a “cumulative fiscal adjustment” (tax rises and spending cuts) of between 3pc and 4.5pc of GDP will be required to rebuild fiscal buffers and restore debt sustainability, the IMF says.
That’s without any new spending note – no more pay rises for public sector etc. That’s also about 10% of all government.
Now, obviously we all know how to cut government by 10%, that’s easy. But that’s also not what government is going to do in the slightest.
I note that a timely press release from Patriotic Millionaires (Leftish Division) has come out about CGT.
From https://www.proactiveinvestors.co.uk/companies/news/1058583/budget-uk-patriotic-millionaires-call-for-capital-gains-tax-to-rise-equal-to-income-tax-1058583.html:
Various newspaper reports this year have suggested that raising capital gains tax would discourage entrepreneurship, but this is “simply a myth”, said Photobox co-founder Graham Hobson.
He said CGT rates were equal to income tax when he set up his company and so “didn’t stop me from starting and growing a successful business”.
You would have thought that a successful entrepreneur would realise that just because he wasn’t put off, it doesn’t mean others weren’t. How many others thought “sod that, the government isn’t stealing all my hard earned cash” and didn’t bother?
He also had indexation – the proposal today ios not to have indexation.
I can’t retire, because to retire I have to sell up, which means having half my stuff stolen by the guvmunt. So I have to keep forcing my body to keep climbing ladders and plastering walls and rewiring sockets. Shudda pissed all my money away in my 20s instead of working.
jgh tells us the truth for working people.
I am too clumsy to do a manul job competently so I became an Actuary and was “able” to retire in my mid-70s,
Many of us (including everyone in Tony Blair’;s “New Labour”) don’t understand what it is like for manual workers – hence Harriet Harperson wanting to make women retire later when 90% of them were made worse off thereby.
re “able” – so I could afford to do so