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?

Not at all what I said. Feel free to have some histrionics anyway though.

They should stop benefits to people that are capable of working.
Need to bring back workhouses.

Yep, £290k and what for? To pay for lazy people on benefits.

Then our pensions and savings are going to be attacked too!

Wouldn't be a bad idea if the Government nationalised the lottery - they run it, hand some winnings over and use the rest.

If I had £40000 20 years ago and left it in the bank I would still have £40000 now.

you bought land with your £40000 20 years ago you sell it you now have £80000 in the bank

you have gained £40000 through holding that asset compared to if you didn’t hold that asset so that is a gain regardless of inflation.

If I had £40000 20 years ago and left it in the bank I would still have £40000 now

You wouldn't. Deflation.

The trouble is though the lottery funds a lot of charities that are filling gaps that the state should potentially be providing or would need to provide an alternative if the charity no longer existed, I’m thinking things like mental health support, hospices etc

It wouldn’t be worth as much as it was 20 years ago but it would still be a figure of £40000

According to Forbes there are over 2 million people in the UK who are millionaires. I think those people should be taxed more.

@candlewhickgreen can you link please?

It is getting boring, you said 2m people earned 1m plus which is different to 2m people are millionaires. So how would you tax the pensioner on a state pension in a 1m home?

It's scary, but you're absolutely right.

There are probably taxes on their way before too long that wouldn't even make sense to the common person right now, much less cross our minds.

printing money to spend isn’t a great idea. And not sure what “subsidies” you think “fossil fuel companies” are given- energy producers in the uk are all heavily taxed.

equalizing capital gains with what? Income tax?

The £22bn is an arbitrary made up figure anyway. Uk national debt is about £3 trillion

I still think a lot of assets that attract CGT are basically just a tax on inflation.

To simplify it, if you have an 'average' building now, even though its value on paper may have doubled, trebled or more in a few decades, it will still only be worth '1 building' with what you could sell it for - it's not like you could now buy three equivalent buildings with it, as the other buildings will also have increased in value by broadly the same rate, so can it technically be called a 'gain' at all?

It's being treated as though it were a single apple that you planted and then which, decades later, became a tree that gave hundreds of apples every year - that would be a true capital gain imho!

No. We borrowed the money and it was added to the national debt

Yes - there did used to be an indexation to take out inflationary gains but that’s gone now

Single mum with a baby. I just spent 6 months looking for a job after being laid off when pregnant. Did 60+ interviews. I know a lot of people in the same boat currently. Some industries are reeling from layoffs. I wasn't living off benefits either as not entitled to anything due to savings. Not worth me taking a minimum wage job though as that wouldn't even cover childcare costs let alone bills.

My point is the 9 million out of work aren't necessarily work shy or sponging. My suspicion is that our economy isn't as buoyant as the last government made out.

I have got a job now. But suspect I'm going to be taxed to high heaven with the new changes...

I said tax people who earn millions and people who have millions.

There are various ways of raising tax such as equalising rates of capital gains tax with income tax, so that income from wealth is taxed at the same level as income from work. Removing loopholes and reliefs from inheritance tax. Applying national insurance more consistently across all forms of income and an annual tax on stocks of wealth.

https://www.ubs.com/us/en/wealth-management/insights/global-wealth-report.html

This won't be popular.

But all immigration should be stopped except economic immigrants for the NHS.

People on benefits that are not disabled should be made to work as carers, road sweepers, fruit pickers, keeping parks and public places clean.

Prisoners from abroad need to be deported immediately.

2 kid policy only.
Unless natural conception of triplets etc.

Nationalise trains, buses, utilities, gambling.
No big bonuses for anyone in top jobs of these industries.

Anyone that commits a crime even shoplifting - benefits stopped for 6 months, get thrown out of their council homes if they live in one.

Pet ownership - limit it.

You can only have a car if you have a driveway.

Schools need to be within walking distance.

Stop wasting NHS money on people that have caused their own health problems.

No street lighting.

Stop grants for religious places of worship - we've got enough already to cater for everyone.

Stop all religious schools - religion should be taught at home and on the weekends.

FYI - I believe in God and don't even talk to aethists if I don't have to.

Stop bonfires, barbeques, fireworks.

Close all high street shops and knock down and make it into housing.

Barbers, nail technicians, car wash foll need to have licenses and a British passport - tax their earnings.

Make drugs legal - let the losers ruin their lives but make sure we get the tax on it.
Don't treat them when they end up in hospital.

Time to get tough.

Child benefit is £103 a month...

Welcome to dystopia.

It wouldn't be dystopia it would be the opposite of dystopia. It would be utopia.

Indeed.

I've helped some families with their benefits forms and unless you happen to have children (birth rate has fallen dramatically in this age category, particularly for teens), under 25s can claim very little. Eligibility is also much more stringent across all age categories than in the past.

From what I've read our biggest bills are coming from social care, especially for the elderly and working age disability payments (particularly as the pension age is increased). There are also some legacy benefits people seem to be still getting which are very generous.

Your post comes across that you think that most young people are lazy and entitled but people aged 18 - 22 are eligible today for a lot less than 10+ years ago and they're also disadvantaged in many other ways. Not sure they're the ones who are costing us a lot or able to help us with our massive debts realistically.

People on benefits that are not disabled should be made to work as carers, road sweepers, fruit pickers, keeping parks and public places clean.

From the outset, that would cause a huge amount of trauma to some of the most vulnerable people in society. So, so many people with severe disabilities are told by the government, the authorities, assessors, everybody really, that they are just lazy and 'not really disabled'.

I think they will increase the eligibility for PIP and DLA. We spend a lot of money on this. It will be for those with complex disabilities only.

I agree with most of this. Pet ownership though, why should it be limited?

I think that the 40% tax relief on pension contributions will be axed. It’ll be the Basic Rate for everyone. Assuming not too complex to administer