Active discussions

Please or to access all these features

Talk
AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Is there money to do what Labour wants to do?

243 replies

AutismHelp1980 · 05/07/2024 17:15

The majority of us are feeling optimistic today and we should!

However my concern is, is there the money to do what Labour needs to do? I keep thinking back to Gordon Brown selling off our gold!

OP posts:
Thread gallery
5
AGodawfulsmallaffair · 05/07/2024 18:21

Of course not.

TonTonMacoute · 05/07/2024 18:20

LaurieFairyCake · 05/07/2024 17:59

Yeah once they drop Rwanda and national service and paying all their mates money

Should be fine 👍🏻

We haven't actually spent any money on national service, so dropping that will save Jack shit.

They are planning to spend trillions on net zero but they have absolutely no idea where the money will come from.

SkippysEar · 05/07/2024 18:18

Labour are hopeless with money. Those with a memory can recollect 2010 and the note they left for Cameron.

Im sorry theres no money left.

Give it 5 years.

spuddy4 · 05/07/2024 18:14

SinkingVoter · 05/07/2024 17:30

They barely said they would do anything in the manifesto. Though I imagine people are expecting them to do much more than they have actually committed to.

This. Can't break pledges if you don't actually make any.

MojoMoon · 05/07/2024 18:11

You do not understand why governments hold gold reserves.

Gold (of which the UK government still holds significant reserves) are held mainly for precautionary reasons – to intervene in currency markets to stop a run on sterling.
But gold is actually poorly suited for this task because, large proportion of global above-ground stocks is still held by governments.
Any attempt to sell off large amounts quickly in order to be able to intervene in a currency risks driving down the world price.

Gordon Brown didn't sell the gold to spend it on public services but to pay down higher interest bearing national debt and to swap it for holding more liquid and yield bearing assets which would be easier to sell in a crisis.
Gold doesn't pay you a dividend - it sits there costing you money to store it
There were perfectly sound reasons for Gordon Brown to sell some of gold reserves. Yes, the price of gold later rose but what does that matter if you propose never selling it? It's just sitting there, costing you money.

Running the Treasury isn't like running your household budget.

MissyB1 · 05/07/2024 18:01

bluejelly · 05/07/2024 17:57

Personally I'd rather pay more tax for good quality health services, social housing, education, policing, probation and social care. I'm a higher rate tax payer and feel under-taxed. I'm sure I'm not the only one.

(Just to be clear I don't think lower rate earners should be taxed more, far from it...)

I also think corporations need to be taxed more effectively - it's not right that massive companies like Facebook are able to dodge tax when they make so much money in this country (and do little social good).

Agree, We are higher rate tax payers (well dh is, I earn minimum wage). But dh says he would happily pay more tax for improved public services.

LaurieFairyCake · 05/07/2024 17:59

Yeah once they drop Rwanda and national service and paying all their mates money

Should be fine 👍🏻

edwinbear · 05/07/2024 17:59

No, there is a massive black hole, soon to be plugged by raids on our pensions (decreasing the tax relief rate) and increases to CGT, IHT, council tax etc etc. Basically, any tax that isn't income tax, NI or VAT.

Firstcoffeeofthedayisthebest · 05/07/2024 17:57

What have Labour said that they are going to do?

The Tories were going to bring in national service at a cost of 2.5billion. Where was that coming from? The Rwanda plan, where was the money coming from?

Have you read Reforms manifesto? Where was the money coming from,

bluejelly · 05/07/2024 17:57

Personally I'd rather pay more tax for good quality health services, social housing, education, policing, probation and social care. I'm a higher rate tax payer and feel under-taxed. I'm sure I'm not the only one.

(Just to be clear I don't think lower rate earners should be taxed more, far from it...)

I also think corporations need to be taxed more effectively - it's not right that massive companies like Facebook are able to dodge tax when they make so much money in this country (and do little social good).

mrandmrsrobinson · 05/07/2024 17:56

You will never know

MissingMoominMamma · 05/07/2024 17:35

I doubt they’ll be wasting money on duff contracts like some of the last Tory leaders did. Hopefully, given time, they’ll start to repair some of the damage done.

Martinii · 05/07/2024 17:31

Let's hope so. Labour appear to have a money tree, without raising taxes, so we'll see...

SinkingVoter · 05/07/2024 17:30

They barely said they would do anything in the manifesto. Though I imagine people are expecting them to do much more than they have actually committed to.

SpudleyLass · 05/07/2024 17:29

Nope.

Yer they claim to not plan to raise taxes.

Ryeman · 05/07/2024 17:29

Actually the ‘majority’ of people didn’t vote labour so are maybe not feeling that optimistic. I’m one of them, but recognise change was needed so let’s see how it goes.

ladykale · 05/07/2024 17:28

No... but they will try to tax us all within an inch of our lives to try to do so (well those of us who don't leave the U.K. of course)

Hoglet70 · 05/07/2024 17:19

Probably not but it wont stop them.