Mark talks through budget and tax rumours and gives a breakdown of current government spending. He shares why he thinks the decisions and choices will be made and also gives the real numbers and statistics around government spending.
KEY TAKEAWAYS
- Around $340 billion, equivalent to almost 30% of this year’s budget is spent on social protection which covers things like, housing benefit, income support and pensions.
- Personal social services have increased to £43 billion
- Only 60% of the country is paying in, 40% of people in the UK are economically inactive
- Labour are claiming a £20 billion black hole which they are using to justify tax increases.
- The conservatives would have had to either reduce spending or put up taxes if they had remained in power.
- Covid cost the UK £400-£500 billion.
- Labour have been leaking information around which taxes may increase to help soften the blow to the public.
- There are rumours about capital gains tax increasing to 45% for high earners, but this could discourage investment.
- We can’t grow the economy if we scare off investors.
- From 1st January 2025 it's proposed that there will be VAT on school fees.
BEST MOMENTS
"40% of this country is economically inactive”
“Rachel Reeves used to be in the treasury, so she’ll know exactly where to look for this information”
“I suspect the conservatives would have had to reduce spending or put up taxes up anyway I think whoever got in that was about to happen”
“I think the government have been leaking like hell”
"I understand the politics of envy are at work here"
"Why would you want to tax excellence"
VALUABLE RESOURCES
https://www.youtube.com/user/progressiveproperty https://www.progressiveproperty.co.uk/the-progressive-co-founders/
ABOUT THE HOST
Mark has bought, sold or has managed around 1,000 property units for himself, Rob, his family and his investors since 2003. He is a system and spreadsheet geek and has developed a complex, confidential deal analyser system of buying residential, commercial and multi-let properties.
CONTACT METHOD
Email: Markhomer@progressiveproperty.co.uk
LinkedIn: https://www.linkedin.com/in/markhomer1
Facebook: https://www.facebook.com/markprogressive
Twitter: https://twitter.com/markprogressive
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