Rachel Reeves expected to reveal £20bn shortfall in public finances
https://www.theguardian.com/politics/article/2024/jul/25/rachel-reeves-expected-to-reveal-20bn-shortfall-in-public-finances
Posted by Codydoc4
Rachel Reeves expected to reveal £20bn shortfall in public finances
https://www.theguardian.com/politics/article/2024/jul/25/rachel-reeves-expected-to-reveal-20bn-shortfall-in-public-finances
Posted by Codydoc4
22 Comments
Tbf we all know the country’s finances are shit. The last 14 years of Tories meant that was glaringly obvious. Adding some tax cuts before the election as a bribe certainly didn’t help either.
Doesn’t seem to be much attitude to change things either.
The triple lock and NHS efficiency definitely need looking at. Amongst other things. Spending is way too high and the tax base isn’t big enough to support it.
Unfortunately, scrapping the triple lock is an easy way to lose the next election so unlikely it will happen any time soon.
So now we know the real reason he called a quick election.
So roughly 1.5% of the UK budget, is this supposed to be alarming?
But I thought the Tories were the party of fiscal responsibility?
What a surprise.
It will just be a continuous blame game.
The political system is absolutely broken, so until that is fixed we will always be moving in circles.
Ite bloody annoying how these papers KNOW the information but they just make a teaser for the announcement using the news they are teasing.
How can we raise taxes and not seem like it’s our fault?
Anyone who thought there would be no tax rises is hilariously off their hinges. There is literally no way at all to pay for some of the projects needed to fix all of our numerous current issues without at least some tax rises for now.
I thought Starmer and the Labour party said that everything in their manifesto was fully costed?
Who knew politicians lie?
Isn’t £20bn the rough cost of both NI cuts we recently got?
The public finances are not a secret. You can look them up on the internet [here](https://www.ons.gov.uk/economy/governmentpublicsectorandtaxes/publicsectorfinance/bulletins/publicsectorfinances/june2024).
The Chancellor is not ‘revealing’ anything here. What she’s doing is choosing to draw attention to the state of the public finances because, unlike the previous government, it’s in her political interests to do so
Politicians are liars, of course they are. How would they be good at their jobs if they weren’t? It’s their job to lie to the British public to give us a false belief that the government represent us.
Everyone knows this, yet every time an election rolls around people seem to collectively forget it. It’s incredibly naive to expect anything else from them
They knew this before they won the election, saying it’s worse than they expected just gives them the excuse to raises taxes
This honestly sucks. I get the need to fund services but it honestly feels every time I get a pay rise… Improve my career… Start build any kind of wealth… It gets taxed so much I end up in the same position I was before.
So like the jokey note Labour left for the Tories (and the one the Tories left for Labour years prior), except it’s real this time.
Just softening everyone up so hold on to your bootstraps for the fucking massive tax hikes.
We could always flog off our gold reserves…..oh wait…
This was obvious. Government spending and incomes are publicly published so they knew this.
So what will happen, is more cuts to the weakest and poorest, i.e. the disabled, and more austerity. Whoever thought it would be different when labour got in was dangerously naive.
Here come the tax rises. I know Reddit is super pro-tax but this is most likely going to hit hard on folks already struggling to keep their heads above water. Anyone earning above £50k will be classed as a ‘high earner’ and they will go to town. If you earn even more than this it seems that there is less and less point to it until you reach a certain amount where you no longer care. Aspiration is an important part of young peoples lives.
You can just tell from all the rhetoric that they are buttering us up for more taxes. I know Starmer said he wouldn’t lay more tax burden on working people but hey he’s a politician and he fucking lied.
What a depressing shit hole this place has become. Even if you do get a pay rise – inflation, cost of living, transport fare rises, rent/mortgage increases and tax increases eat it up. The system is rigged to keep you sliding back down.
I thought these millions of migrants were meant to be helping the economy lol.
So why did we commit 3 billion a year to Ukraine before they really looked at the books?
Pensioners do not all own homes. That era is gone. Sadly £11,000 still means many pensioners live on the bread line. Rates and utilities swallow up most of their money. But I get the point about low earners; the just about managing. I would like something radical like income tax only kicking in at around £20,000. There are no easy answers …