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    Britain must cut welfare spending, warns JP Morgan
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    Britain must cut welfare spending, warns JP Morgan

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    42 Comments

    1. Mr_Coastliner on

      Without a doubt, but would be nice to see Labour look to incentivize people to work, especially on low incomes in tandem with reducing welfare. However I’m not sure if tax breaks/ the carrot are part of their vocabulary.

    2. jtthom on

      Yeah – the welfare bill is out of control with the triple lock and skyrocketing PIP claims.

      With the size of their parliamentary majority, they’d be well placed to make the tough policy decisions now. However, their noses are too deep in polling data and they’re more interested in being reelected than making good choices for the future of the country.

      They should’ve been more prepared to be unpopular in the short term if they were confident that the changes would be positive for growth

    4. Slight-Reindeer-265 on

      UC is going up 6%…my pay increase is 2.7%…why WOULD anyone want to work? As for incentivising…well that really is a sad state of affairs when not brought up with a moral compass like that to begin with. Why on earth should we encourage someone to work. Beggars belief. At the same time the amount of benefits you can get is enough to decide not to even bother! Such a sad state we’re now in.

    5. Fit-Distribution1517 on

      Of all the entities whose opinion I don’t care about… JP Morgan is at the top of that list

      Bet they don’t even pay their taxes but think they can dictate financial policy.

    7. Craft_on_draft on

      1.3 million people that aren’t UK/Irish citizens on universal credit is a good place to start. It won’t cover the whole bill of course

    9. Apprehensive_Art6921 on

      Why don’t they give us some money from all that cocaine they like to ship around the world

    10. Impressive-Bird-6085 on

      Christ, are JP Morgan really that transparent and stupid??
      Of course JP Morgan are going to call for the government to attack the vulnerable by cutting welfare benefits provision. JP Morgan’s whole business is to slavishly serve the richest. They ain’t going to call for a wealth tax now, are they?!

    11. BlaziingDemon on

      Most people on UC work..people think people on UC are the problem when in reality they are not..it’s the companies underpaying everyone so the government has to step in..as for PIP that’s easy to sort out, anyone who hasn’t had a doctors medical or a therapist or any sort of therapy signed off then their claims get stopped and they have 1 month to provide full evidence otherwise they have to payback everything they had claimed. Benefits is a problem but it’s not the biggest problem it’s a the people abusing it that’s the problem. I’ve always said every area needs help so the people on benefits can help out and learn valuable skills and work ethics, painting,rubbish removal, street sweeping,helping the elderly etc no reasons why these able bodies adults cant do that

    12. milkonyourmustache on

      No, Britain must tax it’s wealthiest corporations and and individuals more to pay for necessary public services. There’s no need to cut welfare if you increase tax revenue. We can’t keep doing trickle down economics , it doesn’t trickle down, the rich just accumulate more and more assets and raise living costs on the poor. We’re slow marching towards neo feudalism which is exactly what JP Morgan and their ilk want.

    13. PurchaseDry9350 on

      A bank that serves the rich says that 😂 and they’re treated as an important unbiased source

    14. ZX52 on

      Yes, let’s kill more poor and disabled people, and remove more money from the economy. The last 15 years totally didn’t happen.

    15. Artichokeypokey on

      OR (hear me out here)

      Increase taxes on the rich and estates
      Fund social care and mental health support
      And actually help people instead of taking the advice of a bank

    19. Lumpy_Argument_1867 on

      There’s soo much poverty and misery in so many towns that cutting more public funding in these areas is just going cause chaos or a massive internal migration.

      Jobs are desperately needed

    20. Puzzleheaded-Set-928 on

      Last time I checked, JP Morgan have never proposed raising taxes on their highest earners or other wealthy people.

      Nor do they have any specialist knowledge of disabled people’s issues and the support thats needed.

      Sorry, but picking on the most vulnerable is disgusting. You think we’ve got issues in our economy? You pay for them then.

      After all, its your greed that’s caused the issues in the first place, no matter which minority you try to divert the blame to.

    21. unbelievablydull82 on

      Yeah sure, cut down on support for my autistic kids, whilst you’re at it, reopen mines and force them down there, why not? We all know they’re just lazy, workshy slackers leaching off society, taking the tax payer for a joke. Thank god for the rich, they’re definitely not taking the piss out of the British tax payer.

    22. Hedgehopper25 on

      Doesn’t really need an American Investment Bank to tell us that Welfare spending is ballooning out of control and is unaffordable. Everyone except the loony lefties of Liebour, Libdumbs and Greenflies understands this.

    24. Matt6453 on

      I’m with Zack Polanski, there’s plenty of money in this country but we are terrible at redistributing it. Picking on the poor and vulnerable to balance the books isn’t what a rich country should be doing.

    27. Dramyre92 on

      Welfare claims are going up as a result of the cost of living crisis. The third sector is massively investing in income maximization advice to support people struggling to live. That leads to benefit checks and support to apply. People who previously managed without welfare are now finding out they’re eligible and claiming.

    28. KombuchaBot on

      Alternatively we could raise taxes on feral billionaires and sociopathic banking institutions

    29. Prior_Worldliness287 on

      We need to accept the state can’t and shouldn’t be responsible for fixing everything.

      The NHS is broken beyond repair. Let’s start looking at funding models more akin to Germany or Japan.

    31. Vaperwear on

      Why not close the loopholes and make corps pay their fair share?

      * *im not from the UK, and have no problem being corrected*

    32. Pyriel on

      “Billionaire hedge fund managers say we need to fuck over the poor even more to increase shareholder dividends”

      Cunts.

    33. appletinicyclone on

      JP Morgan would ask Britain to sell itself to become a vassal state of the NASDAQ 500 if they could

    35. Piod1 on

      The economy is not the investment portfolios or the stock market. Its millions of folk buying their daily needs. Benefits is the only way of keeping the poorest in this loop. The moment they cannot afford to purchase the basics, its game over. The whole house of cards collapses . Some folk will say vouchers or such but that limits options and choice. It ties folk into the equivilent of the landlords shop. Its costs more and takes money from the economy whilst giving higher debt burden. Greed has fkd this country. The disparergy between the richest and poorest is greater than the excesses of the Georgans. Means testing pensioners would level the field somewhat, they are the single largest benefit demographic. This is the problem with our system of sugar coated feudalism. The only way to maintain profits is to cut the sugar and the bitterness spreads

    36. plawwell on

      World’s richest bank demands the tight squeeze on the most vulnerable to give their posh clients extra wads of cash more like.

    39. _Monsterguy_ on

      JP Morgan “We started with ‘kill all the poor’ and then we we’re out of ideas”

    40. another-rand-83637 on

      Why is this sub obsessed with torygraoh articles. This is rage bait designed to the underlings if the very wealthy to sow doubt in your minds. Don’t give it the time of day

    41. Derelict2 on

      The people crying about benefits are morons, there’s no jobs so if you cut benefits at best the suicide/homeless rates will go miles up and at worst the crime rate will go miles up from a shit load of people suddenly having no source of income and no way of getting legal income.

      If your going to cut benefits you have to tackle immigration seriously with no more pissing about by getting rid of the majority of people who have come here illegally/legally over the last 20 years, they all have to go and then you’ve made jobs available for all the people who’s benefits you are cutting.

    42. Bootherp on

      Their issue is money spent on social care isn’t available for extraction by private companies, this reduces the potential for easy profit. Just another greedy bank. Worst still an American bank.