MVG retweeted
The Cost of Britain ๐ฌ๐ง
Here is the single MADDEST number in todayโs Budget - and the Chancellor didnโt mention it once in his speech ๐
From April, the National Living Wage rises to ยฃ13.21 an hour.
For a full-time 40-hour week, that is ยฃ27,477 a year.
Thatโs GREAT right?? ๐ค
At the same time, todayโs Budget leaves the 40% Higher Rate tax threshold FROZEN at ยฃ50,270 right through until April 2031.
Do the maths on that:
In Britain today, earning just 1.8x the minimum wage now classes you as a Higher Rate taxpayer.
When the 40% tax band was created, it was meant for the top 3.5% of earners - bank directors and senior executives.
Today, a skilled tradesperson, experienced nurse, police sergeant or salaried worker earning 1.8x the legal minimum wage hands over:
โ 42p of every extra pound to HMRC (40% Income Tax + 2% NI)
โ 51p of every extra pound if they have a student loan
That single threshold freeze is quietly pulling an extra ยฃ34 billion a year out of working peopleโs pay packets - without the government ever having to announce a headline tax rise.
Pushing minimum wage up from the bottom
Whilst freezing the 40% tax trap at the top
How can earning 1.8x minimum wage possibly be classed as a โhigher earnerโ in 2026?
MVG retweeted
UPDATE: The @CPSUK has decided NOT TO CHARGE this YouTuber Harry Marsh. This is yet another appalling decision that sends the message harassing Jews is a free crime. I am FURIOUS.
MVG retweeted
๐ฌ๐ง The OBR just dropped 200 pages on Healey's first Budget.
I read it so you don't have to.
Tax is at a record 37.9% of GDP by 2027-28, past the old high of 37.2%.
Then it climbs every single year to 38.6%.
Frozen thresholds are doing way too much to workers since they get a pay rise, hand more of it over.
1.8x the national minimum wage now classes you as a higher tax rate payer - what the fuck?
Borrowing @ ยฃ133bn this year. In March they said ยฃ115bn. Seven months later it's ยฃ18bn worse. And it's higher than March in every year of the forecast because neither the OBR nor treasury has a clue what theyโre doing.
Debt interest at ยฃ39bn in 2019-20.
ยฃ109bn last year ๐ฉ
ยฃ160bn by 2031-32 ๐ฉ๐ฉยฃ15bn of this year's bill is extra bc inflation's pushing up index linked gilts, and we know the uk has a structural inflation problem, partly due to the relationship between treasury and BoE.
Headroom is ยฃ14.5bn, down from ยฃ21.7bn at the last Budget.
Keep the fuel duty freeze going and it's ยฃ10.2bn.
The OBR gives Healey a 56% chance of hitting his OWN FUCKING rule.
Debt will peak at 97.3% of GDP, still 95.6% in 2031-32. Five years and it barely moves which is completely against his fiscal demands.
How it affects you?
Growth 1% next year with gdp per capita basically the same as it has been since 2019
Inflation 3.4% when March said 2%.
Zero real pay growth in 2027.
Living standards in 2030-31?
Just 2% above pre-pandemic.
But don't worry. You're getting a ยฃ100 council tax rebate.
Jesus Christ.
MVG retweeted
BREAKING: The OBR predicts households will be worse off in every single year of the 5 year forecast, compared to March.
It will take until 2029 to get back to 2019 levels of prosperity.
Labourโs handling of the economy is screwing working people.
MVG retweeted
Everything she has just written here is wrong. And sheโs the head of our Foreign Affairs Committee.
Israeli Exit Polls show Netanyahu's been defeated.
Israel has rejected his dark vision, forever war & cruel, dystopic, authoritarian policies.
But to succeed, the anti Netanyahu block needs to work with the Israeli Arab parties.
I dearly hope this great chance isn't wasted
Readers added context they thought people might want to know
Exit polls did not show Netanyahu has been defeated. Major Israeli television networks projected a deadlock, with neither Netanyahu's bloc nor the opposition securing the 61 seats needed for a majority. asia.nikkei.com/politics/israeโฆ reuters.com/world/middle-eโฆ
MVG retweeted
Britain is broke. And to fix it, we need to start growing again.
Thatโs why Reformโs Economic Rescue Plan includes these 64 pro-growth measures Iโd take if I were Chancellor:
๐จ๐ป๐น๐ผ๐ฐ๐ธ๐ถ๐ป๐ด ๐๐ต๐ฒ ๐ก๐ผ๐ฟ๐๐ต ๐ฆ๐ฒ๐ฎ
1. Approve Rosebank
2. Restart oil and gas licensing
3. Legalise onshore exploration
4. Abolish the Energy Profits Levy
5. Restore maximum economic extraction as the North Sea regulator's objective
๐ฅ๐ฒ๐ถ๐ป๐ฑ๐๐๐๐ฟ๐ถ๐ฎ๐น๐ถ๐๐ถ๐ป๐ด ๐๐ฟ๐ถ๐๐ฎ๐ถ๐ป
6. Abolish the Emissions Trading Scheme
7. Halt the Carbon Border Adjustment Mechanism
8. Repudiate AR7 contracts for difference and scrap AR8
9. Implement the Fingleton Review on nuclear in full
10. Automatically approve French and South Korean nuclear designs
๐๐ฒ๐๐๐ถ๐ป๐ด ๐๐ผ๐บ๐ฒ๐ ๐๐๐ถ๐น๐ ๐ถ๐ป ๐ข๐๐ฟ ๐๐ถ๐๐ถ๐ฒ๐
11. Cut affordable housing requirements on brownfield sites
12. Permitted Development Right for brownfield housing
13. Repeal Biodiversity Net Gain
14. Exit the Aarhus Convention
15. Repeal and reform the Habitats Regulations, including Nutrient Neutrality
16. End the boiler ban
17. Legalise air conditioning to meet overheating rules
18. Remove mandatory EPC improvements
19. Revoke the Future Homes Standard
20. Repeal the Renters' Rights Act
๐๐๐ถ๐น๐ฑ๐ถ๐ป๐ด ๐๐ฟ๐ถ๐๐ถ๐ฐ๐ฎ๐น ๐ก๐ฎ๐๐ถ๐ผ๐ป๐ฎ๐น ๐๐ป๐ณ๐ฟ๐ฎ๐๐๐ฟ๐๐ฐ๐๐๐ฟ๐ฒ
21. Legislate approval for new runways at Heathrow and Gatwick
22. Auction airport landing slots
23. End 'target-consistent' carbon pricing in project evaluation
24. Ban carbon emissions considerations in planning applications
25. Fast-track all water reservoirs as nationally significant projects
26. Make Development Consent Orders a true one-stop shop
27. Restrict judicial review of ministerial planning decisions
28. Scrap Net Zero construction rules
29. Scrap the social value test in procurement
30. Lift launch limits at SaxaVord Spaceport
31. Open completed sections of East-West Rail
๐๐ผ๐ถ๐ป๐ถ๐ป๐ด ๐๐ต๐ฒ ๐๐ ๐ฅ๐ฒ๐๐ผ๐น๐๐๐ถ๐ผ๐ป
32. Review regulatory barriers to AI adoption
33. Permit on-site gas generation for data centres and industry
๐ฅ๐ฒ๐ฑ๐๐ฐ๐ถ๐ป๐ด ๐๐ต๐ฒ ๐๐ผ๐๐ ๐ผ๐ณ ๐๐ถ๐ฟ๐ถ๐ป๐ด ๐๐ฟ๐ถ๐๐ถ๐๐ต ๐ช๐ผ๐ฟ๐ธ๐ฒ๐ฟ๐
34. Cut Employer NI back to 13.8%
35. Introduce a migrant worker levy
36. Repeal the Employment Rights Act
37. Clarify that workplace rights don't require mandatory training courses
38. Let experienced tradesmen work on government contracts without CSCS qualifications
๐จ๐ป๐น๐ฒ๐ฎ๐๐ต๐ถ๐ป๐ด ๐๐ต๐ฒ ๐๐ถ๐๐ ๐๐ผ ๐๐ป๐๐ฒ๐๐ ๐ถ๐ป ๐๐ต๐ฒ ๐ฅ๐ฒ๐ฎ๐น ๐๐ฐ๐ผ๐ป๐ผ๐บ๐
39. Review bank capital requirements to boost lending
40. Rule out Net Zero in financial regulators' remits
41. Repeal climate-related financial disclosure rules
๐๐ฒ๐๐๐ถ๐ป๐ด ๐ ๐ผ๐๐ผ๐ฟ๐ถ๐๐๐ ๐ ๐ผ๐๐ถ๐ป๐ด
42. Scrap airport 'surface access strategies'
43. Abolish the electric vehicle mandates
44. Apply domestic GB hours to all UK HGV trips
45. Ban Low-Traffic Neighbourhoods
46. Back the M4 Relief Road
47. Move a new car's first MOT to four years
48. Abolish the Renewable Transport Fuel Obligation
๐จ๐๐ถ๐ป๐ด ๐๐ฟ๐ฒ๐
๐ถ๐ ๐๐ฟ๐ฒ๐ฒ๐ฑ๐ผ๐บ๐
49. Replace GDPR with a New Zealand-style Privacy Act
50. Fully re-legalise Imperial units
51. Review all unchanged EU law
52. Automatically repeal remaining EU law in 5 years unless retained
๐๐ฒ๐ป๐ฒ๐ฟ๐ฎ๐น ๐๐ฒ๐ฟ๐ฒ๐ด๐๐น๐ฎ๐๐ผ๐ฟ๐ ๐ ๐ฒ๐ฎ๐๐๐ฟ๐ฒ๐
53. Make quarterly Making Tax Digital reporting voluntary
54. Reduce legal obligations on SME Non-Executive Directors
55. Double permission-free event days from 28 to 56
56. Make pavement dining licences automatic and permanent
57. Let shops open until 10pm, except Sundays
58. Repeal board diversity and inclusion rules
59. Remove the Sustainable Aviation Fuel mandate
60. Abolish the packaging tax
61. Scrap BBC and Channel 4 priority on streaming platforms
62. Remove the Public Sector Equality Duty
63. Five-year sunset on all QUANGOs
64. Five-year sunset clause on all new regulations
And there are more to come!
Britainโs full potential is waiting to be unleashed ๐
MVG retweeted
Reform will raise the VAT threshold to ยฃ150,000 a year and scrap tax on overtime.
Small businesses and grafters are the backbone of our economy.
Labour are failing them. We will back them.
MVG retweeted
I earn ยฃ100 grand a year.
I have a detached house. 2 cars and my wife is a full time home maker.
I can just about afford this. I probably couldnโt afford the house I own if I was buying for the first time today.
My salary puts me in the top 5% of earners in the UK.
Top 5% to have a similar standard of living to Homer Simpson.
That is a disgrace.
We have a flatter salary distribution than Soviet Russia and the highest taxes and borrowing costs weโve seen in generations.
Success is almost impossible because our tax system means hard work makes you a stressed out tax cow, not wealthy and certainly not free.
We need something radical.
Less state.
More family.
Less handouts.
More reward for risk.
Instead. Tomorrow, Labour will offer another batch of policies which will send one message to aspirational Brits: why bother.
I read a piece in the FT this week about the price of being middle class in Britain now and it said a couple earning ยฃ436,000 combined take home ยฃ216,000. Thatโs a crazy amount of tax, and it doesn't include VAT on purchases, council tax, stamp duty or other taxes (I think does include pension contributions). I canโt stop thinking about it.
MVG retweeted
This year alone, more Christians have been killed by Muslims in Nigeria than Gazans in three years of war.
Not a single Muslim or pro-Palestinian activist has protested like they do for Gaza. Weird.
MVG retweeted
'So, Chancellor. Are you going to cut taxes, reduce red tape, shrink the bloated public sector and get the economy moving again?'
Even better than that, dear...GHERKINS!
MVG retweeted
A Reform UK budget would cut waste and raise the tax free allowance to ยฃ15,000.
John Healey will cut the cost of gherkins.
MVG retweeted
An increase to ยฃ13.20p/h equates to a minimum wage of ยฃ27,456, based on a 40 hour week.
Once you factor in employers NI and basic pension contributions, the MINIMUM cost to hire a 21 year old for a company would be ยฃ31,461.
This is before you factor in any overarching business costs like office space, laptops, phone, software, training, support staff, vehicles etc.
This is going to be devastating to SME's who cant put together a simple 12 month budget without the goalposts being moved & their margins squeezed.
It'll also be catastrophic to youngsters opportunities because businesses will simply not be able to afford to hire them.
What's also incredible is that anything above ยฃ50,270 is seen as 'high earnings' in the UK and is taxed at 40%!
We are governed by financially and economically illiterate morons.
This will not end well.
MVG retweeted
Thank God he didnโt apply a Snapchat bugs bunny filter to make fun of a politician
MVG retweeted
The POWER in my hand โ๐ป This is a slice of Western Link sub sea cable.
At 600kV DC and 2.25GW continuous rating, this segmented copper, paper / polypropylene HVDC cable is the highest voltage power cable in use IN THE WORLD and the highest power single cable IN THE WORLD ๐ด๓ ง๓ ข๓ ณ๓ ฃ๓ ด๓ ฟ๐ด๓ ง๓ ข๓ ท๓ ฌ๓ ณ๓ ฟ๐
