| Govt deficit: what would you do? 15:08 - Jul 8 with 5450 views | giant_stow |
I keep reading that the Uk's finances are looking unsustainable. I realise that that may in itself be a controversial opinion, but for the sake of argument, what would you do to get things back on track? |  |
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| Govt deficit: what would you do? on 16:40 - Jul 8 with 829 views | Swansea_Blue |
We certainly could. That’s one of the best explanations about it I’ve read. Unfortunately Reeves seems incapable of thinking in such terms or is (possibly more likely) afraid to intervene with the BoE (which she could do). The lefty academic Richard Murphy is always going on about this, but people from across the political spectrum have said QT needs to be reined in. I think it might even have been a core point of Reform’s election campaign, but I could be misremembering. |  |
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| Govt deficit: what would you do? on 16:43 - Jul 8 with 803 views | Swansea_Blue |
| Govt deficit: what would you do? on 16:38 - Jul 8 by chicoazul |
Given how popular Reform are I’d say you’re even more out of touch with the country than usual. |
In this case it’s a good thing to be out of touch with the country. | |
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| Govt deficit: what would you do? on 16:50 - Jul 8 with 784 views | homer_123 |
In for a penny in for a trillion.
Spend spend spend. |  |
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| Govt deficit: what would you do? on 16:53 - Jul 8 with 778 views | Clapham_Junction |
The public sector could reduce its spending significantly (and improve service quality) by bringing back in house outsourced services.
In my last job I was trying to insource a maintenance contract, which we could have done for less than half the price, and done it properly. Unfortunately my director was massively opposed because it would make us directly responsible rather than being able to point the finger at the contractor when things went wrong (which they did all the time because the contractor didn't really care, and we still got blamed anyway). |  | | |
| Govt deficit: what would you do? on 16:55 - Jul 8 with 767 views | Pinewoodblue |
| Govt deficit: what would you do? on 15:43 - Jul 8 by Herbivore |
Raise income tax but also raise the threshold at which people start paying it so that the lowest paid aren't disproportionately impacted.
Also, much larger windfall taxes on fossil fuel companies, increase taxes on stock trading (currently only 0.5%), tax big tech properly, some form of wealth tax and other measures that tax unearned income similarly to or at a higher rate than taxes on income. |
Also increase the number of tax bands by bringing in a 10% band and another between the current basic & higher tax rate,
Merge income tax & national insurance into one tax.
With a slightly higher allowance for those in receipt of basic, or new, state pension |  |
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| Govt deficit: what would you do? on 17:06 - Jul 8 with 732 views | baxterbasics |
I would definitely scrap NI and just absorb it into income tax. There'd surely be an admin saving there at the least.
I'd keep a low income tax threshold but introduce a smaller rate for low earners. Why? I think it's healthy for democracy to have more people in that net. As a taxpayer you are more invested, more likely to scrutinise what government is doing with it. Taking people out of tax will increase apathy.
(These are my more serious suggestions, compared to my earlier failed attempt to harvest down votes) |  |
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| Govt deficit: what would you do? on 17:09 - Jul 8 with 727 views | Pinewoodblue |
| Govt deficit: what would you do? on 16:31 - Jul 8 by surreyblue |
Many of these are good places to start, although the issue with cutting interest rates is that it is not the government who can control this, it risks increasing inflation, and it is unlikely to materially impact longer term borrowing costs which are more market driven.
The triple lock is a key one that needs to go. Increases in line with inflation only, and the ability for the government of the day to increase it above this level if wage growth has been consistently higher than inflation for a period of years.
Without being an expert, the health and social care sector also need fixing. I don't know how many patients there are in hospital that don't need to be there, but surely there is a better solution than just leaving them there for extended periods of time where they are more likely to have a fall or catch some infection?
Some of the disincentives for higher earners also need to be looked at - particularly around the 100k tax trap. I don't even think the cost needs to be that material, I reckon there would be economic benefits from just a realignment of tax and childcare benefits around the 100k level to avoid the 60%+ marginal tax rates. Similar changes also need to be considered around the Universal Credit limits.
I'd also like to see extraordinary corporation tax rates for organisations who under employ or under pay workers who need their wages topped up by government benefits. |
Agree triple lock needs to be looked at. Problem with your suggestion is that inflation varies between different groups. Those on a lower income being more impacted. . | |
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| Govt deficit: what would you do? on 17:17 - Jul 8 with 721 views | Herbivore |
| Govt deficit: what would you do? on 16:38 - Jul 8 by chicoazul |
Given how popular Reform are I’d say you’re even more out of touch with the country than usual. |
If you, or anyone, thinks Reform offer any kind of sensible solution to the country's problems then you're deluded. |  |
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| Govt deficit: what would you do? on 17:17 - Jul 8 with 719 views | J2BLUE |
I wrote a long post out and then somehow lost it. Here's a condensed version.
1. UK Doge. Basically, just the idea, with none of the US style of implementation. We could have financially literate qualified people taking a common sense look at government spending.
2. Wealth tax on assets over £10m.
3. Scrap non dom status and close tax 'loopholes'. No re-entry to the UK without paying your owed tax.
4. Use any excess money in future for a national wealth fund. Or if we cannot outperform the interest rates on the debt, pay the debt down.
5. Create a voluntary national resilience fund. Donations from anyone who wants to donate. Invests in NHS, defence and self sufficiency in water, food and energy.
6. Nationalise the railways, water and energy companies. Also create a national not for profit supermarket. Run it like Ocado so there are no shopfront costs. Subsidise healthy food. Stick 10% on junk and use it to subsidise healthy food.
7. Immigrants required to have six months living expenses, minimum. This might already be a thing. Obviously would not apply to asylum seekers. Reduce to 2 months if they have a job lined up which covers expenses.
I'm sure I had more.. |  |
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| Govt deficit: what would you do? on 17:22 - Jul 8 with 676 views | J2BLUE |
| Govt deficit: what would you do? on 17:17 - Jul 8 by Herbivore |
If you, or anyone, thinks Reform offer any kind of sensible solution to the country's problems then you're deluded. |
Agree but how do we convince them of that before the next election? | |
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| Govt deficit: what would you do? on 17:26 - Jul 8 with 667 views | nrb1985 |
| Govt deficit: what would you do? on 16:17 - Jul 8 by StokieBlue |
Do you have specific examples?
SB |
Not asking people who make bras to make our PPE equipment. |  | | |
| Govt deficit: what would you do? on 17:29 - Jul 8 with 655 views | Herbivore |
| Govt deficit: what would you do? on 17:22 - Jul 8 by J2BLUE |
Agree but how do we convince them of that before the next election? |
How do you make a blind man see? People like the kind of simple solutions peddled by Reform, and even when there is plenty of evidence that their policies would be a disaster and that the people in their party are a worrying mixture of incompetent and unpleasant, it makes no difference. People will listen to what they want to hear and they tune out the rest. That's how the US somehow ended up with Trump back in office. | |
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| Govt deficit: what would you do? on 17:30 - Jul 8 with 648 views | positivity |
| Govt deficit: what would you do? on 17:22 - Jul 8 by J2BLUE |
Agree but how do we convince them of that before the next election? |
i'm hoping the spotight and actually being in charge of things will wither them
keep questioning how they'll pay for their pie in the sky policies
keep highlighting their incompetence in local government
keep publicising their many internal spats
don't know if that's enough as their media will hide these and push the opposite, but it's the best that i've got! | |
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| Govt deficit: what would you do? on 17:34 - Jul 8 with 628 views | itfcsuth |
Legalise, control, regulate and TAX marijuana. Never smoked it in my entire life, but know it’s a £1bn industry annually.
Has been a open goal for many years now. |  | | |
| Govt deficit: what would you do? on 17:36 - Jul 8 with 611 views | chicoazul |
| Govt deficit: what would you do? on 17:17 - Jul 8 by Herbivore |
If you, or anyone, thinks Reform offer any kind of sensible solution to the country's problems then you're deluded. |
I’m simply saying you’re out of touch big guy, that’s all. |  |
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| Govt deficit: what would you do? on 17:36 - Jul 8 with 610 views | Basuco |
According to Lord Kinnock, there is over £39 billion in tax owed to HMRC, they could target tax evasion and tax avoidance, why not put more resource into collecting that? No need to raise taxes. |  | | |
| Govt deficit: what would you do? on 17:39 - Jul 8 with 596 views | MattinLondon |
| Govt deficit: what would you do? on 16:29 - Jul 8 by chicoazul |
TWTDs solution is always the same; more taxes. As if the political elite in this country haven’t proven their incompetence so many times over already.
Here is my solution; new people in charge who don’t subscribe to modern thinking. |
Surly we need modern thinking? The country has run along the same lines/thinking for decades and it’s produced a very unequal society.
I’m guessing that the incompetence will be reduced once people stop voting for the incompetent like Boris - and now possibly Reform. |  | | |
| Govt deficit: what would you do? on 17:39 - Jul 8 with 599 views | BlueForYou |
Get rid of Labour, dissolve Parliament, & form a national coalition government where MPs have to work together for the national cause! Raise income tax thresholds to £20k. Stop taxing business out of existence. Get rid of illegal migrants. No option but raise income tax to 25% hopefully for a reasonably short period. Hold elections on issues not party politics. Need a period of national coalition for stability & to deal with what is going to become a huge crisis. |  | | |
| Govt deficit: what would you do? on 17:40 - Jul 8 with 597 views | chicoazul |
| Govt deficit: what would you do? on 17:34 - Jul 8 by itfcsuth |
Legalise, control, regulate and TAX marijuana. Never smoked it in my entire life, but know it’s a £1bn industry annually.
Has been a open goal for many years now. |
Someone here once did a very interesting post years ago explaining about how the possible legalised income from cannabis is dwarfed by the tax receipts HMRC earns from people spending the money earned by dealing cannabis illegally. | |
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| Govt deficit: what would you do? on 17:44 - Jul 8 with 582 views | Swansea_Blue |
| Govt deficit: what would you do? on 17:22 - Jul 8 by J2BLUE |
Agree but how do we convince them of that before the next election? |
I don't think "we" can. We saw it with Brexit - people just push back harder if you challenge them.
But the government could do something by actually giving a damn about people who are struggling and giving them some opportunities and hope. And they have to find a way of stopping the pro-Reform bias in the press, even if that means 'doing an Alastair Campbell' and getting the press onside (I've just done a little sick in my mouth  ). The amount of coverage Reform get relative to their representation is wrong and part of the problem. | |
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| Govt deficit: what would you do? on 17:46 - Jul 8 with 577 views | Bent_double |
| Govt deficit: what would you do? on 17:34 - Jul 8 by itfcsuth |
Legalise, control, regulate and TAX marijuana. Never smoked it in my entire life, but know it’s a £1bn industry annually.
Has been a open goal for many years now. |
Trouble is, you're gonna need all the tax revenue it generates just to cover the mental health bills of all the people who constantly smoke it. |  |
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| Govt deficit: what would you do? on 17:51 - Jul 8 with 557 views | heavyweight |
| Govt deficit: what would you do? on 17:06 - Jul 8 by baxterbasics |
I would definitely scrap NI and just absorb it into income tax. There'd surely be an admin saving there at the least.
I'd keep a low income tax threshold but introduce a smaller rate for low earners. Why? I think it's healthy for democracy to have more people in that net. As a taxpayer you are more invested, more likely to scrutinise what government is doing with it. Taking people out of tax will increase apathy.
(These are my more serious suggestions, compared to my earlier failed attempt to harvest down votes) |
Currently when you reach pension age , you stop paying NI but still liable for income tax.
No reason why pensioners should not still pay NI if their income is high enough. | | | |
| Govt deficit: what would you do? on 18:07 - Jul 8 with 515 views | Swansea_Blue |
| Govt deficit: what would you do? on 17:39 - Jul 8 by BlueForYou |
Get rid of Labour, dissolve Parliament, & form a national coalition government where MPs have to work together for the national cause! Raise income tax thresholds to £20k. Stop taxing business out of existence. Get rid of illegal migrants. No option but raise income tax to 25% hopefully for a reasonably short period. Hold elections on issues not party politics. Need a period of national coalition for stability & to deal with what is going to become a huge crisis. |
- Like it or not, Labour are elected and meet the criteria for being a political party (whether they're crap or not is irrelevant)
- If you dissolve parliament, why do you still need MPs?
- How are we getting rid of immigrants? Is there a massive need for cheap pet food 'meat'? There seem to be loads more dogs around these days, so there could be something there 
- Corporation tax is around the average for the G7 and below the EU average for the smallest companies, and only just above for larger ones. It's not that high. We're lower than that bastion of corporate greed, the US.
- "Raise income tax thresholds to £20k." You bloody Marxists are all over TWTD ;). I agree on this: income tax thresholds do need to be lifted. The freeze under the Tories has disproportionately impacted those on the lower incomes.
- "Hold elections on issues not party politics". Good luck with that! To be fair, parties do publish policies, but the press thinks it's more important how someone eats a bacon sandwich or what coat they are wearing at the cenotaph, or that they can hold a photoshoot drinking a pint in a pub.
- "Need a period of national coalition for stability". We have the structure for greater collaboration already. Cross-party committees, e.g. select committees, show Parliament at its best imo. The problem seems to be the increasing executive grab we've seen over the last 10-20 years - some of the worst excesses of this we saw from the Brexiteers, but Labour trying to push through bills with insufficient time for scrutiny is little different. I'd strengthen committees and limit the use of statutory instruments (and certainly jail PMs who illegally prorogue parliament to try and force their agenda through). | |
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| Govt deficit: what would you do? on 18:09 - Jul 8 with 509 views | tcblue |
Wealth tax (a woo ooh).
Stop pretending that trickle down economics exist.
Scrap winter fuel allowance again.
Scrap the triple lock.
Beg to rejoin the single market.
Basically, all unpopular things which no current political party would dare to do | | | |
| Govt deficit: what would you do? on 18:12 - Jul 8 with 503 views | NthQldITFC |
| Govt deficit: what would you do? on 17:17 - Jul 8 by Herbivore |
If you, or anyone, thinks Reform offer any kind of sensible solution to the country's problems then you're deluded. |
Understatement Of The Week. |  |
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