Rachel Reeves was ill advised and in a rush to make an impression made dreadful mistakes. I think that the lady was shocked at the real truth and state of our economy as even the Conservative Party must admit was in a shocking state. So panic set into Rachel Reeves and she made the wrong decisions.
Rachel from Complaints couldn't even get her own CV correct. So I haven't much faith in her making a success of any pension funds reform. One has also to wonder where Blackrock's involvement in these proposals is? 🤔
I certainly have more faith in Rachel than any of her predecessors over the past decade, she had made some positive moves, maybe not in the oppositions opinion.
@@briankerrison8504 And a first degree in PPE. Both of these subjects are of questionable value. When economics can have two 'theories' as far apart as those of Hayek and Keynes one can be sure that they are not theories, and should be relied upon.
This is simply a raid on UK pensioners' savings. Rachael Reeves seeks to do similar damage to defined benefit schemes that Gordon Brown did to final salary schemes.
Can you imagine how this would devastate pensions, name anything made or built in the last 30 years in the Uk that was brought in on budget. A pension solely invested in UK PLC would result in penuary for the pensioners whilst those running it would have huge commissions and would be dancing into the sunset.
Well said. Symptomatic of the general standard of the governing class. It is attracting people with an over-inflated view of their own competence. Applies to all parties. Especially true of people like Rachel Reeves "look at me I'm an economist" when , in reality have only done menial jobs which almost anyone could do.
And if you could recall the last *two* Labour governments, as I can, you'd see very little difference. Labour seem to have an incredible knack of finding the most incompetent, incapable people to fill governmental roles way beyond their ability.
What spooked the gilt market was the setting of the interest rate around Truss' time. She could not control that. That is the primary influence on it. The so-called unfunded tax cuts would have played a secondary role. This is to do with how much confidence the markets place in the minister by the logic of what they do.
To me the source of the problem is there is far too much economic power concentrated in the Treasury, and because of the single issue nature of it. Potential social ramifications are not properly taken account of.
Local Government pension shortfalls are funded from Local Government budgets - so if this is a spectacular failure - expect an increase in taxes. Don't forget that the state pension (and Local Government) pension age is being put back year on year.
Fund managers have said the ideas don't stack up. Firstly, the obvious: buying shares/funds in the secondary market as the vast majority of us would does not help any company, the money goes directly to the previous owner of the share. Secondly, what is a 'British' share? Anything listed on the LSE? Well many emerging markets funds are managed by UK listings so it's not that. Also most of the FTSE 100 companies trade and invest abroad. So that leaves, thirdly, start ups and venture capital. As you say, high risk and high management costs, no guarantees, most start ups and venture capitalised companies don't make it. Then there's PFI which was so disastrous for British taxpayers it seems inevitable Labour will do these evil things again and put a yoke round our necks for the rest of the century.
Reeves isn’t fit to teach maths to kids at an infant school never mind handle the countries money, she said the budget tax rises were a one off, then she repeated it a few times, then she went quiet, now she says we will have to face even more difficult choices, as it seems she has got her sums wrong again😂
Pensioners are the richest demographic in the UK by a huge margin due to the triple lock on Pension increases which have left them the only section of society who have seen raises in excess of inflation for 15 years. much more than say, nurses or firefighters. They benefited from cheap housing, private pensions, property values never seen before or since, the best of the NHS, free university education, but still they want the younger generations who are struggling to feed and clothe their children, to stay poor in order to retain their free transport and heating allowance for the richer pensioners.
@ and why would that be? Total mismanagement of the economy. No forward planning by successive Governments. We are supposed to be a rich country yet there has been no investment, no planning. Money wasted abroad…….Panama papers ring a bell? That’s where the Countries wealth is……offshore bank accounts of the 1%
How dare you I worked 50 years for my miserable pension, one of the worst in Europe, the y have plenty of money to send immigrant to 4 star hotels . So think again
My homework tonight still continues to be fairly mind blowing but everyone needs a hobby. You will be pleased to know that pants 👖 keeps appearing on the comments on UA-cam at places which are curious. 😹 Just been looking at the idea of a grey war which a certain military which is not our own is trying to get politicians to seriously think about. The western world 🌍 has got so used to personal comfort and security that we do tend to go all woe is me if things don't quite go to plan, hence the rise in far right populist politics. 🤔 I still like the joke that we have 4 colors to warn us about the weather. 😮 Red for hot, blue for cold 🥶 Pink for a transgender storm in a populist politics tea cup and yellow for the snow that we are not allowed to eat. 🤔 I honestly don't know why the psco suggested that I have the best un paid job in the world 🌍🤔 But we keep living for the giggles. 😹☮️
Nonsense. "you will own nothing and be happy" just cannot work. The economy could not sustain itself if nobody owned anything. Where would you live, if nobody owned any property to rent? What would happen to all the businesses, houses, cars and other items people already own? Who would take them, and what would they do with them? See, it's just complete nonsense.
Total rubbish. The ONLY reason we are not as wealthy as we should be, is 2% of the population has the lot. The rest is weeing around the edges. Your analysis is puerile.
That is true as Liz truss said there is a pie and us workers aren't getting a slice , they don't want to even give us a crumb. 26 individuals have more wealth that 50% of the population of the entire world. We have a minimum wage, maybe we should have a maximum wealth as well
@@HamishBorder Possible solution. What is certain is that the right wing has sold it's voter base so short, that their only solution is to bypass the electoral process. 25 votes is not enough to win a council ward, let alone an election.
@@qetoun Umm, no it is not. It handles a lot of cash, but it's in debt up to it's neck. The state used to be just below the Monarchy and the Railways in land ownership. It now has almost zero assets. This is reflected in the interest rates on what are now effectively unsecured loans.
@@qetoun wrong , the state currently owes £1.4 trillion in DEBT and counting . Like the USA , if the UK had been a business it would have been made bankrupt many many years ago. The UK is insolvent , but as it can print funny money at will ( quantitive easing ) this charade will go on for many years to come .
What is more important: Do we support the young who may be living on whatever the foodbanks have when even Tory statistics say 30% of children in the UK are in real poverty or do we support pensioners described so well in a Sharpe novel as the senile and the talkative who represent the past?
I cant comment on her plans to invest private pensions, but Im sick of hearing triple locked pensioners whine about the fuel allowance etc. 1 Labour introduced the winter fuel allowance and cant now afford it. 2 1990 single persons unemployment benefit £36 , single pension £46 . 2024 single universal credit £95 , single state pension £221. Working age benefits have increased 2.5 times while the pension has increased 5:times over the same period . Stop whining.
But remember, the National average wage is something like £25k plus per year (or possibly more). Pensioners on less than half that, still have to pay the *same* costs for food, energy, fuel etc, as anyone on £25k plus..... You'll be a pensioner one day, if you're lucky. Then you'll see for yourself how it is....
@Brian-om2hh I'm seven years off my state pension and counting the days as I've got osteoarthritis in both knees from 40 years hard physical work. Some pensioners are obviously better off than others but my point is that as a group they have done much better than working age benefits recipients as those figures prove. Also ,as a group , they mainly voted Tory and Brexit but are now whining about the consequences ie there is no money to pay for their perks. They weren't moaning when Working Tax Credits for working people were being abolished by the nasty charlatans that they had voted for ,were they ? I lost £62 / WK year round about a month ago due to that, and they're all fine with that, but take away their winter fuel allowance and you'll never hear the end of it.
Hasn’t Rachel found extra funds to hold triple lock for pensioners..found extra funds for healthcare repairs & upgrades.. your starting to sound like a brexiteer. 🙄🥴🥴🥴🤔😎
I disagree. I am a WASPI woman - I don't get my state pension until later this year. I also class myself as a JAM - Just about managing. So much money was hived off to private individuals who already had more than enough, thank you, that the blame lies squarely with the last 14 years of Tory cronyism and misrule. I would rather forfeit waspi payouts and winter fuel allowance if it means more money in the public purse to pay for public services. This Labour government was handed a poisoned chalice. It cannot be rectified without pain!
Rachel Reeves was ill advised and in a rush to make an impression made dreadful mistakes. I think that the lady was shocked at the real truth and state of our economy as even the Conservative Party must admit was in a shocking state. So panic set into Rachel Reeves and she made the wrong decisions.
Rachel from Complaints couldn't even get her own CV correct. So I haven't much faith in her making a success of any pension funds reform. One has also to wonder where Blackrock's involvement in these proposals is? 🤔
She has a masters degree in economics 🙄🙄🥴🥴😎
@@briankerrison8504 Yes I got the same one in a packet of Rice Krispies. Mind you it was reduced for being nearly out of date.
I certainly have more faith in Rachel than any of her predecessors over the past decade, she had made some positive moves, maybe not in the oppositions opinion.
@@briankerrison8504 And a first degree in PPE. Both of these subjects are of questionable value. When economics can have two 'theories' as far apart as those of Hayek and Keynes one can be sure that they are not theories, and should be relied upon.
This is simply a raid on UK pensioners' savings. Rachael Reeves seeks to do similar damage to defined benefit schemes that Gordon Brown did to final salary schemes.
One thing sneaky thing they have done - the merging of housing benefit with pension credit
I never thought you would ever forget Kwasi’s prodigious package! Happy New Year to you and yours 😉🌹
that's it... I had forgotten his name! how odd that someone can become so irrelevant so fast!
@ProfessorTimWilson weren't you accusing Braverman of being stup1d and forgetting names this morning?
Can you imagine how this would devastate pensions, name anything made or built in the last 30 years in the Uk that was brought in on budget.
A pension solely invested in UK PLC would result in penuary for the pensioners whilst those running it would have huge commissions and would be dancing into the sunset.
That's probably the plan, take from the masses and give to the few.
Well said. Symptomatic of the general standard of the governing class. It is attracting people with an over-inflated view of their own competence. Applies to all parties. Especially true of people like Rachel Reeves "look at me I'm an economist" when , in reality have only done menial jobs which almost anyone could do.
Makes you wonder why you bother paying into anything.
You have no choice
@cobbler40 Go on benefits and get everything for free.
The hotel guests haven't......
So...after 14 years of Labour telling us all they knew best...turns out it was all a lie.
And if you could recall the last *two* Labour governments, as I can, you'd see very little difference. Labour seem to have an incredible knack of finding the most incompetent, incapable people to fill governmental roles way beyond their ability.
Rachael from accounts has done nothing ,other than lie on her cv
Reeves cant count
We already knew it.
Proper planning prevents piss poor performance, Reeves gets worse.
What spooked the gilt market was the setting of the interest rate around Truss' time. She could not control that. That is the primary influence on it. The so-called unfunded tax cuts would have played a secondary role. This is to do with how much confidence the markets place in the minister by the logic of what they do.
Assume malign intent rather than incompetence. Get ready for much worse coming.
To me the source of the problem is there is far too much economic power concentrated in the Treasury, and because of the single issue nature of it. Potential social ramifications are not properly taken account of.
Four actually. Bringing pension funds into Inheritance tax.
The important issue is it’s our money prof not governments
Reeves and Starmer are just Tories in disguise.
No, they're not. They're deep red. Middle class socialists.
Still no mention of Jess Phillips yet I notice.
Not newsworthy enough?
Doesn't warrant any discussion?
English people, especially women and girls not a priority.
Local Government pension shortfalls are funded from Local Government budgets - so if this is a spectacular failure - expect an increase in taxes. Don't forget that the state pension (and Local Government) pension age is being put back year on year.
Fund managers have said the ideas don't stack up. Firstly, the obvious: buying shares/funds in the secondary market as the vast majority of us would does not help any company, the money goes directly to the previous owner of the share. Secondly, what is a 'British' share? Anything listed on the LSE? Well many emerging markets funds are managed by UK listings so it's not that. Also most of the FTSE 100 companies trade and invest abroad. So that leaves, thirdly, start ups and venture capital. As you say, high risk and high management costs, no guarantees, most start ups and venture capitalised companies don't make it. Then there's PFI which was so disastrous for British taxpayers it seems inevitable Labour will do these evil things again and put a yoke round our necks for the rest of the century.
Reeves isn’t fit to teach maths to kids at an infant school never mind handle the countries money, she said the budget tax rises were a one off, then she repeated it a few times, then she went quiet, now she says we will have to face even more difficult choices, as it seems she has got her sums wrong again😂
The Labour recession began on Halloween Night.
I'd have said more like the day after the election.....
Pensioners are the richest demographic in the UK by a huge margin due to the triple lock on Pension increases which have left them the only section of society who have seen raises in excess of inflation for 15 years. much more than say, nurses or firefighters. They benefited from cheap housing, private pensions, property values never seen before or since, the best of the NHS, free university education, but still they want the younger generations who are struggling to feed and clothe their children, to stay poor in order to retain their free transport and heating allowance for the richer pensioners.
Oh shut up you deluded fool. It’s not their fault successive governments have been clowns. We are suffering from poor Governance, nothing more.
The UK cannot afford to pay a state pension.
@ and why would that be? Total mismanagement of the economy. No forward planning by successive Governments. We are supposed to be a rich country yet there has been no investment, no planning. Money wasted abroad…….Panama papers ring a bell? That’s where the Countries wealth is……offshore bank accounts of the 1%
How dare you I worked 50 years for my miserable pension, one of the worst in Europe, the y have plenty of money to send immigrant to 4 star hotels . So think again
@@robertmiur2388 I fully agree.
My homework tonight still continues to be fairly mind blowing but everyone needs a hobby. You will be pleased to know that pants 👖 keeps appearing on the comments on UA-cam at places which are curious. 😹 Just been looking at the idea of a grey war which a certain military which is not our own is trying to get politicians to seriously think about. The western world 🌍 has got so used to personal comfort and security that we do tend to go all woe is me if things don't quite go to plan, hence the rise in far right populist politics. 🤔 I still like the joke that we have 4 colors to warn us about the weather. 😮 Red for hot, blue for cold 🥶 Pink for a transgender storm in a populist politics tea cup and yellow for the snow that we are not allowed to eat. 🤔 I honestly don't know why the psco suggested that I have the best un paid job in the world 🌍🤔 But we keep living for the giggles. 😹☮️
What happens when the pension funds lose money ?
" You will own nothing and be happy " all comming to fruition
Nonsense. "you will own nothing and be happy" just cannot work. The economy could not sustain itself if nobody owned anything. Where would you live, if nobody owned any property to rent? What would happen to all the businesses, houses, cars and other items people already own? Who would take them, and what would they do with them? See, it's just complete nonsense.
Total rubbish.
The ONLY reason we are not as wealthy as we should be, is 2% of the population has the lot.
The rest is weeing around the edges.
Your analysis is puerile.
That is true as Liz truss said there is a pie and us workers aren't getting a slice , they don't want to even give us a crumb. 26 individuals have more wealth that 50% of the population of the entire world. We have a minimum wage, maybe we should have a maximum wealth as well
@@HamishBorder
Possible solution.
What is certain is that the right wing has sold it's voter base so short, that their only solution is to bypass the electoral process.
25 votes is not enough to win a council ward, let alone an election.
Umm, the State is the richest entity in the UK.
@@qetoun Umm, no it is not. It handles a lot of cash, but it's in debt up to it's neck.
The state used to be just below the Monarchy and the Railways in land ownership. It now has almost zero assets.
This is reflected in the interest rates on what are now effectively unsecured loans.
@@qetoun wrong , the state currently owes £1.4 trillion in DEBT and counting . Like the USA , if the UK had been a business it would have been made bankrupt many many years ago. The UK is insolvent , but as it can print funny money at will ( quantitive easing ) this charade will go on for many years to come .
What is more important: Do we support the young who may be living on whatever the foodbanks have when even Tory statistics say 30% of children in the UK are in real poverty or do we support pensioners described so well in a Sharpe novel as the senile and the talkative who represent the past?
In a Sharpe novel? My dear fellow i study William Blake.
I cant comment on her plans to invest private pensions, but Im sick of hearing triple locked pensioners whine about the fuel allowance etc. 1 Labour introduced the winter fuel allowance and cant now afford it. 2 1990 single persons unemployment benefit £36 , single pension £46 . 2024 single universal credit £95 , single state pension £221. Working age benefits have increased 2.5 times while the pension has increased 5:times over the same period . Stop whining.
But remember, the National average wage is something like £25k plus per year (or possibly more). Pensioners on less than half that, still have to pay the *same* costs for food, energy, fuel etc, as anyone on £25k plus..... You'll be a pensioner one day, if you're lucky. Then you'll see for yourself how it is....
@Brian-om2hh I'm seven years off my state pension and counting the days as I've got osteoarthritis in both knees from 40 years hard physical work. Some pensioners are obviously better off than others but my point is that as a group they have done much better than working age benefits recipients as those figures prove. Also ,as a group , they mainly voted Tory and Brexit but are now whining about the consequences ie there is no money to pay for their perks. They weren't moaning when Working Tax Credits for working people were being abolished by the nasty charlatans that they had voted for ,were they ? I lost £62 / WK year round about a month ago due to that, and they're all fine with that, but take away their winter fuel allowance and you'll never hear the end of it.
Hasn’t Rachel found extra funds to hold triple lock for pensioners..found extra funds for healthcare repairs & upgrades.. your starting to sound like a brexiteer. 🙄🥴🥴🥴🤔😎
You are starting to sound like the EU robbing us of our hard worked pension.
Bollocking suds.
I disagree. I am a WASPI woman - I don't get my state pension until later this year. I also class myself as a JAM - Just about managing. So much money was hived off to private individuals who already had more than enough, thank you, that the blame lies squarely with the last 14 years of Tory cronyism and misrule. I would rather forfeit waspi payouts and winter fuel allowance if it means more money in the public purse to pay for public services. This Labour government was handed a poisoned chalice. It cannot be rectified without pain!