Is there money to do what Labour wants to do?

[AutismHelp1980]

The majority of us are feeling optimistic today and we should!

However my concern is, is there the money to do what Labour needs to do? I keep thinking back to Gordon Brown selling off our gold!

Probably not but it wont stop them.

No... but they will try to tax us all within an inch of our lives to try to do so (well those of us who don't leave the U.K. of course)

Actually the ‘majority’ of people didn’t vote labour so are maybe not feeling that optimistic. I’m one of them, but recognise change was needed so let’s see how it goes.

Nope.

Yer they claim to not plan to raise taxes.

They barely said they would do anything in the manifesto. Though I imagine people are expecting them to do much more than they have actually committed to.

Let's hope so. Labour appear to have a money tree, without raising taxes, so we'll see...

I doubt they’ll be wasting money on duff contracts like some of the last Tory leaders did. Hopefully, given time, they’ll start to repair some of the damage done.

You will never know

Personally I'd rather pay more tax for good quality health services, social housing, education, policing, probation and social care. I'm a higher rate tax payer and feel under-taxed. I'm sure I'm not the only one.

(Just to be clear I don't think lower rate earners should be taxed more, far from it...)

I also think corporations need to be taxed more effectively - it's not right that massive companies like Facebook are able to dodge tax when they make so much money in this country (and do little social good).

What have Labour said that they are going to do?

The Tories were going to bring in national service at a cost of 2.5billion. Where was that coming from? The Rwanda plan, where was the money coming from?

Have you read Reforms manifesto? Where was the money coming from,

No, there is a massive black hole, soon to be plugged by raids on our pensions (decreasing the tax relief rate) and increases to CGT, IHT, council tax etc etc. Basically, any tax that isn't income tax, NI or VAT.

Yeah once they drop Rwanda and national service and paying all their mates money

Should be fine 👍🏻

Agree, We are higher rate tax payers (well dh is, I earn minimum wage). But dh says he would happily pay more tax for improved public services.

You do not understand why governments hold gold reserves.

Gold (of which the UK government still holds significant reserves) are held mainly for precautionary reasons – to intervene in currency markets to stop a run on sterling.
But gold is actually poorly suited for this task because, large proportion of global above-ground stocks is still held by governments.
Any attempt to sell off large amounts quickly in order to be able to intervene in a currency risks driving down the world price.

Gordon Brown didn't sell the gold to spend it on public services but to pay down higher interest bearing national debt and to swap it for holding more liquid and yield bearing assets which would be easier to sell in a crisis.
Gold doesn't pay you a dividend - it sits there costing you money to store it
There were perfectly sound reasons for Gordon Brown to sell some of gold reserves. Yes, the price of gold later rose but what does that matter if you propose never selling it? It's just sitting there, costing you money.

Running the Treasury isn't like running your household budget.

This. Can't break pledges if you don't actually make any.

Labour are hopeless with money. Those with a memory can recollect 2010 and the note they left for Cameron.

Im sorry theres no money left.

Give it 5 years.

We haven't actually spent any money on national service, so dropping that will save Jack shit.

They are planning to spend trillions on net zero but they have absolutely no idea where the money will come from.

Of course not.

That long? 😆

Yes this. They committed to do very little.

No, there isn't, there will have to be cuts somewhere if they keep their promise not to raise taxes. But some of their pledges are not down to money. 6500 extra teachers? From where?

You.must be very naive. There is no money left. It was all used for furlough and Ukraine and the government of the time borrowed billions to get us through the pandemic lockdowns. The only way Labour can improve public services and improve wait times on hospital appointments is to tax more or borrow more. I'm expecting council tax increases for people with gardens, higher CGT, inheritance tax and possibly charge people more to use care homes If they have money of their own. At the moment they can keep £23k. I think that will be taken away from them too If they need care. If there was money about don't you think Sunal would have used it to rescue himself?

The issue was that he sold it when the price was extremely low and then it increased rapidly. I agree that no one can tell the future tho - no one criticized him at the time.

the UK already has incredibly high taxes and most people that I have spoken to would not happily be taxed more. Taxing people more is not the answer and will only fuck people over more, better money management is the answer.

This