So, how will you be taking advantage of the new freedoms?
Originally Posted by: DEW
Not at all at the moment, is the answer! I'm missing the wolves terribly but as only two volunteers at a time are allowed for one day a weekend... it'll be a long time before I'm back there.
How will we be paying for all this? The Telegraph has a couple of articles this morning based on some leaks.
"could require measures including an increase in income tax, the end of the triple lock on state pension increases and a two-year public sector pay freeze."
"The document advises Mr Sunak that it is now likely to become necessary to break at least one of the Conservatives' key manifesto pledges not to increase taxes or scrap the triple lock on state pension rises.
It states: "To fill a gap this size [in the public finances] through tax revenue risers would be very challenging without breaking the tax lock. To raise fiscally significant amounts, we would either have to increase rates/thresholds in one of the broad-based taxes (IT, NICS, VAT, CT) or reform one of the biggest tax reliefs (eg pensions tax)."
https://www.telegraph.co.uk/politics/2020/05/12/exclusive-treasury-blueprint-raise-taxes-freeze-wages-pay-300bn/
How would I do it? Well, assuming that everything's fair game I would:
Scrap HS2
Scrap higher-rate pension tax relief - 20% for all
Increase CGT to 20% and decrease the allowance to £10,000
Increase dividend tax to 20% and remove the allowance entirely
Remove the £1000 interest allowance
Decrease ISA limits to £15000 a year in total
Remove the housing allowance from IHT ot reduce IHT allowances to £250,000 per person.
If more were needed...
Scrap the pensions triple lock
Decrease the higher tax thresholds - by £5000 for the 40% rate and £10000 for the 45% rate
Institute a 1% public sector pay rise limit for 2 years, or inflation (whichever is higher), for those earning less than £40,000. 0% rise above that.
Reduce the number of MPs to say 500.
These measures would affect the wealthy more than the poor, but I've a feeling whatever we end up with won't actually do that!