AS Warning grows on a £ 50bn black hole in public finance, many Independent The readers have attracted their attention to the difficult options facing Chancellor Rachel Reeves before the autumn budget.
National Institute of Economic and Social Research (NIESR) has called Reaves Facing a “impossible trillamma”: Increase taxes, cut spending, or leave its self-flowning fiscal rules.
But with the years of the years of penance and the back of the labor from the welfare reforms, the pressure is increasing for the Chancellor to consider new sources of revenue-the prominent of them, A money tax,
Some readers argued that if the government wants to maintain public services and reliability in the markets, then high taxes are now unavoidable. As an commentator said: “We are poor. We can no longer tolerate good things. If you want to resemble the level of public services, we used to enjoy, you have to be ready to pay more for them.”
However, not everyone agreed. Some apprehensive income tax growth will hurt development and struggling areas.
Others saw unused abilities in imposing taxes on money, closing flaws or applying existing fine. Reeves was also called to fully reconsider the argument of his borrowed rules.
Between the competing opinion, the readers may agree on one thing: if the UK wants civilized public services, someone will have to pay for them.
What did you say here:
Basic rate income tax has never reduced
Where we are, because Brexit ripped £ 100 billion from the economy a year, as the starrer also partially refused Brexit (eg single market), and because sunlight upland Brexiters promised that we never come and never.
we are poor. We can no longer tolerate good things. If you wanted that we used to enjoy the level of public services, then we used to enjoy, you would have to be ready to pay more for them.
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If not, accept unavoidable cuts with good grace: Winter fuel allowance, triple lock pension, now NHS waiting list, bankruptcy local council, failed to send provisions for local council, children and everything else.
If you want to do something about these things, then you pay.
Stevil
Less hanging fruits in tax improvement
Very low hanging fruits, which will also support other goals.
For example, fuel duty has been frozen for years – keep it. Fine levels and collections should be increased; Many civilian fine should be more means-testing and actually collected, from appointing illegal workers to fly-tipping from water pollution. Currently, the record in this place is mourning. The fuel fee alone will increase significant amount.
Jsill88
How do you think RiVs should fix public finance? Let us know Information,
Tax liver does not work like cars
The uncomfortable truth is that the ‘liver’ does not work like a car’s liver at his disposal with the Chancellor.
Increasing tax levels reduces economic activity, so it reduces by taxing – oops! Lack of expenditure reduces economic activity, so it reduces by taxing – oops! Breaking his rules increases the cost of loan, so the expenditure increases – oops!
Despite the ridiculous metaphor of a ‘Black Hole’, there is a small ratio of a budget of £ 41 billion £ 1,200 billion. All are required are minor tweakes. The presentation is everything, so attacking pensioners and children was pure stupidity. Everyone agrees that the entire system requires radical improvement. Labor is committed to this in its manifesto and needs to be obtained to have a chance to survive with it.
Lordlelson3
This is a global problem
Economic problems are being experienced worldwide. Britain is away from being alone in it. Brexit and Trump have certainly not helped. Earlier, privatization of so many state -owned companies that used to invest in services (instead of putting money in pocket) have done very little service in many areas of the UK.
Worldwide, multinyers had not so good for more than a century, and still lead to believing (where democracy still survives). For parties that they will finance, they will improve things … because so much part of the press is in the hands of this minority. Increase tax on some items and people.
BJC
Use with money tax
I would like to apply a money tax. We will soon see if the frightened adverse comes to pass or not.
I do not live in the UK, so I would be happy to see that it will become a subject of an experiment.
Sockerdad
Rachel Reves’s pledge comes back to cut off
So, in a speech last November at the annual CBI conference, who told him that “I am really clear, I am not coming back with more lending or more taxes”? One Rachel Reeves!
She already breaks her “pledge”, because the month in the month, she takes a record amount. Starmer refused to stam his “pledge” rubber-stam to CBI, and eventually later-that would not count the tax growth in “unexpected conditions”.
Well, if they are £ 50 billion black hole created by the “unexpected circumstances” Reavs, it has to go. She will count the word forever, which now comes back and cuts it with a real financial black hole made by her in just one year.
Munch58
Tax all forms of income
Money tax is the answer. Equal taxes on all forms of income – salary, capital profit, dividend, etc. 1% or 2% tax on all funds more than £ 5m or £ 10m.
Remove all tax loafols such as trusts designed to avoid tax. Taxes all companies and corporations on their UK activity, including profit, which has been exported elsewhere. For example, Amazon UK has not paid any corporation tax over the years.
SteveMarshall128
Increase in taxes while fighting economy
Can’t do this. Chancellor enhances taxes and damages the UK economy – then reacts by putting more taxes.
Can’t believe that we have one and four years of this government. How much and more learning in retail and holiday fields need to lose their jobs?
It is difficult to say about Tories that we were brought to Brexit, but Sunak was doing a better work, the economy started recovering with a budding signals.
DPLDN
Big conversation on tax
A major conversation should be held on tax and its objectives. You cannot reduce taxes and we have the quality of public services in the 70s.
We also need to identify that income tax is progressive and can be made more. VAT enhance, spend, pension tax, increase pension age, to comprehend council tax base and charge more are all poorest and effective on them.
There is a need to keep the Thaccher neo -dharism in the last 50 years in bed. We need to create a fair, more uniform society with good public services provided through fair and progressive taxation.
Stone
Gambling and smoking, yes – but no alcohol
“Some upward adjustments in ‘sin’ taxes on online gambling, drinking and smoking are unavoidable, and are completely justified.”
Gambling and smoking, yes. Drinking alcohol, no.
So many pubs, bar, venue and clubs are already closing on daily basis, as the prices of drinks are very high. Killing them even more is not going to help hospitality and entertainment industries.
Can she not target big companies that pay such low wages to their employees that they need the benefits of work? We are giving subsidy effectively to their profits (and many companies are getting high or record benefits).
Someone to 182
Undes the brexit and recover the lost growth
Something has to be given, and that something is taxation.
I do not share your belief that this automatically means high-rate taxes. The 20% basic rate historically, and ineffectively, very little, are very good reasons to say.
There is a fourth option (for taxes, deduction, or borrowing): undo the branch, and £ 100 billion per year in the economy. At least, we should re -join the single market.
Stevil
Quantitative Easting Funnel Away from Money of Services
Most people do not realize that this huge level of interest is made every time when the government fulfilled quantitative ease, as we went from the standard of gold.
Earlier, the government had printed only money, causing inflation. Now, when they print money, we still get inflation, but to pay the interest of commercial banks to do it.
It is a crazy system that gives private investors away from public services, public wages, etc. This is a real problem.
Ficralpical
Some comments have been edited to this article for brevity and clarity.
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