Labour isn't working - Thread 21

[TheNuthatch]

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

We are bracing for the budget 😬

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

Previous thread
https://www.mumsnet.com/talk/_chat/5445644-labour-isnt-working-thread-20?utm_campaign=thread&utm_medium=share

The image ☝️above is a bar chart showing pension contributions vs outcomes in different sectors. No idea why it needs review!

And that's how it comes to assertions that there is no fraud or a minimal fraud with PIP and UC.

Because there are no checks.

I am not an economist (I have a PPE degree and an MBA- so some formal learning, but not an economist.)

I believe the previous Conservative government had really born down on debt and handed over a very good position to Blair. Who got into power by promising not to overspend the first 3 years. (Then loosened up!).

I didn’t live in the UK then, so others may have a better understanding.

It’s all they know.

There will be a reckoning and a price to pay - is it any wonder at the rise of populism? Nobody will be able to object to what follows this government - they will have brought it upon themselves.

Thank you! Did the 2010-2024 Tories do similar?

I say this to everyone on this thread - IF Reeves is temporarily unable to implement adverse fiscal policy on Wednesday - for whatever reason - use the reprieve as an opportunity to mitigate/emigrate.

Do everything you can to de-risk this wretched government, because they WILL come back for more, and more.

Why shouldn't she come back to the UK when she wants to? As she explained, whilst living here she paid - and will pay - significantly more than her fair share towards the UK. Much, much more than most.

There's really no moral high ground in staying your entire life in the UK as a net taker

Well thr economy was starting to pick up when Labour won the 24 election. Obviously Covid + Ukraine had major impact but there were signs of recovery until Labour came in.

Agreed

Yep, if they have £15B giveaways in welfare then the only people who will be paying for that = us.
They will 100% keep coming back for more!

Thanks. There are some who say the Tories trashed the economy so so badly and it's all their fault.

It wasn’t trashed no, not at hand over. Inflation was low and we were growing faster than others in G7.

Had there not been Brexit at least my DC wanted to f off to mainland Europe.

DH and I are now seriously considering the gulf states

Ah yes the Labour fans. Blaming the Tories is easier than admitting the damage Labour have gone. Under Labour: Unemployment is up, inflation is up, welfare bill is up, number of small businesses closures is up, business + consumer confidence is down, government borrowing is up etc. They can keep gaslighting that this is the fault of Tories but after 18 months of being in power, most of us can see through that.

I don't think anyone is denying that Tories made mistakes and they deserved to lose the last election. They did.
Interestingly though many economists/commentators now look at Truss and say she was on the right lines, the issue was poor execution NOT the idea behind it.

And Sunak and Hunt had wrangled with inflation which Labour destroyed within weeks.

Labour are saying that to cover for their own mistakes.
The economy was showing signs of recovery post covid and Russia's invasion of Ukraine. When Labour took office inflation for example was back at target.

Mark Dowding, chief investment officer for fixed income at RBC BlueBay Asset Management

“Higher taxes are not needed in the upcoming Budget. In an economy like the UK, which already has a historically high tax burden, raising taxes won’t translate into material revenue gains, as this impairs growth and deters wealth creation. What the bond market would rather see is more action to tackle runaway welfare spending.

“Furthermore, it is possible to enact measures that save the Exchequer money and stimulate growth. The UK pays far too much for its energy, is missing out on oil and gas tax revenues and is impairing housebuilding, all as a result of overly ambitious net zero timelines.”

Thank you all for the responses.

If you or anyone wants to know anything about Dubai or want me to do any research on the ground - let me know!

Tbf a few places in Europe are struggling too. If you’re looking at youth employment rates or opportunities.

Also with UC there’s a limit on how much savings you are supposed to have. But I don’t believe DWP (yet) have access to bank balances.

My dc has f'd off to mainland Europe. Its still possible, despite Brexit. He studied there and stayed.

The Times (usually initial free or £1 a month deals
for subscription for first three months), political currency and the IFS are all great sources of economics news, the rest is money is good at times too.

Is anyone else going to the Spectator subscriber post-burger event on Weds? Looking forward to it, but also dreading it…

Rachel Reeves was interviewed by Trevor Phillips around the time of last years budget. In that Reeves said: “It’s now on us. We’ve put everything out into the open, we’ve set the spending envelope of this parliament, we don’t need to come back for more, we’ve done that now, we’ve wiped the slate clean.”

www.theguardian.com/politics/2024/nov/03/rachel-reeves-i-was-wrong-to-say-no-big-tax-rises-would-be-needed