Dave Chaplin - CEO, ContractorCalculator retweetledi
🚨NEW: HMRC data shows 75,000 'Saturday jobs' for 16-18 year olds, representing 15% of the total, have disappeared since Labour came to power
[@Telegraph]
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Dave Chaplin - CEO, ContractorCalculator
27.7K posts
Dave Chaplin - CEO, ContractorCalculator
@ContractorCalc
The UK’s leading website and essential resource for #contractors & #freelancers. #IR35. All posts by CEO Dave Chaplin
UK Katılım Mart 2009
685 Takip Edilen8.2K Takipçiler
Dave Chaplin - CEO, ContractorCalculator retweetledi
The chain Beefeater pubs is closing down all its 106 businesses all across Britain .
Parent company Whitbread announced a complete exit from the standalone restaurant sector, simultaneously pulling the plug on sister brands Brewers Fayre and Bar + Block.
Whitbread chief Dominic Paul has blamed the government for increasing pressure and costs that they are putting down . They are now concentrating on their Premier Inn side .
So goodbye to another memory for British pub and pub food where many a family could enjoy a lunch out or evening meal with a drink
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@BurnsideWasTosh From personal experience non stop campaigning for years can be exhausting. But I can tell you this - you know all the arguments off by heart having repeated them endlessly. The documentary should have been a walk in the park. Instead he finally got found out.
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Apparently the reason he was so utterly shit on his documentary is because he wasnt allowed to have a 3 week holiday. A working class hero.
Alternative take is its because he is a know nothing wank breath. An exemplar of Burnhamism.
Gary Stevenson@garyseconomics
It's time to say goodbye
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@PolitlcsUK Don’t recall that being in the Manifesto, which he said he would adhere to. Still, employers NICs eh.
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🚨 NEW: Andy Burnham is strongly considering replacing council tax and stamp duty with a 0.48% annual tax on a home's current value
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The government wants to encourage saving, hence tax relief for pensions. The way to stop it is to stop overtaxing people. Everything works on incentives, not obligation or entrapment. Many people will only earn up to a tax threshold, because they are allowed to make that choice. Announcing immediate changes in Parliament is contrary to making good tax policy. Having certainty is essential in a tax system.
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The key is to stop it being so easy to avoid it - eg bunging £00,000s into a pension. Stop the ridiculous marginal rate relief. And never ever give warning of changes. Announce them in parliament for instant implementation. Action this day as Churchill said! Don’t give months for wealthy people to plan. Full disclosure follows: I bunged as much as I could into a pension to reduce my tax bill. Only stopped when law made me at 75. It shouldn’t have been allowed. I paid no NICS over 65. Ditto. Before 65 I only paid 2% marginal rate of NI. Madness! But don’t pretend that a 48% rate of tax has led to a drain of talent down to the North - well south of Scotland and much of England! And don’t believe one year’s figures to say Laffer was right. His curve can be frustrated easily.
Paul Lewis@paullewismoney
This is very interesting evidence that Laffer may have been right
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Dave Chaplin - CEO, ContractorCalculator retweetledi
Getting this under control is theoretically doable, but it would be extremely painful and politically difficult.
In 2002, Britain's national debt was around £350 billion, representing roughly 29% to 30% of GDP. Fast-forward to now and the debt has surpassed £2.8 trillion, hovering around 95% to 100% of GDP.
To get this down to just 60% of GDP, we would need 25 years of primary surpluses of 2% of GDP each year, or around £59 billion in 2025-26 terms. And Britain would need an immediate fiscal adjustment of around £122 billion.
This is the real price of decades of politicians spending money they did not have and our failure to recover from the 2008 financial crisis.
Kacper Piotr Kaminski@Kacper_PK_CH
Public debt growth since ~2002 🇬🇧 UK: +801% 🇺🇸 USA: +557% 🇫🇷 France: +285% 🇩🇪 Germany: +125% 🇨🇭 Switzerland: -37%
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How does Andy Burnham unleash the biggest changes to British politics in 40 years while sticking to Labour’s ultra cautious manifesto?
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Pay it off. You have to earn more than the monthly payments, pre tax, to afford the monthly payment. So, pay it off, then each month with the pre-tax amount, use salary sacrifice into a pension. Instead of paying say 40% tax on the amount to then afford the mortgage, the whole amount goes into your pension. That’s better than any market ROI you can get. And your post tax position re available cash to spend does not change.
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If your mortgage was £100,000 and you had £100,000 available to invest.
Would you pay it off, or invest it in the market?
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When someone’s marginal rate of tax goes above 50% they do something about it. It’s why we typically don’t breach that limit - although the move away from imputation to classical for corporation tax means we are breaching it for high earners. The £100k cliff edge is basically a stop-work sign.
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Economics should be taught in every school. There’d be no left wing within a generation.
Times Politics@timespolitics
Scottish tax hike for high earners backfires with loss of £22m #Echobox=1784997153" target="_blank" rel="nofollow noopener">thetimes.com/uk/scotland/ar…
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99.8% of taxpayers didn’t sign his petition. Besides, the Wealth Tax debate is closed. It failed. Time to move on.
Richard Burgon MP@RichardBurgon
Ahead of last year’s budget, over 80,000 people signed my petition calling for a Wealth Tax. A 2% Wealth Tax on assets over £10 million would raise £24 BILLION per year. I believe this is a way to raise crucial funds urgently needed to help tackle the cost-of-living crisis.
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Would be surprised, but I checked the odds. Bookies reckon a hung Parliament. So, above target inflation it is for 3 years. Autumn Budget will be telling.
Farrukh@implausibleblog
Laura Kuenssberg, "Do you rule out having a general election before 2029?" Andy Burnham, "There's no early general election" Anyone remember LK asking Boris Johnson about why he took power without a general election?
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As someone who personally led a four year campaign on tax matters (part succeeded and part failed), I know the terrain. It’s exhausting to maintain momentum, and timing is key. Fundamentally though, you have to know your onions about how to get policy makers on board. That means properly identifying a problem with solid data (he didn’t), prescribing a detailed solution (he didn’t), and then gaining political will (he didn’t because he failed on the first two). There are economists and tax experts who have explored how to tax assets and there are some better ideas, but the Wealth Tax idea of Gary’s was always a non-starter. He wasted his time on something that would obviously fail.
Gary Stevenson@garyseconomics
It's time to say goodbye
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Exactly. And Government can profit nicely by being greedy landlords themselves, charge below market rate, and show private landlords how to keep the properties perfectly maintained. Once they have proved they are better than the private sector, they can buy up the private stock too. What could possibly go wrong with public ownership?
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If the government borrows to build council houses, it’s building valuable public assets that produce a return.
Pure doomloop thinking to ignore half the transaction.
The Telegraph@Telegraph
Delivering Andy Burnham's 300,000 affordable homes would cost an estimated £47bn by 2036, leaving the new Prime Minister with a £8bn shortfall to the current funding pot, according to new research. 🔗: telegraph.co.uk/business/2026/…
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@paullewismoney But Paul, why are all these people not simply paying more tax? They still get 52p for each £1 earned. :-).
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This is very interesting evidence that Laffer may have been right
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@Paul_SLG Perhaps the Patriotic Millionaires could club together to buy some land, build houses, and then give them away to people. Basically cut out the taxman collecting the money and doing the same.
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My guess is most people aren’t aware of this so it’s good to see it reported in the FT.
House builders are seeing their margins fall despite increases in revenues.
The reason?
Build costs are up. A lot.
That’s partly because of general inflationary pressures but also partly because of the growing cost of planning policy and regulations.
The consequence is that fewer development sites are viable and fewer homes will be built.
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The UK is at peak tax for high earners. The only ones left to squeeze are those on basic rate tax. Reeves flew a kite on that which failed dreadfully. So, spending cuts it is - which Labour won’t vote for. Leaving money printing / borrowing next. Here comes more inflation which makes it worse for everyone.
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Scottish tax hike for high earners backfires with loss of £22m #Echobox=1784997153" target="_blank" rel="nofollow noopener">thetimes.com/uk/scotland/ar…
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@mehdirhasan It was a badly told very old joke and not a statement of fact. Surprised you struggled with this one. Bit of basic research would have assisted your confusion.
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I thought this was a fake quote but, nope, he actually said it.
This is the most embarrassing person to ever lead any country anywhere in the world in our lifetimes.
The Bulwark@BulwarkOnline
Trump: "The other day a senator I knew got a text from his wife. She said, 'When you get home, I want to have you immediately come up the stairs and make love to me.' And he said, 'I can't do both.' You know? Haha. In other words, haha, you can't go up the stairs and make love. Does anybody get that?…In other words, he can't go up the stairs and make love. Too old. You know?…Does anybody understand this stuff?"
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Dave Chaplin - CEO, ContractorCalculator retweetledi
@CPhilpOfficial Evidence that you can’t tax people half their income, else they do something about it, and less tax is collected.
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This is very significant. Clear evidence of the Laffer curve in action - push taxes too high and you end up raising less money
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Proof that over taxing high earners means they do something about it - such as not bothering to earn, working less, diverting earnings to pensions, etc. Who knew?!
Chris Philp MP@CPhilpOfficial
This is very significant. Clear evidence of the Laffer curve in action - push taxes too high and you end up raising less money
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