Best Of

Feb 0.7
Mar 0.2
Apr -0.3

Off a cliff. Wheeeeeeeeeeeeeeeeee!

Even that is a lagging indicator. The real economy is in a hell of a mess.

Who could have ever thought that raising taxes on employment while leaving unearned incomes untaxed might not be the best way to manage an economy?

Savings are taxed. Dividends are taxed. The tax on dividends has been increased. Pensions are taxed. Assets when sold are taxed. Other than houses you live in. Are you suggesting CGT on the sale of houses?

True. but it's bad politics for workers to be taxed more heavily than the retired (like me). And the low tax/untaxed nature of residential property is a disaster distorting the market and giving all the wrong incentives.

Also distorting the market is the ludicrous IHT rules whereby the rate is far too high (40%) and the exemptions capricious (extra if you own a home etc) and the ways of avoiding it a series of open goals, keeping Lincoln's Inn in business.

Low rate (5-10%), no exemptions, CTT at the same rate on inter vivos transactions is the way forward.

What mince are you talking , the only tax (sic ) that can be different is NI for working pensioners. So unless you specifically mean that miniscule point then you are talking absolute bollox.

Thanks. Not trivial if you see NI as simply a futher tax - which it is, as money is money.

For someone receiving say £50,000 pa gross from earned income the NI would be roughly £3k. This is not trivial. I suggest combining IT and NI at around 30% for income generally so that the person with an income of £50,000 gross from whatever source pays the same as the bloke who gets up at 6am to go to work on an overpriced season ticket to feed his starving children and pay the mortgage on an overpriced house.

Pensioners like me are extremely privileged, and I think as a group they are asking too much of others. I decline to join their number.

As another pensioner quite honestly I don't think I've ever been as well off as I am now. I've paid for my house, I've no debts (which I had when working due to a combination of misfortune and incompetence) I'm not paying into savings accounts for pensions and I'm not paying NI.

I am the same, but the other side of the coin that as over 80's, we both suffer health issues and mobility and tempus fugit

Blaming Reeves for the -0.3% growth is just absurd.

It's a worldwide effect of Trump's tariffs that are seizing up trade & causing a global contraction.

Blame Trump & not Reeves.

Actually it is both, not least the job destroying budget but also bringing forward pre April economic activity to beat stamp duty hikes but of course exports to beats Trump's tariffs

Furthermore Reeves was not blind to the consequences of her budget and trade woes

Pentagon launches review of Aukus nuclear submarine deal

​Ending pact would be blow to security alliance with Australia and UK


The Pentagon has launched a review of the 2021 Aukus submarine deal with the UK and Australia, throwing the security pact into doubt at a time of heightened tension with China.

The review to determine whether the US should scrap the project is being led by Elbridge Colby, a top defence department official who previously expressed scepticism about Aukus, according to six people familiar with the matter.

Ending the submarine and advanced technology development agreement would destroy a pillar of security co-operation between the allies. The review has triggered anxiety in London and Canberra.

https://www.ft.com/content/4a9355d9-4aff-49ec-bf7e-ea21de97917b