DOOM: Tax rises of £60bn needed to stabilise finances

[AtW]

Coming in at an estimated cost of 120bn, with only 30 actually spent so far, why is taking HS2 off the table not an option?

Because it's the money that will be spent over 25-30 years, plus lots of that money will come back in form of taxes.

[Scoobos]

Coming in at an estimated cost of 120bn, with only 30 actually spent so far, why is taking HS2 off the table not an option?

[DoctorStrangelove]

It's really hillarious - firsty they nuke ER with 10% rate, now increasing main rate that clearly will be at least 30%, if not aligned with income tax - it's basically straight from Korbyn's Manifesto

Goddamn Tory Marxist Leninists.

We need some Trotskyites.

[AtW]

It's really hillarious - firsty they nuke ER with 10% rate, now increasing main rate that clearly will be at least 30%, if not aligned with income tax - it's basically straight from Korbyn's Manifesto

[NigelJK]

HMRC know who it is that got the money, they should pay it back via their taxes.

[AtW]

"George Bull of tax firm RSK UK said the Government did not have time to create new taxes and would have to work quickly within the existing regime to raise funds at the same time as dealing with the Covid-19 pandemic and Brexit. "

[AtW]

Rishi Sunak orders review of capital gains tax amid fears of rate increase

Cutting ER was just the first step - now they will jack up CGT, so effectively without ER tax increases will be 3-4 times

Party of business my arse

[DoctorStrangelove]

What price electricity though eh?

Hinkley Point C nuclear power station - Wikipedia



Makes yer proud. Our infrastructure owned by the French and Chinese and we as consumer can look forward to the most expensive electricity in the World.

Where's Komrade Korbin and nationalisation without compensation when you need him?

[scooterscot]

The government have just thrown several billion down the drain to rip out Huawei, meanwhile the Chinese are still building a nuclear power station at Hinkley Point.

As someone say's the in FT

"Obvious I realise but it shows how beholden the UK is to the US.'Take back control' rings more hollow with each passing day."

[DimPrawn]

The government have just thrown several billion down the drain to rip out Huawei, meanwhile the Chinese are still building a nuclear power station at Hinkley Point.

What price electricity though eh?

Hinkley Point C nuclear power station - Wikipedia

One analyst at Liberium Capital described the strike price as 'economically insane' in October 2013: "as far as we can see this makes Hinkley Point the most expensive power station in the world... on a leveraged basis we expect EDF to earn a Return on Equity (ROE) well in excess of 20% and possibly as high as 35%".[98] "Having considered the known terms of the deal, we are flabbergasted that the UK Government has committed future generations of consumers to the costs that will flow from this deal".[99]

Makes yer proud. Our infrastructure owned by the French and Chinese and we as consumer can look forward to the most expensive electricity in the World.

[BlasterBates]

The government have just thrown several billion down the drain to rip out Huawei, meanwhile the Chinese are still building a nuclear power station at Hinkley Point.

[DimPrawn]

They are collectively known as the LibLabCon....

I won't ever be voting for the above ever again. Not that my vote makes any difference, it's just the establishment have shown their true colours too many times.

[AtW]

Labour front bench calling to avoid raising taxes on middle classes, even walking back wealth taxes - can't make that tulip up

[DimPrawn]

Instead, we could have voted Komrade Korbyn and got:

An incompetent govt, with massively increased public debt levels, humongous tax rises, big unemployment, rising immigration, who detest IT contractors and want to tax them out of existence...


Oh hang on.

[AtW]

"Tax increases of £60bn or a return to austerity will be needed to restore the UK’s public finances to stability after coronavirus, the fiscal watchdog said on Tuesday, predicting government borrowing will reach £370bn this year."

Subscribe to read | Financial Times

That's 7-8% on all income tax rates, but since the Govt would not dare to fairly spread the burden it would have to do the usual thing: hit with the much higher rates poor sods AKA middle classes.

The future is not bright - the future is DOOMed.