Jamie Selig

Professional monitor of the situation. Policy Manager @ Public First. Prev @dodspolintel

[Jamie Selig @jamieselig]

What was promised was delivered. The Chancellor's statement today contained no fiscal policy, or indeed any new policy. That doesn't mean that today was without complication.

Read my thoughts below.

https://t.co/SEXg0E8Dpo

[Jamie Selig @jamieselig]

@Gumdrop844 @NiallHignett Which means that many of the lowest earners are paying *something* when they should be paying nothing - according to the original intent of the system

[Jamie Selig @jamieselig]

@Gumdrop844 @NiallHignett Again, I don't disagree that high earners pay a lot. I'd argue that most grads are paying far too much - but the highest earners clear their balance quite quickly. Whereas the low/middle earners never will. Successive gov'ts has also frozen repayment thresholds...

[Jamie Selig @jamieselig]

@Gumdrop844 @NiallHignett They're not paying the least % wise.

Like I said, low and middle earners face a lifetime of repayment (essentially a graduate tax)- which higher earners do not. Which is why they've been grouped together.

[Jamie Selig @jamieselig]

Nobody raised any concerns at the time??? How.

[Politics UK @PolitlcsUK]

🚨 BREAKING: Wireless Festival has been cancelled after the Government blocked Kanye West from entering the UK

"Wireless Festival is cancelled and refunds will be issued to all ticket holders. As with every Wireless Festival, multiple stakeholders were consulted in advance of booking YE and no concerns were highlighted at the time.

"Antisemitism in all its forms is abhorrent, and we recognise the real and personal impact these issues have had. As YE said today, he acknowledges that words alone are not enough, and in spite of this still hopes to be given the opportunity to begin a conversation with the Jewish community in the UK"

[Jamie Selig @jamieselig]

@Gumdrop844 @NiallHignett Those are the old figures - below are the updated ones.

Of course it matters, your point was that it was a "very progressive" system.

[Jamie Selig @jamieselig]

Capping interest rates may ease headlines, but it does little to change the reality of how the system works for most graduates.

[Jamie Selig @jamieselig]

The Government has responded to pressure from graduates by capping Plan 2 interest rates at 6%.

While protecting borrowers from inflation-driven spikes is welcome, it misses the bigger issue: the overwhelming majority of Plan 2 holders will never repay their loans in full.

[Jamie Selig @jamieselig]

The UK already has the highest average student loan debt of any public university system in the OECD, at around £53k . Yet at the same time, the Government has steadily reduced its contribution to higher education — now covering just 3% of costs, down from 15%.

[Jamie Selig @jamieselig]

@Gumdrop844 @NiallHignett Data is from the IFS - feel free to have a look. Low and middle earners are grouped together because they face a lifetime of repayment and are essentially levied w/ a +9% graduate tax for the majority of their working lives - while higher earners are not.

[Jamie Selig @jamieselig]

@lukejcr This has no impact on the cost of living for graduates. Most Plan 2 holders will still never repay their loans, so a slight interest rate cut means nothing. Reducing repayment thresholds, however, does.

[Jamie Selig @jamieselig]

@Gumdrop844 @NiallHignett Has obvious effects for their lifetime tax burden too.

[Jamie Selig @jamieselig]

@Gumdrop844 @NiallHignett The highest earners pay less as a % of lifetime earnings (1.24%) than the lowest earners (1.34%). Middle earners pay the highest at 2.62%.

High earners clear debt quickly and miss the bulk of interest accumularion - while low/middle earners face a lifetime grad tax!

[Jamie Selig @jamieselig]

@Gumdrop844 @NiallHignett In technical terms sure, but in reality lower-to-middle earners end up paying more in the long run, especially as a percentage of lifetime income.

[Jamie Selig @jamieselig]

@AvaSantina It also does nothing to relieve cost of living burden from repayments. Most Plan 2 graduates will still never fully repay their loans, so tinkering with the interest rate does nothing for them.

[Jamie Selig @jamieselig]

Changes to interest rates have no bearing on how much graduates pay back monthly. A 6% cap does nothing to help any graduates struggling w/ their debt. It certainly does not save graduates £100s a year. The Gov't could u-turn on their threshold freeze, which would actually help!

[GB News @GBNEWS]

'It's a good plan, but how will they pay for it? That's not clear.'

Political Editor @ChristopherHope shares breaking news that the Government is capping maximum interest rates on Plan 2 student loans at 6% to help young people struggling with student debt.

[Jamie Selig @jamieselig]

In response to graduates concerns over the cost pressures of student finance, the Gov’t does *checks notes* nothing to relieve those pressures. Yikes. Nothing more than tinkering around the edges. The damage by high interest rates is already done. Thresholds need to be looked at!

[Politics UK @PolitlcsUK]

🚨 BREAKING: The Government has announced that interest rates on plan 2 and 3 student loans will be capped at 6% from September 1st

[Jamie Selig @jamieselig]

@JaydaBF Amazing. Aside from the fact that everything you’ve said is very clearly a lie. It’s also prompted absolutely no reflection as to why Jews may feel the need to set up organisations like Shomrim in the first place.

[Jamie Selig @jamieselig]

@GaelicRoadSign It’s a complete mystery! I wonder why a violent antisemitic hate crime, amid a period of increased violence against Jews, has resulted increased political and police attention. Who knows!?