- Wed Aug 28, 2024 12:12 pm
#75220
Progressive old Jez there, chucking around tax payers money to people who don't need it. If poverty isn't inevitable now, as of course it isn't, it certainly wasn't inevitable in 2017 when Jez ran for government on cutting benefits below George Osborne to pay for abolishing student fees- that progressivism again. The 2 child cap already existed, so sounds like it was staying. As I said before, if far more people claim pension credit now so they get the winter fuel allowance, that's a lot of the poorest people being better off.
As ever, no budget for buying back all these utilities. If we save 2% a year from abolishing profits , that's less than the cost of borrowing, so not actually raising any extra money for a long time. The trouble with mail is "
"Wealth tax" (something he failed twice to run on)- can he tell us how much that would raise? How do you value eg shares in unquoted private companies? What about wealth abroad? How do you value that? Taxes on UK land are better and impossible to avoid. Jez did have that in 2017, but they retreated from it because the Tories hit them with "garden tax". So this "simple solution" is something he didn't run on. Worth saying at the same time that Reeves is not ruling out rises to capital gains tax and inheritance tax. If these happened, then they'd certainly be progressive.
I think the fiscal rule is too tight, and should be more space for borrowing for investment. But that's not the same thing as borrowing for day to day services, and Reeves is right to be wary of that.
As ever, no budget for buying back all these utilities. If we save 2% a year from abolishing profits , that's less than the cost of borrowing, so not actually raising any extra money for a long time. The trouble with mail is "
"Wealth tax" (something he failed twice to run on)- can he tell us how much that would raise? How do you value eg shares in unquoted private companies? What about wealth abroad? How do you value that? Taxes on UK land are better and impossible to avoid. Jez did have that in 2017, but they retreated from it because the Tories hit them with "garden tax". So this "simple solution" is something he didn't run on. Worth saying at the same time that Reeves is not ruling out rises to capital gains tax and inheritance tax. If these happened, then they'd certainly be progressive.
I think the fiscal rule is too tight, and should be more space for borrowing for investment. But that's not the same thing as borrowing for day to day services, and Reeves is right to be wary of that.