Labour isn't working - Thread 13

[TheNuthatch]

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

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

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Although, I hate to be the voice of doom but one reason given why stamp duty (LBTT) is so much higher in Scotland is to collect a wealth tax payment from people who’ve made big sums on property price rises.

so other progressive govts have tried to get a slice of the equity pile - so, apeing the snp by shoving up stamp duty on higher priced homes is something we could well see. No reform needed,
mechanism already there, tick tick tick.

Could it be that certain senior members of the cabinet are assets of the CCP!

You only have to look at the picture of Reeves in China in her red dress and stance to wonder.

Was the trip to get thrown a bone of £500 Million or was it more of strategy meeting and a 'pep' talk

On sale.

Yes, most of us see the issue…

😂 I mean, no. As much as I'm here for a scandal, they're just useful idiots.

It should.

I don't keep all the receipts though. Who does?

@Nolletimieredo you think it’s enough to get her out of the budget hole?

They might actually go for the Corbyn/Sultana party. Starmer might be too right wing for them.

Honestly, no.

The flight to bonds and other havens is predominantly a function of the US regional lender stress and the debasement trade - hence the rally in gold etc and away from risk assets.

Reeves has no influence.

I completely agree this is a gift outside her competence but I’m wondering if the fall in borrowing costs will save her skin at the next budget?

I mean I hope not as she’s woeful but I value your opinion on what’s happening

From what I'm reading now, I think the hard left and the youth vote are heading over to the Greens. I was bang on calling that Polanski nutter a trotskyite. He is reading from the communist hymnsheet and getting a lot of new acolytes from Labour. It will be the Greens who will split the left vote come the next election.
I wonder if Starmer is suffering buyers remorse over reducing the voting age to 16 yet?

That's a very good point.

Thank you.

The markets remain extremely volatile - if you wish to track one index, I recommend you follow the VIX - which is the volatility index - a lot feeds into it, so it shows the broader risk on/risk off action. Elevated indicates risk off (risk assets like equities, for example).

Yesterday, and this morning, equities were sold off, and you had that pivot into bonds, for example. Now the S&P 500 futures market is broadly flat, indicating that the equities markets are calmer (hence bond yields are again slightly up, because there is less interest in fixed income).

Bottom line - Reeves is no more able to influence any of this than you or I, but a favourable bond market would give her the fiscal headroom she so desperately needs.

DH said Reeves has borrowed money from China so we're fooked

Saw an interesting clip of Martin Lewis talking about tax rises on GMB yesterday. His basic message - they all lie that we can have low taxes and high public spending; and the only tax rises that will have any impact on the public purse are income tax, VAT and NI.

they have to raise taxes on average earners to raise significant sums. They can swipe at higher earners for ‘on message’ headlines but it isn’t going to raise the sums needed…

Exactly @Rivalled . The problem with bleeding 'the rich' dry is that there are not enough of them.

They need to look at income tax. Most of my colleagues where I work are part timers by choice who earn under the tax threshold. When I say 'most' I mean in an office of 34 people, only 9 are above the threshold. (Counting quickly, so might not be exactly right, there are 2 colleagues I'm not sure about so being conservative).

Yes, I’ve got many friends and family who work part time, because they wanted to, and then are not earning as much as they’d like…

I’ve always wondered whether there was room for a tax incentive for people working 35 hours plus a week…

If Beijing were holding UK debt via bonds, I would understand that, but otherwise?

The Home Office was told last week that Israeli fans could be banned from Villa Park, police have said.

On Thursday, supporters of Maccabi Tel Aviv were informed that they would be barred from attending their team’s Europa League match at Aston Villa on Nov 6.

Sir Keir Starmer led criticism of the ban, saying: “We will not tolerate anti-Semitism on our streets.”

But it has now emerged that the Home Office knew about the plans a week ago.
In a highly unusual move, the UK Football Policing Unit (UKFPU) spoke out, saying it had briefed the Government about “potential issues”, including that “restrictions on visiting fans” was an option.

The ban followed a recommendation from West Midlands Police, which is said to have concerns about its ability to deal with potential protests outside the Villa Park stadium.

On Friday, the Prime Minister was facing serious questions amid growing outrage over the decision by Birmingham city council’s safety advisory group, which issues safety certificates for football matches.

It is a problem with income tax that whilst income is taxed - and hence the value created by your work is shared with everyone in society - with part-time working, the benefit of that leisure time accrues only to you.

To actually be fair (especially these days when so many people work part time) progressive taxation should consider your income per hour.

So someone who earns £30k for a 3 day week versus someone who earns £50k for a 5 day week would pay the same proportion of their salary in tax.

It would be pretty tricky to administer though, and especially to keep reasonably consistent with non-income taxes such as CGT and corporation tax.

Yes, a lot of the options we don’t have come down to the limitations of government data collection and IT. Added to that, there’s no link anymore between tax put in, and services or benefits received.

So the government was already aware that there were plans on the table to ban fans of Maccabi Tel Aviv, but now the government is shocked and outraged?

The plot thickens!
Apparently, the Home Office was made aware last week that Maccabi Tel Aviv fans would likely be banned.

Home Office was warned last week Israeli football fans may be banned | Politics | News | Express.co.uk

There did used to be a link, didn't there? Pensions snd job seeker allowance definitely used to be contributory. When did that link break and the era of 'prizes for all' come in?

That is interesting. So home office means Shabana Mahmood knew. Did she tell Kier Starmer? Will the truth of that ever come out?

Was there ever such a dishonest, scheming, evil government in the UK?