Business UK
Government using fiscal drag to raise tax revenue: ‘They think we’re too thick to notice!’
‘It’s as if ministers think we are too thick to notice that taxes are rising’
GB News Economics and Business Editor Liam Halligan explains how the Government uses ‘fiscal drag’ to raise tax revenue without increasing headline tax rates.
#Economy #Business #taxpayer #Tax
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Donald Trump hails “extremely positive and productive conversations” with China as the President speaks at a state banquet with the Chinese President Xi Jinping in Beijing.
#DonaldTrump #China #WorldPolitics #WorldNews #GBNews
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Watch as Will Kensington expresses concern about the state of the UK, arguing that Downing Street is no longer a place of power but has instead become Britain’s most expensive Airbnb.
This comes as Andy Burnham is set to become the UK’s seventh Prime Minister in a decade, with seemingly no one challenging the “King of the North” for the country’s top job.
#Labour #PrimeMinister #KeirStarmer #UKNews #GBNews
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Business UK
Cabinet Office DEMANDS LGBT and ethnic figures on bank notes over DIVERSITY – ‘RIDICULOUS!’
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‘We have real pressing financial issues as a country. I find focus on stuff like this quite ridiculous!’
Nana Akua hits out at the Cabinet Office’s suggestion that banknotes should featurre prominent ethnic or LGBT figures from British history.
#cabinetoffice #lgbt #uknews #ukpolitics #gbnews
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Join Martin for an up-to-the-minute take on the day’s events delivered in his own unique and lively style.
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France holds annual Bastille Day parade with different military regiments with foreign troops included. President Emmanuel Macron has invited leaders from The Coalition of The Willing to watch parade.
#paris #bastille #french #zelensky
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@kevinsyd2012
January 10, 2024 at 3:06 am
One minute we're told that nurses are underpaid and using food banks, and here we are told that they are now
high rate tax payers…!!
@a.antoniou
January 10, 2024 at 3:06 am
The tax free threshold should be at least £20,000, it is immoral to take tax from people, out of money they actually need to live.
@alridd7038
January 10, 2024 at 3:06 am
Every day something new occurs.
@richardharkness9427
January 10, 2024 at 3:06 am
Hunt and Sunak are stealing peoples money. They now want to raid your pension funds. Time for this to end!!!
@glynatmore1817
January 10, 2024 at 3:06 am
Pissy anorak the pm & sadick proon the London mayor are immigrants wanting more illegal immigrants into England to destroy it because they hate England because of British rule in India many years ago.
Its all planned
@freespeech1658
January 10, 2024 at 3:06 am
They think we're too thick to notice that terms like "Fiscal Drag" and one of my other favourites, wheeled out several years ago, "Fiscal Cliff" are nonsense terms which are frankly meaningless. They may as well just call it a "Fiscal Arsef*cking", since that's what it is and always has been. All this crap only goes in one direction. I stopped being blindsided by such nonsensical terminology years ago.
@stevietrucker4631
January 10, 2024 at 3:06 am
RIP OFF BRITAIN. You work all your life and for what to just barely survive. The Government just love taking money from you.
@neuralwarp
January 10, 2024 at 3:06 am
But that's only income tax. We pay all sorts of other taxes too. And then on capital gains tax there's a whole set of extra allowances for the uber-rich.
@MartinJG100
January 10, 2024 at 3:06 am
This is just the thin end of the wedge. Governments have been doing this forever so why would they change? Governments are self serving parasites that hide behind the legislature in the furtherance of their own interests and who is going to stop them?
@stephencrossland2493
January 10, 2024 at 3:06 am
The you add stealth taxes, green levy on your energy bills,ULEZ charges, congestion charges etc. Bromley council put up local tax by 2% on one service 3% on another. Not bad, except khan put his charges up 8% ! I just hope he is not remembered as a bit of a hero, like Dick Turpin.
@geoffreybritton9425
January 10, 2024 at 3:06 am
I am 82 yrs and have paid tax for 66yrs with gov freezing tax thresholds i will pay until dead and beyond??????
@healthiswealth6797
January 10, 2024 at 3:06 am
You will own nothing and be happy. China thinking about introducing time limits on spending your money !! No savings then straight into the system.
How many years till that here
@Slarti
January 10, 2024 at 3:06 am
I rent and pay the top rate of tax.
@hazarddoom
January 10, 2024 at 3:06 am
My advice stop paying, cant lock us all up
@brianchamberlin1539
January 10, 2024 at 3:06 am
Thames Water pay no tax.
@MistralisArracant
January 10, 2024 at 3:06 am
Don't forget all the other sly taxes and duties as well as the 20% vat Just how much tax does the government screw out of us.
@muhammaduddin9268
January 10, 2024 at 3:06 am
Blame Brexit and covid.
@simonhirst6934
January 10, 2024 at 3:06 am
We are only talking income tax. what about VAT, Tax on fuel and tobacco and alchohol!!!! about 20 pence in every pound you earn actually goes to pay for the goods . the rest is tax!!!! used to support corrupt criminal politicians and civil servants. Where is Robin hood when you need him???
@bappy45889
January 10, 2024 at 3:06 am
Liam Halligan is an excellent economist….i now understand fully what is going on
@marcwareham9351
January 10, 2024 at 3:06 am
Inheritance tax has also been capped. It is still only £325,000 per person. We must stop this theft!
@paulberry8615
January 10, 2024 at 3:06 am
Wait until the masses start to get into the £100k earnings territory mark with inflation and realise they lose all their tax allowance at a huge marginal rate. This is never reported but a very unfair tax grab.
@theshiningwire4102
January 10, 2024 at 3:06 am
It’s so important this issue gets discussed. The tax burden is excessive and utterly oppressive. In Scotland we have it worse still and an SNP government who want to put tax rates up further. High taxes mean less money to pay for your mortgage, heating and food. High taxes punish and disincentivise hard work and endeavour as there is no reward at the end.High taxes are given the false narrative of being fair and helping the poor but actually only represent a failure of government to grow the economy.
Another point that should be mentioned is that the effective tax rate is far higher once you hit 6-figure income, it is >60% tax rate due to loss of personal allowance but higher still due to NI, loss of any child or family allowance, loss of savings allowance, higher dividend tax. The situation is dreadful.
Not saying the US has it right, far from it, but their top rate of income tax is 33% on income over$500K!
Imagine telling Americans they have to pay 60% tax on their earnings and see what happens.
@arthurdixon5890
January 10, 2024 at 3:06 am
Might as well have a Labour government. Tory tax and spend is stagnating the country. The HMRC tax us, the Councils tax us, the BoE tax us!
@maxthemagition
January 10, 2024 at 3:06 am
Since Thatcher, there have been times when inflation was high and had to be corrected.
Every time this happened the chancellors at the time raised interest rates well above 10% except one time when it was about 9%.
Imagine an interest rate of 10% today…..
A £200k mortgage costing £20k p.a. just on interest alone!
For someone to get £20k cash, they would have to earn at least £30k before deduction os Tax, N.I., Pension Contributions etc….even more if they were high earners, then about £40k!
Who knows what the future will hold but if the Government's aim is to INFLATE the economy out of DEBT by keeping interest rates low at about 5%, then everybody will suffer for sure,
It appears also that if interest rates go up to 10%, then we will be heading right back to 2008 when people could not pay their lenders and had to hand back theor keys….
That's the choice today in the UK.
5% = High Inflation, Recession and Devalued Sterling.
10% = Recession and back to 2008 Banking Crisis.
Great choice eh?
What other choices are there?
@marcwareham9351
January 10, 2024 at 3:06 am
It’s not worth working hard to make money in the U.K. the government steal all you money with ever increasing taxes! The theft is out of control and people have been brainwashed to feel paying tax is a moral obligation.
@0atheist
January 10, 2024 at 3:06 am
It's not that difficult to understand Liam.
@jamesbowskill362
January 10, 2024 at 3:06 am
Be very careful Liam,,,,,,,, the woke will cancel YOUR BANK ACCOUNT as they have done with Nigel Farage recently, It is the NEW way to treat those that find fault with the Establishment,,,,,,,
@neilhodgson326
January 10, 2024 at 3:06 am
Tax as a percentage of gdp needs to increase due to the economic damage caused by brexit. Thanks Brexiters.