LTI
The majority of current pensioners will not even be getting the new state pension maximum of £185 per week let alone any historical additions.
For all those people that paid into SERPs years ago it is money lost. The government takes the stance that the new state pension is more than the combined old pension plus SERPs so therefore you are not losing out. Yet some people will get the new max without paying any additional payments which to me makes it unfair for those that did. There is no mechanism to claim it back so is it theft by stealth by the government?
I agree it is part of a total income of various sources but as I mentioned the government pays it in full first and the balance of the PA left over is then used to calculate the tax implications on the other incomes. I never said it was a tax free income.
LTI
Yes, meaning the state pension would have been taxed
No, state pension is paid before any other income and any allowance left is then used to calculate the tax implications on any other income.
If you read TFE he says the same
LTI
The UK state pension is already a taxable source of income when over the income allowance after adding it to other income.
I am not collecting mine yet but I was told that the state pension is paid first and then any other incomes like personnel pensions and paid income is adjusted accordingly afterwards. So that would mean currently the SP is paid tax free but……..
I did some messing around of calculations based on different inflation figures and the triple lock still being honoured up to 2028 which is when the current personal allowance is locked into.
Depending on various figures I used the state pension could sneak in under the allowance but if by some chance inflation does remain relatively high for the next couple of years at least then there is a good chance that the state pension will be higher than the allowance which will then I assume be taxed. I guess that this will be a first to happen if this becomes reality.
JCB208
At least they got it right this time. I think 4% will be about it for a while ,energy prices are falling fast so inflation will be coming down soon
What are the chances inflation will still be near 9-10% this September for the state pension review and what are the chances of the triple lock being honoured again. Just prepping for when I get to claiming it at some point in the future.
Musician
Labour's 10 most notorious IT failures is equivalent to more than half of the budget for Britain's schools in 2009. Parliament's spending watchdog described the projects as "fundamentally flawed" and blamed ministers for "stupendous incompetence" in managing them.
As I remember it was labour and Blair that promoted bringing in Doctors and nurses from abroad because they were already trained. Blair didn’t want to fund the training of indigenous people because of the cost. So we then had people from the EU and rest of the world coming here. To Blair it was a cost saving exercise.
So now we have an opportunity to start training people here but it takes time and positions will not be filled immediately.
Then we remember the HGV drivers who claimed to be self employed but working for one employer, the government stopped that loophole and many started to go back to the EU before Brexit happened. Again it takes time to train for an HGV license. I don’t here anymore of HGV a driver shortages, is there still a shortage or not?
Guitarsolo
I lifted this from the IMF website, no mention of Brexit that I can see.
MR. GOURINCHAS: Yeah. So, UK economy actually so let me start with the good news. The UK economy’s actually done relatively well in last year. We have revised upwards economic growth in the UK to 4.1 percent. That’s a 0.5 percentage point revision. And it’s one of the highest growth rates in Europe in that region for that year.
It is true that we are expecting a fairly sharp slowdown in this year. We’re projecting a growth that is -0.6 percent for the year. And that’s a downward revision of 0.9 percentage point. And there are basically three things that are behind this downward revision, and especially the fact that the UK is expected to do somewhat worse than some other countries in the region.
First, there is the exposure to natural gas. And we’ve had a very sharp increase in natural gas prices, energy prices in the UK. And there is a larger share of energy that is coming from natural gas with a higher passthrough to final consumers. And so, that has affected -- there’s been a stronger cost of living crisis, if you want, in the UK.
The second is that the UK also its employment levels have not recovered to pre-pandemic levels. So, this is a situation where you have a very, very tight labor market but you have an economy that has not reabsorbed back into employment as many people as it had before. And of course that means there is less output, less production.
And the third is that there is a sharp monetary tightening because inflation has been very elevated. That’s a side effect of this high passthrough of energy prices. Inflation was 9.1 percent last year. And it’s expected to actually remain quite high in this coming year at 8.2 percent. The Bank of England has started tightening. The UK has a fairly high share of adjustable rate mortgages. So, when The Bank of England starts increasing rates, it feeds into the mortgage rates that mortgage holders are paying. And that is also weighing down on activity.
So, all these three factors together explain why we have a somewhat sharper adjustment in 2023, but on the back of a relatively stronger growth in 2022.
Guitarsolo
From the BBC
The IMF, which works to stabilise economic growth, said it had downgraded its forecast for the UK because of its high energy prices, rising mortgage costs and increased taxes, as well as persistent worker shortages. It did not mention Brexit in its report as a factor for the UK not performing as well as others.
Pictstloup
Sadly, the UK's is the only economy in the G7 and the G20 which is still smaller than pre-pandemic, largely thanks to a combination of Brexit, and of Johnson and his bunch of incompetent brexiteers.
So absolutely nothing to do with the pandemic, Putin and the EU creating mountains of red tape paperwork to make life more difficult for everyone?
Hey Mr Livestock, have a look at this link, does it get your approval now? Tell us what your views are on it, or just report me again if it is off topic re LBG.
https://www.standard.co.uk/news/uk/lloyds-bos-halifax-customers-service-changes-b1051775.html
Livestock
None of your posts are related to Lloyds this is a Banking forum jog on this isn't Facebook
Then I am in good company with several other forum members, including yourself. A number of your posts are not related to LBG either.
I know there are those here that **** off the NHS but I have nothing but praise for the way they treated me for my prostate cancer. I had my second template biopsy late October then had that important consultation to discuss options two weeks later and offered the op to have it removed in December which I declined, just didn’t want to have a Christmas feeling a bit run down etc.
I have just had a call today to say I am now booked in this Saturday for the op. I have nothing negative to say about the care and attention they have given me and feel they are doing a great job.
t64
''Do they bring more money in than it costs to have them?''
LTI
The royal family gave up all of the income from the royal estate which instead goes into the countries coffers.
The sovereign grant is far less than the income generated from the royal estate.
The Crown Estate was handed over to the government in 1760 in exchange for what we know as the Civil List or as called now the Sovereign Grant. The income is based on 15% of the previous two years income from the Crown Estate income, the balance goes to the current government as an income. At the moment the 15% has temporarily been increased to 25% until repairs on Buckingham House are complete.
So yes, the Government does indeed make a handsome profit. Then the country makes additional profit from tourism so everyone wins, don’t they?