🇬🇧 POLITICS playground - parties, govt, opposition ⚖️
Quite how the Tories can even be considering tax cuts is completely beyond me ... literally just buying votes.
Apparently, less than 4% of UK would ever pay Inheritance Tax (IHT) but more than 30% of people think it's unfair - the most hated tax - ideological resentment.
If IHT is abolished, that's a loss of £7 billion ... just think how much good that could achieve!
Inheritance Tax explained :
- Everything left to spouse is EXEMPT from IHT.
- Zero IHT on the first £325k of your estate left to others.
- Zero IHT on the first £500k of your main residence passed to your kids.
- Unused allowance is passed to spouse (so they could leave £500+£500=£1m) to kids.
- Gifting rules can reduce IHT.
Clear explanations ... tldr; FISCAL DRAG >
Missing from the news coverage and even podcast analysis, the B-word ...
Brexit had already cost the UK 1% of GDP before it even left the EU, 2-3% after the transition period, rising to 5-6% by 2035 = £2,300 per capita! (OBR forecast = only 4%).
This is all on top of the massive spike in inflation caused by Ukraine, the high interest rates, and Covid. Every other economy has had to deal with those, but the 5-6% of GDP lost because of Brexit is on top of all these other costs and is unique to the UK.
Many of Britain’s deep-seated problems – a broken economy, hollowed-out public services, falling living standards, the doubling of child poverty – can be traced to the way the economy has been turned into a cash cow for the already rich.
... nine-tenths of all national assets and infrastructure are privately owned, making Britain one of the most privately-owned economies.
Zoe Gardner is great. ✊ https://twitter.com/ZoeJardiniere/status/1728031092764966920?s=20
I'm not a fan of the jeering cut & thrust of Parliament - it would not happen in any other workplace, and can be very toxic - but hey, I don't make the rules ...