@PJTheEconomist You’d think 2029 would be marked in red on their calendar and tax rises not allowed that year but what do I know.
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alan chaplin
8K posts
alan chaplin
@achaplin71
Pension technology consultant and keen volleyballer. All views expressed are my own.
UK 가입일 Mart 2009
4.7K 팔로잉904 팔로워
Look at the timings. Lots of additional spending in next couple of years. Tax increases kick in later. So more borrowing in short term. Last Budget also increased borrowing immediately and looked to balance later. At some point actually need to do the reduction!
Sam Coates Sky@SamCoatesSky
Budget 2025 - key decisions ** Headroom of £22.9 bn in 2029, up from £9.9bn ** She's raising £29.8bn in tax by the end of 2029 ** But she's spending £11.8bn more by then ** The BIG tax raising measures don't kick in until 2028 ** They'll have to find £2.4bn again next year for fuel duty freeze
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@sharrond62 All 3 of the major parties are committed to the state pension and increasing it in line with triple lock. Plenty of things to be angry about without making stuff up.
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I’ve paid NI for my state pension, along with my salery related income tax, every single year, in full, of my working life, since I was 18 I’m 62 (44yrs & counting) & I’m still paying - now Labour are suggesting that moneys not mine but possibly someone else’s who’s never worked a single day!🤬
Bernie@Artemisfornow
PENSIONS - Legally, the UK State Pension is a contributory benefit, not a guaranteed entitlement. Which is handy for Labour, because it means it could change that benefit to means tested. So the more you put in the less you will receive. Probably going to happen 😳
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@David_J_Robbins The old “if only you invested in funds returning 7% pa instead of 3% for 50 years, you’d be so much better off”.
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What about the consequences of transferring from a workplace scheme charging 0.3% or 0.4% of assets each year to a consolidator charging 0.7%?
Actuarial Post@actuarialpost
#Pension disengagement may cost you GBP500k in #retirement, @pensionbee ...a saver contributing 13% of their qualifying earnings instead of the minimum 8% (5% personal contribution and 3% employer contribution) could accumulate an extra £121,366... tinyurl.com/2kekd6v9
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@David_J_Robbins @TheIFS Hinges on them being reliable too. Particularly if we want to encourage long term investment, expecting tax breaks to remain for decades seems optimistic.
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This argument - pensions should be made to invest in the UK in return for tax breaks - hinges on tax breaks being large. @TheIFS has called the HMRC figures cited here "more misleading than enlightening".
Any claim about how much the current tax treatment of pension costs invites the question: relative to what? IFS modelled the cost as just £4bn vs one benchmark that might be thought neutral (EET) but £46bn vs another (TEE).
It's much easier to argue for investment restrictions if you think the bigger number is the right way to look at it. Though the Government can argue: never mind what is a theoretically neutral tax treatment for deferred income - we don't have to offer that; we'll compare it with other savings vehicles.
Financial Times@FT
Maybe UK pension funds should be forced to invest in UK assets on.ft.com/41CFvQf | opinion
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@PensionsMonkey It’s not private or both but a team effort required. Reminds me of misguided (imo) accounting in some businesses where functions are either cost centres or profit centres and little effort spent trying to understand the complicated relationships between them all.
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...and this is the problem, right here; doctors and police do great work but they don't create jobs and wealth, private businesses do and they're being crushed under the weight of an increasingly expensive and inefficient public sector
Darren Jones MP@darrenpjones
In 2025 I’ll be getting out of my office in the Treasury and getting around the country. I want to listen and learn from the people who use and deliver our public services, and create jobs and wealth, in every part of the UK. 👇 mirror.co.uk/news/politics/…
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@SnotSurgeon See this as husband of nhs patient too. NHS booking systems are shambolic. Sort out childcare, time off work etc and turn up only to have to come back another day as things overrunning etc.
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While I absolutely understand that plans for childcare fall through, work or personal emergencies occur, none of this applied on these cases. It is now leaving my lists underutilised on a weekly basis. What can we do? We can’t bring down waiting lists if patients don’t turn up.
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My all day NHS operating has been left with 3 out of 5 slots unused - 2 patients decided on Wednesday that the date did not suit (having previously confirmed) and 1 this morning did not want to wait to be second on the list, so left. They have waited nearly a year for surgery.
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@SnotSurgeon Not sure if prep is required but if this is common, invite say 5 patients from next week/month to turn up and if there is a slot, they’ll get treated. If booked you’re definitely treated and if on the invite list, you might be. Slots all used…
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@JosephineCumbo @FT @marymcdougall13 I think it’s the “would” that should be in quotes. If so, fine but it’s actually “might” and may also deliver losses - tiny or large …
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Pushing UK pensions into private markets would deliver ‘tiny’ gains, forecasts show ft.com/content/ee3a29… via @ft via @marymcdougall13
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Why? Sure, say you aim not to, want to lower, intend to cut spending etc but if some unforeseen event happens that needs funding then I’d hope gov spends the necessary money and if that has to come from taxes, so be it. Hard to predict tomorrow, let alone the next 4 years!
Sky News@SkyNews
Rachel Reeves promises she will not raise taxes again Read more🔗 trib.al/d2fiLnX
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alan chaplin 리트윗함
There are more than 3 million lost pension pots brimming over with more than £30 billion just waiting to be reunited with their owner. Why? How to find it @Moneybox with Daniela Silcock @Pensions_Goth noon @BBCRadio4 tweet or email your experience or questions moneybox@bbc.co.uk
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@anon_opin 2nd worse are the occasional bar staff who serve the person you pointed out and don’t come back to you
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Nobody worse than people who get served at a busy bar and fail to point out those who have been waiting longer than they have. Dregs of humanity. If you've ever done this, just know that you're universally hated and will never see heaven.
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@pensionscanwork I’ve been fairly static the last 15 years but number of houses lived in was greater than my age until mid thirties… pension providers wonder why they don’t have up to date address records …
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I have such a weird envy of people who have static friend and family groups.
I have moved so much my entire life.
I have nowhere I associate as "home".
I have just left my team for the last time and now I know I have to begin the whole cycle again.
It's so discombobulating.
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@FelicityHannah Had a pleasant surprise with our cat. He had a temperature and vet bill was about £500. Couple of weeks later wife was checking all direct debits and there was one we didn’t know what it was. Called the company and it was pet insurance which paid out about 75% of bill.
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I'm making a radio show about the cost of pets and pet insurance and I am (in my editor's words) 'too dog heavy'. This may be my dog bias showing through. Looking to talk to people who have had expensive bills or pet insurance stories for cats, rabbits, reptiles, ANYTHING else.
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@mattholehouse Agreed. Taking more time to get better primary legislation seems preferable to me. I can see they want to be seen to be acting quickly/decisively but in the long run, doing things slower and better more likely to get the better results
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The new attorney general has promised to tighten up lax legislation. The record so far is not promising.
economist.com/britain/2024/1…
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@Psythor My gap year job mainly involved putting press releases that no one would ever look at into envelopes and franking them. It was soul destroying.
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Relatedly, it blows my mind to think about how press releases used to literally be physical post rather than an email. Just imagining the effort that must have been involved to produce the equivalent of emails I delete in two seconds.
Dana Perino@DanaPerino
Just explained to my assistant, Kate, why I call the morning news packet "the clips" and she can't believe it. "how long did that take?!" We actually, clipped the hard copy newspaper, made a photo copy, then put together the packets for everyone in the office. It's true!
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@Samfr That's a misunderstanding of the situation, one it seems that no one is prepared to acknowledge...🤷🏻♂️
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Just possible that a US tech billionaire might not be the most knowledgeable source of info on UK agricultural property relief.
Neil Henderson@hendopolis
TELEGRAPH: Musk: PM is wrong on farm tax raid #TomorrowsPapersToday
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@KirstieMAllsopp @BBCTheArchers They could get @DanNeidle in to provide input. Probably just be a few lines … “oh, we’re not affected after all - carry on”
Dan Neidle@DanNeidle
If that's right then something like 90% of agricultural estates will be entirely outside IHT post-Budget (using this table, interpolating the £1-2.5m band, and assuming 2/3 of farmers are married at the first death)
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I wonder if the @BBCTheArchers will record a special episode to reflect what this budget means within farming communities. Who was planning to hand their farm on and can they afford to do that now? Ben Archer might have a view on all this.
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The main deductions here are simply things gov has said it is going to spend the money raised on. Arguing that the gov is going to spend the money raised is different to not raising any money.
Olly@oIIyjm
🧵1/13: This is how @UKLabour's estimated £1.7bn raised from private school-VAT quickly becomes £0 ⬇️ Today, the OBR has revealed that Labour's estimate does not include any additional state spending resulting from the policy. That means it does not account for additional...
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@Samfr @residentadviser Doesn’t he fall out with pretty much everyone?
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@residentadviser One thing I'm fairly sure of if Trump wins is that he and Musk will have a major falling out at some point.
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Trump is belligerent on China (one of the few things he’s been proved right on) but Musk has links to the CCP. Interesting. Very coherent.
Sky News@SkyNews
Elon Musk is speaking at the Donald Trump rally at Madison Square Garden in New York City. He chanted "USA" and called for voters to ensure a "massive crushing victory" for Donald Trump. trib.al/2r0hQRB 📺 Sky 501, Virgin 602, Freeview 233 and YouTube
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