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Funding Labour’s plans

I guess I should know better than to ask on here but how does Labour plan to fund the increased public spending needed to get Britain functioning again (or whatever it’s called)?
 

Scrapping non-Dom status seems to be doing a lot of heavy lifting! 

I think they are expecting to be much more financially literate than Gid, Rishi and Kwasi whether by recognising that austerity is bunkum, cost overruns and profligacy/corruption/fraud aren't supported in the debt market, and a sixth form vanity project should be left to the safety of echo chambers and pamphlets respectively.

And that borrowing at low interest rates to fund structural turnaround in a reserve currency can work against a weakening euro.

But in real terms it will come down to sentiment and a hope value premium that the current iteration of the Conservative Party simply are fundamentally unable to generate.

More borrowing - ok every government does it. That’s fine but I wish they’d be more explicit. I guess they’ll hope the economy grows naturally and brings up the tax base too. 

They are going to have to borrow to sort out the infrastructure disaster that the tories have left behind. That will now be much, much more expensive than it would have been if had been done as needed over the years (while interest rates were far, far lower and we could borrow for multiple decades almost for free). 

Taxes are going to have to go up a bit as well. 

heh @ the economy “grows naturally”

the british built their wealth (and empire) on being the 1st nation 2 realise that govt borrowing doesn’t work like personal or company finance

Genuine Q. I think now is the time for high tax and increased spending. Who should I vote for? Labour seem to want to cut tax

dunno. but definitely not the tozzas

haven’t seen labour say they want 2 cut taxes tho? that would b fooking stupid

Really? But earlier on in the thread I was told that anti tax people should vote Labour on the basis that the Conservatives are the party of high taxation. By that token, I should vote Tory, right?

eh? no idea who sed that

but 2 the extent tozzas raise taxes, it’s being siphoned off by corruption and 2 the extent they lower taxes it’s only helping their rich m7s

so it’s really inconsequential whether the tozzas r going 2 continue 2 raise or r going 2 drop taxes: the end result is always worse 4 the country. consequently, don’t vote tozza. unless ur a putain loving kleptocrat ofc

 

diceman11 Oct 23 08:11 Reply| Report

Were we the first oracle? I have a vague memory of reading about other examples in the ‘ascent of money’

1694

i’ve no doubt u could find some isol7ed and temporary earlier examples, but ours was the 1st that lasted and had an impact that shaped the modern global economy

Vote labour then dux 

Or lozza fox I guess 

Also worth noting that govt spending in certain areas - e.g. house building and infrastructure - has a net benefit for the economy so looking at it just in terms of input is idiotic (and what the Tories did because they are idiots)

I don’t know why you are even wasting breath on this crypto.

Everyone knows that labour have absolutely no chance of getting into office since grant shaps masterfully ended keir starmer’s political career with his now legendary ‘curtains’ comment.

Borrowing will pay for itself if it increases productivity so if it's for the following, fine:

Housebuilding (big one because it will reduce the housing benefit bill)

Non-vanity infrastructure (e.g. linking northern cities, buses; not HS2)

Vocational training

Childcare/support for poorer families

Improved NHS for working and young people

 

 

I am sure there are better examples but spend more on things like

 

Occupational Therapy

vs

Call Me Dave's Cancer Drug Fund (a useless bung to Daily Mail readers for drugs that NICE had rejected and that I assume were disproportionately used on pensioners)

Some of the most expensive drugs are for eking out another few months for people who are terminally ill.  It would be better economically (I'm not saying necessarily morally) to spend that on prevention and early diagnosis.

Labour will tax most ROF posters more than the Conservatives will. However both parties are very very high spending, big state interventionist parties unfortunately.

I am fine to pay more tax. Paying 50% on earnings over £150k, and adding a couple of extra council tax bands at the top paying proportionate land taxes would be sensible ways of raising revenue without affecting hard-pressed families at all.

Would much prefer that than having a situation where the school has to ask parents to donate toilet rolls and pritt sticks, and fire dinner ladies because teachers’ salaries went up but the school budget stayed the same. (They had to do this at my kids’ school.)

I’m at a loss Lydia, really, that someone who has made so much money by dint of her own hard work can’t accept how much cash has been siphoned away from where it’s needed by a clear stratum of society. 

There are not many rich people in the UK. Mos of the siphoning in terms of real cost is tings like 20% of our taxes go on the NHS. 20% on state education. 20% care/old people/pensions. 

Vertigo what are you talking about...'The Government' do not do any housebuilding.  Or are you talking about housing associations who are currently all getting rinsed by the regulator due to financial viability as a result of debt costs?

It has always struck me that Labour's 'tax the rich approach' and we'll get all this extra revenue is a bit like a pub landlord thinking that he'll double his revenue by doubling the price of all the drinks he serves to customers, without realising that the more likely result is that many of those customers will just go elsewhere.

Piechucker Keir is talking about some kind of part government owned house builder which could be rather lucrative if they get it right.  

What Vertigo said about some drugs.  The old man is on something that the NHS are trialling but it's super expensive and keeps your prostate cancer at bay for a couple of years once they've exhausted the other options.  The money would be better spent on decent palliative care when the end does come.

Dux: I'm pro tax. What should I do? 

I suggest that you start saving big time, m7. You're going to need it when Labour come after you and your 'mega mansion'.

"I guess I should know better than to ask on here but how does Labour plan to fund the increased public spending needed to get Britain functioning again (or whatever it’s called)?"

How did the Tories manage to find £35b for the totally useless test and trace?

and where is that money now?   Perhaps Labour could raise the money from requisitioning back the billions upon billions profiteered from test and trace, ppe and bogus loans.

@theRealist

first of all, Labour doesn’t have a tax the rich approach. That’s one of their problems.

Second, you can’t decide to take your house abroad to avoid tax. “Oh, but foreign buyers will decide not to buy UK residential property.” That would be a good result, but property taxes are already much higher elsewhere.

Third, the idea that more than a negligible number of people will leave the UK to avoid higher tax is bullsh1t. Prospects for the UK economy are a bigger factor, and LA’s graph above shows an apparent mass exodus from 2016. What economically disastrous thing happened in 2016 that prompted foreign nationals to leave, I wonder?

It would take an awful lot more than a tax rise to make we want to uproot my family and move to some weird expat jurisdiction.

For young people in the UK today, I expect absurd housing costs are a much bigger driver for people to move abroad. 

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