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Nick Price
2.1K posts
@GT270913 @iainmartin1 The revenues now are a fraction of what they were 20 years ago.
High tax rates don’t automatically translate to high revenues.
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@iainmartin1 The tax revenues that the Tories and Reform both want to cut?
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There isn’t enough to make a difference but it will also do massive damage, apparently.
FT Energy@ftenergy
Leading UK climate scientists warn against new North Sea drilling ft.trib.al/sXRmhcj
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@BareLeft You must not be familiar with a) supply and demand b) the price premium paid to transport American gas to the UK
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The Jackdaw gas field is owned by Shell, and the yields will be sold at open market prices.
Unless there's an arrangement that gives the UK first dibs on gas at a preferential price, this doesn't actually solve anything. Total capitulation to the fossil fuel lobby.
LBC@LBC
Ed Miliband to give green light to first major North Sea gasfield project in a decade lbc.co.uk/article/ed-mil…
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@SimonMcLeod @jackisgeeky @blaiklockBP And what happens after the delay? IT GOES UP. But in the mean time thy **still** get an increase.
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So if we have deflation of -10%, pensions still go up +2.5%
Carl Benjamin 🏴@Sargon_of_Akkad
I suspect people don't realise how extractive the triple lock is on pensions. The triple lock means the state pension goes up by whichever is highest of: 1. Average earnings growth 2. Inflation as measured by September CPI 3. 2.5% regardless of any other factors. Inflation is 3.8% and nominal earnings growth is 4.8%, but even if you were flatlining and your earnings didn't outpace inflation, the pensions would still rise.
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@SimonMcLeod @jackisgeeky @blaiklockBP That’s ok because they just get 2.5% or whatever wage inflation.
Heads they win, tails they win!
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@NickPriceLDN @jackisgeeky @blaiklockBP CPI does not reflect pensioner inflation and it’s always delayed
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@jackisgeeky @blaiklockBP In 2021, 2017, 2015 & 2013, the state pension rose by 2.5% because both wage growth and CPI were lower. Great deal!
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@blaiklockBP When have we ever had deflation, or even inflation under 2.5%?
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@NickPriceLDN @VirginMediaNews Not to discuss with clowns on the internet pretending to be tax lawyers 😂😂🫣😂
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🗣️ “If there’s rumours of a wealth tax – I’d be gone the following day.”
Michael O'Leary on whether he lives a “low frills” lifestyle like his airline and why he hasn't "upped sticks" to an overseas tax haven.
📺 The Big Interview: Michael O'Leary ▶️ youtu.be/NZguI0ZnM2I
YouTube
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@The_Emmo @VirginMediaNews Ok so you don’t have any actual policy ideas then.
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@EdwdPrice @jahskillen @DGWilkinson @WilliamClouston So you’re happy to go to a ‘single lock’ then? So they get wage growth? Like everyone else?
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@EdwdPrice @jahskillen @DGWilkinson @WilliamClouston The mechanism is already there. It’s literally in the state pension.
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The Triple Lock is unaffordable, financed by debt and must end.
Iain Dale 🏴🇬🇧 ⚒️@IainDale
One day, a politician will have the bollocks to say in public what they're quite happy to say when the microphone is off, and that is this. The Triple lock is unaffordable and must go. We all know it. And I say that as someone who in four years would benefit from it.
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@EdwdPrice @jahskillen @DGWilkinson @WilliamClouston One of the ‘ratchets’ of the state pension is ‘average wage growth’. Link it to that and be done. That hedge is already built in,
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@NickPriceLDN @jahskillen @DGWilkinson @WilliamClouston Well the same growth suggests they’d need a link to wages as well as CPI.
I would suggest that then probably needs averaging over say 3 years to avoid the double benefit accruing.
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@EdwdPrice @jahskillen @DGWilkinson @WilliamClouston This ‘flowery language’ is really nice, but if we want to stick to facts then let’s offer pensioners the same wage growth as everyone else.
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@NickPriceLDN @jahskillen @DGWilkinson @WilliamClouston Bit like schools really.
It’d be a lot easier to keep children sweeping chimneys if we didn’t educate them.
Pensioners are people’s parents, or grandparents. They’re the people who worked to build the State and as such deserve a degree of respect from us all.
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@EdwdPrice @jahskillen @DGWilkinson @WilliamClouston The is all 100% true. However all that’s being asked is that pensioners receive the same growth as others.
Working people are by definition only afforded ‘wage growth’ increases so why do we rewrite the rules for a different generation?
If you want fairness then make it fair.
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@NickPriceLDN @jahskillen @DGWilkinson @WilliamClouston This idea that the young and old are disparate bodies of completely separate people is utterly confected.
The State pension isn’t going to make anybody rich especially if we just ensure it’s subject to taxation like everything else.
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@The_Emmo @VirginMediaNews Can you make your policy proposal clear? You’re proposing to apply a wealth tax to non residents based on their ownership of an Irish company?
You’re planning to apply an annual tax to the agricultural assets of all individuals?
I’m just trying to understand how this will work
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@The_Emmo @VirginMediaNews My point is more that the corporations would view the actions you’re proposing as highly hostile. But sure let’s avoid having a sensible debate about the second order consequences of tax policy.
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@jahskillen @EdwdPrice @DGWilkinson @WilliamClouston It’s a really popular bribe. I’m not surprised politicians are bullied into retaining it. Pensioners make up 25% (and rising) of the electorate - how will it ever be changed?
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@EdwdPrice @NickPriceLDN @DGWilkinson @WilliamClouston Wages aren’t relevant. It should just be inflation at CPI like everything else, or a basket that reflects pensioners’ actual expenditure (they typically don’t pay rent, largely being owner-occupiers). They should count themselves lucky that imputed rent isn’t taxed yet.
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@The_Emmo @VirginMediaNews How do you think the large tech companies responsible for Irelands newfound prosperity will feel about retrospective tax action? Are you planning to reach into their pockets and take money too?
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@The_Emmo @VirginMediaNews You can call it deranged all you like, but you’ve clearly never run a company or business. It’s very easy to redomicile a company. It’s very easy to move tax residence. It’s even easier if you are worth over a billion euros. Be careful what you wish for.
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@The_Emmo @VirginMediaNews Since 1990, 14 countries have implemented a wealth tax. Of the 14, only 3 remain.
Of the 3, 1 is Switzerland, which has a wealth tax but no other asset taxes.
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@NickPriceLDN @VirginMediaNews Sure you are. Good for you 😂😂😂😂😂😂😂 citing double taxation agreements as a reason that wealth taxes on absolute assets will fail. You don’t even know about the word solicitor spoofer
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I suspect people don't realise how extractive the triple lock is on pensions.
The triple lock means the state pension goes up by whichever is highest of:
1. Average earnings growth
2. Inflation as measured by September CPI
3. 2.5% regardless of any other factors.
Inflation is 3.8% and nominal earnings growth is 4.8%, but even if you were flatlining and your earnings didn't outpace inflation, the pensions would still rise.
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@The_Emmo @VirginMediaNews At least you have a long list of failed and repealed wealth taxes elsewhere to look to! Am sure it will all work out.
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@The_Emmo @VirginMediaNews Ha! You know nothing about me, the reason I am versed in the matter is I am a tax lawyer. I live in the UK, but sure follow the snake oil salesman politicians down your idiotic ideological path, ignoring facts, treaties and laws along the way.
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