Labour isn't working - Thread 5

[TheNuthatch]

A chat thread for those who don't like this Labour government. Labour isn't working!

The problem with socialism is that you eventually run out of other people's money.

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@DenizenOfAisleOfShame he's such a Weasle that Starmer I can’t bear his mealy mouthed nonsense. However as an observation can’t wait to see Corbyn and Sultana crack on especially with the trans debate etc
as a side note I didn’t have a demo with the flute player it was in the town virtue signalling as ever

I’ve just read a post on X (@CutMyTaxUK), claiming that they are looking into possible plans to impose capital gains tax on the sale of homes - the post claims that if you are a higher rate tax payer, you would pay 24%. And if you are a basic rate tax payer, it would be 18%. So you sell your home, have a huge chunk of the profit effectively creamed off by the government, and then pay full price plus stamp duty on the home you purchase. Who in their right mind would choose to do that? People will just choose not to sell, and the market will stagnate. It just gets worse with every day that goes by.

I think that CGT on a main residence would be very difficult to introduce, unless they maybe introduced it for houses changing hands after a certain date to give everyone a chance to keep hold of all the necessary paperwork.

We've had 2 big extensions, a new kitchen, 2 new bathrooms, new utility room, landscaping and more done since we moved into our house almost 20 years ago. All of those costs should be taken into account when calculating any gain, but it’s unlikely that we’d have complete records of all the spend.

I’d imagine lots of other people would be in similar positions.

And they would have to very carefully decide what could be taken into account. Decorating? It can increase the value of a house. What if you are in an house for 40 years and replace your kitchen twice during that time - can you deduct the cost of both kitchens, or only the final one? And what if you are a builder, or even a good DIYer and do work yourself - is the “cost” of your own labour a tax deductible?

Economists will hate this idea - they already hate
stamp duty - moving (like employer pension schemes) is already too expensive and keeps people in inappropriate homes for them in areas where their skills don’t line up to what’s available so they can’t chase higher wages jobs…

but would it surprise me from labour? No….

The only way to make life affordable is for wage growth to surge - strangling the house market is a big barrier to that…

13 months of Labour in office. This is what they’ve done to the UK’s 30-year gilt yield.
Now remind me what happened when Truss spiked the gilts???

Labour have done this 3 times in 1 year....

Good morning.

Inflation rises from 3.6% in June to 3.8% in July. For comparison, USA 2.7%, Germany 2%, France 1%.
Food inflation rises from 4.5% in June to 4.9% in July.

The Chancellor?? "More to do".

Further faster........

Wasn't Truss ousted when they peaked at 5% as she had 'crashed the economy'?
The same rules obviously don't apply to Starmer.

Yep

Not one bloody good idea they’ve had not one. Very interesting that chart @twistyizzy about 3 spooks in a year with no ousting mind you who are they going to oust and who comes in. Atkeast Rishi was intelligent these muppets not so much - there are too many not very bright people with too much power

Hi all, so glad to have found you all. I was starting to think there was nowhere on MN where I could complain about labour.

I keep saying this but I think if Tories hadn't self imploded then Rishi would have been a good PM. Unfortunately he was a back stop for a dying party and wanted to lose the election.

Welcome aboard. Complain away, you're in good company 😁

Welcome 😄

Agreed 👍

On inflation, I've noticed a few headlines talking about the rise of inflation generally, 3.8% which cite the rise in airfares as a casual explanation. Such as in the headline at the BBC right now.

But while it is technically true that the rise in airfares is a leading factor, it has the effect of missing the important picture because anyone taking flights in the summer holidays is operating at a level of comfort where increases are shruggable.

I really think it's the rise in food inflation that bites the hardest because it impacts a primal need and hurts the poorest the most. It's also the most observable - the increases are felt week on week.

The governments inflationary policies are a significant catalyst of food increases-( increasing minimum wage, increasing ni), and we know this because food inflation was dropping back to the usual 2% before these policies were known.

'Putting more money in people's pocket' is worthless when that money is worth less with each passing month and food insecurity remains stubborn.

I can't link as its paywalled, but in construction news this morning May-July new contracts awards has fallen sharply by 26%. This will feed through to growth figures in the coming months as less projects start.
Recent growth figures showed a slight boost in construction, but delve deeper and it was due to a rise in repair work. Crucially not due to new contracts.

Construction companies are definitely struggling - they are the hardest hit by insolvencies over the last year. Again, hobbled by inflationary policies

Construction industry leads company insolvencies in UK https://share.google/lakux7Mq2w6UDaRxG

@TheNuthatch but but but all the new homes the eleventy billion new homes
@D23456789 welcome complain away
putting more money in peoples pockets is the more shit slogan I’ve ever heard. It’s so asinine patronising and pathetic- like pocket money in a kids pockets.

186,000 homes built 24-25. Just 1.314 million to go Rayner.

Yes, its really tough at the moment. We're really feeling it at the moment as there isn't much work around. DH is usually un-flappable, but right now he's flapping.

It is patronising, you're right. As if we won't notice rising food prices etc 🙄

I hope there's better news and work coming down the pipeline @TheNuthatch The thing is, there's so much that needs to be done that the shrinking industry and lost skills from those who cannot survive this hump will become its own bottle neck. It's madness.

Same here; my OH is in construction and my son is in an admin role in construction; both are expecting to lose their jobs over the next year. Hoping my OH can find something else before he retires but its stressful.