The Official Budget 2021 thread

[Whorty]

From The Guardian :

Pension tax A restriction on the amount wealthier people can put into their pensions to £1m over their lifetime could save £250m in tax relief. Around 1.2 million people are projected to exceed the threshold by the time they start drawing on their private or occupational pension.

Surely that has got to be boll1x .... so more than 1.2 million people are projected to pay more than 1 million into their pensions? Considering you can only pay 40k max into your pension a year ... that would mean paying in full amount for 25 years. Maybe it was possible to pay in a lot more years ago and so have had a great start? I would have thought that going forward people would be needing any extra money for other stuff and would not be choosing to put it into a pension.

All the permies I know are on good salary but their pension pots are pretty poor and not put in anywhere near this input threshold. Most of them don't bother topping up their monthly payments .... even though some of the places (Banks) offer to match their contributions (crazy I know).

Could easily be the case if someone came out of final salary (DB) and into private pension (DC). Even an average paid worker could get close to that £1m pot if they've been in the DB scheme long enough.

[mogga71]

Could easily be the case if someone came out of final salary (DB) and into private pension (DC). Even an average paid worker could get close to that £1m pot if they've been in the DB scheme long enough.

I see ... the knock on effect of those pesky final salary schemes.

Thanks ... makes sense.

[AtW]

This really should have been DOOM branded thread, but “Budget” designation is scarier

[agentzero]

If the major economies want to "build back better", which is just Orwellian double-speak that seems to mean the opposite intention of "build back to favour our friends in financial services", then ideally there will have to be a significant business reset. There are bubbles of faux businesses throughout western economies that have been kept going with ultra low interest rates. They wouldn't exist in a healthy economic environment.

Let them end and create worthwhile jobs in a wide range of industries, including sectors that are required for a healthy and balanced economy. This means not focusing on finance, which has a high number of bulltulip jobs, instead equally favouring the arts, creative industries and uses the education and skills young people have to create a better society.

Younger people have never had less chance of 'making it'. The stats display this loud and clear. Wealth inequality is at its worst in decades and work is here and there, zero hours, with underemployment rife. A decent pension is a rarity. Due to the industries we all work in we have little visibility of this, but as soon as the young realise that they have been shafted for two decades they are eventually going to rebel in some way, and rightly so.

The above is not an opinion. It is a fact from the statistics of wealth transfer to the top 1% and 0.1%, which includes many of us on this forum. It is very easy to ask young people to work harder, do better, whilst simultaneously offering very few good quality jobs. The number of jobs that should attract a salary or at least minimum wage are now effectively volunteering. When I was young I volunteered in my free time, but was working from the age of 15. What I have seen the last 13 years is people increasingly unable to get good part time work and are living off mum, dad, single parent/guardian and living with them for longer. If you don't have good parents then you are stuffed. This is the opposite of a fair agreement with younger people in a good society. Children cannot choose their parents and prejudicing them with no or poor quality work, minimum wage, with low pay in an inflationary environment is a disaster that will only increase resentment, whilst the middle-class are hollowed out and yet accidentally approve of the hollowing out.

If the budget tinkers around the edges then we are going to see an even more disenfranchised youth and young adults facing difficulty to work abroad in nearby countries and being forced to stay. It stinks and doesn't fulfill any traditional Tory free market ideology except a form of rubbish jobs with uncertainty built in by default.

[mogga71]

If the major economies want to "build back better", which is just Orwellian double-speak that seems to mean the opposite intention of "build back to favour our friends in financial services", then ideally there will have to be a significant business reset. There are bubbles of faux businesses throughout western economies that have been kept going with ultra low interest rates. They wouldn't exist in a healthy economic environment.

Let them end and create worthwhile jobs in a wide range of industries, including sectors that are required for a healthy and balanced economy. This means not focusing on finance, which has a high number of bulltulip jobs, instead equally favouring the arts, creative industries and uses the education and skills young people have to create a better society.

Younger people have never had less chance of 'making it'. The stats display this loud and clear. Wealth inequality is at its worst in decades and work is here and there, zero hours, with underemployment rife. A decent pension is a rarity. Due to the industries we all work in we have little visibility of this, but as soon as the young realise that they have been shafted for two decades they are eventually going to rebel in some way, and rightly so.

The above is not an opinion. It is a fact from the statistics of wealth transfer to the top 1% and 0.1%, which includes many of us on this forum. It is very easy to ask young people to work harder, do better, whilst simultaneously offering very few good quality jobs. The number of jobs that should attract a salary or at least minimum wage are now effectively volunteering. When I was young I volunteered in my free time, but was working from the age of 15. What I have seen the last 13 years is people increasingly unable to get good part time work and are living off mum, dad, single parent/guardian and living with them for longer. If you don't have good parents then you are stuffed. This is the opposite of a fair agreement with younger people in a good society. Children cannot choose their parents and prejudicing them with no or poor quality work, minimum wage, with low pay in an inflationary environment is a disaster that will only increase resentment, whilst the middle-class are hollowed out and yet accidentally approve of the hollowing out.

If the budget tinkers around the edges then we are going to see an even more disenfranchised youth and young adults facing difficulty to work abroad in nearby countries and being forced to stay. It stinks and doesn't fulfill any traditional Tory free market ideology except a form of rubbish jobs with uncertainty built in by default.

Agree with this. The future for youngsters is entirely bleak. I still don't understand why couples are having so many kids ... do they not see what is coming?

Only bit I have an issue with is about the youth rebelling .... don't think they have it in them .... you are talking about the woke and post woke generation.

[OwlHoot]

Younger people have never had less chance of 'making it'. The stats display this loud and clear. Wealth inequality is at its worst in decades and work is here and there, zero hours, with underemployment rife. A decent pension is a rarity. ..

This is absolutely true, and as you say elites have benefited relative to the rest of us. But the prime cause is not their greed or rapacity etc but globalisation caused by collective choices indirectly made by us all.

The middle class in western countries is being hollowed out, and the prosperity they would have continued to enjoy has been and still is being spread to former so-called third world countries.

Each time any of us buys a cheap new gadget made in China for example, we're making our economic problem worse (_and_ in the case of China adding to the threat its hostile resurgence and growing power poses, as bad as the Nazis in the 1930s)

[jamesbrown]

Does it move? Let's tax it...

[AtW]

Amazon Prime is DOOMed!

17 mln people pissed off - great move Sunak

[AtW]

“New research found that Conservative Prime Ministers have pushed through more than 1,000 tax rises at a rate of nearly one every three days since 2010. “

https://www.telegraph.co.uk/politics...lance-workers/

“Labour would have done it too” (c) malvolio

[mogga71]

“New research found that Conservative Prime Ministers have pushed through more than 1,000 tax rises at a rate of nearly one every three days since 2010. “

https://www.telegraph.co.uk/politics...lance-workers/

“Labour would have done it too” (c) malvolio

What freelance workers? Does he not realise that IR35 has massively reduced the self-employed numbers or does he mean something else?