Treasury officials are warning that a Labour tax rise on ‘non-doms’, far from raising more cash, will actually cost money instead. The Government is on a very steep learning curve that punishing taxes don’t work, says Matthew Lynn in the Telegraph.
It was going to pay for universal breakfast clubs in schools, for better hospitals, and more dental treatment on the NHS.
In the run-up to the election campaign, we heard a great deal from the Labour Party about all the extra services that would be paid for with its clampdown on “non-doms”, the small group of wealthy foreigners who pay less tax than the rest of us.
And yet, we have now learnt that Treasury officials are warning that the extra tax, far from raising more cash, will actually cost money instead. In reality, the Government is on a very steep learning curve, and it is about to discover that class war, and punishing taxes, don’t work.
Its non-dom policy may appear a small tweak, but it’s turning into a catastrophe for the British economy – and one that will leave us all worse off.
It would be hard to think of a more spectacular own-goal, so early into the life of a new Government. A clampdown on non-doms was a centrepiece of Labour’s campaign for power, with every shadow minister promising an endless series of freebies that would be seemingly paid for with extra taxes on U.K. residents whose permanent homes are overseas.
The former chancellor Jeremy Hunt was nudged into tougher non-dom rules, at which point Rachel Reeves immediately doubled down, pledging even higher taxes on foreigners who choose to live and work in Britain. One way or another, she was determined to get her hands on their money.
And yet, according to reports this week, officials are already warning that it will not work out as planned. The Office for Budget Responsibility (OBR) originally forecast that scrapping the tax break for wealthy foreigners could raise about £3.2bn a year, although the fiscal watchdog also warned that figure was “highly uncertain”.
It now appears likely that the OBR will update its predictions to say that the clampdown might actually cost £1bn or more in lost revenues.
Well, gosh. That’s a surprise. It turns out that wealthy Indians, Chinese or Americans don’t actually want to pay higher taxes in the U.K. We have plenty of anecdotal evidence from accountants and lawyers that they are already moving elsewhere. After all, by definition these are some of the most mobile people in the world.
Worth reading in full.
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Silly buggers…
Fringe minority groups funded by dark money causing the destruction of our social values and structures.
And on what scientific or other theoretical basis can they claim migrants are victims of climate change and not people after the free money, food, accommodation and healthcare not available in their own countries?
It does not matter.
If you have ever had the misfortune to encounter someone from the Socialist Workers Party [see picture to this article] you will understand.
I wonder how many of these lefty self-pleasurers are offering a room to these migrants? People are sick to their back teeth of this and I can only see this going one way – a violent pushback. That is, of course, what the powers that be want.
There was a homeless guy on Five Live this morning when discussing the Stockholm Barge. He said how grateful he would be to be given free shelter on that Barge after some woman was crying about that Barge being an abuse of Human Rights!
Near where I live it has been decided not to spend millions refurbishing an old folks home to house migrants because it would not be value for money. Apparently it was good enough for old people who worked all their life and paid taxes, but not good enough for so called asylum seeks allegedly fleeing persecution or death unless millions were spent on refurbishing the place.
None whatever. If these illegals were foisted on them they would be up in arms against it.
I’m hugely in favour of Just Stop Paying These Imbeciles With My Taxes … and maybe also Just Give Them A Good Hiding, this being repeated as necessary to make them shut up. The problem these people have is that they have no problems and never had any. Not even drivers accelerating towards them to make them jump out of way quickly, a not that uncommon occurence, at least in Reading.
They make a nuisance of themselves and disrupt society here because they get away with it. They realise they would end up in the gulag in they tried it in China.
The mentalists have just gone up a notch then. Ignorant plonkers! Good on MP Jill Mortimer for making a stand in parliament yesterday regarding this issue;
”Tensions on the Tory backbenches over the failure to stop small boat Channel crossings exploded today as an MP told Rishi Sunak that “enough is enough!”
In a dramatic intervention during PMQs, Hartlepool MP Jill Mortimer got up and told Mr Sunak that one of her constituents was murdered on Sunday by an asylum seeker stuck in a hotel in the town.
She demanded that the Prime Minister get the illegal migrants out of her constituency without hesitation as she tried to contain her anger over the continued crisis.
As the House audibly hushed for her question, Ms Mortimer said: “On Sunday Terrence Carney, a 70-year-old Hartlepudlian, was murdered by an asylum seeker.
“People are afraid and angry.”
https://www.express.co.uk/news/politics/1825207/tory-mp-civil-war-rishi-sunak-migrant-crisis-pmqs/amp
I’m sure that there’s a rather unpleasant connection between the money lavishly disbursed under the government’s “Northern Powerhouse” and the various local authorities’ aquiescent silence about the number of illegals that are being foisted on them. Hartlepool is quite obviously being used as a sink for many of these unwanted arrivals, without any attempt to get the support of the local residents.
Perhaps the monkey hangers should change targets.
Two remarks:
1) Aren’t you glad that the police is compiling impressive knife-crime statistics by confiscating pocket-knives of perfectly law-abiding folk? Tackling violent criminals with knives would really be asking too much of them. That’s not safe!
2) The people who voted for this ‘slick’ bankster evading the question with platitudes are singularly unsuited for selecting the leader of anything as they likely belong to the class being ripped off by door-to-door salesmen.
A solution:
Arrest all the JSO protesters and lock them up with the illegals on the prison ship.
A few months “cultural enrichment” will do them a power of good.
But you don’t lock up your own useful idiots. You them to do your dirty work for you.
https://www.conservativewoman.co.uk/heart-damage-study-adds-weight-to-call-for-immediate-ban-on-mrna-vaccines/
A dump but an important one detailing the myocarditis issues caused by the “vaccines” and which affect everyone jabbed.
I see more DNA contamination has been found in all 27 vials of Pfizer and Moderna product tested, this time in Canada. I think whatever research team look for this they’re going to find it because it’s there. It’s great these results are getting replicated all over the world though. That carries more weight than any amount of once ‘gold standard’, now totally corrupt, peer-review, in my opinion. Jessica Rose and Kevin McKernan are two of the authors of this new paper;
https://osf.io/mjc97/
”BREAKING- Latest study on 27 vials.
All vials exceed the guidelines by orders of magnitude using Fluorometry.
All vials are under the guidelines using qPCR for single dose. Over once you take many.
XBB1.5 still has the problem.”
https://twitter.com/Kevin_McKernan/status/1714957605762724129
As I posted a day or two ago Mogs these findings are slowly but very surely becoming mainstream. The next Scamdemic is going to be a hardsell.
Re-open the coal mines. This bunch of blithering idiots have too much time on their hands and need a proper job.
https://www.lifesitenews.com/opinion/vigano-americans-satanic-globalist-elite/
Another dump but this from Archbishop Vigano so worthy of our attention.
Bloody hell! Not a Christian but I stand by all he wrote.
No wonder he’s in hiding. He’s a lovely, genuine Christian man from whom I received a blessing last December when he addressed MD4CE. His faith, honesty & humility is an inspiration to all of us, believers & non-believers alike. He’s on our side.
Just like BLM supporting Hamas!
JSO do know that the military industrial complex is the biggest user of fossil fuels and producer of environmental toxins, let alone the much maligned C02, don’t they? Wouldn’t it make much more sense to protest outside munitions factories, military bases and the like than pointless stunts like this? Perhaps they’d like to glue themselves to the runway by that weather station at RAF Coningsby, or stop a tank convoy on the A303 near Andover……oh, wait…..
They could go to Gaza city and protest there.
But wait a second what has oil got to do with migrants? ———Ah yes ofcourse mass immigration is another leftist policy as is getting rid of fossil fuels. ——–But I thought climate change was supposed to be about “science”? ——-Nope it never was. It is almost certain that if you are one of those useful idiots that glue yourself to the road you will be in favour of unlimited immigration. —–It is in their DNA.
Simple answer handcuff a refugee to each one of the protestors and wish them well. Sure there would need to be checks in place to make sure the hand cuffs weren’t removed from either party but that’s easy to do.