Gutted about NI rise

[CarryOnNurse20]

I know we need it and we have so much money to pay off. But we have been scrimping and saving after a hard couple of years. Every penny is accounted for from pay day to pay day. I’m a nurse and my pay has been capped/below inflation my whole career. And now the NI rise means any savings etc we have made will now be gone. I’m gutted.

I suspect there will be an announcement about caps on state pension soon. However, capping that at below the 8% projected rise is not really the same as a 1.25% National insurance increase above baseline.

It's outrageous that they're presenting it as the thing they're doing to make it equitable. The 8% wage growth rise is entirely an artificial blip due to Covid and furlough and not foreseen when the triple lock was introduced. Somehow suggesting they're tough by not honouring the triple lock, or that pensioners are paying their share as a result, is disgusting.

(And still does very little indeed in relation to those retirees who have significant independent incomes.)

It will be hard for many people, but there is a flip side is using the on thr nhs which I’m sure you know is struggling and a cap on care costs at 80k means so many people won’t loose their homes etc some of which aren’t worth much more.

And what about those who's parents don't own homes?

@HollyS880

What happened to the supposed £350 million on the side of the bus or the millions we’d save leaving the EU, can that not fund this? Lol.

That was 350m a week by the way.

The problem with raising all the money from 1 or 2 targets, is that there are inevitably people who win big or lose big, depending on who the government wants to keep sweet luck.

Smaller increases across multiple areas might be a pita to implement but are more likely to achieve a result that everyone pays a little bit towards a bigger goal. Capital gains, inheritence, income, NI, dividends, trusts, over 65s income etc.

Also income tax has been frozen & my CT has also gone up.

The entire tax system needs a shake up, but unfortunately The Treasury and HMRC are incompetent baffoons (and have been for 20 years+) so they'll just make a few insignificant/easy changes around the edges and kick the can down the road, as usual.

People laughed at Phil Hammond as Chancellor "Spreadsheet Phil" but at least he tried to get a grip on things and wanted to understand how the tax/spending system worked and how changes would affect it. Chancellors before and after him have just rubber stamped whatever rubbish has been proposed by The Treasury/HMRC without even trying to understand it.

Choli

I'm sure Boris's reach doesn't extend to beyond the grave

@echt

*At the same time that year the Duke of Westminster inherited £9 billion from his father and paid absolutely nothing as it was in trust 😡. How is that a fair system?*

He employed tax lawyers. It's not unfair, just that most ordinary people don't do it. Or think of doing it.

Seriously? Just like the legal system with its massively inflated court fees isn't unfair, because the rich can afford them. Just like it's ok for state schools to be rubbish, because anyone is allowed to send their child to Eton.

@adeleh I agree 100%.

@weresouth yes I think they’re going to make NI payable past pension age. It was quite something watching pensioners go into meltdown about it, after spending many years voting in the tories and happily watching them slash and tax everyone else.

Smaller increases across multiple areas might be a pita to implement but are more likely to achieve a result that everyone pays a little bit towards a bigger goal. Capital gains, inheritence, income, NI, dividends, trusts, over 65s income etc.

Surely the deficit is so big that we actually do need it from multiple sources

I’ve just been listening to his speech and he mentioned pay rises for front line workers so I think you will be fine OP. Add a tax on wealth such as second home owners and private school fees. That would be fairer.

@sst1234 Let’s see what drivel his cabinet is made up of. A Home Secretary who is too incompetent to manage the migrant crisis, a foreign secretary who is too incompetent to manage foreign affairs, an education secretary who is…well just a clown really because the word incompetent is a bit too complementary.

You're forgetting Rishi, the financially illiterate Chancellor.

I’m not sure what you earn but hopefully it’s on the region of twenty quid a month for you and you can find a way to make ends meet.

£20 a month when a family is already struggling is the difference between new shoes for their kids, or not.

But sure, it's more important that we protect the inheritance of unearned housing wealth.

Do you support any kind of wealth re-distribution?

@weresouth

Smaller increases across multiple areas might be a pita to implement but are more likely to achieve a result that everyone pays a little bit towards a bigger goal. Capital gains, inheritence, income, NI, dividends, trusts, over 65s income etc.

Surely the deficit is so big that we actually do need it from multiple sources

Don't worry, it'll come. They're just drip feeding the tax rises so people don't notice them all. We've already had the increase in corporation tax. Now NIC. Next year, probably VAT or income tax, with the other the year after. In between, there'll be lots of "tinkering" around the edges to remove/restrict reliefs, bring more goods/services into the scope of VAT, reduce the VAT registration threshold, etc. It's going to be a very painful few years for everyone.

There are also plenty of POOR PENSIONERS in the UK.

Not all the elderly vote Tory either.
Sick of this non truth being repeated over and over.

I'm not saying I approve. I don't. The setting up of trusts is legal, but it costs a shitload to do it.

@Viviennemary

It wont be much. But it should have gone on income tax. Then retired people with large pensions would pay. Dont see why they shouldn't.

I don’t think many people will disagree with you. But I am tired of the continual nasty digs being made at baby boomers. Yes, for many of us , (but certainly not all) there has been a good financial outcome to our retirement years, we have unwittingly benefitted from a perfect storm of a post war boom, free education , good health systems, and property price increases. It has never happened before, it won’t happen again,it was an economic blip no one could foresee.

My grandparents and parents lived through extreme poverty the like of which is not seen in the UK today. And despite our comfortable financial situation now many people of my generation had a very different lifestyle when young to the expectations of young people today. My first independent home was a very grim lino floored bed sitting room in a house where I shared the Edwardian bathroom with four other people. No central heating, no phone, no washing machine, a metered gas geyser to heat water. It was very much the norm for young people. When I did eventually manage to buy my first property I paid mortgage interest of 14%. I didn’t have a car. I didn’t have foreign holidays. I lived a very modest life. And nor did most of my friends and colleagues. Like many people I was lucky enough to work in a job which eventually offered a decent pension, but I think my first teaching salary for a full time job was for something less than £2000. That is per annum, not per month!

Many people of my generation didn’t go to University, women of my generation were underpaid, discriminated against, denied basic employment rights, and many of us spent a lot of energy making sure that later generations didn’t have those barriers to climb over.

So yes, I have a decent pension, and I pay income tax on it, and I think increasing NI is an unfair proposal and it would be fairer to increase income tax. And why? Because I am from a generation who knows that the only way to move things on is for everyone to share in the burden.

Social Care is also for young disabled people and children. Why is the media ignoring this?

£86k is The value of a lot of homes outside of the southern bubble.

So poorer older people will lose their homes, still.

The 'cascade of wealth down the generations' so beloved of Tory ideology is only available if you're well off, apparently.

Meanwhile, graduate nurses are paying back student loans, paying record rents/house prices, facing increasing fuel bills, increasing food prices, dealing with shit pay and conditions.

And care workers, carers and HOPe who are 60+ will also be asked soon to start paying for their own prescriptions on top.

All those people saying "we knew we'd have to pay for Covid" etc.
You are wrong.
Imposing tax rises on us is a political choice, absolutely not a necessity.

As it happens I'd gladly pay more for the NHS but I'd prefer a tax rise for the higher rate (which I pay) so young lower earners were not so badly affected.

I don't vote Tory.

I dont agree with a blanket rise in NI. It should be tiered or the threshold raised to protect our poorest.
But I also don't agree that if you get cancer your treatment is free but dementia you have to pay if you can. illness is illness and it shouldnt be judged on how we administrate diferent health conditions regardless of age.

It should have gone on income tax.

There are also plenty of POOR PENSIONERS in the UK

www.theguardian.com/society/2019/jun/26/a-million-pensioners-in-poverty-because-of-unclaimed-benefits

I dont agree with a blanket rise in NI. It should be tiered or the threshold raised to protect our poorest.

They should, but won't happen. That would mean their voters pay more.