how will the government raise the money?

[thereiscustardinthejamtart]

I’m curious as to how the government are going to raise the money for the “£22b black hole”.

Presumably they can either cut spending or raise more money (either through taxation or growth).

They have said they aren’t going to raise income tax, VAT or NI.

They don’t seem to be going for a growth plan.

So what are we expecting to be cut, and what are we expecting to be taxed.

I assume they are looking at pensions (get rid of tax free lump sum, reduce or eliminate relief on contributions), inheritance tax, some kind of additional tax on corporations. They are already doing VAT on private education.

Cuts - winter fuel allowance. I assume reduction in university funding, arts funding. What else?

I really wish that we could scrap Trident. Unfortunately if you could find someone (suitably qualified) willing to say that Trident should be scrapped they’d probably also say that it should be replaced by other, equally or more expensive defense systems.

We should tax Chinese imports. It’s because of China that we have to keep sending submarines down to the Indo-Pacific.

No, it doesn't need explaining.

Even if this did become official policy, it would still be subject to 'creep' before long.

I think most of us would agreed that anybody who has reached 100 has had an amazing innings, so we could maybe stop spending money on them and give them a quick injection.

Then, when that becomes the norm, we start at 90; 90 is still a very long life. Then, 80 - that's still old. How long then before you get the people aged 60, or 50, who are firmly in agreement that "When I get old, I will be happy to bow out gracefully and do my bit" who quickly realise that they now already are considered old - too old to have any public money 'wasted' on them anymore...?

@Beekeepingmum
I’m elderly, a WASPI, just lost winter fuel allowance, receive reduced state pension, am concerned I’ll lose my bus pass, that my children might be affected by IHT and you propose medical treatment is considered?
What if I counter with maternity and paediatric services? Hmmm?

Cut child benefit & UC….if pensioners are expected to live on £220 a week then anyone can do it!

The government should raise the money by taxing the rich.

But nobody 'gives you' a quick injection. It should be on our own terms. I have been very clear on mine.

We know. The thread is about 'how' to do it.

A proper sugar tax!!!! Poor diet is making our nation unwell and putting more strain on NHS/social care and the manufacturers of highly processed, high calorie foods are making massive profit on it. Does not compute. Subsidise fresh produce with the tax

Because you can't. There's no difference.

Define 'millionaires'

Well, putting my 87 year old aunt who lives in social care when her brain is totally gone and she has no quality of life on blood pressure tablets for example. People have to die of something. Tbh I know that she would rather have died from a sudden stroke than the slow drawn out death she is suffering now.

Why are we not allowing the bodies natural processes to take over?

Personally what I would like to see is a law that says all domestic buildings (ie council tax qualifying ones) can only be owned by an individual (not a company at all) who is a UK citizen and physically resides in the UK for at least 6 months of the year.

It would bring prices right down, especially in London. And if foreign billionaires want to abide by those rules, and pay tax in this country, that's fine. UK citizens would also have to pay various taxes relating to them here too, instead of dodging them.

@Hatfullofwillow
"The 22 billion could be cleared, and then some, with a one off wealth tax on assets over 2 million"

That's a great idea.

This is an issue. Most people don't think it includes the middle manager in a public sector job who has just retired and lives in a 3 bedroom semi in a London suburb.

But that person has a final salary pension worth over a million in private pension terms plus a house worth over a million.

Feeds into my point above. The UK could tip into a big pharma state through Starmer and Reeves being manipulated by the health sector.

The reality is we need to cut it down over several decades by having a binding agreement with those born today. Lower taxes in return for reduced state welfare. We are probably in the worst position now.

A person with millions.

They are multi-millionaires.

I'd increase taxes on private aeroplane use, as well as raising car tax on massive SUVs and supercars. I'd also like to do something about all the luxury apartments that stay empty because people are just buying them as an investment in Central London. Huge companies also need to pay taxes in the UK if its where those profits are generated.

Agreed. I am certain that when I am old and infirm that I will need to pay for my care. I will need a fund to do that apart from my pension. I don’t think I will even see a state pension.

We need honest conversations now to allow people to plan. If they hit (private) pension contributions they will need to be able to guarantee that there will be a worthwhile state pension in 40/50 years…

Exactly.

And most people whose answer is 'tax the rich' define 'rich' as 'richer than me'.

Except pensioners got free bus pass and don’t have to pay crazy rents, many are in mortgage free homes, council homes or over 55 social houses, private pensions and if pension credit get other stuff paid for.

220 is good money when all of that is taken care of

You're clever.

Nope. It is anyone who can write a cheque for a new washing machine.