Rachel Reeves’s Budget “Will Destroy 100,000 Jobs”
Rachel Reeves’s National Insurance (NI) tax raid will destroy 100,000 jobs as companies are forced to lay off staff and freeze hiring, analysis by Deutsche Bank has found. The Telegraph has more.
Deutsche Bank warned the jobs market was already showing signs of “cracking” and warned that the Chancellor’s changes to NI would put further strain on employers.
Sanjay Raja, an economist at the bank, said he expected the hit will be twice as much as the 50,000 jobs predicted by the Office for Budget Responsibility in its forecasts published alongside the Budget.
Mr. Raja said: “Given that the increase in NI contributions is ultimately a payroll tax, firms’ payroll decisions will come under significant scrutiny going forward.
“This won’t happen all at once. More likely, we will see declines in hiring and employment growth, with some firms adjusting more immediately to the increase in tax.
“How many jobs, including future jobs, would be lost based on the above? Just a little over 100,000 jobs.”
The Chancellor said last month that from April the rate of employer NI contributions will rise from 13.8% to 15% and the wage threshold at which it kicks in will fall from £9,100 per year to £5,000. The Treasury expects the move will raise £25 billion.
Ms. Reeves claimed the changes do not break Labour’s manifesto promise to not increase NI contributions because that only referred to the share of the tax paid directly by workers.
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Typical smoke and mirrors from Labour. As if the rise in employers’ NI contributions will be absorbed by them alone, without any knock-on effects for employees. Reeves forgets that, unlike the public sector, privately owned companies have to balance their books or go out of business. Meanwhile the extra revenue will prop up our bloated and unproductive public services.
We can except nothing from Labour except decline, chaos, mismanagement, decay and depression.
Every single one of their ideas will be a failure.
They are clueless, inadequate, ideologically driven nonentities.
It’s almost as though they couldn’t care less. Let me re-phrase that. They couldn’t give a toss. They will press on regardless.
I believe Labour are prosecuting a class war against the ‘rich’ – pure sixth form debate material – so they write off collateral damage of the ordinary people as ‘a price worth other people paying’.
The actions of the Minister of Energy show that it’s even worse than we thought.
He is destroying the country’s industries, skill sets, wealth, and spirit.
It is the arrogance of this government that is its least attractive (out of a long list) feature.
For a government receiving fewer votes than Corbyn, 12.7% of the population, to behave as though ‘we are the masters now’ is a recipe for annihilation over the next five years.
Is that the annihilation of just the Government or the UK as a whole?
Depends on who is quickest on the draw.
I fear for my country, I truly do.
No histrionics, no flight of rhetoric, just a sickening feeling of fear and sadness.
Where is the magic money tree?
As they fail to get the tax take they planned I am guessing they will have to borrow more? It seems to me that the magic money tree has been wrung dry in recent years. Will they actually be able to borrow the money they need to finance their schemes and plans?
Most commentators have already deduced she will be back to steal more money before 2029 with no understanding of Laffers Law and the diminishing return of increasing taxes.
So she lied on her recent CV’s. What she didn’t replace the facts with was the information that in the job she was hired to do [Complaints Support Manager] she is said to have been involved in an expenses fiddling episode and in repeatedly bunking off from the office “doctors appointment” to do her Council work. She was followed and caught red-handed, which led to her resignation from HBOS. If that’s not true Lego-head, deny it! There are words for this kind of behaviour, but lack of talent, experience and ability to hold any serious job (let alone be Chancellor) trump those words
She and the rest of Starmer’s Cabinet – Lammy, Rayne, Milliband – have been deliberately chosen to fail this country, and that’s a chilling thought
March with the farmers!
Makes you question what she actually did at the Bank of England,
She certainly looks the part. Pure neoliberal evil. Real end times stuff. The effrontery consists of parading the most dim, inept and clearly toxic characters and letting you know that you are so worthless that you an do absolutely nothing about it. A bit like the use of dog kings in order to conquer and subjugate.
No mistake.
‘Poor and happy’.
It’s deliberate, intended, planned.
They want to finish what the con-servatives began.
Time for resistance.
There are more of us than them.
Ah, when Labour said ‘growth’ they actually meant growth in unemployment. Now I understand.
Jobs are you serious I mean if you look at the numbers most of the jos have been given to recent arrivals. I wonder how many high quality jobs get created every year. You could go to visit a relative in a care home and you might not find one English care assistant. The same goes for all of these job-types in a post-industrial wasteland. James Delingpole conducted a very good discussion with Simon Elmer about this subject.
Meanwhile, even before Trump has taken office, the US economy is surging with inward and local investment because of anticipated cuts to taxes and regulations. It’s not like the path to success is a mystery.
Time is short you need to get a handle on what they have kept from you then you need to digest it and then consider your own mythos in the light of that. We have enough here. The spiritual world is nothing like the material world. Every nation has an archangel governing its character. It is a matter of really tuning into the archangel and not spending too long about it.
How will this tuning in help though?
https://www.youtube.com/watch?v=fTK1FoR3kqM
Ayn Rand: The Real Motive for the Socialist Mindset
https://www.youtube.com/watch?v=mKhfR8WC4Eo
Milton Friedman: The Rise of Socialism is Absurd
You either believe in something deeper or you don’t. England and English belong to a high level of archangeloi. But you can only feel that if you approach the spiritual. Our time is one of billions of souls wanting to meet the spiritual but feeling impeded. It never went away. In Christianity there was a council in Constantinople 1200 years ago which forbade access to the realm of the spirit for ordinary people. There was simply soul and matter. This was the gravest of mistakes and it behoves us to overcome it. It is a different realm and it can only be glimpsed by reference. Someone describes a bit and then you go on. Very unreliable in rationalistic terms but you persevere nonetheless and the rewards come.
I can’t make out to what you’re referring. Speak plainly.
I think I understand.
According to Christian theology, not only individuals but nations too have guardian angels.
But you need to accept the existence of a spiritual realm, otherwise Jabby’s comments make no sense.
(Although personally I think if someone denies the existence of the spiritual domain, then a lot of things that are going on will be difficult to understand for them anyway. For example they won’t understand that we are in the grips of a demonic death cult.)
Honestly you are just throwing it all away for nothing.
Looking on the plus side, I just watched Farage standing up in Parliament and dictating to Starmer what his foreign policy was going to be re Chagos. Let’s hope Trump gets a taste for running the 51st state, and takes it on full time. I envy America’s growth rate, and Trump has only just got going! The order has changed?
And what an exquisite delight having Farage as the messenger
We haven’t considered the effects of Millibands policies. They are going to be devastating