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I was looking at it on my tax portal a few months ago, for me the national debt interest percentage is way too high, could this be due to the Tory's? Totally irresponsible for any government to wrack up national debt like that, don't start blaming covid either.
I think you can blame a significant amount on the tories.
Their wastefulness, their Brexit, their lack of competent governing, implementing austerity and lack of investment when interest rates were historically low. That is on them.
Obviously Russia's illegal invasion of Ukraine and the pandemic was not their fault. Nor was the global financial network that added to inflation.
Although I would also argue that their handling of covid meant a bigger bill and Brexit exacerbated inflation.
In a nutshell Tories are been criminally shite but not everything is their fault.
Debt as a percentage of GDP went up from 30 odd percent to 70 percent between 2007 and 2010 then the Tories managed to take it over 100%! Useless fuckers the lot of them.Oh I agree with that, also not putting all on the Tory's, I personally think they could have negotiated a smaller percentage to borrow such vast sums, of course I don't know that for sure but if you compare it it seems high to me, then again I'm tighter than two coats of paint.
I'd wouldn't let the Tory's run a raffle like.
What do you do if you cut welfare? The costs of dealing with the results will be borne elsewhere, probably multiplied. Culture spending is low because of Barbarians. Correlating defence spending and welfare improvements is quite an unusual link up. Defence budget is massive in relation to the day to day issues people face. What budget does Michelle Mobe's money come out of? What budget does Michelle Donelan's libel money come out of?
I was looking at it on my tax portal a few months ago, for me the national debt interest percentage is way too high, could this be due to the Tory's? Totally irresponsible for any government to wrack up national debt like that, don't start blaming covid either.
COVID is a big part of the reason. The money for the furlough scheme had to come from somewhere. Virtually every country in the world had to increase their borrowing to get through the pandemic. The scheme to cap domestic energy bills was also very expensive. Without turning this into a party political debate, those two big borrowing projects would have been needed regardless of who was in power.
The biggest problem with the economy since the financial crash of 2008 has been lack of growth which means that the money coming in through taxes isn't keeping up with the demands of running the country, which means more has to be borrowed to balance the books. This wasn't too bad when interest rates were low but since they shot up, government interest payments have ballooned.
The high interest rates also mean than the next government will find it hard to increase public spending as they won't be able to borrow as easily.
Has that already been started with that lifetime isa. You have to be under forty. For every £3000 you put in the state puts in £1000. You can only take out the money for a house purchase or your pension. I might have the exact details wrong, but it is along those lines. It is a generous input from the state, but I think it could well mean those under the age of forty won't get a state pension. If this is the case, then shout it from the rooftops, so that they know!...
Or they might do something radical, saying those born after x date won't get a state pension, instead they'll be given a lump sum at birth which is then invested into a pension & allowed to grow for 60 odd years
If I was younger and not almost 40, I would be all over the lifetime allowance. Its a great way to save.Has that already been started with that lifetime isa. You have to be under forty. For every £3000 you put in the state puts in £1000. You can only take out the money for a house purchase or your pension. I might have the exact details wrong, but it is along those lines. It is a generous input from the state, but I think it could well mean those under the age of forty won't get a state pension. If this is the case, then shout it from the rooftops, so that they know!
Well aye, covid is a big part but it could have been a lot less of a part, so could many others.COVID is a big part of the reason. The money for the furlough scheme had to come from somewhere. Virtually every country in the world had to increase their borrowing to get through the pandemic. The scheme to cap domestic energy bills was also very expensive. Without turning this into a party political debate, those two big borrowing projects would have been needed regardless of who was in power.
The biggest problem with the economy since the financial crash of 2008 has been lack of growth which means that the money coming in through taxes isn't keeping up with the demands of running the country, which means more has to be borrowed to balance the books. This wasn't too bad when interest rates were low but since they shot up, government interest payments have ballooned.
The high interest rates also mean than the next government will find it hard to increase public spending as they won't be able to borrow as easily.
Has that already been started with that lifetime isa. You have to be under forty. For every £3000 you put in the state puts in £1000. You can only take out the money for a house purchase or your pension. I might have the exact details wrong, but it is along those lines. It is a generous input from the state, but I think it could well mean those under the age of forty won't get a state pension. If this is the case, then shout it from the rooftops, so that they know!
No they're separate items. Health and welfare are nearly 40%. Pensions just over 10%.Isn’t most of the welfare spending on pensions? Not sure how it’s sustainable in the future as our population ages.
Also, population getting older, more people becoming economically inactive, fewer people working means smaller tax intake but higher outgoings on ageing population.
I don't know about 25% rebate for childcare? You don't get a rebate on your state pension.The money you get back is the same tax rebate you get for pension & childcare,
I bet the Government could make it compulsory, and the annual cap could be removed, if the Government decided there was not to be a state pension any longer for any child born after XXXX date.so it's not really the same or that generous. And it's entirely voluntary & the annual cap is quite low
I don't know about 25% rebate for childcare? You don't get a rebate on your state pension.
I bet the Government could make it compulsory, and the annual cap could be removed, if the Government decided there was not to be a state pension any longer for any child born after XXXX date.