Black Monday anyone? The tories should be in jail

[Upthebracket22]

The pound is now at its lowest point against the dollar since decimalisation in 1971 at 1.03. It’s probably going lower and the Bank of England will likely need to step in with an emergency interest rate rise today. Black Monday possibly?

All because of the mini budget on Friday. The Tories should be in jail. Especially if their rich backers were shorting the pound as it appears to get rich.

What about the borrowing?
This is probably what is fueling the huge wobbles in the city, not so much tax cuts which won't come into affect until April , but how much they want to plug the gaps by just printing off more money. The experts are baffled by this as being a sound idea. Even those who know what they are talking about are concerned by this ideology. I've hardly heard anyone saying it's a good idea.
Plus it'll have to be paid back eventually too

I got this from an article >> Who are the 1%? To make the 540,000-strong top per cent of earners you need to have £120,000 a year coming in, but to get into the smaller 310,000-strong group of the top 1% of taxpayers you need to earn £160,000

There will be footballers, some business owners, fund managers, lawyers, accountants, doctors etc for example. Which means they are paying their fair share to prop up the country.
160K really isn't a lot to be in top 1%. Regular people are keeping the country afloat - not just millionaires.

The magic money tree is very selective. It only seems to thrive for bankers and their bonuses, and Tory money-grubbing schemes. Of course they should be in prison! The word Tory comes from Gaelic and means 'outlaw' or 'robber' (derived from the Irish word tóraidhe).

@Coucous So only 300,000 people in the UK earn over 160,000 ? and they are paying 27% of the whole of the UK's income tax take ? How much does the UK Government make in income tax ?

Do you understand basic economics?

Because you seem pretty clueless about how the UK Tax framework actually works.

Hint:

When you "freeze" the personal allowance, not allowing it to be indexed to inflation.

That more than offsets the 1p cut in the income basic tax rate from the unfunded tax cuts (which are driving up inflation).

The real problem in the UK is the industrial scale levels of ignorance and a deep lack of education in the older UK native population cohorts.

Only 10% of the gain from cutting the 45p rate goes to people with incomes of £150-250k.

Two thirds go to those with incomes over £500k. That’s about 50k people = top 0.1% of UK adults.

Even more striking: almost half of total tax saving goes to ‘income millionaires’.

twitter.com/d_burgherr/status/1574321613163884547?s=46&t=CmEHVNV5wUA-J3O3rweJog

We're her 'ideas for growth' about growing the cost of living by driving up inflation, the cost of borrowing by driving up interest rates and growing our national debt and the cost of servicing our national debt by driving bond rates?

😱

I hardly think the director of the IFS is a “lefty”. Your fiscal ignorance isn’t our fault, unfortunately it’s your cross to bear.

The real problem in the UK is the industrial scale levels of ignorance and a deep lack of education in the older UK native population cohorts

I’m 59. Nearly everyone l know has a degree or higher. So not a ‘deep lack of education’ thank you very much.

deep lack of education in the older UK native population cohorts

deep lack of education in the UK native population.

There you go @BambinaJAS. Haven’t you already been deleted for ageism today? Sorry me people never learn.

I suppose the other thing to consider is that income tax is not the main tax revenue for the Government, over three quarters of the Governments income comes from other sources.

Indeed and poor people pay a disproportionate amount of all those regressive taxes.

You will have to read this website and decide - The GVT aren't good at telling us the truth.
I suspect there are more people earning that but it's possible many get tax relief But you have to be earning considerably more than 160K . . . to afford those investments allowing for that much tax relief. So some may not pay tax. . . perhaps.

Links >
www.bloomberg.com/news/articles/2022-04-06/u-k-urged-to-overhaul-tax-system-that-favors-highest-earning-1

This website says
The highest-earning 1% of adults have incomes above 130,000 pounds

The top 0.1% had incomes in excess of 500,000 pounds and accounted for 6% of all incomes

55% of the top 1% live in London and South East England, and just 20% are women compared with 15% in 2003-04

Within the top 1%, the average tax rate for wage earners was 49%. That compares with 42% for the self-employed and 45% for company owner-managers. Company owner-managers can access a rate of just 27% on up to 1 million pounds of income retained in their company

The share of after-tax income received by the top 1% has fallen from 14% in 2009-10 to 11% in 2018-19

The other link >
www.taxrebateservices.co.uk/is-everybody-paying-income-tax/
Also check the office of national statistics

> assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/974540/SPI_National_Statistics_Commentary_tables_3_1_to_3.17_1819.pdf

This paper states in 2018 - There were 26.3 million basic rate taxpayers who accounted for 83% of taxpayers and 33% of total tax. There were 4.2 million higher rate taxpayers, who accounted for 13% of taxpayers and 35% of total tax. There were 399,000 additional rate taxpayers who accounted for 1% of taxpayers and 31% of total tax.

Then > To be in the top 1% of income tax payers in the UK (i.e. to be among the 310,000 individuals with the highest income), a taxable income of at least £160,000 is required.£236,000 is required to be in the top 0.5% and nearly £650,000 to be in the top 0.1%. 43% of adults pay no income tax and to be in the top 1% of all adults (or the top 540,000 people), a pre-tax income of at least £120,000 is required.

The top 1% of income tax payers are disproportionately male, middle-aged and London-based. A man aged 45–54 in London could be in the top 1% nationally while still needing a further £550,000 to be in the top 1% for his gender, age and region. ifs.org.uk/publications/characteristics-and-incomes-top-1
This last link has a video explaining things - enjoy!

Yes we do. We (well, not me obviously, but a plurality of the electorate) voted the Tories into office. The fact that they chose to ignore 200 years of history clearly indicating whose interests the Tories ALWAYS serve is nobody's fault but their own.

I'm really sick of people who who voted Tory and/or for the Tories' Brexit (not saying you did, but the electorate as a whole) acting like poor misled little innocents about this "SHOCKING" development. They need to open their fucking eyes, read some fucking history and do some fucking research that doesn't come from the Sun or the Mail.

Actually, my DD ia an AHP, she got an approx 4% pay rise, backdated to April... Happy Days?

Nope, pension contributions also increased as Govt want an 11% yield and now she has to pay back her student loan.

Unison is balloting shortly for strike action, she'll vote YES to strike, the Govt don't care about the NHS, so why should she carry that particular can, so the super rich get a pay rise?

The older UK folks are very poorly educated.

Only 10% went to University.

Why do you keep lying to yourself?

There is a reason why they are also the cohort that is consistently always shown to be the easiest to manipulate via social media, and other mass media.

It is a SERIOUS problem. One that other European countries do not have.

Freezing the tax free allowance whilst inflation soars - well, it's a simple spreadsheet calculation to look at the impact on the tax you pay versus the tax you would have paid if the threshold had increased.

Giving with 1 hand and taking with the other hand. But relying on people not realising.

I realise

Only 10% went to University

As a metric that’s useless. Degrees have become devalued in the last 20 years and many graduates are now doing jobs for which a degree is unnecessary. Many older people without degrees are more literate, better read and better informed than younger generations. Some of the people I know with degrees are completely lacking in common sense and seem incapable of logical thought.

Your incessant ageism is very tiresome.

Blimey @BambinaJAS

I am always entertained when people simply repeat the original assertion in response to a critique and throw in a few insults! Funny.

Sorry meant to add - So those in the highest tax bracket are paying 27% of less than a quarter of the Governments income from taxes, which doesn't quite sound as heroic as 27% of tax, which is what I think some people would like you to believe.

Unison is balloting shortly for strike action, she'll vote YES to strike, the Govt don't care about the NHS, so why should she carry that particular can, so the super rich get a pay rise?

They are not getting a pay rise. They are keeping more of their earnings.

I think most of us are past caring about the NHS by now. It's dire.

Maybe you should stop laughing and actually apply your brain. Or don’t you understand inflation at all?

@BambinaJAS Only 10% went to University late seventies presumably, much the same as Germany. Other educations and apprenticeships are were available.

The tax allowance threshold has been frozen.

So it's not keeping up with inflation.
Maths question:

Who pays more tax? £20,000. Tax Free £12,500 tax at 19%
Or Tax Free, £13,700, tax at 20%

The first person pays £1425
The second person pays £1260

3 weeks ago - Philip Hammond former Chancellor on Liz Truss economic plans:

mobile.twitter.com/BloombergTV/status/1567090573453950977