohn]

They were trying to define working class without calling it working class.

It's a lot of noise really as I am sure that the majority do realise the class they were referring to.

There is an aspect about taxation changes that people seem to be ignoring. Assume an old style Tory budget but no class distinction on the products who's prices change. They hit tobacco and drink Those that spend in this area will be paying more tax. It can be an effect of any taxation change where it increases. So some may crow about a factor that is obvious.

BBC outlined another aspect that over a number of years would equal at some point i time the amount gained by increasing the basic rate by 1p.. Currently income tax allowances are locked in until 2028 by the last lot. Come that time they may have found longer is needed. Labour might decide now. All relating to fiscal responsibility. Read running the state and also coping with increasing spending. All who pay tax get hit.

Who knows - they may increase min pay.

Employers National insurance increase will come directly from Pay and benefits from employees of the private sector.

No one knows if they will do that. So ok they may or will. A bloke who represents £120b already invested in the UK with loads more behind him is happy about Labour's approach. The main reason is fiscal responsibility. Sure this change may reduce pay rises or result in price increases. Much like any tax change.

The budget will include spending cuts allowing redirection to other areas and taxation changes. The IFS pointed out that wanting £X and lumping it on a single tax is not on. In practice it needs to be spread out when a significant sum is needed.

Starmer announced one change. The bus fair cap moves from £2 to £3 but with some ins and outs that will be clearer once the budget is released. I hear of some services having to be subsidised as the companies are running at a loss.

 

[Mottie]

Starmer announced one change. The bus fair cap moves from £2 to £3 but with some ins and outs that will be clearer once the budget is released. I hear of some services having to be subsidised as the companies are running at a loss.

It’s a good job that lower paid working people don’t rely on busses to get to work. Oh, wait……

 

[motorbiking]

It's a lot of noise really as I am sure that the majority do realise the class they were referring to.

There is an aspect about taxation changes that people seem to be ignoring. Assume an old style Tory budget but no class distinction on the products who's prices change. They hit tobacco and drink Those that spend in this area will be paying more tax. It can be an effect of any taxation change where it increases. So some may crow about a factor that is obvious.

BBC outlined another aspect that over a number of years would equal at some point i time the amount gained by increasing the basic rate by 1p.. Currently income tax allowances are locked in until 2028 by the last lot. Come that time they may have found longer is needed. Labour might decide now. All relating to fiscal responsibility. Read running the state and also coping with increasing spending. All who pay tax get hit.

Who knows - they may increase min pay.


No one knows if they will do that. So ok they may or will. A bloke who represents £120b already invested in the UK with loads more behind him is happy about Labour's approach. The main reason is fiscal responsibility. Sure this change may reduce pay rises or result in price increases. Much like any tax change.

The budget will include spending cuts allowing redirection to other areas and taxation changes. The IFS pointed out that wanting £X and lumping it on a single tax is not on. In practice it needs to be spread out when a significant sum is needed.

Starmer announced one change. The bus fair cap moves from £2 to £3 but with some ins and outs that will be clearer once the budget is released. I hear of some services having to be subsidised as the companies are running at a loss.

If I was Labour with their agenda, I'd pop a couple of points on Capital gains this year, then a couple next year etc. That way you don't put the brakes on people's investment. I'd extend the 7 year IHT exemption to 10 years and I'd put a bit on fuel, fags and booze. Given Labour have no support in the south, I'd lower the 12% limit on Stamp duty to £1M. I'd scrap heating fuel allowance on Leisure Marine fuel.

Next year another 1% on CGT etc. etc.

 

[ajohn]

Oh, wait……

Oh wait - lets make them completely free. Why not, surely an obvious thing to do.

 

[securespark]

According to the BBC news report I read, the definition of a working person is:

someone who “goes out and earns their living, usually paid in a sort of monthly cheque" and who can't "write a cheque to get out of difficulties".
Speaking afterwards, his spokesman sought to clarify that those with a "small amount of savings" could still be defined as working people.
This could include cash savings, or stocks and shares in a tax-free Individual Savings Accounts (ISA), he suggested.


The BBC report goes on to say:

But ministers have been reluctant to translate these comments into numbers.

The prime minister accepted that his own definition was "broad".
Those people he had in mind, he added, were those who were “doing alright” but had an “anxiety in the bottom of their stomach" about making ends meet if something unexpected happened to their family.

So there you have it!

 

[motorbiking]

The definition of a working person is someone who does some lawful activity, lets call it "work" to earn money.

You'd have thought a Lawyer might be able to define things clearly.

 

[ajohn]

Next year another 1% on CGT etc. etc.

I doubt it will be like that Starmer is saying a one budget hit. He will not say that there will not be any further rises - an honest reply really, Things can crop up eg a war did, bank problems did, covid did.

He also mentioned tax avoidance. Money has gone into that. Sometimes that includes closing loop holes as they crop up.

Hunt is screaming. The OBR have decided to release a report on the same day as the budget. I suspect it's budget black hole related. The IFS report on their period of power was far from being positive.

Interesting fact about fiscal responsibility. Seen as essential but some debate on how to achieve it. Things have to be limited to the money that is available or taxes have to be increased. Borrow and expect an eventual visit to the IMF.

 

[diy_fun_uk]

What about an average worker who's scrimped and scraped over 20 years to put some £££ away each year into an S&S ISA? So although they still work in a traditional sense, they've also built up an investment portfolio, albeit not a huge one.

No doubt Labour will be considering how they can penetrate the wrappers around ISAs ...

 

[diy_fun_uk]

So the plan appears to be some pain for the electorate in the early stages of their governing, and we then start to see the benefits of this in the later stages.

Here's hoping ...

 

[carmanmemoranda]

So the plan appears to be some pain for the electorate in the early stages of their governing, and we then start to see the benefits of this in the later stages.

Here's hoping ...

No surprise really.

We couldn't carry on as we were under the Tories.

 

[motorbiking]

I doubt it will be like that Starmer is saying a one budget hit. He will not say that there will not be any further rises - an honest reply really, Things can crop up eg a war did, bank problems did, covid did.

He also mentioned tax avoidance. Money has gone into that. Sometimes that includes closing loop holes as they crop up.

Hunt is screaming. The OBR have decided to release a report on the same day as the budget. I suspect it's budget black hole related. The IFS report on their period of power was far from being positive.

Interesting fact about fiscal responsibility. Seen as essential but some debate on how to achieve it. Things have to be limited to the money that is available or taxes have to be increased. Borrow and expect an eventual visit to the IMF.

one big hit, wont acheive the result you are looking for. People will sit on their gains and hope for a new government in a few years.

 

[motorbiking]

No surprise really.

We couldn't carry on as we were under the Tories.

You keep saying that, but you don't say what fiscal policies you didn't like.

 

[Mottie]

one big hit, wont acheive the result you are looking for. People will sit on their gains and hope for a new government in a few years.

We were thinking of selling our workshop next year. If he goes silly on CGT, we'll keep it and just rent it out.

 

[crystal ball]

If I was Labour with their agenda, I'd pop a couple of points on Capital gains this year, then a couple next year etc. That way you don't put the brakes on people's investment. I'd extend the 7 year IHT exemption to 10 years and I'd put a bit on fuel, fags and booze. Given Labour have no support in the south, I'd lower the 12% limit on Stamp duty to £1M. I'd scrap heating fuel allowance on Leisure Marine fuel.

Next year another 1% on CGT etc. etc.

No support in the South, what are all those red splodges on the election map?