The UK has borrowed too much money, has a massive debt - £105 billion goes on paying our debt interest

First half 2024 was better than now.

Be careful @ sosolong, you'll be accused of being anecdotal like I was when I said all my friends did this.

Debts have to be compared to assets. We can say some of the richest people in the world are really far in debt based on loans they have, but that would paint an incomplete and very distorted picture

There have been on-going conversations around how the very wealthy get around taxes by holding assets that are only taxed on selling them and borrowing money against their value at a very low interest rate. That's similar to what governments do - making loans with each other against their assets, but between their interest rates have been slowly going up and political desires to use debts as a rallying cry, questions have arisen on debts.

Many alternatives have been given to cutting benefits for disabled people, including from some of the ways income has been raised in generations past (with the recent conversation in increasing defence spending, some people have brought up what Keynes proposed back in 1941...). The proposals I'm most fond of tend to be those of less tax benefits, like the government having one rate of pension tax relief, rather than paying wealthier people more.

Do we as a "Government" lend money to other countries?

Yes, governments lend money to other countries, among other places. Loan to be paid are a form of assets that governments have been using to make money for centuries. There are a lot of complaints around some of the loans that've going on for that long...

You can look at UK lending to other governments here: https://www.gov.uk/government/collections/uk-lending-to-national-governments

It has trillions in assets and treasure. Why not sell some of these?

I think they're likely wary of that after what happened with the gold reserves and the controversy still around that so many years on.

I've heard a few eccomists on this, and rich countries having debt is normal.

It was on the news today that MPs have got a wage increase Ninety odd thousand then they have expenses how does paying them such a ridiculous amount help the national debt or anything apart from the MPs cozy lives

And that's before you look at frozen tax bands

25k in the early 00s is the equivalent of 31k in 2020 & 47k today.

Because whilst they may have had recent inflation beating rises many are still earning less then they should because of years of wage stagnation.

gas certificates and boiler services, repairs and maintenance

These are tax deductible expenses.

I don't want them paid less. Why do you assume I do? I just don't think another above inflation pay rise can be justified.

House prices in expensive areas are already stagnating, many flats in London have hardly increased in value since Brexit. There are a lot of houses for sale - I think the highest number in a decade.
In the next 10 years the generation who own the most houses are going to start dying and many predict there will be a glut of supply which will depress prices.

I'm already paying 40 percent tax on my rental income. How much more would you think is reasonable considering much of it goes on the mortgages, insurances, gas certificates and boiler services, repairs and maintenance? I do realise I'll get some capital growth as house prices rise.

Yes, definitely gangbusters.

https://www.bbc.co.uk/news/live/business-68680004

Didn't the OBR say the economy was going gangbusters before RR took over?

@Annajones101 😆 Build more council housing then but the answer isn't just to only have rich people in cities...

I'm quite a few years away from pension yet, but I recognise intergenerational inequality. It will be much harder for my children to afford a house than it was for me, therefore I'm going to gift them substantial deposits to help them. What I'm not going to do is leave that money in my account to be taxed to the hilt after my death.

@caringcarer why do you want them paid less?

So you don’t understand how the economy works. Subsidizing rents just keeps wages low.

Public servants got an above inflation pay rise by RR along with civil servants in her autumn statement. Why do you want them being paid more?

All my friends, every single one have helped their DC get onto the property ladder with gifting deposits, helping to either look after DGC or helping with nursery fees

All the old people I know are millionaires ergo all old people must be millionaires 🙄

Or people who can't afford to live in London without claiming thousands in housing benefits move to cheaper areas of the country. I couldn't afford to live in London so why should I be paying so much tax so others on thousands of housing benefits can?

Yes, because London doesn't need carers, nurses, paramedics, retail workers, etc.

How many people do you think you are paying for?

Or people who can't afford to live in London without claiming thousands in housing benefits move to cheaper areas of the country. I couldn't afford to live in London so why should I be paying so much tax so others on thousands of housing benefits can?

Exactly. The areas to target first are the areas of the highest cost, and especially areas with fast growing costs. Like pensions, disability benefits etc.

It's why RR was utterly stupid and wrong to go after low hanging fruit like IHT on farmers, winter fuel allowance, VAT on private school fees - they're mere drops in the ocean and caused their popularity to plummet for no discernable affect on the deficit nor national debt. Basically chicken feed.

She needs to be bolder. But she's not got the balls to do it.

Older people are not all slow to recognise younger people have a hard time. All my friends, every single one have helped their DC get onto the property ladder with gifting deposits, helping to either look after DGC or helping with nursery fees and both I and DH both gift my DC £2k each every year as well as paying for holiday and buying DGC shoes and passports. We also send money every month to my niece at uni because my sister can't afford to give her much. Stop trying to make it sound like all older people are selfish and mean with their money.