Sean Banks

Financial Adviser helping executives and business owners plan for retirement. Family man. Ageing footballer. Adequate golfer.

[Sean Banks @SeanBanksFP]

Proper Financial Advice means:

➡️ Goal-based planning

➡️ Evidence-based investing

➡️ Behaviour-based coaching

Always seek PFA™️.

[Sean Banks @SeanBanksFP]

@NoContextBrits What it looks/feels like inside is the only thing that should matter to the owner.

[Sean Banks @SeanBanksFP]

@philipmurraylaw If you’re a decent, hard working, law abiding, self sufficient person paying a mortgage and raising children in a family home, the only thing this government cares about is what it can take from you.

[Sean Banks @SeanBanksFP]

Hard working, mortgage paying, heavily taxed fathers in solidarity ✊🏼

[Philip Murray @philipmurraylaw]

I don't understand why, as a young, hardworking father with two children, a massive mortgage and few savings, I'm being asked to pay significantly higher taxes to subsidise a triple-locked pension and a bloating welfare bill. Seriously unfair.

[Sean Banks @SeanBanksFP]

@UKLabour Until your employer can no longer afford to pay you.

[Sean Banks @SeanBanksFP]

Labour: good at problems, bad at solutions.

[The Labour Party @UKLabour]

Labour's choices will focus on the priorities of the British people: cutting the cost of living, cutting waiting lists, and cutting the national debt.

[Sean Banks @SeanBanksFP]

Who’s going to tell them what this does to inflation? 😵‍💫

[Politics UK @PolitlcsUK]

🚨 NEW: Rachel Reeves will announce an above inflation 4.8% rise to the state pension in the Budget

[Sean Banks @SeanBanksFP]

@BasedMikeLee We cant even build a train line between London and Birmingham 😅

[Sean Banks @SeanBanksFP]

It appears the “fair” thing to do would be reducing taxes paid by high earners 👇🏼

[Financial Times @FT]

If I asked you which country has the most progressive tax system in the developed world — where high earners hand over an especially large share of their income relative to the average worker — what would your answer be?

The answer is in fact Britain. https://t.co/BlW00DT2ja

[Sean Banks @SeanBanksFP]

@ovationchris Unfortunately his stomach will be too full to bother learning.

[Sean Banks @SeanBanksFP]

Teach a man to fish, etc…

[Keir Starmer @Keir_Starmer]

I grew up in a household where every pound mattered. I know what it feels like for families trying to get to the end of the month.

We’re rolling out free breakfast clubs nationwide to help families with the cost of living and giving every child the best start in life.

[Sean Banks @SeanBanksFP]

@RachelReevesMP Hi Rachel,

Getting prices down would mean deflation.

Let me know if I can offer further financial literacy lessons to you and your department.

Best.

[Sean Banks @SeanBanksFP]

Someone earning £100k in the UK pays roughly 7 x more income tax than the average worker 🤪

[Tom Calver @TomHCalver]

Britain is a great country to be a low earner in, and a terrible country to be a high earner

[Sean Banks @SeanBanksFP]

@robprogressive Because it’s much better to live in the UK earning £541,786 net than it is to live in Dubai earning $999,966 net.

Name a place you’d rather live and raise a family in as a wealthy person.

[Sean Banks @SeanBanksFP]

Higher wages means higher tax receipts. Who knew?!

Yet, instead of encouraging and rewarding higher earnings, the government will most likely raise taxes on those earning more.

Colour me perplexed 😕

[Pippa Crerar @PippaCrerar]

We’re also hearing that the OBR’s fiscal forecasts are better than expected, as result of stronger wage growth and therefore higher tax receipts.

It means Rachel Reeves doesn’t need to put up basic rate of income tax to fill lower than expected fiscal gap: the politics of that were proving just too hard with disagreement w/in cabinet and anxiety among Labour MPs over manifesto breach.

But - not least because she wants bigger than before headroom to protect against future risks - we’re still expecting chancellor to fill the gap through taxes.

We were already expecting threshold freezes but now reducing thresholds for 40p and 45p rates also an option. Would drag more people into paying higher rates, esp given wage growth. Salary sacrifice schemes also likely to be hit.

Ministers will hope that this will be seen as a fudge of manifesto promise - rather than blatant breach which would have made them first government in 50 years to hike basic rate of income tax.

[Sean Banks @SeanBanksFP]

A nation of quelled ambitions 😔

[Dan Neidle @DanNeidle]

NEW - we've data showing huge numbers of people reducing their income to avoid high marginal income tax rates. Not just at the £100k point (as previously reported). But at the £50k point:

[Sean Banks @SeanBanksFP]

@Keir_Starmer All well and good but young people need to prioritise making a living over ‘doing what they love.’

[Sean Banks @SeanBanksFP]

@Heccles94 In a crowded field this is one of your worst takes. Without the small number of people building, running and growing businesses there are no jobs. Every employed person should want more, not fewer, billionaires creating growth and opportunity in their country.

[Sean Banks @SeanBanksFP]

@sciencegirl Socialism.

[Sean Banks @SeanBanksFP]

I have an idea - let’s raise tax on employers and hand more rights to employees.

If, for whatever reason, we see a rise in unemployment benefits, we’ll just increase employment taxes again to cover the losses.

Plus, we can always ask those who keep their jobs to pay more too!

[Politics UK @PolitlcsUK]

🚨 NEW: UK unemployment has now hit 5%, its highest level since the pandemic

[Sean Banks @SeanBanksFP]

Sadly, as predictable as it was avoidable.

[Michael Brown @MrMBrown]

HMRC PAYE payrolls down 32k in Oct, biggest fall since Nov 2020