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Politics

What other ways could Rachel Reeves have raised more money?

396 replies

Katypp · 01/11/2024 19:55

As a former small business owner (thankfully former!), the additional costs would have crippled our company.
But according to some posters on MN, we should just have sucked them up from our profits and if we could not afford to do so, should not have been running a business in the first place. If only life were as simple as some (who clearly have never run a business) seem to think it is.

Anyway, I wondered if any other posters would like to contribute to a thread of suggestions of alternative ways money could have been raised. Specifics if possible, not general Tax The Rich type posts.

I'll go first ...

  1. Restore employees' NI to the level it was before Jeremy Hunt tinkered with it last Budget. We've only had the uplift a few months so the pain would be minimal
  2. Get rid of the pension triple lock and put pensioners on a level footing with other benefits increases.
OP posts:
frostywhite · 01/11/2024 22:59

stargirl1701 · 01/11/2024 22:31

Just flaming well raise income tax.

I have to agree with this. Unpopular, maybe, but at least everyone
(well, most) then bears the burden so it would at least be universally unpopular! And just a penny increase would bring in billions. This targeting of individual groups who are not their voters (agriculture, pensioners, private schools, businesses) is so blatant - everything feels so tribal now with everything being us v them.

I'm not a fan of the tories, and I'm glad they're out because they deserve to be, but I can't get at all excited about what we have now.

SpoonHeader · 01/11/2024 22:58

StarDolphins · 01/11/2024 22:49

The 1p saving on draft beer has sorted it. Rach has it covered for voter confidence! Nothing else matters.

I agree with PP. massive welfare/immigration overhaul but more importantly, don’t chuck more money at a very, very wasteful NHS. Overhaul & streamlining of this would save millions.

Edited

There is a lot of waste with grants also. I saw a list on Twitter, research into the most bizarre things and we fund it.

MarvellousMable · 01/11/2024 22:51

tax on foreign investors and offshore billionaires extracting dividends and interest from the uk - currently tax free - absolute disgrace

StarDolphins · 01/11/2024 22:49

The 1p saving on draft beer has sorted it. Rach has it covered for voter confidence! Nothing else matters.

I agree with PP. massive welfare/immigration overhaul but more importantly, don’t chuck more money at a very, very wasteful NHS. Overhaul & streamlining of this would save millions.

StarDolphins · 01/11/2024 22:47

MichaelandKirk · 01/11/2024 20:01

Look at the out of control welfare bill and address the 1000’s of people coming in illegally. What has happened to investigating the nail bars and barbers demanding cash only?

THIS!

EmmaOvary · 01/11/2024 22:46

A refund from Michelle Mone.

maudelovesharold · 01/11/2024 22:46

She could have looked through Vol. 1 of ‘Unpopular Taxes of Yesteryear’ for inspiration. Perhaps a re-introduction of the Window Tax.

Mlanket · 01/11/2024 22:45

Just flaming well raise income tax.

thresholds have been frozen for years & wages are crap. Plus it doesn’t help younger people as it doesn’t target wealth.

NeverDropYourMooncup · 01/11/2024 22:45

Buttons0522 · 01/11/2024 20:10

Reforming the welfare state. Ensuring that those who could be contributing to the state, are doing so. When I worked in retail as a student I had colleagues who would not accept overtime because it would take them over (I think?) 16 hours and then their benefits would be impacted. Make it make sense!! It is not a popular opinion (but sometimes the truth hurts) but head to any home bargains or high street on a weekday to see the masses of economically inactive who are taking far more than they are contributing. Honestly, if you don’t believe me, just pay a visit and you will see.

That stopped with the UC rollout. So you're several years out of date.

Mlanket · 01/11/2024 22:44

A lot of you just want more austerity

Which worked so well 🤔

Mlanket · 01/11/2024 22:43

Get rid of the pension triple lock and put pensioners on a level footing with other benefits increases.

Er look at the outrage over WFA, there would have been a revolt!

SpoonHeader · 01/11/2024 22:34

Council tax means that nobody is ever a land or home owner, everyone is a renter.

AnneElliott · 01/11/2024 22:34

Online sales tax so that the gap between profitability of actual retail shops and online giants is smaller.

Find a way to tax Amazon and others on their activites in the UK.

MotherOfRatios · 01/11/2024 22:32

Everyone saying stop topping up UC and such you do realise that would mean employers would have to pay more?

We are underpaid in the uk if you don't want employers paying more NI then they certainly won't pay more...

A lot of you just want more austerity

stargirl1701 · 01/11/2024 22:31

Just flaming well raise income tax.

BibbityBobbityToo · 01/11/2024 22:30

Scrap employee NI and put the lot on income tax to to put the burden on all and not just those in employment (e.g rich kids, early retirees, rich pensioners.

Scrap Council Tax, make this a local tax based on income payable by all adults in the house. % set locally.

cowgirl42 · 01/11/2024 22:25

Rather then look at just ways to raise money how about saving it. The costs of all the infrastructure projects that have been planned and partially implemented with planning etc. All wasted money. Hs2, Stonehenge the new hospitals that are no longer being built. Money has been spent on all these for nothing to happen. Also the PPE waste.

The plan is to increase tax revenue but also increase borrowing. Doesn’t sound great to me.

titchy · 01/11/2024 22:23

Preppercorn · 01/11/2024 20:12

It's the same advice I'd give any MNer who was here telling us they were spending far more than they were earning.

Stop spending so much money. 🤷‍♀️

Only once the spending is under control should she be looking at raising more money to cover the legitimate costs that have been scrutinised.

I think the advice given to MNers is usually work more than the 10 hours a week you're currently doing to maximise your income.

Therefore - maximise income - I'd suggest an extra 2p on higher rate income tax couple with a 1p decrease in the basic rate.

username7891 · 01/11/2024 22:21

Stop topping up wages. That would save a fortune in UC. A proper wealth tax. Tax large businesses.

Greenbike · 01/11/2024 22:17
  1. 10p on fuel duty, followed by restoring the annual escalator.
  2. Scrap stamp duty and council tax and replace them with a 1% annual tax on house value. This would raise about £30 bn extra, more than enough to cancel the employers NI hike. It would also incentivise people in houses too big for their needs to sell up, producing a much more efficient housing market.
TheNuthatch · 01/11/2024 22:16

Reverse employee NI cut
Add 1p to income tax across the board
I think they could have still won the election if they had pledged these changes instead of pretending they didn't need to raise taxes.
NHS is a bottomless money pit. We need to start introducing charges.
1p off a pint of beer is an expensive and pointless insult to struggling pubs.
I also think some of the spending has been crazy. Particularly the carbon capture project and the train drivers pay increase. I don't want to see farmland covered in solar panels, they should insist that all new buildings are fitted with solar panels instead, paid for by the developer.

Katypp · 01/11/2024 22:09

Wilma55 · 01/11/2024 21:09

Scrap the £10 Christmas bonus.
Make working pensioners pay NIC.

Yes to both of these, although I suspect scrapping the £10 would cause an outcry completely out of proportion to its value ( as always happens).
Unpalatable though it sounds, I can't help feeling one of the key ways to raise money has to be closer scrutiny of pensioner benefits and freebies, especially given to younger pensioners.

OP posts:
Wilma55 · 01/11/2024 21:09

Scrap the £10 Christmas bonus.
Make working pensioners pay NIC.

1dayatatime · 01/11/2024 21:05

Not spend £21 billion on unproven carbon capture.
Make WFA taxable rather than limit it to those in receipt of pension credits thereby triggering a rush of people to sign up for pension credits and costing more than it saves.
Penalties or deposits for missed doctors appointments
Sugar tax.
Reverse the NI cut
Bit late now but increase the state pension age by 3 months each year rather than a two year period being a cliff edge change. Also generates savings quicker.
Increase tax on alcohol sold in supermarkets and reduce tax on alcohol sold in pubs to bring them more into line. Thereby reducing the £28 billion cost of treating alcohol related illnesses and keeps pubs open.
Local authorities and landowners profit share on the uplift in value from planning permissions for large developments.
Tax on online retailers to bring them into line with high street shops business rates.

Harvestfestivalknickers · 01/11/2024 20:40

Increase income tax. I worry placing the onus on employers to pay more will stifle desperately needed economic growth.
I can afford to pay more as an older person and as much as this may be unpopular, my parents (in their 80s) can afford to pay more, my ILs (in their 70s) can afford to pay more. I appreciate not all pensioners can, but there are alot that can. I think we have to concentrate on growth and helping young families. Make work pay, all this nonsense about not working more than 16 hours, is again, stifling growth. We have to be more productive and make working more hours pay. Increase the personal allowance.
NHS - mandatory prescription reviews every 6 months. Focus on outcomes, don't scan, test, operate just because we can. Allow people a dignified exit rather than intervening just because we can.
Welfare - not sustainable in its current form. Don't allow people to remain on welfare with MH/Anxiety if they refuse to engage in their recovery. Think of a staggered reduction in benefits after a certain period of time.