About 13 years ago, my mum was truly struggling on an income very slightly above the threshold for pension credit. About 3 years later she just about qualified for a few pounds a week of pension credit. As a result of qualifying she received a major discounts off of council tax and off of care in the home and other savings. It made an enormous difference to her. There should not be such an enormous cliff edge for entitlement for pension credit.
Absolutely right, my partner (75) has slightly too much income to get Pension credit, but she also needs the heating on for a good part of the year, cutting the Winter fuel allowance will make her life difficult.
Not worth paying into a 2nd pension port if you are on a low pay salary & then get over pension credit is it? Better to be poor & the state provides. No incentive to Better oneself
I think that targeting the poorest pensioners, those on pension credits with a winter fuel payment is the right thing to do. I'm a pensioner and I don't need a winter fuel payment, neither does Paul McCartney, Mick Jagger or the thousands of UK pensioners on cruise liners all over the world, or those sitting on their villa patios on the Algarve.
As I understand it Pension Credit is a top-up for people who wouldn't ordinarily get a full pension, because they did not have enough NI credits when they reached pension age. This does not necessarily mean that all the other people who already get a full pension are all well off. It just means they paid the full amount of NI contributions for the duration of their working life to enable them to receive a full pension. There are huge amounts of poor families who are not even claiming Pension Credit and they will not get their winter fuel payments either.
Great that you're able to align yourself with Sirs Paul McCartney and Mick Jagger, but your comment relates to the two extremes. Far from living the high life, there are plenty of people who receive the full State Pension, are not entitled to pension credits due to having a bit too much in savings (usually fluctuating according to cost of living etc), struggle to keep their heads above water financially, and have been grateful to receive the winter fuel payment. I think there are better ways of raising funds than penalising pensioners, not least drastically cutting the overseas aid budget.
It's nice to know that you don't need the winter fuel payment but a lot of pensioners do. It is only pensioners on pension credit who will receive it. Many pensioners are only a couple of pounds over the limit and have to pay for dental treatment and glasses. But hey why should anyone worry.? We can afford to send 11.7 billion to other countries for the climate change scam., 8 billion for the alleged asylum seekers and thousands for Starmer and Lammy flying around on private jets.
why not 1) withdraw benefits from non citizens 2) withdraw pension form anyone with over 2m in assets. just two pragmatic ways to reform the benefits system
You do have a long memory don't you? 2010 it was by Gordon Brown's govt, after the 2007 financial crash caused by sub prime fraud in the US and bad debt being sold by big banks to rip off the customer.
@@vetinaris1297 Gordon Brown's guys left that note as a joke , reminding the incoming Tories they had left a similar note back when Maudling vacated in 1964
When will we get past the myth of austerity paying down the debt ? Government debt is not the same as a household budget. We never get to see the Chancellor go head to head against a proponent of MMT . It’s just the same old same old.
I agree with you, but i imagine the only other answer is print money, inflate the debt and spend on productivity improvements (how is that decided i don't know) but then we also face a reduced pound value and inflation and does it just spiral as printing money is also debt... Considering private debt is also high, I don't think it's a terrible option, but i have no clue how that would actually look in reality.
Yes there is that tendency in extreme circumstances but some things will pay for themselves . We have failed to place any value on infrastructure and the basic needs which underpin the rest of the economy . We are now enjoying the consequences and the country is in a hell of a mess as a result.
@@therealrobertbirchall Yeh fair enough I dont know enough to comment really and probably shouldn't have to begin with. I did think printing money as bonds was debt and printing money devalues the currency, but i guess that only causes a problem if your debt is held against another currency?
Government climate report Dec 2023 stated 16,000 excess deaths in mild winter 2021-22 attributed to moderate cold. So she cuts the fuel allowance for pensioners but keeps it for MPs. £300,000pa Why not cut costs for MPs second homes & allowances. Costs for Translators in the courts & hospitals for foreigners. NHS £174,228,629 10 trusts responded but this was the estimated figure if they had all responded. 2019-2021. Likely to be much higher now because of the migrants. Other countries expect you to pay for your own translators. The NHS are supposed to charge foreigners for treatment but migrants don’t pay. If I emigrated to another country I would be expected to pay my way, house & feed & clothe myself. All these costs for illegal migrants are paid for by the tax payer. That needs to stop. They need to deport them. Labours pet projects like giving money to get to the source of immigration, which would stop the migration. Money for foreign aid for Gaza, while there is still a war going on. So much money for the Ukraine, what of our homeland defences Will they be paying into NATO? Police, security. I could go on! Net zero project of GBEnergy. Above inflation pay rises for the trainee doctors & now the GPS are striking or reducing their work load. To my mind Labour has made a disastrous start.
It's a medically obvious fact that people with dicky hearts are going to shuffle off on both the coldest and hottest days. It's the 'last straw' syndrome. And the excess deaths since 2020 are predominantly attributable to covid.
The figure I recall before and during the election campaign was 18bn that needed to be found in future savings. Before the election Hunt was criticised for the cut to NI with this 18bn in play. Labour was criticised during the campaign for basically committing to the cuts this 18bn hole implied. Their shakey answer was that they would invest in growth to cancel it out. So Reeves statement is right to say there is a bigger hole that was thought because of the figures she outlined which we now know were 'hidden' from the OBR. Of course, there is politics in this too. You say that the 9.5bn in public sector pay settlements should have been anticipated sure but who created that problem? Not Labour or Rachel Reeves. Yes she could choose to not give the pay raises she did then what about NHS waiting lists? What about teacher and other recruitment problems in the public sector?
"not labour"? Are you mental? ALL OF THIS can be traced back to 1997 and Blairs policies. The debt accrued for the war in Iraq for the "weapons of mass destruction" that didnt exist - the UK BORROWED BILLIONS FOR THAT WAR and we are still paying interest on it 30 years later. Labour not fulfilling the requirement of housing year on year (which then gave the tories an excuse to do the same), so as more housing stock gets bought by landlords and removed from circulation, prices go UP - ooooh who saw that coming? FUCKING EVERYBODY PAYING ATTENTION. And lastly and most damagingly the NET migration numbers going from 50,000 a year to 500,000 - AND NOW IT'S AT 1.5 million. A 3000% INCREASE - BUT noooooooo "ITS ALL THE TORIES FAULT". you AND ALL THOSE LIEK YOU NOT PAYING ATTENTION IS WHY WE ARE TODAY WHERE WE ARE - broke and 25th on the list of income per capita. The ship is heavily listing and about to go down and you labour and liberal idiots are not bailing out - you're bailing IN.
If the OBR couldn't see the black hole then they are either not fit for purpose or there wasn't one. The current party in power have to give a full financial statement to the official opposition at least 5 weeks before the election. So Labour had all the facts well before the election. How can they say they were not aware of every detail of the country's financial state?
A pensioner who has to struggle to either heat or eat is disgusting pensionn in this country is the lowest in europe old people dont care about giving money to Ukraine lets look after our own when i was working i paid the highest tax rate and i still draw a pension lower than a living wage this country sucks
We are not GIVING money to Ukraine. Boris went to see their President immediately after Russia went in. He negotiated a deal. Millions of tons of grain in exchange for weapons and military training. Ukraine is the bread basket of Europe. It also includes vegetables and fruit. Boris got in before anyone else and sealed the deal. It will apply for as long as the war lasts. Unless, of course, Starmer cancels the deal.
Great point about teachers in FE and something I was not aware of. That's a huge gap, thanks for bringing it to attention. Another employment "underclass", one which I am more familiar with, is that of carers. We hear so often about junior doctors, nurses and the NHS more generally. But workers in social and residential care (non-NHS) are often paid at or just above minimum wage, have very poor basic pensions, often only get statutory sick pay, get no enhanced pay for evening/weekend/bank holidays, statutory holiday entitlement, limited training, the list goes on... There's usually no chance of career progression. And due to the non-centralised and fragmented nature of the workforce, there seems to be an absence of voice through a dedicated union. Seeing as social care is often cited as the weak link in the chain, and perhaps a key reason for lack of beds and other blocks further up the pipeline, I think it is an area that requires attention and appreciation.
I am also surprised and disappointed by the considerable gap in salary between school teachers and those in FE. My 'education' started when I left school and went into an apprenticeship. Those teachers in FE were more worldly wise and experienced in non educational areas. This made a big difference to me. At school the teachers - in my opinion - seemed to leave school then go to school and then teach in school in an unbroken cycle.
Labour wanted to buy the house - not our fault if they didn't do due diligence and inspect the state of it beforehand - all the information was there, they just didn't look and are now paying the price, literally and figuratively though unfortunately dragging us off the cliff with them.
One of the issues for self funders in social care, is that they can subsidise state funded people. The self funders pay a higher amount than local authority funded people. So if the government focuses only on increasing the wages of care workers, this may hit self funders harder than the local authority funded people
Correct. Also (according to one care home manager), it may not necessarily be a good idea to make working there all about the money - although a balance should be struck.
Great comment. Every year state funded care fees rise in line with September inflation and care home costs rise above in inflation - so self funders fees are set way above inflation (eg 8% when inflation is 1%) and enormously above inflation when care workers wages receive a generous pay rise (deserved). I assume every year the "average" self funder's savings pot gets wiped out after fewer and fewer months. The whole Ponzi scheme will surely collapse very soon.
My mum receives 24 hour live in care. A large rise in care workers minimum pay (deserved) may be unaffordable for many families paying for live-in care. Pretty soon these care recipients will become state funded residents in care homes.
I think the chancellor should give all pensioners their own tax code P and raise it to 13K taking all pensioners on basic rate state pension out of tax. It would pay for itself it’s going to be a logistical nightmare to get 70,80,90 year olds to fill in self assessment forms ONLINE. The tax department that imo isn’t fit for purpose This would offset some of the loss of winter fuel payment ease the burden not just on pensioners but on HMRC . The rest of taxpayers to to get the increase in PA in three years time
@@mikel8850 take it you work for the tax office Iim just a pensioner who without explanation was told I owe 85 now has got to over £600.00 in fines rising at £10 per day plus interest with no means of contacting them 🤷♀️🙈😡
We ALL need that lower tax band to increase. It's crucifying young people on starting salaries, who are getting hammered with this on one side, then slashed on the other with the cost of living- and who haven't a hope in hell of ever seeing a state pension in their old age. Stop pulling the ladder up behind you!
I do think we need to be careful if the reserve's so early in the financial year has been completely blown when it was known that it was going to be required later on and it was blown specifically on miscellaneous day-to-day spending. I'd be wary of saying oh, "this is a bad thing for Rachel reeves because she promised transparency and she hasn't explained where it's gone." This should be on the conservatives to be accountable for recklessly overspending this reserve budget we knew we needed but they haven't been clear on their side with transparency or accountable on where that money is gone.
Do remember some people on a basic pension and possibly entitled to pension credit..many live with or are supported by family ..so feel no need to make a claim ..or families prefer a parent not to claim … I knew a few pensions enjoying this life and have families to cover their living costs .
If anyone is entitled to Pension Credit it should be awarded automatically. There is this crazy system where entitlements are withheld. This should be made illegal. Pensioners being targeted by Reeves is utterly reprehensible considering that the decision to introduce universal WFA was brought in by a Labour government because inflation was so low the annual increase that year was infinitesimal. She is well aware of the doubling of utility bills and the fact that £218.15 pw is the cut-off amount to be eligible for Pension Credit which is a pittance to live on.
Is the winter fuel cut a sneaky way of streamlining the system in preparation for the pension coming in to tax? The fuel payment was explicitly not taxable whereas the State Pension has always been potentially taxable.
The figures on the books are drawn up by civil servants and Labour have had full access to them since March 2024 , we know that the civil service is supposed to be impartial but ee know thst not tyre with all the leeks that where coming out * even sue Gray who head he team was in the civil service, if all this was being hidden we all know that it would gave been keaked before the election Labour rase taxes as Rishi said its in there DNA they just started as a border line pensionare I be siting there in a cold house wrapped up in blanket hoping I can make it though the winter thanks to Labour
Hang on. How much is all the illegal immigration costing. If she stopped all immigration for the time being, wouldn't that help, rather than clawing back off pensioners.
Undoubtedly it would help but the problem is that it is unlikely to be able to stop illegal immigration/ asylum seekers, if it was we would be seeing progress in this area which we’re not.
@@normanlazarus1836 You have to either return them or make it unattractive enough they go elsewhere there is not other way. An actual asylum process that didnt approve 75% would be a start.
@@marumaru6084 I agree that the UK asylum system is broken but I’m not sure that it is possible to simply return them to France, rightly or wrongly we have signed up to international treaties that restrict our ability to deal with these people in the way that you suggest.
I think the IFS are flanneling, Paul Johnson in particular. I think he is enjoying the limelight more than is healthy. I’m not convinced about their independence. I’m waiting for an update from the OBR who appear to have not had full access to the finances when they audited Hunts budget. That the Reserve of £9 billion has already been spent is staggering.
Owen Jones did a piece on this and disclosed that Labour was well aware of UK debt. Labour just did not want to say much on it to after the election. Perfect excuse for cuts and taxes. UK needs to make or save 20 billion just to stand still.
The 20 biiliion pound finance shortfall inherited by the new incoming is a 'mere pittance' compared to the UK's National Debt which evidently broke through the three trillion pound on (would you believe it, probably yes if you are' in the know') 4th July 2024 & still (evidently) continues to relentlessly increase at the rate of £5170 per second. Crisis what Crisis?
They didn't need to look. They'd been keeping a long list of every lie and discrepancy and overspend and just handed Reeves the 20 page document the moment she walked into the building. Makes.you wonder why little spoilt rich boy tories tried to turn the public against the Civil Service. Is it so they wouldn't be believed when they tried to expose the truth? 😂
I remember seeing in the HOC that the money they planned to spend would create a black hole, she and the voters were forewarned. But why target pensioners.
Maybe because the pension went up this year by average pay increase, instead of the inflation level, which is adequate. Only those on Pension Credit need the extra.
I am frankly appalled that none of the IFS "economists" mention the fact that a good proportion of the spending on settling pay disputes will return quite quickly to the treasury in taxes, e.g. employers and employees NI, Income tax and VAT on the spending of the increased wages. The cost before 2024/25 financial year will be a small fraction of the quoted figures because of this. Do you know what the "multiplier effect" is?
NOT anywhere as near enough as your implying. Because these GP's are NOT employees of the NHS, They are all private profit making businesses. Since the inception of the NHS Over 95% of GP's have operated as limited companies. They will NOT be paying the taxes or anything else you imply
And they didn't have to commit to no NI, income tax increases, they chose to do that to get a bigger majority, no idea why as the tories had completely lost the plot.
When you know money will be needed and nothing is registered. Hat is not acceptable. Some judgement must be applicable and an estimate included but to do nothing when billions are involved is not acceptable.
Rachel Reeves should be a Tory MP. Taxing billionaires and enacting wealth distribution was ruled out by Starmer months ago. Where is growth going to come from when she cancels building programmes she says we’re not funded by the Tories. They can be funded by her. She found £3 billion per year for the next seven years or, as Starmer says, for as long as it takes, to help prolong a war.
Reeves is making her choices and Labour is in charge, she choose senior citizens over a windfall tax on energy companies or restricting illegal immigrants, actually Labour are going to increase the burden on illegal immigrants, they are also paying public sector workers twice the rate of inflation, she could have taxed higher rate tax payers who are able to afford it, the increased deaths of Senior Citizens will be on her hands this Winter and its her choice, Rachel the Reaper!?!
Rachel the one who finally reversed 14 years of below inflation pay rises and ofc it cost a lot but it should have been spent over the past 14 years. Divide and rule say the fascists, divide and rule, blame the worker, blame the immigrantblame the doctor, blame anybody but me says the fascists.
On the face of it the policy of cutting WInter Fuel payments for Pensioners not receiving Pension Credit may look good to some people, but if you scratch the surface it is not really doing what it says on the tin. There are still pensioners getting a full pension (so no pension credit) that are still not well off, and many that are not actually claiming Pension Credit (a large number of pensioners). Both of these groups will be hit hard this winter by this new policy, which will still end up hurting alot of poorer pensioners.
we need to take into account changes to the autumn budget, in the whole it may even out. for example, the fuel price cap could be enforced like france did, then there wouldnt be such a need for all pensioners to get the winter fuel payment. I'm not saying they will, but that's the type of policy changes they said they could make to stick to the manifesto.
@@shaun906 The daily standing charge needs to be capped aswell, as energy companies can just increase this and everyone has to pay regardless. Energy Companies should be required to provide a special lower tariff for pensioners as they obviously require their heating to be on alot more.
And how much is this government paying out on interest on the national debt. The amount of interest payable on the national debt in 2024-25 is expected that debt interest spending will total £89.0 billion. That would represent 7.3 per cent of total public spending and is equivalent to 7.3% of total government spending. Overseas aid 5 .3 billion, added on to the refugee program relief in the uk another 10 billion we will round it down to 14 billion. My conclusion is this country can spend freely on other countries and its citizens whilst it has no money for its own citizens.The national debt was ran up by both labour and the conservative parties yet neither chose to do anything about it but allow it to grow. Now labour is in power and what are they talking about not saving money but taxing more to spend more, and that is the problem profligate spending by big governments regardless of the colour of the rosset they wear.
What we are seeing yet again the labour party walking in to benefit from what the conservatives laid the groundwork for. This is exactly what Tony Blair got. If he had not been voted in the Tories would have benefitted from what they created
How can Reeves claim there is no money when billions have been magicked up to give to Ukraine to continue war. She ditches the Labour government universal WFA whilst well aware that millions of pensioners survive on just the state pension, which is below minimum wage levels, yet do not qualify for Pension Credit unless your pension income is more than £11,343. When will there be pressure on MPs to lose their right to claim for their own utility bills - for which there is no upper limit - when they earn £91,346.
On what world will they lose that majority? Tories are done for a decade minimum we got fed up of the self interest, lies and dodgy honours for donors.
Because of Hunts diabolical rearranging of Doctor pay the anger amongst doctors was boiling. These are people who have often done 5 to 8 years further education at their own cost and are very skilled people and we need to pay them or they will all just leave uk. You have to pay more than £15 an hour if you want quality and I want quality looking after me when being operated on.
Junior doctors. Brings their wage to a massive 18-20 quid an hour. Whoopee. They only have to work 3 hours to hire a mechanic for 1 hour. Sounds like a you problem
I'm totally flabbergasted that I didn't hear the word 'Productivity' anywhere in this strange vlog. I had previously revered what I heard reported under the IFS brand, but honestly after this vlog I now really question what your 'value proposition' really is?
Started in 97, not dealt with from 2010, now it's back in Labour's lap. This is not a surprise. The black hole, however, is approaching £3tr with no plan to get it down (hint - it's not mathematically possible). There is literally nothing that can be done that comes via more state interference, borrowing and spending. The only solution is to cut government spending by at least 50%. The handout gravy train needs to cease. Public pension levels are a joke. Benefit fraud is rife. Theft from private sector workers will kill what's left of our economy. Don't try and tell me I'm wrong now. Come back in 10 years and realise I and others are right.
Benefit fraud is such a tiny cost to the uk budget.. Sure you care about it emotionally because it irks your sense of fairness, but its a hot dog in an alley. The bigger issue we face is the largest generation in this country no longer work and as such are not spending, currently own all the assets and are increasingly going to requiring care to live. Nhs spending will have to double to have the same effect as 20 years ago, even with inflation thats a big cost. No one wants to deal with this so we will just kick it down the road. Eventually time will resolve that problem, but a lot of pain due in between.
Please note that the figures for Benefits are Benefit Fraud & ERROR! Having myself been in the situation of the DWP saying I should receive a payment (Which I had not asked for) and then turning around & saying I had been overpaid & need to pay some back. My point is that the figures may not be fraud, but error, & it could even be the Governments Error!!
Sorry I turnrd off at "... were there really 20 something billion pounds of unexpected commitments that we could OF known about before." Could OF? Of? I thought you lot had at least reached the SATS standard of English . FFS. Bye
She is a liar she would be privy to that as the opposition party you only have to watch questions and answers in parliament every question is written down and so are the answers otherwise they are full of bull shite
I thought I'd have a listen as your channel was put in my feed but unfortunately got to the section that you said in 2021 didn't expect inflation to be as high as it was, and at that point you lost any credibility as it was obvious in 2020, all the pandemic money flowed into assests and shutting down of production created a low supply with high demand with the excess money pumped out.
Again, there is NO mention of the damage BREXIT has done and will continue to do as Brexit is not done yet. Moreover, the health service industrial action has cost 1.5 billion, 4.5 billion paid to rail companies so their shareholders don't lose money. Is the IFS really independent?
This is the guy who said government savings cant be found🙄 what a clown. Its just easier to tax more working people and small business than expose lords & MPs who avoid tax, companies that stole covid loans to go bankrupt moments later to the tune of 400bn in the space of 2 years. Economists, known for being as accurate as astrologists🤡
You obviously don't know what you are talking about, austerity has cost this nation dearly the failure to futurise the economy and protect basics of public expectations. Stop being clever and talk to ignorant politicians.
Without austerity they would not have been able to borrow at the interest rates that made it possible to borrow in the first place. And why do they borrow. Because the country SPENDS more than it earns. This country has had to endure a global pandemic. And an inflation problem caused by the EU getting itself held to ransom by Putin. Oh and the actions of the Bank of England made it horrific. The tories TRIED to innovate, but they were hindered by the bank of England, and civil servants that obstructed everything that they tried to do. And here we have the liebour party clueless. Not one thing are they doing that will increase growth. The tories tried to spark investment and innovation by reducing taxes, so that ALL the investors would invest their money in the UK to create Growth. Rather than invest it in another country where they would have had to pay more tax than in the UK. But the liebour party will now make other countries more attractive to invest in rather than the UK if taxes are raised. That is what the objective of reducing coorporation tax and tax for the most well off is. So that they spend all the money they do in their business HERE in the UK Increase taxes and the well off leave the country (as they did in the 70's) and are starting to do now (Dyson). You can not have a give away economy. WHERE DOES THE MONEY COME FROM? IF THE WELL OFF LEAVE THE COUNTRY?
The rich are already getting taxed. The country is getting more tax from the well off than any government has ever got out of them at any time in our history. When the well off believe the tax rate are fair. They do not bother to offshore, because its not worth it to them. Its only when the tax rates are too high that they do that. And that is not a crime, it is done all over the globe. What happens when you tax the rich is what happened in the 70's. They left the country, and closed their businesses on the way out. Millions were put on the dole, the country lost the taxes from the well of and they lost their spending power in the shops. It was a tripple whammy The beatles left the country for example. They have NOT paid taxes of any significance in the UK since then. That is hundreds upon hundreds of millions in tax from global sales of their records dvd's etc that has been lost to the country because of them being taxed out of the country. Why should anyone put their houses up as collatoral and risk everything to start a business, create jobs. If someone is going to come along and take everything that they make and give it away to others, that are too bone idle to make a place for themselves. We have every scrounger from around the globe heading here because of the you can all have it for free from the liebour party"
@@roycampbell5605 ....and by the time covid struck, they had got it down from £160B to just £20B (austerity?)...for the past three years we would have been back into budget SURPLUS...and paying off the debt, cutting taxes etc. AND Tories with a landslide 200 seat majority.
She had plenty of choices and decided to get the money off the worst off elderly - anyone on £215 a week now loses the fuel payment - she had plenty of options like the billionaires she has been banging on about for years but she chose not too
What you need to know is that Jeremy Hunt provided a full financial statement 5 weeks before the election to the Labour party as opposition. The Government is obliged to do this. They prepare the accounts and get them checked by the OBR and the IFS. and then pass them to the opposition. If there had been a black hole it would have been mentioned by one of the checkers and mentioned to the then opposition. So how come she didn't know about it until 3 weeks after the election. Highly suspicious. Hunt has written to all parties to ask for an explanation. He will want answers. This could blow up in Reeves face.
You are supposed to be absolutely independent but you come across as a bit of an apologist for the last government. If the last government hid stuff you should be screaming it from the rooftops not saying "there there" we thought they might be.
She still saw the books and new she was going to give the nurses etc a rise. What about 11.6 billion milliband is going to waste on windmills ? What about the ridiculous amount paid to Ukraine at 300 billion a year for ever ?
Look them up: About: IFS is non-profit and non-political and receives funding from a range of sources, including the Economic and Social Research Council, UK government departments, foundations, the European Research Council, international organisations, companies and other non-profit organisations. Funding is received either for specific research projects or via our two ESRC research centres, the Centre for the Microeconomic Analysis of Public Policy and the Centre for Microdata Methods and Practice. Research Councils award funding for academic research independently of government; funding is awarded on the basis of scientific excellence, through a process of peer-review. IFS never accepts funding for a research project - or indeed funding of any kind - that relies on a specific result being found or that compromises our independence and neutrality. IFS operates to December year-end. As such, full independently audited figures are only available later in the year - normally June/July. All of our own publications are available free of charge for the public to read.
Independent. The public expects the truth and accurate figure. Ut I'm sure you cab create a conspiracy like you want to about any public body that provides oversight.
Thank you for a more objective assessment of the Chancellor’s statement. In summary, this was a little theatre by Labour to prepare for the public for U Turns on taxes and blame it on the Tories!!
She has found the tories out scumbags hunt was laughing when she brought it up please people give her a chance to fix this she is an honourable person she won't let the needy go cold
Maybe it will be like the TV series Dallas when Bobby Ewing who was dead came back alive in the following series and it is all a dream. Maybe this will happen to Rachel Reeves.
But we know the Tory government withheld information from the OBR, so your point makes no sense (unless you're being sarcastic? Difficult to pull off in writing......).
@@thearsenalmisfit2414 The OBR does not solely rely on information from the chancellor. They get the exact same information that is given to Hunt by the bank of England and CIVIL SERVANTS!! And it has been civil servants that have hindered and prevented the Tories from doing ANYTHING that they tried to get done. They have obstructed at every turn. Listen to this interview and ask yourself what has been going on. ua-cam.com/video/vIjg0ow4UW4/v-deo.html
Out of 1 Trillion pounds raised by the taxpayers, (not the government) this 5.5 6.5. possible 22 billion is paltry. None of these politicians are able or trained with these huge sums of money. They shouldnt have that control over the populations finances, nor should so much tax be lifted from the populations grasp With all this gambling going on the actual managing of the country is overlooked. Hey ho. R.
About 13 years ago, my mum was truly struggling on an income very slightly above the threshold for pension credit. About 3 years later she just about qualified for a few pounds a week of pension credit. As a result of qualifying she received a major discounts off of council tax and off of care in the home and other savings. It made an enormous difference to her.
There should not be such an enormous cliff edge for entitlement for pension credit.
Absolutely right, my partner (75) has slightly too much income to get Pension credit, but she also needs the heating on for a good part of the year, cutting the Winter fuel allowance will make her life difficult.
Not worth paying into a 2nd pension port if you are on a low pay salary & then get over pension credit is it? Better to be poor & the state provides. No incentive to Better oneself
I think that targeting the poorest pensioners, those on pension credits with a winter fuel payment is the right thing to do. I'm a pensioner and I don't need a winter fuel payment, neither does Paul McCartney, Mick Jagger or the thousands of UK pensioners on cruise liners all over the world, or those sitting on their villa patios on the Algarve.
As I understand it Pension Credit is a top-up for people who wouldn't ordinarily get a full pension, because they did not have enough NI credits when they reached pension age. This does not necessarily mean that all the other people who already get a full pension are all well off. It just means they paid the full amount of NI contributions for the duration of their working life to enable them to receive a full pension. There are huge amounts of poor families who are not even claiming Pension Credit and they will not get their winter fuel payments either.
Great that you're able to align yourself with Sirs Paul McCartney and Mick Jagger, but your comment relates to the two extremes. Far from living the high life, there are plenty of people who receive the full State Pension, are not entitled to pension credits due to having a bit too much in savings (usually fluctuating according to cost of living etc), struggle to keep their heads above water financially, and have been grateful to receive the winter fuel payment. I think there are better ways of raising funds than penalising pensioners, not least drastically cutting the overseas aid budget.
It is a myth that all Pensioners will not miss the Winter Fuel Payment as they are all wealthy.
@@carolekralova9108you can't cut overseas aid. Ed Milliband needs £11.6 billion for in overseas aid to tackle the climate crisis
It's nice to know that you don't need the winter fuel payment but a lot of pensioners do. It is only pensioners on pension credit who will receive it. Many pensioners are only a couple of pounds over the limit and have to pay for dental treatment and glasses. But hey why should anyone worry.? We can afford to send 11.7 billion to other countries for the climate change scam., 8 billion for the alleged asylum seekers and thousands for Starmer and Lammy flying around on private jets.
What was Rachel Reeves, as shadow Chancellor, actually doing if she was so oblivious to the so-called "black hole". It's complete nonsense.
Nothing extra she knew about every thing she had access to the books since March of this year
That only helps, if the Tories weren't submitting fraudulent figures.
why not 1) withdraw benefits from non citizens 2) withdraw pension form anyone with over 2m in assets. just two pragmatic ways to reform the benefits system
1. Because we have reciprocal agreements with other countries and would leave our citizens in serious trouble abroad.
And basic human decency I think.
@@vetinaris1297 does australia not have basic decency?
@ftftyffghfvghfcht6701 Australia? I thought we were tlaking about the UK? Do you live in Australia now?
@@vetinaris1297 australia has that policy
"There's no money left" - which party left that note?
All of them since the '50s I think.
You do have a long memory don't you?
2010 it was by Gordon Brown's govt, after the 2007 financial crash caused by sub prime fraud in the US and bad debt being sold by big banks to rip off the customer.
Started when Maudling left.
@@vetinaris1297 Gordon Brown's guys left that note as a joke , reminding the incoming Tories they had left a similar note back when Maudling vacated in 1964
The Conservatives.
As you well know.
And you know I know you know.
When will we get past the myth of austerity paying down the debt ? Government debt is not the same as a household budget. We never get to see the Chancellor go head to head against a proponent of MMT . It’s just the same old same old.
I agree with you, but i imagine the only other answer is print money, inflate the debt and spend on productivity improvements (how is that decided i don't know) but then we also face a reduced pound value and inflation and does it just spiral as printing money is also debt... Considering private debt is also high, I don't think it's a terrible option, but i have no clue how that would actually look in reality.
Yes there is that tendency in extreme circumstances but some things will pay for themselves . We have failed to place any value on infrastructure and the basic needs which underpin the rest of the economy . We are now enjoying the consequences and the country is in a hell of a mess as a result.
@@somenamethatdoesntmatterprinting money to lend to ourselves is not debt.
@@therealrobertbirchall Yeh fair enough I dont know enough to comment really and probably shouldn't have to begin with. I did think printing money as bonds was debt and printing money devalues the currency, but i guess that only causes a problem if your debt is held against another currency?
Agreed - Biden investment has set the country going.
State pension should be raised to the same level as the living wage.
Living wage should be reduced to the same level as the state pension.
@@jameslochridge4265 totally agree
@@rodneyfungus8249 Yeah. And while at the austerity game....Get them oldies oop chimneys with the little chimney sweeps.
How would Cruella have coped in 2010....when there was ''no money left?''. And the deficit DOUBLE what it is today.
Government climate report Dec 2023 stated 16,000 excess deaths in mild winter 2021-22 attributed to moderate cold. So she cuts the fuel allowance for pensioners but keeps it for MPs. £300,000pa
Why not cut costs for MPs second homes & allowances.
Costs for Translators in the courts & hospitals for foreigners. NHS £174,228,629 10 trusts responded but this was the estimated figure if they had all responded. 2019-2021. Likely to be much higher now because of the migrants.
Other countries expect you to pay for your own translators. The NHS are supposed to charge foreigners for treatment but migrants don’t pay.
If I emigrated to another country I would be expected to pay my way, house & feed & clothe myself. All these costs for illegal migrants are paid for by the tax payer. That needs to stop. They need to deport them.
Labours pet projects like giving money to get to the source of immigration, which would stop the migration. Money for foreign aid for Gaza, while there is still a war going on. So much money for the Ukraine, what of our homeland defences Will they be paying into NATO? Police, security. I could go on!
Net zero project of GBEnergy. Above inflation pay rises for the trainee doctors & now the GPS are striking or reducing their work load.
To my mind Labour has made a disastrous start.
@@Dana-ml7sy you cant see my gp how can they reduce their workload
It's a medically obvious fact that people with dicky hearts are going to shuffle off on both the coldest and hottest days. It's the 'last straw' syndrome. And the excess deaths since 2020 are predominantly attributable to covid.
She’s a confirmed liar, FACT!
Rubbish. She was right. The Tories trashed the economics of the country. She is just a messenger. Don’t shoot the messenger. Listen to the message.
Opinion.
Adjusting the level at which point Pension Credit kicks in is well overdue.
Then the changes make perfect sense.
The figure I recall before and during the election campaign was 18bn that needed to be found in future savings. Before the election Hunt was criticised for the cut to NI with this 18bn in play. Labour was criticised during the campaign for basically committing to the cuts this 18bn hole implied. Their shakey answer was that they would invest in growth to cancel it out.
So Reeves statement is right to say there is a bigger hole that was thought because of the figures she outlined which we now know were 'hidden' from the OBR. Of course, there is politics in this too. You say that the 9.5bn in public sector pay settlements should have been anticipated sure but who created that problem? Not Labour or Rachel Reeves. Yes she could choose to not give the pay raises she did then what about NHS waiting lists? What about teacher and other recruitment problems in the public sector?
"not labour"? Are you mental? ALL OF THIS can be traced back to 1997 and Blairs policies. The debt accrued for the war in Iraq for the "weapons of mass destruction" that didnt exist - the UK BORROWED BILLIONS FOR THAT WAR and we are still paying interest on it 30 years later. Labour not fulfilling the requirement of housing year on year (which then gave the tories an excuse to do the same), so as more housing stock gets bought by landlords and removed from circulation, prices go UP - ooooh who saw that coming? FUCKING EVERYBODY PAYING ATTENTION. And lastly and most damagingly the NET migration numbers going from 50,000 a year to 500,000 - AND NOW IT'S AT 1.5 million. A 3000% INCREASE - BUT noooooooo "ITS ALL THE TORIES FAULT". you AND ALL THOSE LIEK YOU NOT PAYING ATTENTION IS WHY WE ARE TODAY WHERE WE ARE - broke and 25th on the list of income per capita. The ship is heavily listing and about to go down and you labour and liberal idiots are not bailing out - you're bailing IN.
If the OBR couldn't see the black hole then they are either not fit for purpose or there wasn't one.
The current party in power have to give a full financial statement to the official opposition at least 5 weeks before the election. So Labour had all the facts well before the election. How can they say they were not aware of every detail of the country's financial state?
How much money is allocated for Net Zero???
They don't want to talk about that.
How much do we spend on the fire service and ambulance? Do we really need them?
Science is hard.
Net Zero is just a catch phrase for Tackling the Effects of Climate Change.
If funds are not allocated for that there will be no future at all.
And what happens when a great additional raft of pay claims rolls in as winter approaches?
Is the policy to kill off pensioners with hypothermia?
A pensioner who has to struggle to either heat or eat is disgusting pensionn in this country is the lowest in europe old people dont care about giving money to Ukraine lets look after our own when i was working i paid the highest tax rate and i still draw a pension lower than a living wage this country sucks
You should have put more of your wealth into a private pension. Instead if relying on the state to provide.
We are not GIVING money to Ukraine. Boris went to see their President immediately after Russia went in. He negotiated a deal. Millions of tons of grain in exchange for weapons and military training. Ukraine is the bread basket of Europe. It also includes vegetables and fruit. Boris got in before anyone else and sealed the deal. It will apply for as long as the war lasts. Unless, of course, Starmer cancels the deal.
I’ll tell you ,it’s easy to take the money in taxes off the pensioners
Oil, gas, electricity are free earth resources like water. All that needs to be maintained is the network.
How is electricity a free earth resource? It has to be produced not extracted from the earth.
Great point about teachers in FE and something I was not aware of. That's a huge gap, thanks for bringing it to attention. Another employment "underclass", one which I am more familiar with, is that of carers. We hear so often about junior doctors, nurses and the NHS more generally. But workers in social and residential care (non-NHS) are often paid at or just above minimum wage, have very poor basic pensions, often only get statutory sick pay, get no enhanced pay for evening/weekend/bank holidays, statutory holiday entitlement, limited training, the list goes on... There's usually no chance of career progression. And due to the non-centralised and fragmented nature of the workforce, there seems to be an absence of voice through a dedicated union. Seeing as social care is often cited as the weak link in the chain, and perhaps a key reason for lack of beds and other blocks further up the pipeline, I think it is an area that requires attention and appreciation.
I am also surprised and disappointed by the considerable gap in salary between school teachers and those in FE.
My 'education' started when I left school and went into an apprenticeship. Those teachers in FE were more worldly wise and experienced in non educational areas. This made a big difference to me.
At school the teachers - in my opinion - seemed to leave school then go to school and then teach in school in an unbroken cycle.
Labour wanted to buy the house - not our fault if they didn't do due diligence and inspect the state of it beforehand - all the information was there, they just didn't look and are now paying the price, literally and figuratively though unfortunately dragging us off the cliff with them.
Yes.
One of the issues for self funders in social care, is that they can subsidise state funded people. The self funders pay a higher amount than local authority funded people. So if the government focuses only on increasing the wages of care workers, this may hit self funders harder than the local authority funded people
Correct. Also (according to one care home manager), it may not necessarily be a good idea to make working there all about the money - although a balance should be struck.
Great comment.
Every year state funded care fees rise in line with September inflation and care home costs rise above in inflation - so self funders fees are set way above inflation (eg 8% when inflation is 1%) and enormously above inflation when care workers wages receive a generous pay rise (deserved).
I assume every year the "average" self funder's savings pot gets wiped out after fewer and fewer months.
The whole Ponzi scheme will surely collapse very soon.
My mum receives 24 hour live in care. A large rise in care workers minimum pay (deserved) may be unaffordable for many families paying for live-in care. Pretty soon these care recipients will become state funded residents in care homes.
Does the black hole projection for public sector pay include an estimate for implication on long term DB pension cost?
nothing that the audit office didnt know
I think the chancellor should give all pensioners their own tax code P and raise it to 13K taking all pensioners on basic rate state pension out of tax. It would pay for itself it’s going to be a logistical nightmare to get 70,80,90 year olds to fill in self assessment forms ONLINE. The tax department that imo isn’t fit for purpose This would offset some of the loss of winter fuel payment ease the burden not just on pensioners but on HMRC . The rest of taxpayers to to get the increase in PA in three years time
What an idiotic comment, have you been sniffing glue?
@@mikel8850just my humble opinion from a pensioner in the system
@@mikel8850 take it you work for the tax office Iim just a pensioner who without explanation was told I owe 85 now has got to over £600.00 in fines rising at £10 per day plus interest with no means of contacting them 🤷♀️🙈😡
@Annie
Your experience with HMRC is very different to mine. I have had no difficulty in dealing with them.
We ALL need that lower tax band to increase. It's crucifying young people on starting salaries, who are getting hammered with this on one side, then slashed on the other with the cost of living- and who haven't a hope in hell of ever seeing a state pension in their old age. Stop pulling the ladder up behind you!
I do think we need to be careful if the reserve's so early in the financial year has been completely blown when it was known that it was going to be required later on and it was blown specifically on miscellaneous day-to-day spending. I'd be wary of saying oh,
"this is a bad thing for Rachel reeves because she promised transparency and she hasn't explained where it's gone."
This should be on the conservatives to be accountable for recklessly overspending this reserve budget we knew we needed but they haven't been clear on their side with transparency or accountable on where that money is gone.
Do remember some people on a basic pension and possibly entitled to pension credit..many live with or are supported by family ..so feel no need to make a claim ..or families prefer a parent not to claim … I knew a few pensions enjoying this life and have families to cover their living costs .
Good point !
If anyone is entitled to Pension Credit it should be awarded automatically. There is this crazy system where entitlements are withheld. This should be made illegal. Pensioners being targeted by Reeves is utterly reprehensible considering that the decision to introduce universal WFA was brought in by a Labour government because inflation was so low the annual increase that year was infinitesimal. She is well aware of the doubling of utility bills and the fact that £218.15 pw is the cut-off amount to be eligible for Pension Credit which is a pittance to live on.
@@user-rx5vo3nt4z ....and I'm on £221-25 per week gross - full state pension....so that's me out then. Shocking!
Is the winter fuel cut a sneaky way of streamlining the system in preparation for the pension coming in to tax? The fuel payment was explicitly not taxable whereas the State Pension has always been potentially taxable.
Hope a. Lot of this 5.5% goes to those on lower pay
I'm a smoker , drinker, motorists and pensioners I'm really fooked....
If only I was rich.
The figures on the books are drawn up by civil servants and Labour have had full access to them since March 2024 , we know that the civil service is supposed to be impartial but ee know thst not tyre with all the leeks that where coming out * even sue Gray who head he team was in the civil service, if all this was being hidden we all know that it would gave been keaked before the election Labour rase taxes as Rishi said its in there DNA they just started as a border line pensionare I be siting there in a cold house wrapped up in blanket hoping I can make it though the winter thanks to Labour
Hang on. How much is all the illegal immigration costing. If she stopped all immigration for the time being, wouldn't that help, rather than clawing back off pensioners.
Yes but that's ideology.
Undoubtedly it would help but the problem is that it is unlikely to be able to stop illegal immigration/ asylum seekers, if it was we would be seeing progress in this area which we’re not.
@@normanlazarus1836 You have to either return them or make it unattractive enough they go elsewhere there is not other way. An actual asylum process that didnt approve 75% would be a start.
@@marumaru6084 I agree that the UK asylum system is broken but I’m not sure that it is possible to simply return them to France, rightly or wrongly we have signed up to international treaties that restrict our ability to deal with these people in the way that you suggest.
@@normanlazarus1836 You are allowed to turn back boats actually. Not saying the law is a mess because it has been designed as such to be exploited.
This is really excusing the IFS and not at all realistic.
I think the IFS are flanneling, Paul Johnson in particular. I think he is enjoying the limelight more than is healthy. I’m not convinced about their independence. I’m waiting for an update from the OBR who appear to have not had full access to the finances when they audited Hunts budget. That the Reserve of £9 billion has already been spent is staggering.
Owen Jones did a piece on this and disclosed that Labour was well aware of UK debt. Labour just did not want to say much on it to after the election.
Perfect excuse for cuts and taxes. UK needs to make or save 20 billion just to stand still.
The 20 biiliion pound finance shortfall inherited by the new incoming is a 'mere pittance' compared to the UK's National Debt which evidently broke through the three trillion pound on (would you believe it, probably yes if you are' in the know') 4th July 2024 & still (evidently) continues to relentlessly increase at the rate of £5170 per second.
Crisis what Crisis?
What is the IFS view on the affordability - or perhaps I should say, consequences - of the unfounded public sector pension scheme liabilities?
What did civil servants uncover, they know where to look.
As if the Tory ministers could do anything without civil service all over it!
They didn't need to look. They'd been keeping a long list of every lie and discrepancy and overspend and just handed Reeves the 20 page document the moment she walked into the building.
Makes.you wonder why little spoilt rich boy tories tried to turn the public against the Civil Service. Is it so they wouldn't be believed when they tried to expose the truth? 😂
What about the damage of borrowing 400 plus billion for furlough and shutting down the economy....all racking up interest and to be repaid ?
And saving the nation and its people. Labour voted for that as well and knew the consequences too.
It uncovered everything she told them to find. Disgusting
You can only find something that IS there. Not at all disgusting.
Awesome. Brilliant content. Spot on.
Were £35 billion of spending commitments hidden from the OBR when they audited Hunts budget , or were they not ?
they were hidden. but at the time the obr knew there was something fishy, but they only produce the report from the data given at that moment.
@@shaun906 Yup, you’ve got it.
Makes you wonder if it was hidden on purpose so Labour could use the revelation of this "Black Hole" as an excuse to tax everyone to high heaven.
A spending commitment that will never happen is not a commitment it’s a hope.
No they were NOT hidden. They were all laid out. The OBR and the Bank of England have acted appallingly
I remember seeing in the HOC that the money they planned to spend would create a black hole, she and the voters were forewarned. But why target pensioners.
Maybe because the pension went up this year by average pay increase, instead of the inflation level, which is adequate.
Only those on Pension Credit need the extra.
I am frankly appalled that none of the IFS "economists" mention the fact that a good proportion of the spending on settling pay disputes will return quite quickly to the treasury in taxes, e.g. employers and employees NI, Income tax and VAT on the spending of the increased wages.
The cost before 2024/25 financial year will be a small fraction of the quoted figures because of this.
Do you know what the "multiplier effect" is?
NOT anywhere as near enough as your implying. Because these GP's are NOT employees of the NHS, They are all private profit making businesses. Since the inception of the NHS Over 95% of GP's have operated as limited companies. They will NOT be paying the taxes or anything else you imply
She is using black hole to cover what she is doing
Meanwhile Tories just lied to cover the mess they've left for 14 years.
And they didn't have to commit to no NI, income tax increases, they chose to do that to get a bigger majority, no idea why as the tories had completely lost the plot.
You would think that is a simple
question, there will never be an
answer to it !!!!!. R
When you are told to find something you will find it. The Emperor’s New Clothes. Same old Labour dressing up as a new idea.
I am a pensioner all I receive is £15,000 a year, could you live on this?
They do not know how to cope with it just hit the pensioners for money.
Unfunded infrastructure projects ... get rid of the AI investment - great. The future, and they cannot make the effort.
INTEREST RATE HAS,NT ADJUSTED PRICES
When you know money will be needed and nothing is registered. Hat is not acceptable. Some judgement must be applicable and an estimate included but to do nothing when billions are involved is not acceptable.
Rachel Reeves should be a Tory MP. Taxing billionaires and enacting wealth distribution was ruled out by Starmer months ago. Where is growth going to come from when she cancels building programmes she says we’re not funded by the Tories. They can be funded by her. She found £3 billion per year for the next seven years or, as Starmer says, for as long as it takes, to help prolong a war.
Reeves is making her choices and Labour is in charge, she choose senior citizens over a windfall tax on energy companies or restricting illegal immigrants, actually Labour are going to increase the burden on illegal immigrants, they are also paying public sector workers twice the rate of inflation, she could have taxed higher rate tax payers who are able to afford it, the increased deaths of Senior Citizens will be on her hands this Winter and its her choice, Rachel the Reaper!?!
Rachel the one who finally reversed 14 years of below inflation pay rises and ofc it cost a lot but it should have been spent over the past 14 years.
Divide and rule say the fascists, divide and rule, blame the worker, blame the immigrantblame the doctor, blame anybody but me says the fascists.
The Foreign Aid budget should be looked at before any cuts to our pensioners winter fuel allowance.
Do some research. The foreign aid budget is about this country investing in other countries so that WE can benefit financially through trade etc
You don’t realise how vital foreign aid is to UK interests until you cut it
Foreign aid is vital in reducing immigration moviment to UK. But its also morely right to provide support in the poorest of places.
The UK's credibility is in tatters. Are you trying to burn the rest of cloth left?
@jamesholt4449 lol what immigration movement has it reduced?
On the face of it the policy of cutting WInter Fuel payments for Pensioners not receiving Pension Credit may look good to some people, but if you scratch the surface it is not really doing what it says on the tin. There are still pensioners getting a full pension (so no pension credit) that are still not well off, and many that are not actually claiming Pension Credit (a large number of pensioners). Both of these groups will be hit hard this winter by this new policy, which will still end up hurting alot of poorer pensioners.
we need to take into account changes to the autumn budget, in the whole it may even out. for example, the fuel price cap could be enforced like france did, then there wouldnt be such a need for all pensioners to get the winter fuel payment. I'm not saying they will, but that's the type of policy changes they said they could make to stick to the manifesto.
@@shaun906 The daily standing charge needs to be capped aswell, as energy companies can just increase this and everyone has to pay regardless. Energy Companies should be required to provide a special lower tariff for pensioners as they obviously require their heating to be on alot more.
Pray for a mild winter and fully stocked food banks. If pensions were realistic you wouldn't need to worry about heating or food banks.
And how much is this government paying out on interest on the national debt. The amount of interest payable on the national debt in 2024-25 is expected that debt interest spending will total £89.0 billion. That would represent 7.3 per cent of total public spending and is equivalent to 7.3% of total government spending. Overseas aid 5 .3 billion, added on to the refugee program relief in the uk another 10 billion we will round it down to 14 billion. My conclusion is this country can spend freely on other countries and its citizens whilst it has no money for its own citizens.The national debt was ran up by both labour and the conservative parties yet neither chose to do anything about it but allow it to grow. Now labour is in power and what are they talking about not saving money but taxing more to spend more, and that is the problem profligate spending by big governments regardless of the colour of the rosset they wear.
Same old rant that lost the election and caused every financial crash since the 1980s
But Labour will not complain about walking into office with 2% inflation.
What we are seeing yet again the labour party walking in to benefit from what the conservatives laid the groundwork for. This is exactly what Tony Blair got. If he had not been voted in the Tories would have benefitted from what they created
If the Conservatives claim high inflation is due to external factors they can hardly take credit for bringing it down.
@@socratic-programmer If I recall correctly, that didn't stop them doing so.
We have no growth so ofc we have no inflation.
I don't have apples.in my back garden co I don't have apple trees
How can Reeves claim there is no money when billions have been magicked up to give to Ukraine to continue war. She ditches the Labour government universal WFA whilst well aware that millions of pensioners survive on just the state pension, which is below minimum wage levels, yet do not qualify for Pension Credit unless your pension income is more than £11,343. When will there be pressure on MPs to lose their right to claim for their own utility bills - for which there is no upper limit - when they earn £91,346.
You seem slightly confused on several levels. Read what you have written before you press the arrow.
SNP raised the issue throughout the election campaign.
So if the SNP knew about it how can labour say they didn't. Fishy!
Reeves needs to leave pensioners alone and focus on taxing the richest 2-3% of the population, who are currently undertaxed.
You’re picking out the wrong people what about Joe Blogs and Mary Cotton £100,£200,£300 would make all the difference in winter months
Don't worry. Labour will be gone by the end of the year
On what world will they lose that majority? Tories are done for a decade minimum we got fed up of the self interest, lies and dodgy honours for donors.
She should have done her homework. Also paying 22 % increase for doctors !!!!
Because of Hunts diabolical rearranging of Doctor pay the anger amongst doctors was boiling. These are people who have often done 5 to 8 years further education at their own cost and are very skilled people and we need to pay them or they will all just leave uk. You have to pay more than £15 an hour if you want quality and I want quality looking after me when being operated on.
Apparently Rachel Reeves is the "Chancer of the Exchequer".
Junior doctors. Brings their wage to a massive 18-20 quid an hour. Whoopee. They only have to work 3 hours to hire a mechanic for 1 hour.
Sounds like a you problem
I'm totally flabbergasted that I didn't hear the word 'Productivity' anywhere in this strange vlog. I had previously revered what I heard reported under the IFS brand, but honestly after this vlog I now really question what your 'value proposition' really is?
Wow. I'm not sure what I say wont shock you into a coma you're so fragile but I'll try.
Not every conversation covers every topic.
Started in 97, not dealt with from 2010, now it's back in Labour's lap.
This is not a surprise. The black hole, however, is approaching £3tr with no plan to get it down (hint - it's not mathematically possible).
There is literally nothing that can be done that comes via more state interference, borrowing and spending.
The only solution is to cut government spending by at least 50%.
The handout gravy train needs to cease. Public pension levels are a joke. Benefit fraud is rife. Theft from private sector workers will kill what's left of our economy.
Don't try and tell me I'm wrong now. Come back in 10 years and realise I and others are right.
Benefit fraud is such a tiny cost to the uk budget.. Sure you care about it emotionally because it irks your sense of fairness, but its a hot dog in an alley.
The bigger issue we face is the largest generation in this country no longer work and as such are not spending, currently own all the assets and are increasingly going to requiring care to live. Nhs spending will have to double to have the same effect as 20 years ago, even with inflation thats a big cost. No one wants to deal with this so we will just kick it down the road.
Eventually time will resolve that problem, but a lot of pain due in between.
Please note that the figures for Benefits are Benefit Fraud & ERROR! Having myself been in the situation of the DWP saying I should receive a payment (Which I had not asked for) and then turning around & saying I had been overpaid & need to pay some back. My point is that the figures may not be fraud, but error, & it could even be the Governments Error!!
Sorry I turnrd off at "... were there really 20 something billion pounds of unexpected commitments that we could OF known about before." Could OF? Of? I thought you lot had at least reached the SATS standard of English . FFS. Bye
Forgotten the policy. Might have died.
9 billion for above inflation pay rises next year it will be 9.5 billion =incompetence
It equals fair pay for people who have had below inflation pay rises for 14 years.
She is a liar she would be privy to that as the opposition party you only have to watch questions and answers in parliament every question is written down and so are the answers otherwise they are full of bull shite
Liebor must get the money for their paymasters.
The union workers known as workers and general public?
I thought I'd have a listen as your channel was put in my feed but unfortunately got to the section that you said in 2021 didn't expect inflation to be as high as it was, and at that point you lost any credibility as it was obvious in 2020, all the pandemic money flowed into assests and shutting down of production created a low supply with high demand with the excess money pumped out.
Paul Johnson is not a game show host , yet his presentation is repeatedly just that. I’ll stick with the OBR findings.
No they’re liars
You are absolutely right, the Tory Government were thieves and liars.
Actually £86000
Again, there is NO mention of the damage BREXIT has done and will continue to do as Brexit is not done yet. Moreover, the health service industrial action has cost 1.5 billion, 4.5 billion paid to rail companies so their shareholders don't lose money. Is the IFS really independent?
Blame Brexit, everybody does, yawn.
Oh dear, no facts to dispute the comment just copium? @@johnarmstrong1578
This is the guy who said government savings cant be found🙄 what a clown.
Its just easier to tax more working people and small business than expose lords & MPs who avoid tax, companies that stole covid loans to go bankrupt moments later to the tune of 400bn in the space of 2 years. Economists, known for being as accurate as astrologists🤡
She is conning you.
You obviously don't know what you are talking about, austerity has cost this nation dearly the failure to futurise the economy and protect basics of public expectations. Stop being clever and talk to ignorant politicians.
Without austerity they would not have been able to borrow at the interest rates that made it possible to borrow in the first place. And why do they borrow. Because the country SPENDS more than it earns. This country has had to endure a global pandemic. And an inflation problem caused by the EU getting itself held to ransom by Putin. Oh and the actions of the Bank of England made it horrific. The tories TRIED to innovate, but they were hindered by the bank of England, and civil servants that obstructed everything that they tried to do. And here we have the liebour party clueless. Not one thing are they doing that will increase growth. The tories tried to spark investment and innovation by reducing taxes, so that ALL the investors would invest their money in the UK to create Growth. Rather than invest it in another country where they would have had to pay more tax than in the UK. But the liebour party will now make other countries more attractive to invest in rather than the UK if taxes are raised. That is what the objective of reducing coorporation tax and tax for the most well off is. So that they spend all the money they do in their business HERE in the UK Increase taxes and the well off leave the country (as they did in the 70's) and are starting to do now (Dyson). You can not have a give away economy. WHERE DOES THE MONEY COME FROM? IF THE WELL OFF LEAVE THE COUNTRY?
Why not tax the rich, instead of harming pensioners? Or is that idea too far right lol
The rich are already getting taxed. The country is getting more tax from the well off than any government has ever got out of them at any time in our history.
When the well off believe the tax rate are fair. They do not bother to offshore, because its not worth it to them. Its only when the tax rates are too high that they do that.
And that is not a crime, it is done all over the globe.
What happens when you tax the rich is what happened in the 70's. They left the country, and closed their businesses on the way out.
Millions were put on the dole, the country lost the taxes from the well of and they lost their spending power in the shops. It was a tripple whammy
The beatles left the country for example. They have NOT paid taxes of any significance in the UK since then. That is hundreds upon hundreds of millions in tax from global sales of their records dvd's etc that has been lost to the country because of them being taxed out of the country.
Why should anyone put their houses up as collatoral and risk everything to start a business, create jobs. If someone is going to come along and take everything that they make and give it away to others, that are too bone idle to make a place for themselves.
We have every scrounger from around the globe heading here because of the you can all have it for free from the liebour party"
She is. Wealth taxes are coming.
Its no worse than the tories inherited from the last labour govern.ent.
If there had been a black hole the Torys would have left a note, just like labour did last time they left Government.
Far worse in 2010...the deficit was double.
@user-yi6ui6pn4i exactly according to your statement the tories inherited a deficit which was double.
@@roycampbell5605 ....and by the time covid struck, they had got it down from £160B to just £20B (austerity?)...for the past three years we would have been back into budget SURPLUS...and paying off the debt, cutting taxes etc.
AND Tories with a landslide 200 seat majority.
Why was inflation expected to remain low? Is it because you are so young?
Tax the bloody rich
They already pay all the tax
Reeves would rather screw a bit more tax out of British pensioners than make the rich man pay more tax
No mention of the Non Doms yet!!
you need to move your phone 🤣
OBR
Non controversial re winter fuel. Get real!
It's not "a weird one" it's Tory cheating.
She had plenty of choices and decided to get the money off the worst off elderly - anyone on £215 a week now loses the fuel payment - she had plenty of options like the billionaires she has been banging on about for years but she chose not too
What you need to know is that Jeremy Hunt provided a full financial statement 5 weeks before the election to the Labour party as opposition. The Government is obliged to do this. They prepare the accounts and get them checked by the OBR and the IFS. and then pass them to the opposition. If there had been a black hole it would have been mentioned by one of the checkers and mentioned to the then opposition. So how come she didn't know about it until 3 weeks after the election. Highly suspicious. Hunt has written to all parties to ask for an explanation. He will want answers. This could blow up in Reeves face.
You are supposed to be absolutely independent but you come across as a bit of an apologist for the last government. If the last government hid stuff you should be screaming it from the rooftops not saying "there there" we thought they might be.
She still saw the books and new she was going to give the nurses etc a rise. What about 11.6 billion milliband is going to waste on windmills ? What about the ridiculous amount paid to Ukraine at 300 billion a year for ever ?
What does it actually mean that budgets are tight? Government can always borrow now to pay for investment in growth. Why not?
they are constrained by their manifesto, but there is some room for borrowing. but only to invest.
Who is the 'Institute for Fiscal Studies? Who funds them? What do their funders expect in return for their money?
Look them up: About: IFS is non-profit and non-political and receives funding from a range of sources, including the Economic and Social Research Council, UK government departments, foundations, the European Research Council, international organisations, companies and other non-profit organisations.
Funding is received either for specific research projects or via our two ESRC research centres, the Centre for the Microeconomic Analysis of Public Policy and the Centre for Microdata Methods and Practice. Research Councils award funding for academic research independently of government; funding is awarded on the basis of scientific excellence, through a process of peer-review. IFS never accepts funding for a research project - or indeed funding of any kind - that relies on a specific result being found or that compromises our independence and neutrality.
IFS operates to December year-end. As such, full independently audited figures are only available later in the year - normally June/July.
All of our own publications are available free of charge for the public to read.
Independent. The public expects the truth and accurate figure.
Ut I'm sure you cab create a conspiracy like you want to about any public body that provides oversight.
Thank you for a more objective assessment of the Chancellor’s statement. In summary, this was a little theatre by Labour to prepare for the public for U Turns on taxes and blame it on the Tories!!
You call that objective? 😂 and what would the Tories have done as an alternative???
Why did Hunt hide £35 billion of spending commitment from the OBR when they audited his budget ? I do not see much objectivity in this video.
Love seeing these "trendy" right-wing IFS propagandists in their chilled-out T-shirts, talking nonsense as always!
Ermm no; the ‘Labour’ party is worse than expected - and I had very low expectations.
Reeves naive. Does not bode well. When does Labour run out of 'other peoples' money? Could all unravel in a few months
She has found the tories out scumbags hunt was laughing when she brought it up please people give her a chance to fix this she is an honourable person she won't let the needy go cold
Ur delusional
🤣🤣🤣🤣
Maybe it will be like the TV series Dallas when Bobby Ewing who was dead came back alive in the following series and it is all a dream. Maybe this will happen to Rachel Reeves.
Another statement pretty low income! You obviously don’t have a clue.
OBR have informed them ! All was known !
But we know the Tory government withheld information from the OBR, so your point makes no sense (unless you're being sarcastic? Difficult to pull off in writing......).
The OBR has launched an investigation into what Hunt had given them in the way of information on his budgets for them to analyze.
@@thearsenalmisfit2414 The OBR does not solely rely on information from the chancellor. They get the exact same information that is given to Hunt by the bank of England and CIVIL SERVANTS!! And it has been civil servants that have hindered and prevented the Tories from doing ANYTHING that they tried to get done. They have obstructed at every turn. Listen to this interview and ask yourself what has been going on. ua-cam.com/video/vIjg0ow4UW4/v-deo.html
Out of 1 Trillion pounds raised by
the taxpayers, (not the government)
this 5.5 6.5. possible 22 billion is
paltry. None of these politicians
are able or trained with these huge
sums of money. They shouldnt have
that control over the populations
finances, nor should so much tax
be lifted from the populations grasp
With all this gambling going on the
actual managing of the country
is overlooked. Hey ho. R.
No Chancellor in modern memory is better qualified.