Chancellor asking for advice to aid young people
Discussion
https://www.theguardian.com/politics/2017/sep/06/a...
What would you tell him? (that is within his power as chancellor)
I would suggest reducing the rate of withdrawal of universal credit to 50% (down from 65%) and accelerating the increase in the NLW to bring it up to £10 an hour by 2020.
He needs boldness to both capture the imagination and accelerate a programme of making work pay.
What would you tell him? (that is within his power as chancellor)
I would suggest reducing the rate of withdrawal of universal credit to 50% (down from 65%) and accelerating the increase in the NLW to bring it up to £10 an hour by 2020.
He needs boldness to both capture the imagination and accelerate a programme of making work pay.
I'd say that he should change capital gains tax, incorporating capital gains into the income tax system at the same rates. Beyond this I'd also advocate lowering income tax rates across the board to help all that are still earning.
Given it's mainly older people that make capital gains and anybody that's not retired that would benefit from income tax lowering it should help.
Given it's mainly older people that make capital gains and anybody that's not retired that would benefit from income tax lowering it should help.
Stop being divisive between "young" and "old".
Drill in to every demographic that unless we balance our books everyone is screwed.
Start explaining the realities of university "debt".
Start being more focussed on which courses will require self-funding and require none for other courses.
Simplify the tax system.
Drill in to every demographic that unless we balance our books everyone is screwed.
Start explaining the realities of university "debt".
Start being more focussed on which courses will require self-funding and require none for other courses.
Simplify the tax system.
Murph7355 said:
Stop being divisive between "young" and "old".
Drill in to every demographic that unless we balance our books everyone is screwed.
Start explaining the realities of university "debt".
Start being more focussed on which courses will require self-funding and require none for other courses.
Simplify the tax system.
The latter won't be happening anytime soon. Hammond himself has actually made the Income Tax calculations for 2016/17 so complicated that the HMRC computer system can't cope.Drill in to every demographic that unless we balance our books everyone is screwed.
Start explaining the realities of university "debt".
Start being more focussed on which courses will require self-funding and require none for other courses.
Simplify the tax system.
They've been trying to fix it since April when the problem suddenly appeared.
Eric Mc said:
The latter won't be happening anytime soon. Hammond himself has actually made the Income Tax calculations for 2016/17 so complicated that the HMRC computer system can't cope.
They've been trying to fix it since April when the problem suddenly appeared.
If he genuinely wants ideas on what will help young people, in fact all people, that's an area I'd be starting. That and getting us into surplus territory.They've been trying to fix it since April when the problem suddenly appeared.
Not what anyone wanting free stuff will want to hear. So none of it is likely to happen. But what needs to be said.
Eric Mc said:
Rebalancing the "tax breaks" to suit a younger generation is not a bad idea. Don't expect it to make tax any simpler though.
Are there that many that aren't equally applicable to a younger generation though?ISAs and other saving/investment schemes? Encouragement to save seems a universally good thing. Pensions? Younger people should be encouraged, like everyone else, to shovel in there too (I was encouraged to do so. Spent it on beer instead...but the incentives were still there ). Marriage allowances? I think that probably needs looking at generally anyway tbh. But the younger people I know seem to be getting married earlier regardless (earlier than me at least!).
There's been pretty constant chatter about millennials etc for a good 2-3yrs now. I don't think they're fundamentally any different to anyone else except for the fact that they're 20yrs younger. Their wants and desires don't seem markedly different to those of my peer group back in the day.
The biggest difference seems to be further education fees. And maybe the cost of housing (though personally I think that's a very localised issue).
kiethton said:
I'd say that he should change capital gains tax, incorporating capital gains into the income tax system at the same rates. Beyond this I'd also advocate lowering income tax rates across the board to help all that are still earning.
Given it's mainly older people that make capital gains and anybody that's not retired that would benefit from income tax lowering it should help.
A fair point, capital gains are taxed more lightly than income. Given it's mainly older people that make capital gains and anybody that's not retired that would benefit from income tax lowering it should help.
A small annual exemption to avoid pointless administration, an indexation allowance and then tax on the same basis as income.
Definitely reduce reliance on stupid degrees and focus more on apprenticeship/ in work training. That way young people are,
- Earning small amounts when young and by the time the are into their 20s they have the knowledge and experience to have higher paid jobs,
- Could have saved instead of being loaded with debt,
- Increased productivity country wide
- Experts in subjects having seen/worked on real life examples of problems etc that have cropped up.
- greater work ethic instead of having 3+ yrs of sitting about doing nothing.
Seriously, the university system is severely flawed. And I came through it.
- Earning small amounts when young and by the time the are into their 20s they have the knowledge and experience to have higher paid jobs,
- Could have saved instead of being loaded with debt,
- Increased productivity country wide
- Experts in subjects having seen/worked on real life examples of problems etc that have cropped up.
- greater work ethic instead of having 3+ yrs of sitting about doing nothing.
Seriously, the university system is severely flawed. And I came through it.
Murph7355 said:
Are there that many that aren't equally applicable to a younger generation though?
ISAs and other saving/investment schemes? Encouragement to save seems a universally good thing. Pensions? Younger people should be encouraged, like everyone else, to shovel in there too (I was encouraged to do so. Spent it on beer instead...but the incentives were still there ). Marriage allowances? I think that probably needs looking at generally anyway tbh. But the younger people I know seem to be getting married earlier regardless (earlier than me at least!).
There's been pretty constant chatter about millennials etc for a good 2-3yrs now. I don't think they're fundamentally any different to anyone else except for the fact that they're 20yrs younger. Their wants and desires don't seem markedly different to those of my peer group back in the day.
The biggest difference seems to be further education fees. And maybe the cost of housing (though personally I think that's a very localised issue).
Older pensioners still get the "Married Allowance". That should either be abolished or re-introduced as a universal allowance (as it was once upon a time).ISAs and other saving/investment schemes? Encouragement to save seems a universally good thing. Pensions? Younger people should be encouraged, like everyone else, to shovel in there too (I was encouraged to do so. Spent it on beer instead...but the incentives were still there ). Marriage allowances? I think that probably needs looking at generally anyway tbh. But the younger people I know seem to be getting married earlier regardless (earlier than me at least!).
There's been pretty constant chatter about millennials etc for a good 2-3yrs now. I don't think they're fundamentally any different to anyone else except for the fact that they're 20yrs younger. Their wants and desires don't seem markedly different to those of my peer group back in the day.
The biggest difference seems to be further education fees. And maybe the cost of housing (though personally I think that's a very localised issue).
Perhaps the complete abolition of tax breaks for property investors - including home owners? That would be radical and would create huge upset, so not likely.
Build a metric fktonne of houses to a high standard in terms of build quality and size, and build them where people actually want to live.
Build quality council housing.
Build spacious estates.
It's the single biggest expense in the UK, home ownership.
Continue to spend on infrastructure.
Build quality council housing.
Build spacious estates.
It's the single biggest expense in the UK, home ownership.
Continue to spend on infrastructure.
Eric Mc said:
Older pensioners still get the "Married Allowance". That should either be abolished or re-introduced as a universal allowance (as it was once upon a time).
Perhaps the complete abolition of tax breaks for property investors - including home owners? That would be radical and would create huge upset, so not likely.
What tax breaks do home owners get?Perhaps the complete abolition of tax breaks for property investors - including home owners? That would be radical and would create huge upset, so not likely.
(Agree on the married allowance. I'd get rid...fits more with trying to balance the books).
Edited to add, I tend to agree on property investors. Though haven't there already been measures to nobble that to an extent?
tell them to pay attention at school.
go to school
turn off moron book.
stop drawing dreadful tattoo's all over themselves in a bid to be unique
try and have a job/career instead of wanting to be "rich"/ "famous", eg famous because you are famous.
do a worthwhile degree or learn a decent trade.
or back on track: try saving up for things and working for them, instead of living your life on credit instead of a "have now" culture.
go to school
turn off moron book.
stop drawing dreadful tattoo's all over themselves in a bid to be unique
try and have a job/career instead of wanting to be "rich"/ "famous", eg famous because you are famous.
do a worthwhile degree or learn a decent trade.
or back on track: try saving up for things and working for them, instead of living your life on credit instead of a "have now" culture.
Murph7355 said:
Drill in to every demographic that unless we balance our books everyone is screwed.
http://blogs.reuters.com/great-debate/2013/01/14/why-public-debt-is-not-like-credit-card-debt/http://stumblingandmumbling.typepad.com/stumbling_...
Being the Chancellor looking after the economy and being a housewife in charge of a household budget is fundamentally different.
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