The hospitality industry wants their VAT cut to 10%. It will cost £12bn
Who benefits?
❌ The smallest most vulnerable businesses? Nope. 45% get nothing.
❌ Consumers? Nope - prices won't fall.
✅ Nearly half the cash goes straight to large chains. McDonald's gets £400m.
🧵:
UK tax has gone up significantly over the last 25 years
But the tax paid by the average UK worker has not
This apparent miracle was achieved by taxing “other people”: higher earners, capital, property, banks, etc
The strategy has run out of road
A 🧵 on what happens next.
👏 Following his retirement from football, everyone at Leeds United congratulates James Milner on an outstanding career and wishes him all the very best for the future
Leeds United squad: Who might be sold?
Here is the Leeds squad with number of league starts, minutes played, number of appearances (if significant disparity with starts), and years left on their contracts in brackets.
Below each player is their current market value (Transfermarkt) with purchase price and purchase year in brackets.
All valuations, prices and contract details are from Transfermarkt. All league stats are from fbref.
Daniel Farke's indispensables
They have played the most minutes, are highly valuable to Farke, but as such would also attract the largest fees.
• Ethan Ampadu – 35 starts – 3,119 minutes (+1)
£21.6m (£7m-2023)
• Joe Rodon – 33 starts – 2,951 minutes (+2)
£13m (£10.2m-2024)
• Pascal Struijk – 33 starts – 2,936 minutes (+1)
£19m (FREE-2020)
• Jayden Bogle – 32 starts – 2,793 minutes (+2)
£10.4m (£7m-2023)
• Gabriel Gudmundsson – 31 starts – 2,631 minutes (+3) £17.3m (£5.14m-2024)
• Dominic Calvert-Lewin – 30 starts – 2,721 minutes (35 appearances) (+2)
£19m (FREE-2025)
• Brenden Aaronson – 30 starts – 2,449 minutes (37 appearances) (+1)
£15.6m (£28.4m-2022)
• Anton Stach – 28 starts – 2,370 minutes (+3)
£21.6m (£17.3m-2025)
Impactful squad players
• Karl Darlow – 22 starts – 1,980 minutes (+0)
£173k (£345.8k-2023)
• James Justin – 21 starts – 1,901 minutes (29 appearances) (+3)
£10.4m (£8m-2025)
• Jaka Bijol – 21 starts – 1,890 minutes (+4)
£15.6m (£15.6m-2025)
• Noah Okafor – 19 starts – 1,561 minutes (28 appearances) (+3)
15.6m (£16.4m-2025)
Fringe contributors
• Lucas Perri – 16 starts – 1,440 minutes (+3)
£11.2m (£13.8m-2025)
• Illia Gruev – 15 starts – 1,323 minutes (+1)
£10.4m (£5.6m-2023)
• Ao Tanaka – 14 starts – 1,315 minutes (28 appearances) (+2)
£8.7m (£3.5m-2024)
• Lukas Nmecha 10 starts – 1,083 minutes (31 appearances) (+1)
£8.7m (FREE-2025)
• Sean Longstaff – 10 starts – 1,011 minutes (+3)
£13.8m (£11.9m-2025)
Frozen out
• Dan James – 6 starts – 559 minutes (19 appearances) (+3)
£10.4m (£25m-2021)
• Sebastiaan Bornauw – 5 starts – 429 minutes (+3)£6.9m (£5m-2025)
• Wilfried Gnonto – 4 starts – 537 minutes (23 appearances) (+2)
£15.6m (£3.9m-2022)
• Joel Piroe – 2 starts – 258 minutes (+1)
£11.2m (£12m-2023)
• Sam Byram – 0 starts – 9 minutes
£518k (FREE-2023)
Out on loan
• Joe Gelhardt (+1) - £12.1m (£860k-2020)
• Largie Ramazani (+2) - £7m (£6.7m-2024)
• Jack Harrison (+2) – £5.6m (£11m-2021)
• Mateo Joseph (+2) - £3m (£860k-2022)
• Max Wöber (+1) - £2.6m (£10.4m-2023)
• Isaac Schmidt (+2) - £1.9m (£2.6m-2024)
Note on sales
It's important to point out that the less time there is on the length of a player's contract, the cheaper the selling price.
The ideal with sales is to sell the player at their maximum value, creating the largest amount of profit.
Players can be bought on potential - usually when they are under 25 - in order to own them during their peak years. But Leeds don't have many players like that.
Maximising value is easier when a player has come through the academy or was brought in on a free transfer.
It is also easier to maximise value when a player is wanted by clubs, but has several years left on their contract.
It is wise therefore to extend the contracts of all players that weren't 'frozen out' to new deals, especially when there are clubs interested in them.
Potential strategy
New contracts
Essential
• Ethan Ampadu, Pascal Struijk, Karl Darlow, Brenden Aaronson, Lukas Nmecha
Optional
• Illia Gruev, Joe Gelhardt, Joel Piroe
Potential Sales
To free up squad space
• Joel Piroe, Joe Gelhardt, Jack Harrison, Max Wober, Largie Ramazani, Mateo Joseph, Isaac Schmidt
To boost SCR
A maximum of three. Even essential players can be sold at the right price and as long as they are replaced.
That is the method that has worked for Leeds in the past when Summerville, Rutter and Gray - arguably #LUFC's three best players at the time - the first two responsible for over 50% of Leeds' goals the previous season - were sold and replaced.
It's better to buy a player's replacement first - selling clubs will raise their price, if the buying club has made a big sale.
Generally though, these types of sales should be made with extreme caution - and should be done only when you know you can buy better.
The sale of the club's crown jewels has haunted Leeds for decades - from McQueen to Cantona, Smith and Raphinha - when a for-profit sale goes wrong, the impact can be felt for years.
Potential for profit sales could be:
• Ao Tanaka - fan-favourite, unhappy at lack of minutes and may accrue value at the World Cup.
• Pascal Struijk or Dominic Calvert-Lewin as both were free transfers, any sale would represent pure profit and they are both coming off solid seasons.
• Ethan Ampadu, losing the club captain would be near-catastrophic, but his performances have been eye-catching and everyone has their price. Leeds' bought Ampadu for £7m, he's worth at least 5x that now.
Any sales of this type would have to represent a huge profit to the club.
Selling for profit is never easy - a player is only at their peak value when they have performed exceptionally - and when they are performing exceptionally, they are vital to their team.
When Leeds sold Kalvin Phillips and Raphinha, they maximised the value of Phillips; while Raphinha had to be sold as he only had one year left and refused to sign a new contract.
But those players were never adequately replaced (until Ampadu was bought).
When Leeds sold Rutter, Summerville and Gray; all three were replaced and Leeds went on to break their club-record league points tally.
#LUFC have to be smart with sales, but sometimes no one wants the players you don't want; they want the players who you want to keep.
The 9ers have been far better at selling and recruiting than any previous owners Leeds have had arguably going back to Bill Fotherby.
They have to be trusted again.
There is a core of indispensables but there are many more players who struggled to get game time under Farke.
If the fringe squad players can be sold, then Leeds have a chance to raise the floor in terms of the quality in the squad's depth.
Raising the floor and adding a couple of outstanding starters could be transformational for this squad.
There is a lot of work to do this summer. This may be the most important squad rejuvenation for decades.
Nigel Farage - the leader of Reform UK - is under investigation for failing to declare a £5 million 'gift'.
Please RT this until the BBC gives this story the same level of blanket coverage - as it would for the leader of any other UK political Party.