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I'm all for making the wealthy (of all ages) pay more, so increase CGT and inheritance tax, bring in a wealth tax, increase council tax bands or bring in a land value tax. Any of these will raise many billions from the wealthier in society.
Labour's first reaction seems to be to cut spending. Departments have already been warned they face big cuts in the upcoming budget.
The argument people are making early on is let's not have another round of austerity, there are many other ways of 'balancing' the budget, if that's what they want to do.
Lebowski-
I'm all for making the wealthy (of all ages) pay more, so increase CGT and inheritance tax, bring in a wealth tax, increase council tax bands or bring in a land value tax. Any of these will raise many billions from the wealthier in society.
Same, and I’d guess at least some of those measures, along with a reduction on higher rate tax relief on pension contributions, are on their way in the budget since they aren’t amongst the specific tax raises that were ruled out before the election.
Some spending has been cut, but so far it’s been things like departmental reductions in use of consultants, the social care cap (which protected pensioners’ wealth) and some Tory infrastructure pet projects. Can’t get too worked up about that, tbh.
Labour were elected to restore public services, I don’t think we’re looking at another round of Osborne-style austerity.
rodan
It’s 7% of the missing £22bn, definitely not peanuts.
After 14 years of coddling by the Tories, it’s high time the portion of the retired that can afford it started repaying some of the damage that was done to the economy during the pandemic in order to keep them safe - the young and working age of the country have already paid a lot more. I hope the triple-lock is scrapped in the budget, it’s wrong that pensions go up by more than average wages.