uttoxram75 Posted September 25, 2022 Share Posted September 25, 2022 12 minutes ago, Boycie said: Call me a fool, but if the bankers who get bonuses pay their taxes on the bonuses then that helps the people who need it who pay no taxes no? No. What the govt spends money on does not rely on how much tax they receive. All the extra billions spent on covid have not required a tax rise have they? Link to comment Share on other sites More sharing options...
Boycie Posted September 25, 2022 Share Posted September 25, 2022 2 minutes ago, uttoxram75 said: No. What the govt spends money on does not rely on how much tax they receive. All the extra billions spent on covid have not required a tax rise have they? No idea, but all the tax the high earners goes towards helping the people who pay no tax doesn’t it? Link to comment Share on other sites More sharing options...
Grumpy Git Posted September 25, 2022 Share Posted September 25, 2022 8 minutes ago, Boycie said: No idea, but all the tax the high earners goes towards helping the people who pay no tax doesn’t it? Yes, it’s just they will all be paying £55,000 each less from now on. Stive Pesley and Boycie 2 Link to comment Share on other sites More sharing options...
Rev Posted September 25, 2022 Author Share Posted September 25, 2022 11 hours ago, i-Ram said: I sometimes think there is a few to many Cant's on threads like these. Anyway, carry on with the politics chaps. I will DM @Revif I have any views on what he set the thread up to be about. Martin Lewis doesn't have this s***. ThePrisoner, i-Ram, Norman and 2 others 5 Link to comment Share on other sites More sharing options...
uttoxram75 Posted September 25, 2022 Share Posted September 25, 2022 13 minutes ago, Boycie said: No idea, but all the tax the high earners goes towards helping the people who pay no tax doesn’t it? Just think about all the billions spent on covid. From paying people to stay at home to PPE contracts, vaccinations, its billions. Yet we have just reduced Tax. We don't need tax to pay for things! Link to comment Share on other sites More sharing options...
Boycie Posted September 26, 2022 Share Posted September 26, 2022 8 hours ago, uttoxram75 said: Just think about all the billions spent on covid. From paying people to stay at home to PPE contracts, vaccinations, its billions. Yet we have just reduced Tax. We don't need tax to pay for things! Can I print some money when I need it like the governments told the Bank of England too? Asking for a friend? Link to comment Share on other sites More sharing options...
sage Posted September 26, 2022 Share Posted September 26, 2022 19 minutes ago, Boycie said: Can I print some money when I need it like the governments told the Bank of England too? Asking for a friend? Ive seen your invoices. I thought you were already doing it. ? uttoxram75, Boycie and GboroRam 2 1 Link to comment Share on other sites More sharing options...
Crewton Posted September 26, 2022 Share Posted September 26, 2022 10 hours ago, uttoxram75 said: No. What the govt spends money on does not rely on how much tax they receive. All the extra billions spent on covid have not required a tax rise have they? Wasn’t that why Sunak lost the leadership election, because his last budget included tax/nics rises and his future proposals didn't include tax cuts until the last budget before the next GE? Link to comment Share on other sites More sharing options...
PistoldPete Posted September 26, 2022 Share Posted September 26, 2022 10 hours ago, uttoxram75 said: No. What the govt spends money on does not rely on how much tax they receive. All the extra billions spent on covid have not required a tax rise have they? I think you are being a bit disingenuous there uttox... Kwateng has called COVID (and presumably the Ukraine War too) an "exogenous" event.. an external event, so outside of normal fiscal control. You would normally expect Government spending to be paid for by taxes. So Boycie is right , bankers getting bonuses means more tax for the Government which is a good thing. Mind you incentivising bankers to do dodgy deals may not be such a good idea. Crewton and Gritstone Ram 2 Link to comment Share on other sites More sharing options...
Elwood P Dowd Posted September 26, 2022 Share Posted September 26, 2022 1 hour ago, PistoldPete said: I think you are being a bit disingenuous there uttox... Kwateng has called COVID (and presumably the Ukraine War too) an "exogenous" event.. an external event, so outside of normal fiscal control. You would normally expect Government spending to be paid for by taxes. So Boycie is right , bankers getting bonuses means more tax for the Government which is a good thing. Mind you incentivising bankers to do dodgy deals may not be such a good idea. How do we know that we would not have received the Tax generated by additional banker bonus via corporation tax if it remained capped! I'm not expecting an answer as it is an extremely complicated issue, surely the only thing the removal of the cap on the banker bonus does is, as you say, incentivise the bankers to do more and bigger deals. Link to comment Share on other sites More sharing options...
Tamworthram Posted September 26, 2022 Share Posted September 26, 2022 1 hour ago, Elwood P Dowd said: How do we know that we would not have received the Tax generated by additional banker bonus via corporation tax if it remained capped! I'm not expecting an answer as it is an extremely complicated issue, surely the only thing the removal of the cap on the banker bonus does is, as you say, incentivise the bankers to do more and bigger deals. Am I being a bit dumb here again or isn't the answer because corporation tax is only 19% whereas income tax on said bonuses (assuming they didn't find a clever way to avoid it of course!) is likely to be 40% (plus NI)? Surely the answer to your question can't be as simple as that. In any event, the tax (corporation or income) generated from these bonuses is likely to be a drop in the ocean compared to the total tax income for the treasury. Link to comment Share on other sites More sharing options...
alexxxxx Posted September 26, 2022 Share Posted September 26, 2022 (edited) Read online somewhere where after bonuses were capped, basic pay rose for bankers. The whole point of capping bankers bonuses was to reduce the reward for reckless risk taking. Edited September 26, 2022 by alexxxxx Grumpy Git and sage 1 1 Link to comment Share on other sites More sharing options...
Stive Pesley Posted September 26, 2022 Share Posted September 26, 2022 The £ continues to look like it's in big trouble, and Sky reporting that the Bank Of England may be forced to issue a massive emergency interest rate hike to try and tame inflation, and letters of no confidence already going in from Tory MPs. It does feel like carnage Link to comment Share on other sites More sharing options...
sage Posted September 26, 2022 Share Posted September 26, 2022 Classic case of ideology ruling reality/pragmatism. When you currency drops 2-3% in one day against weak currencies like the Rand and the Turkish Lira, you have problems. Crewton 1 Link to comment Share on other sites More sharing options...
Wolfie Posted September 26, 2022 Share Posted September 26, 2022 9 minutes ago, Stive Pesley said: The £ continues to look like it's in big trouble, and Sky reporting that the Bank Of England may be forced to issue a massive emergency interest rate hike to try and tame inflation, and letters of no confidence already going in from Tory MPs. It does feel like carnage What? Liz Truss incompetent?. Who saw that one coming?! GboroRam, Reggie Greenwood, Stive Pesley and 1 other 4 Link to comment Share on other sites More sharing options...
ariotofmyown Posted September 26, 2022 Share Posted September 26, 2022 9 minutes ago, Stive Pesley said: The £ continues to look like it's in big trouble, and Sky reporting that the Bank Of England may be forced to issue a massive emergency interest rate hike to try and tame inflation, and letters of no confidence already going in from Tory MPs. It does feel like carnage Hopefully we'll get the 50 odd letters required, then a new cabinet followed by a 3 month tory leadership contest. Then we could have another PM in place by Jan. It's called Democracy. Stive Pesley 1 Link to comment Share on other sites More sharing options...
ariotofmyown Posted September 26, 2022 Share Posted September 26, 2022 1 minute ago, Wolfie said: What? Liz Truss incompetent?. Who saw that one coming?! Nothing to worry about, the chancellor went to Eton. We'll be fine. Link to comment Share on other sites More sharing options...
Gaspode Posted September 26, 2022 Share Posted September 26, 2022 I don't post politics on here (as we all know it's against the rules), but I suggested to someone this morning that this has all the signs of being a long game played by the Tory party: 1. Elect a thoroughly incompetent PM (that unlike Boris, no one likes either) and watch them royaly screw up (which she appears to be doing with indecent speed); 2. Get the Labour party confident enough to push for a vote of no confidence in the government thereby forcing a general election; and then 3. Sit back for the next couple of years while the new Labour government has to try and dig us out of the huge hole the country is currently in while not being able to deliver on most of their traditional promises. 4. The Tories then come back at the following election with a nice big majority (possibly with Boris back in charge by then).... It may sound far fetched, but there's no easy way out of the mess following Brexit, Covid and the Ukraine war - far better from their perspective to let Labour do the donkey work and then pick up the pieces... Link to comment Share on other sites More sharing options...
RoyMac5 Posted September 26, 2022 Share Posted September 26, 2022 (edited) 6 minutes ago, Gaspode said: I don't post politics on here (as we all know it's against the rules), but I suggested to someone this morning that this has all the signs of being a long game played by the Tory party: 1. Elect a thoroughly incompetent PM (that unlike Boris, no one likes either) and watch them royaly screw up (which she appears to be doing with indecent speed); 2. Get the Labour party confident enough to push for a vote of no confidence in the government thereby forcing a general election; and then 3. Sit back for the next couple of years while the new Labour government has to try and dig us out of the huge hole the country is currently in while not being able to deliver on most of their traditional promises. 4. The Tories then come back at the following election with a nice big majority (possibly with Boris back in charge by then).... It may sound far fetched, but there's no easy way out of the mess following Brexit, Covid and the Ukraine war - far better from their perspective to let Labour do the donkey work and then pick up the pieces... Kinda relies on Labour getting voted in, and then being able to 'fix things'. Not currently confident about the first and most definitely not the second. Scary stuff with the economy atm - still stops you worrying about energy costs and the cost of living - maybe that's the plan?! Edited September 26, 2022 by RoyMac5 Link to comment Share on other sites More sharing options...
bcnram Posted September 26, 2022 Share Posted September 26, 2022 58 minutes ago, Stive Pesley said: The £ continues to look like it's in big trouble, and Sky reporting that the Bank Of England may be forced to issue a massive emergency interest rate hike to try and tame inflation, and letters of no confidence already going in from Tory MPs. It does feel like carnage Absolutely no chance that this has been knocked up and distributed as real, or is the? Link to comment Share on other sites More sharing options...
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