Westminster Politics
- Thread starter altodevil
- Start date
-
In the latest episode of the United Hour Podcast, Nik (@Rood) is joined by CEO Duncan Drasdo and Financial Director Andy Green from the Manchester United Supporters Trust for a special episode on all things behind the scenes at Old Trafford including a brief history of MUST and their aims today, views on INEOS and Sir Jim Ratcliffe so far, and the Old Trafford regeneration.
Why not?
We haven't had to live through the war, miners strikes or the cold war, innit? Not done anything to deserve one.
As a millennial, I'm not expecting to receive a state pension. And if I do, I'm not expecting to be able to receive it at a meaningful age where it would make a difference. Probably die before I'm eligible to claim one.
You missed out Thatcher, but I would argue that anyone who had to live thru Boris/Truss/Rishi deserves one!
The country is going to be too broke by then. I am a millennial.
It'll certainly be means tested with the majority not able to access it, which makes sense given there will be a huge transfer of wealth from baby boomers to millennials over the next 25 years. It'll effectively become an extension of universal credit.
Add in auto-enrolment which has vastly increased the rate of people saving for retirement over the last decade (which in truth should've probably nudged upwards with each NI cut; for example each 2% cut in NI having a 0.75% uptick in auto-enrolment contributions).
My guess is it'll have to be changed via some form of royal commission as no party will want to take ownership of the policy despite knowing it's inevitability.
Led by Donkeys nail it again!
https://www.politico.eu/article/uk-liz-truss-massive-flight-food-booze-bill-revealed-australia-foi/
Snuck the FOI request out on budget day while everyone was distracted
Snuck the FOI request out on budget day while everyone was distracted
Really excellent work.
Because despite general ignorance, "I've paid in all my life" national insurance and income tax isn't going into a savings account and has already been spent. State pension is being paid out of tax receipts. If their isn't enough tax coming in to cover pensions then no more pensions. Considering the ratio between people of working age and pensioners is going the wrong way, the the concept of state provided pensions is unsustainable without a radical change to our tax system i.e. wealth taxes etc.
A large percentage of people under 40 will never be able to retire. No final salry pensions, low % of annual salary paid into a private pension, tiny state pension (if it still exists) and no speculative property wealth to cash in on. Good times ahead!
No argument there, the system was set up when people retired at 65 and died within 5-10 years, now a large % of people can realistically live 20-25 years - that's why the pension age keeps rising.
Something along the lines of they goverment gives every new born kid 10K in a retirement account that cannot be touched until retirement age is the way firward, individuals would be allowed to add more money over time if they choose but that's it, no pension
Ok. So what would you then do with the vast swathes of impoverished geriatrics who didn't top that up for whatever reason?
Soylent Green?
Starting with 10K from birth in a retirement fund invested in the usual ways for 60 years would be worth the best part of 2 million without any top ups
If you assume the same historical growth rates apply then you also have to consider inflation rate over the same period. That £2 million in 60 years will be equivalent to £60k now. You would imagine life expectancy to have increased too in 60 years so that would have to strech even further.
Thats a fallacy that had been telling us and keep repeating to us and now it became truth.
I agree that the current system is unsustainable but start with that 400 people in us owns 60% than the bottom half
Tax appropiately, cut the corruption and see how it works. But i guess is easier to blame us yo live too long
Reeves was inspiring on BBC earlier. She used to work at the Bank of England you know?
An interesting idea that they'll achieve growth through austerity. I really think it can work this time.
If Carlsberg did Twitter replies…
They need to tax more if they want to spend. They will be burned politically if they did.
Tax burden is already the highest its been since WW2. Hiking taxes is not a realistic option at this point.
It’s seem the labour leadership genuinely think the reason austerity doesn’t work is because the tories are incompetent. Which is crazy.
Last edited:
Yeah that's why they can't up the spending.
Not if you're rich it's not.
For example, KPMG analysis "Corporate Tax Rate in the United Kingdom averaged 30.28 percent from 1981 until 2023, reaching an all time high of 52.00 percent in 1982 and a record low of 19.00 percent in 2017. source: HM Revenue & Customs. In the United Kingdom, the Corporate Income tax rate is a tax collected from companies."
So I don't think anyone thinks that corporation tax should be up at 50% again but say 20% for small companies, 25% for medium and 30% for large ones would be by no means onerous.
Last edited:
When they plan to change when they get into power, do they mean that they won't bother bringing the pastries back to their offices?
Was listening to ******* Harman talking about 1997. How they had to earn the public trust with the economy, have realistic spending and create the economic conditions for a more expansive offering on their future campaigns. She was pointing out that its even more of a mess than the one they inherited
Yeah corporation tax is too low, its not stimulated the economy as hoped and its much lower than European peers.
Personal taxes on the other hand are far too high and middle earners are especially hard hit which is why our productivity has flatlined.
This guy has gone from Labour, to Tory, to Reform in the space of around 5 years?
Gone from "working class" to millionaire too.