Mini Budget aka Fiscal Statement

[DealorNoDeal]

They don't.

Well they get loaned money that covers part of the interest.....

Is this a fair summary?

Reach 67 with little or no state pension, no savings, renting. Pension credit will top up your income to virtually full state pension (FSP). Housing benefit will cover most of your rent. Big council tax discount.

Reach 67 with FSP, no savings, renting. Worse off because you won't qualify for as many benefits?

Reach 67 with FSP, no savings, home owner with mortgage. Worse off than if you were renting?

Because benefits and council tax discount are means tested, there doesn't seem much incentive to have savings.

[Paddy]

Is this a fair summary?

Reach 67 with little or no state pension, no savings, renting. Pension credit will top up your income to virtually full state pension (FSP). Housing benefit will cover most of your rent. Big council tax discount.

Reach 67 with FSP, no savings, renting. Worse off because you won't qualify for as many benefits?

Reach 67 with FSP, no savings, home owner with mortgage. Worse off than if you were renting?

Because benefits and council tax discount are means tested, there doesn't seem much incentive to have savings.

This is exactly what happened with my mum (rip) She worked part time but voluntarily paid full NIC. When retired she had a full state pension and some savings, the mortgage was paid off. She had no benefits.
Her sister had very few NICs and therefore her pension was topped up with pension credit support. That entitled to her have her rent paid plus other benefits. So my auntie who did not work and saved nothing was much better off.

Edit: when I chat to my European friends about UK state pensions they are shocked on how badly the government treat pensioners.

[DealorNoDeal]

So, you either be totally self-reliant (extra pensions, savings, mortgage paid off); or make little or no provision, save nothing, rent a place and live off the state.

No real middle ground between these opposite ends of the spectrum which makes financial sense.

[DealorNoDeal]

Asking for a friend.

In terms of means testing for pension credit, benefits, council tax, what doesn't count as savings or investments? Gold coins? Antiques, art? Watches, jewellery?

[Paddy]

Asking for a friend.

In terms of means testing for pension credit, benefits, council tax, what doesn't count as savings or investments? Gold coins? Antiques, art? Watches, jewellery?

Some frail oldies forget what they have

[SueEllen]

Asking for a friend.

In terms of means testing for pension credit, benefits, council tax, what doesn't count as savings or investments? Gold coins? Antiques, art? Watches, jewellery?

When you apply for benefits they ask you about all these. So the best thing is to make sure you don't have them.

Unfortunately savings, investments and property are easy to trace.

[AtW]

Asking for a friend.

In terms of means testing for pension credit, benefits, council tax, what doesn't count as savings or investments? Gold coins? Antiques, art? Watches, jewellery?

Post count on CUK…

[_V_]

Asking for a friend.

In terms of means testing for pension credit, benefits, council tax, what doesn't count as savings or investments? Gold coins? Antiques, art? Watches, jewellery?

I think they treat yachts and holiday homes as included.

[AtW]

“The report found the tax cut would cost £600m a year and would largely benefit Britain’s richest individuals.”

“Chris Hayes, a senior data analyst at Common Wealth, who wrote the report, said: “It is a shame that the chancellor’s U-turn does not extend to his tax cuts on dividends, which benefit the very wealthy and are already subject to very generous treatment.

“For two decades, shareholders have been enjoying [b’ever greater payouts that could have been invested productively or paid to workers[/b]. Further tilting the balance in favour of shareholders will not unleash economic dynamism. It will only deepen our stagnation.”

https://www.theguardian.com/politics...nd-boom-report



She folded once now they’ll push for more

[AtW]

«Liz Truss faces growing pressure to raise corporation tax

Conservative MPs predict Prime Minister will be forced into changing more elements of mini-Budget

Liz Truss is under growing Tory pressure to raise corporation tax to reassure the markets over her debt reduction plan as she ruled out major spending cuts.

Conservative MPs on Wednesday predicted that the Prime Minister would be forced into changing more elements of her mini-Budget despite denials from Downing Street.

Ms Truss had promised to scrap the rise in corporation tax from 19 per cent to 25 per cent, due in April, but is now facing calls to reverse course.

Bringing in the tax cut over a longer period would be likely to save the Treasury billions of pounds but prompt accusations of hypocrisy after Ms Truss campaigned against a rise in the Tory leadership race this summer.»

https://www.telegraph.co.uk/politics...rporation-tax/

Yeah as if this is going to work