The banker loving, baby-eating Tory party thread (regenerated)

[lapal_fan]

2 minutes ago, bickster said:

Every time you buy a litre of Petrol you pay the government 58p in Fuel Duty plus 20% VAT

You don't need to be a maths genius to work out that a 5p cut in fuel duty is not stopping the gvt raking it in over the high prices

At £1:20 per litre the Government was earning 78p

At £1:80 per Litre the government is earning 88p

Even with a 5p cut at current prices the exchequer is 5p better off per litre than it was

 

That's a good thought Bicks

[Genie]

1 minute ago, bickster said:

Every time you buy a litre of Petrol you pay the government 58p in Fuel Duty plus 20% VAT

You don't need to be a maths genius to work out that a 5p cut in fuel duty is not stopping the gvt raking it in over the high prices

At £1:20 per litre the Government was earning 78p

At £1:80 per Litre the government is earning 88p

Even with a 5p cut at current prices the exchequer is 5p better off per litre than it was

 

Yep, they will be in no rush to see the price revert to where is has generally been (circa £1.30ish) 

[Genie]

1 minute ago, lapal_fan said:

There's an Esso near me on the Dudley Road in Halesowen who've priced diesel (for over a week now) at 1,89.9p/l  

Robbing bastards, but I'm glad 5p is coming off it! 

The tax will get cut, it remains to be seen if the price at the pump changes at all, let alone all 5p

[Genie]

I guess the Brexit benefit of scrapping VAT on home energy is not getting a mention.

[bickster]

1 minute ago, Genie said:

Yep, they will be in no rush to see the price revert to where is has generally been (circa £1.30ish) 

What he should have done was announce a temporary reduction in the VAT on fuel to say 12.5% to be reviewed until the price hits a certain threshold (say £1:40 as a guesstimate) at which point it would be reviewed

[Genie]

Headlines

• Sunak announced the first cut to the basic rate of income tax in 16 years - from 20% to 19% - by the end of Parliament in 2024
• Fuel duty will be cut by 5p a litre from 18:00 GMT until March 2023
• The National Insurance threshold will be raised by £3,000, meaning people must earn £12,570 per year before paying income tax or NI. It’s a tax cut for 30 million people worth over £330 a year, says Sunak
• VAT will be scrapped on home energy-saving measures such as insulation, solar panels and heat pumps
• The Household Support Fund for local councils to help the most vulnerable will be doubled to £1bn from April
• Retail hospitality and leisure sectors will have a 50% discount in business rates up to £110,000

BBC

[bickster]

19 minutes ago, Genie said:

The National Insurance threshold will be raised by £3,000, meaning people must earn £12,570 per year before paying income tax or NI. It’s a tax cut for 30 million people worth over £330 a year, says Sunak

Not when you take into account the rise already announced for April (1.25%) still takes place and the cut in the threshold is only effective from July. 

[Davkaus]

Looking forward to the income tax cut in a couple of years, immediately before an election, of course.

Can I have some smoke with these mirrors.

[bickster]

1 minute ago, Davkaus said:

Looking forward to the income tax cut in a couple of years, immediately before an election, of course.

Can I have some smoke with these mirrors.

So by 2024 we'll be at roughly the same level of taxation that we're at now except we'll pay more NI and less IT

But in the meantime... exchequer takes more and more and more

[Amsterdam_Neil_D]

9 minutes ago, bickster said:

But in the meantime... exchequer takes more and more and more

In their defense,  a pandemic and a war is unknown waters for any government. 

The fact that he can cut anything is quite good I suppose,  we could all still be in lockdown.

[Davkaus]

12 minutes ago, Amsterdam_Neil_D said:

In their defense,  a pandemic and a war is unknown waters for any government. 

The fact that he can cut anything is quite good I suppose,  we could all still be in lockdown.

Indeed, the pandemic changed everything. Imagine how much more he could do if Tories didn't have the compulsive urge to siphon off taxpayer money to their mates.

[bickster]

1 hour ago, Genie said:

I guess the Brexit benefit of scrapping VAT on home energy is not getting a mention.

This is because the Tory Party are traditionally the party of high taxation

[Genie]

Just now, bickster said:

This is because the Tory Party are traditionally the party of high taxation

The party of lies, they said they’d do it if people voted for Brexit. Now as we’re presented with the perfect opportunity to feel the benefit of it they go silent.

[bickster]

Just now, Genie said:

The party of lies, they said they’d do it if people voted for Brexit. Now as we’re presented with the perfect opportunity to feel the benefit of it they go silent.

Yes they are traditionally the party of lying too

[bobzy]

1 hour ago, bickster said:

Not when you take into account the rise already announced for April (1.25%) still takes place and the cut in the threshold is only effective from July. 

Although that rise is only temporary (1 year).

[bickster]

6 minutes ago, bobzy said:

Although that rise is only temporary (1 year).

If you actually believe that...

I'll make two predictions

1) It won't last only a year

2) At some point, a government agency in the future will determine that the change in April combined with the threshold increase in July will have cost the taxpayer more money to implement than it raised in the tax year starting on April 4th 2022. The exchequer and the British public would both have been better off if he'd done absolutely nothing

[MakemineVanilla]

11 minutes ago, bickster said:

So by 2024 we'll be at roughly the same level of taxation that we're at now except we'll pay more NI and less IT

But in the meantime... exchequer takes more and more and more

Taxation looks likely to increase as a proportion of GDP.

High inflation and the high cost of energy could eat into discretionary consumer spending, which would mean job-losses in those sectors.

No doubt the government will spend their extra income but the uncertainty created by job insecurity might make the consumer more cautious, which might lead to a shrinkage of GDP, making taxation a bigger proportion, which might go (presently at 39%) above 40%, which is considered the ideal.

It makes me wonder whether we are about to enter a painful period of stagflation.

Globally, the food shortages caused by the loss of Russian and Ukrainian wheat exports, will cause increased political instability in developing countries, increasing the flow of refugees.

[blandy]

On 18/03/2022 at 13:03, MakemineVanilla said:

Thanks for that clarification.

Anyone who has been on a cruise will know that a good proportion of the staff are paid third-world wages.

I didn't need another reason to hate P&0 but it is always nice to have a spare.

Thanks for the link, my own Googling wasn't very fruitful.

You may have seen in the news today, @MakemineVanilla, but it seems that walking disaster Chris Grayling of that there "the tories" used a statutory instrument (changing the law without a vote in parliament) to essentially let P&O off from having to adhere to the law I referenced earlier this week.

P&O able to legally sack 800 staff without telling government ‘because of Chris Grayling law change’ | The Independent

Quote

P&O was able to legally sack 800 staff without informing the government because of a law change brought in by Chris Grayling, it has emerged.

The gaffe-prone former transport secretary quietly amended legislation meant to protect workers to create an exemption where there are mass redundancies on ships registered overseas.

As a result, the business secretary Kwasi Kwarteng is “incorrect” to threaten the ferry company with an unlimited fine if it breached notification rules, a leading maritime lawyer says.

Labour seized on the revelation as proof that the P&O workers are paying the price for the government giving “the green light to rogue employers to act with impunity”.

“This scandal is the consequence of a decade in which the Tories have taken an axe to workers’ rights,” said Louise Haigh, the shadow transport secretary. “Ministers must act now and stand up for these loyal British workers.”

 

[ender4]

56 minutes ago, bobzy said:

Although that rise is only temporary (1 year).

Isn't the 1.25% NI increase permanent?

[bobzy]

3 minutes ago, ender4 said:

Isn't the 1.25% NI increase permanent?

No, it's until April 2023.  (Although as @bickster says, that's the current position...)