Rachel from accounts has crashed the economy

[Almn0etd]

So borrowing costs are now even higher than when Liz Truss was around.

The economy is well and truly cooked and in a far worse shape now that Rachel accounts is in charge.

Why isn’t this dominating the news cycle? Because it’s Labour.

The Tories were atrocious. Labour are an indescribable disaster for this country, surpassing the lowest of the low bars. Cue Labour apologists who don’t mind being made poorer and having the country destroyed, as long it’s Labour doing it to them.

She has to get the money somewhere, and you know, the business owners are not going to volunteer it otherwise, are they?

Did you expect this to contract the private sector? Did Reeves and Starmer?

She needs to think about psychology more - what makes people come of sickness benefits? What makes those working part time work full time? What makes people over 67 continue working? What makes people retire at 55? What makes a big business increase numbers of jobs? What would make me work more (I work less as those on £70k + under the Tories and now Labour have the highest tax burden in 70 years particularly those who have no child benefit, no 30 free hours (childcare) (just 15 for 3 year olds), no personal tax allowance, very high tax rates, 9% or 15% student loan tax on top - it is a perfect storm at all kinds of levels from benefits to child benefit level to the £100k mark to 150k to mean those who might be generating tax do not because sitting around not working pays better.

So you are a millionaire complaining about income inequality? Are you aware that you can donate your millions to the treasury any time you like? Perhaps Starmer should do the same with his millions? You and Starmer are part of an ever decreasing pool of millionaires in the country so I'm sure your contributions would be very welcome.

The PP probably lacks liquidity.

Rather amusing when many mention they are millionaires - doubtless premised on an over-inflated M2M house value….

Would totally go for a 50% tax to receive those social benefits. I’m very happy to see the millionaires go that are just here for tax avoidance. I’m a millionaire and happy to pay more tax. The wealthy are hardly being punished. The UK has some of the highest income inequality in the developed world.

Good. Hopefully that would mean leaving workers alone. Those on PAYE, pay some of the highest taxes in the developed world - if they are a higher earner. Already well over 50% if you include NI and loss of personal allowance and everything else. Some have marginal tax rates of over 100%. Not sure how much more people want from working people.

Agreed, but assets can always be sold if one wants to put one's money where one's mouth is lol.

Of course they wouldn’t. A true champagne socialist. Became wealthy at the expense of others and now want to redistribute everyone else’s money.

True and who even posts as such if it’s house value

It’s hardly the PP’s fault if her house has inflated in value. This is true for all homeowners.

It isn’t reasonable to suggest that people who would happily pay more tax if the revenue were dedicated to fixing some of society’s worst problems should just throw money at the Treasury.

Europeans, very much including the British, frequently criticise Americans for diverting money to charity, much of it very worthy indeed, and taking a tax deduction on the donation. Posts like this, and the others that are part of your sub-thread, help me to understand why they wish to retain a sense of control over how their money is spent.

Still makes them a hypocrite and a champagne socialist. Become very wealthy with unearned and undeserved house inflation. Which has crippled the younger generations. It’s why 6 figure salaries are now needed in many parts of the country to just buy a normal house. It’s why salaries don’t go far along with tax. Happy to take the money which has caused untold damage to the economy yet wants more from people working?

Nope! With respect, I completely disagree with you. I have no issue whatsoever with anyone who has more than i do. Good for them I say! But those who hoard wealth have absolutely no right to complain about others who hoard wealth.

Where I come from, we would say "put up or shut up".

That was in reply to @poetryandwine

Right wingers are laughable.

Of course socialism ‘never works’, it only gave us stable economies for 30 years following the war. It only gave us democracy and justice for the lower classes for the first time since the rich seized power in enclosure times and the early Industrial Revolution. Of course any source that shows the resulting inequality is ‘biased’ and ‘gcse economics’ because all that matters is ‘growth’. The fact that that ‘growth’ coincides with huge impoverishment for the majority of people means nothing. So what if the economic figures look better, that’s just numbers on a piece of paper. What does it mean for people? Why is lawlessness growing? Why are people finding that they can work and work and work forever and get nothing back for it at all?

You think Trump will bring ‘growth’? He will after a fashion, if he continues to threaten to invade other countries. Exploitation of other people and taking their work and livelihood does indeed bring wealth to the conquerors.

It does not last though. Empires do not last, rule by force does not last, trying to kill all those who are not you results in nothing more than an awful lot of deaths.

Why are humans so incapable of learning from the 5000 years of history we have seen at this point? You honestly think that your slightly elevated levels of wealth will ensure your survival through a new dark age? There’s no guarantees when an economy collapses due to the impoverishment of its working base and the inadequacy of environmental resources faced with ever growing imported populations. It’s not ‘Rachel from accounts’ that’s done this in a few short weeks, it’s the entire forces of neoliberalism over decades. Get away from your minimising spreadsheets and start looking at the real impact on people.

Another poster clinging to the false concept of egalitarianism - when will you learn….

You are referring to someone willing to psy more tax. She cannot be said to be hoarding wealth.

This post shows a limited imagination.

There are other ways to pay more tax. Eg my recently retired DH thinks pensioners on good incomes should continue paying NI. He would certainly be caught up by such a payment. We merge finances and I agree with him. We also think capital gains should be taxed as income, which again would affect us.

We give to charity.

None of this means we’re going to throw unrequested money at the government. Suggesting that the PP in question do so when she simply expressed a willingness to pay more tax wasn’t a meaningful response.

Oh look, another pensioner who is happy to take huge sums from housing inflation whilst demanding the young pay even more. Whilst they pay token sums. I find pensioners the most hypocritical champagne socialists on here.

......whilst pretending that they are not hoarding wealth!

A complete lack of awareness.

A Land Value/Property Tax would help here. Own a 100k house? Tax is x amount.
Own a 700k house? Tax is 7x amount. Etc.
Cannot see it happening, but America has property taxes, and we lean towards America, so fingers crossed. The government needs to find more taxes.
This is the kind of real change Labour could force though with ‘country first, party second’ ‘We are building the foundations’ etc etc.

Well, Santander seem to have had enough. That’s hundreds of millions of pounds in tax and 20,000 jobs.

www.reuters.com/business/finance/santander-considers-uk-exit-amid-frustrations-with-high-street-banking-ft-2025-01-19/

It is good. I worked for 30 years and invested to get economically comfortable. But I also paid my taxes along the way. I'm really not sure why people are worried about wealthy folk who will leave the minute they are asked to pay tax. They don't want to contribute to the UK...they just want a tax haven.

It’s hard to make sense of this gobbledygook but feel free to expand with a more coherent response.

Looking at recent contraction of private sector since Labour got in, unexpected decrease in Christmas sales and increase in liquid millionaires leaving and adding Santander story

Did Reeves / Starmer expect these things to happen?

Yes, and at one time I was in dire poverty. I took student loans out, and I paid them back, I worked hard, I invested, and I prospered. I came to the UK when I was 40, having received my education in the USA, so there was no investment here in me really.

My entire estate is going to go to charity. I don't have kids. I also contribute to charity now. I don't like the thought of kids being hungry. I pay my taxes. I'm not sure what else I can do. I suppose I could give it all away and live on benefit, but I'm not sure how that would be helpful to society. However, that doesn't mean that I don't think there is tremendous income inequality here which needs to be rectified.

Where did I say the young should pay more? Only if they are lucky enough to share in CGT. That would hit us all.

What makes you think we pay token sums? Some kind of bias there, who knows what.

Our taxes are very high, not that I am complaining. We only miss out on that NI that we would prefer the government remedy.