VOTE Labour and

[DistinguishedSocialCommentator]

AIBU to feel this will happen un a Labour government???

From what I see and IMO, the Labour lot on the whole believe in aspirations but only for themselves

Older people will vividly recall the the hideous tax rates under labour - between 1974 and 1979 the paye tax rate was up to 80%. Then there was a tax on top of that for so-called higher earners of 18%. This equated to 98%

I don't trust Labour, nor do I trust the Torties. Liberals, IMO they will sell your soul down the river to get a sniff at number 10

As I said I don't trust any of them. But if you are working, worked hard, been prudent with your money and have savings, decent private pensions in the pipeline and possibly a property or two that you have worked for, for your retirement and not wasting your money and want to leave some behind for your kids, GC etc rather than throw it away on the hand to mouth life - then if Labour comes into power, you are totally and truly F'd

Labour rants they will do this and the other - the last time they almost bankrupted England,

If you are working hard being prudent with your money and made sacrifices to send your kids to a private school as many Labour MP's do on pay at almost 100k - they are eager to put VAT on this part of education. The MPS whose pay is a couple of times above average pay will be able to afford it - will you??

Me, my family, relatives have all worked hard, not on benefits, never lived in social housing and not thrown our money away but been prudent to be self-sufficient and pay our taxes to support our country. If you are like us, then trust me, under Labour, you will be shafted hard.

I'm not sure if I will vote tory or an independent but this circus of Tories and Labour taking turns to lie to the nation is not on and yes, most politicians lie and will lie and say anything to get into number 10 and if your feel that is not true, then you must be on another planet

Actually, that’s a common misconception and argued about amongst economists.

The BoE have been critiqued for relying on outdated models for their modelling (which of course, you’d know) and a big driver of inflation has been companies taking the piss and raising prices to generate profits.

Well, it worked for Brexit.

It’s funny how (very rich) economists always come up with solutions which involve ordinary people taking a hit (be it with interest rate rises, or having to accept wages being held down).

Inflation was massively driven by the fact that many companies and wealthy people hoarded a shit ton of cash during Covid (despite what some may have you believe, they didn’t all go bust during the pandemic). Interest rate rises didn’t work on them because they had cash and didn’t need to borrow. Indeed, the interest rate rises means they can make even more money because they can deposit cash and get sweet returns.

So they have a load of extra cash and will spent it. Or drive up prices to get more profits under the cover of “but inflation”.

Meanwhile we are told to swallow the whole “but your wages will drive inflation up!”

The best way to fix it is to tax it back so it can be properly recirculated into the economy.

I found your post illegible. I'm also about to vote labour for the first time in my life.

@DistinguishedSocialCommentator well good for you-we have a business, haven't claimed, totally self reliant- however we also had this under Labour and were certainly not worse off under them- I don't hold with the lower taxes etc- Tory's try and keep them low but then have zero controls in on other aspects of life that cost- they no doubt would go for a US style of life-but the UK isn't the US, the mentality here is different. I certainly won't vote for a party full of self serving conmen who have zilch in the way of business sense, are happy to feed vast amounts to their donor mates via the public purse and allow a PM to be in charge whilst giving enormous contracts to his wife's family. You might be- I'm not- good riddance I say if they get voted out

@LadyHavelockVetinari - thank you

You have the evidence and just as expected, you have not let yourself down
😂

Nest you will be saying that when you Mr G Brown was humiliated out of number 10, his chums did not leave an official note stating the fincailcial health of the country, ie "nothing left."

😂

The BoE have been critiqued for relying on outdated models for their modelling (which of course, you’d know) and a big driver of inflation has been companies taking the piss and raising prices to generate profits.

The BofE has absolutely been roundly criticised for poor modelling, particularly by the asset management industry. Their forecasts were very inaccurate and they were too slow to raise rates, albeit the Ukraine situation was an unforeseen factor in terms of energy and agricultural prices.

Wage inflation is widely regarded as a driver of inflation so it's pretty economically naive to say the simple solution was to increase wages in line with inflation, particularly given inflation hit 11%. You'd be fuelling the beast by raising input costs for companies and the price spiral would have continued.

It's insane that you think it was bad compared to what we have now. Things were so much better under Tony Blair, I can't see how any sane person could deny that.

Did you read what I posted?
did you miss the bit which said people just applied tax avoidance to not actually pay that rate?

Do you require dictation services to read it to you slowly?

And why are you digging out stuff from 1974?

Plus I’m not sure, but are you suggesting that Gordon Brown caused the global financial crash, wow amazing you think he was that powerful and influential.

This (wage increase =inflation) has been empirically debunked in economic literature. It's just another pile of rubbish tories spit around so business owners don't need to raise wages. Please be sensible.

Hey OP I grew up in social housing and I would say most if not all of the residents on my estate worked, and worked hard. I have worked hard and worked as an unpaid carer for the last 20 years, effectively saving you lots of money in taxes. Thanks for reminding me of the bubble some well off people live, it’s really stunted your empathy.

I think the OP might be a Labour shill.

Its like they’re actively trying to make anti-Labour people look stupid.

Boom there it is! The best example of no one understanding politics - this is an age old political joke - notes like that have been traditionally left by ex chancellors for ever!

“A” driver, not the driver.

perhaps if we’d had better taxation policies then all of the quantitative easing and chucking money (towards the rich) wouldn’t have caused such a wealth bubble.

As for increasing input costs for profitable companies - perhaps they could have taken a hit to their margins rather than aim for annual record profits year on year. That’s short term accounting for you.

Agree with this completely. When my eldest started primary we were still under a labour government (just), they had at least one TA for every single class, now my youngest is starting primary and they're lucky to have one TA for every 3 classes. The difference that makes can't be underestimated

Tory HQ are off and running I see with the site plants.

Probably see a lot of this over the next month, Mumsnet HQ don't really hide their political leanings.

Fortunately the Tories have been so disgusting during their time in power, no amount of lies and spin would nake them even remotely appealing to any member of the electorate with a brain or conscience .

It was 83% for anyone earning over £20k per year.

This (wage increase =inflation) has been empirically debunked in economic literature. It's just another pile of rubbish tories spit around so business owners don't need to raise wages. Please be sensible.

Er no it hasn't. Debated yes, categorically debunked no. We could both provide proof of either side of the argument but I suspect we both have better ways to spend our evening.

That said, rate setting was transferred to the BofE to take it out of the remit of politicians. So the BofE rate hikes (which by the way was the same as The Fed and to a lesser extent the ECB) were not a Conservative policy. My point remains that we have fundamental structural issues that the Labour Party won't be able to solve either.

Thanks! 😊

Yes, but a salary of £20k then is akin to a salary of around £265k today.

Although there are some (including the founding economic father of neoliberalism of all people) who say that wage price spirals are a symptom of inflation, not a cause.

I have only been under threat of redundancy once in my 20 year career…in 2008 under the last Labour Government. Like many people in the company I worked for at the time my hours (and therefore salary) were reduced. Most of us were doing a three or four day week instead of full time.

Economics is an art, not a science. That’s the mistake people make.
Economic theories originate from political theories.
Economics is just a description of human behaviour using maths to make it seem more credible and, therefore, you can spin it in such a way depending on what you’re aiming for.

It is not a science. Never will be.

It was 83% for anyone earning over £20k per year.

So didn’t affect many then!