Post WW2 Britain enjoyed rising living standards of 20-30% every decade. After 1980 this gradually slowed down until 2000, when it stopped completely. Now we are getting poorer. Tory/Labour governments, same policies, same results.
I've pieced together every student loan statement I've ever had.
To the penny.
Borrowed: £35,171
Interest added: £25,332
Repaid: £8,078
Balance today: £52,425
(SLC hasn’t added the full interest yet)
I've been repaying since 2019.
My balance has gone up every single year.
£7,084 of interest was added before I made my first repayment.
£4,172 of that was while I was still studying.
In 2023/24 I repaid £1,320.
£3,371 of interest was added.
If my pay just keeps up with inflation, I'll repay about £57,500 in total.
About £79,800 will still be written off in 2046.
More than double what I borrowed.
Where is the ‘breathing space’ for Students?
Call me whatever you want, but I believe a society's goal should be to secure the highest quality of life and happiness for its citizens, not to endlessly generate capital for the ownership class at everyone else's expense.
Remember when the tax-free allowance was £12,500?
That was in 2019.
Today, it’s £12,570…just £70 higher.
If it had simply kept up with inflation, it would be around £17,000 today.
Meanwhile, food, rent, energy, fuel and everyday bills have all risen sharply.
Politicians can say they’ve “not raised taxes.”
But they haven’t needed to.
Freeze the threshold while wages and prices rise, and inflation quietly pushes more of your income into the tax system every year.
Apple should be grateful every single day for the rest of their existence for that decision by Trump to ban Huawei. This was the company that was going to topple them, because they're very innovative.
🇬🇧 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 @ £133bn this year. In March they said £115bn. Seven months later it's £18bn worse. And it's higher than March in every year of the forecast because neither the OBR nor treasury has a clue what they’re doing.
Debt interest at £39bn in 2019-20.
£109bn last year 😩
£160bn by 2031-32 😩😩£15bn 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 £14.5bn, down from £21.7bn at the last Budget.
Keep the fuel duty freeze going and it's £10.2bn.
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 £100 council tax rebate.
Jesus Christ.
Delap: "I'm going to take a throw in, jumping with both feet off the ground, and you're going to say nothing!
Oliver: "Go on son!"
https://t.co/873lNtfkts