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Sadly few of us are winners!

(124 Posts)
CvD66 Fri 04-Feb-22 08:00:24

This week the government voted through a bank gain of £1bn a year in tax cuts (on profits over £25m), oil company shareholders receive record dividends due to high energy costs …and the average household faces an extra £700 charge for gas and electricity. Round the corner is the National Insurance increase to take more money out of the pay packet! This country is totally out of balance

JaneJudge Fri 04-Feb-22 08:03:06

It is unbelievable isn't it?

ayse Fri 04-Feb-22 08:08:19

It’s the free market economy run by free marketeers! That’s what 52% of those who voted for Brexit voted for!

rosie1959 Fri 04-Feb-22 08:19:14

Banks I believe are having their surcharge cut from 8% to 3% this is the extra tax they pay on the top of the 19% corporation tax
When corporation tax rises to 25% without the cut they would no longer be competitive on international markets

MaizieD Fri 04-Feb-22 08:26:33

rosie1959

Banks I believe are having their surcharge cut from 8% to 3% this is the extra tax they pay on the top of the 19% corporation tax
When corporation tax rises to 25% without the cut they would no longer be competitive on international markets

Genuine question, Rosie1959.

Can you explain how being taxed at a higher level on its profit causes a bank to become uncompetitive on international markets?

Barmeyoldbat Fri 04-Feb-22 08:39:57

And meanwhile we have record numbers living on the streets, food banks, baby banks and probably fuel banks soon. It’s all wrong

fairfraise Fri 04-Feb-22 08:45:43

Small shareholders in oil companies have had no significant dividend for two years and it has been a major loss in their income. Those who do not have big state of private pensions will be glad to have this back. We also have to cope with crippling energy costs.

fairfraise Fri 04-Feb-22 08:48:33

Rishi said at the start of this small shareholders would be hurt, and they certainly have.

glammanana Fri 04-Feb-22 08:52:05

Where on this God given earth are people going to find the money to pay these increases its heartbreaking to think of people going without food to heat their homes.

Pammie1 Fri 04-Feb-22 08:52:21

I fear there’s going to be real unrest before long - how much to the government think they can pile onto people without them rebelling. The British public have been accused of apathy, but you can literally feel the change in atmosphere.

AGAA4 Fri 04-Feb-22 09:01:19

I wonder how much more people can take? A pandemic, a PM concentrating on saving his own skin, huge energy rises, food prices increasing and NI.
The country is not in a good state is it.

CvD66 Fri 04-Feb-22 09:02:39

With regards to helping UK be more competitive, UK is dropping from 33% to 28% surcharge tax on profits. Germany is currently at 32% and France is 29%. Did the UK really need to cut 5% off the surcharge? With bankers due to be getting huge bonuses shortly and investment banks profits skyrocketing, the balance is completely wrong!

Farzanah Fri 04-Feb-22 09:21:21

You are right ayse. There is something very wrong with a society where the rich get richer and the poor get poorer.
Along with poverty goes an increase in physical and mental ill health, and sadly including the mental health of our children.
I fear the Overton window has moved and the country is much further to the right.
Just look at those in government and out still tolerating or even supporting Johnson.

Whitewavemark2 Fri 04-Feb-22 09:23:02

Sunak is hell bent on austerity again.

It worked so well last time didn’t it!

BigBertha1 Fri 04-Feb-22 09:26:13

Ah but we are levelling up!! grin

rosie1959 Fri 04-Feb-22 09:44:36

MaizieD

rosie1959

Banks I believe are having their surcharge cut from 8% to 3% this is the extra tax they pay on the top of the 19% corporation tax
When corporation tax rises to 25% without the cut they would no longer be competitive on international markets

Genuine question, Rosie1959.

Can you explain how being taxed at a higher level on its profit causes a bank to become uncompetitive on international markets?

Honest answer Maisie haven’t got a Scooby but expecting Sunak to know more than me. It was the reason given that allowing British banks corporation tax to rise to 33% would make it higher than their competitors

Germanshepherdsmum Fri 04-Feb-22 09:45:34

Pension and insurance companies have big shareholdings in oil companies of course and they are likely to be a component of a stocks and shares ISA. Not much help to those of us already retired and without an ISA of course but beneficial for a lot of younger people.

ayse Fri 04-Feb-22 09:51:28

rosie1959

MaizieD

rosie1959

Banks I believe are having their surcharge cut from 8% to 3% this is the extra tax they pay on the top of the 19% corporation tax
When corporation tax rises to 25% without the cut they would no longer be competitive on international markets

Genuine question, Rosie1959.

Can you explain how being taxed at a higher level on its profit causes a bank to become uncompetitive on international markets?

Honest answer Maisie haven’t got a Scooby but expecting Sunak to know more than me. It was the reason given that allowing British banks corporation tax to rise to 33% would make it higher than their competitors

I’ve a feeling that this may be to do with attracting more financial business to the UK to make us more like Singapore. London has already been hailed as one of the biggest money laundering capitals in the world.

nadateturbe Fri 04-Feb-22 10:31:23

Farzanah

You are right ayse. There is something very wrong with a society where the rich get richer and the poor get poorer.
Along with poverty goes an increase in physical and mental ill health, and sadly including the mental health of our children.
I fear the Overton window has moved and the country is much further to the right.
Just look at those in government and out still tolerating or even supporting Johnson.

And yet they are still in power.

Coastpath Fri 04-Feb-22 10:50:31

This article is a good summary of what other countries are doing to mitigate the rising cost of energy.
www.theguardian.com/business/2022/jan/31/as-uk-households-feel-pressure-how-are-other-european-countries-tackling-energy-crisis

Hetty58 Fri 04-Feb-22 11:14:02

Coastpath, thanks, it's interesting to see how other countries are dealing with it. It seems to me that we're missing vital plans to help with - and encourage - home insulation.

Our housing stock is overwhelmingly cold, leaky and draughty. Landlords don't have to do anything about it and we don't have current schemes to assist us either. Loft insulation is relatively cheap, so why can't those on low incomes have help to install it, or top it up?

MaizieD Fri 04-Feb-22 12:42:30

Hetty58

Coastpath, thanks, it's interesting to see how other countries are dealing with it. It seems to me that we're missing vital plans to help with - and encourage - home insulation.

Our housing stock is overwhelmingly cold, leaky and draughty. Landlords don't have to do anything about it and we don't have current schemes to assist us either. Loft insulation is relatively cheap, so why can't those on low incomes have help to install it, or top it up?

The energy problem is being discussed on Richard Murphy's blog Heety58, and I think that this comment makes a point that speaks to your question.

... the other important part of the equation is the demand side. Fabric first to reduce energy demand i.e. insulation and ventilation measures. All the technology exists but, again, the limitation is installation capacity. Estimates of investment needed range from £100 Billionn to £300 Bn for UK housing, depending on measures used, but all considerably less than the value of QE conducted in the last 2 years.

The government isn't going to make that sort of investment, despite the fact that it would contribute hugely to the UK economy ; through the jobs and demand for resources alone that it would create.

MaizieD Fri 04-Feb-22 12:43:10

Hetty58 Oh my fat fingers... blush

Dillonsgranma Sun 06-Feb-22 10:39:29

I’m worried to death about the fuel bills. My pension doesn’t go up

Grantanow Sun 06-Feb-22 10:49:26

The higher people climb the greasy pole of politics the more likely they are to be sociopathic to some degree and care very little for those less fortunate.