Treasury blueprint to raise taxes Treasury blueprint to raise taxes
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  1. #1

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    Default Treasury blueprint to raise taxes

    “ The document, dated May 5 and marked "Official – market sensitive", reveals that the "base case scenario" now forecasts that Britain will have a £337 billion budget deficit this year, compared to the forecast £55 billion in March's Budget.

    It says tax rises and spending cuts which would raise between £25 billion and £30 billion – equivalent to a 5p increase in the basic rate of income tax – would be needed to fund the increased debt, and presents Mr Sunak with a menu of proposed measures to make up the shortfall.”

    “ The document advises Mr Sunak that it is now likely to become necessary to break at least one of the Conservatives' key manifesto pledges not to increase taxes or scrap the triple lock on state pension rises.

    It states: "To fill a gap this size [in the public finances] through tax revenue risers would be very challenging without breaking the tax lock. To raise fiscally significant amounts, we would either have to increase rates/thresholds in one of the broad-based taxes (IT, NICS, VAT, CT) or reform one of the biggest tax reliefs (eg pensions tax)."

    Exclusive: Treasury blueprint to raise taxes and freeze wages to pay for GBP300bn coronavirus bill

  2. #2

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    It is quite dumb to think that tax raise will result in increased yield. The taxes already are quite high and Tories increased taxes by the backdoor already.

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    Can't wait for HS2 to be completed so we can all sit on a crammed Covid infested train and go to Brum....

    Money well spent!
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    Quote Originally Posted by DimPrawn View Post
    Can't wait for HS2 to be completed so we can all sit on a crammed Covid infested train and go to Brum....

    Money well spent!
    funny, i don't recall HS2 going anywhere near swine town.
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    Quote Originally Posted by BR14 View Post
    funny, i don't recall HS2 going anywhere near swine town.

    Cost savings - Chris Grayling has looked at how much we could save, approximately £33million.
    The cheaper option is to run it from Swindon to Brumland, thus avoiding all the expensive land around London. Priti Patel has also looked at the figures and confirmed that it would be less crowded, expecting a drop of around three hundred thousand, thirty four, nine hundred and seventy four thousand passengers.

    Diane Abbot says it's 250,000 passengers at a cost saving of £64.3million.
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    Treasury fairy story. There will be no political cover to reduce the wages of NHS staff after this, likewise for massive tax rises coming out of a recession. The reality is that a much higher national debt will be tolerated and this will be paid off/inflated away over the next century.

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    Quote Originally Posted by jamesbrown View Post
    Treasury fairy story. There will be no political cover to reduce the wages of NHS staff after this, likewise for massive tax rises coming out of a recession. The reality is that a much higher national debt will be tolerated and this will be paid off/inflated away over the next century.
    It'll get inflated away, but could it be via a 1970s style inflation horror show !?

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    I'm pretty cynical about the current NHS love in. I would say the gov is doing a very good job of programming the general population, readying them for tax hikes that can be passed under the guise of "save our NHS", with near impunity. Kids will be writing in chalk "increase our taxes! save our NHS!" in a neighbourhood near you.

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    Quote Originally Posted by TheGreenBastard View Post
    I'm pretty cynical about the current NHS love in. I would say the gov is doing a very good job of programming the general population, readying them for tax hikes that can be passed under the guise of "save our NHS", with near impunity. Kids will be writing in chalk "increase our taxes! save our NHS!" in a neighbourhood near you.
    “Prepare for next pandemic” - not where most of money will go to, obviously

    Increase in Nhs spending (which was promised already) will require lots of dosh

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    “ Treasury officials have advised the Chancellor not to wait too long to introduce any tax rises. Suggestions include announcing a medium-term plan for the public finances in the summer, alongside any further economic rescue packages related to the coronavirus crisis.

    This would "enhance credibility and boost investor confidence", the Treasury has argued, adding: "There may also be advantages to using current political capital."”

    Revealed: The increased taxes – and some new ones – on the menu to counter GBP337bn budget deficit

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