And this is the problem with politics today. Social media distorts people’s understanding of the world.
The woke liberals love to use NET, ie 700K high skilled out and majority of the 900K in either roasters in boats or low skilled. It is like changing £20 notes for tenners.
To be fair on Labour, they have reduced gross non-EU immigration from 1.1 million under the Conservatives (!) to about 400,000 now. There’s no doubt that’s a huge fall. If they got that to zero we’d have significant net emigration as EU nationals continue to leave.
I think we get new half year figures later this morning.
Of course emigrants are higher skilled than arrivals. About half are students who have finished their degrees!
‘’ Wes Streeting has this morning set out his tax plans - specifically bringing capital gains tax into line with income tax
He says that the current system is unfair because it penalises work
Higher or additional rate taxpayers will pay 24% on gains in the current financial year. Streeting said that the rates should mirror income tax bands - so 40% for higher rate taxpayers and 45% for additional rate taxpayers
He says that the approach could raise £12billion a year
Streeting said: “A member of my family is a cleaner in Lancashire. She pays a higher tax rate on her salary than her landlord pays for the growing value of the home she lives in. She slogs her guts out, he puts in far less effort, yet the state rewards him more than her. And we wonder why people are angry.
“The system is penalising work. It’s not fair and it’s bad for our economy. We need a wealth tax that works. A pound made from simply owning assets should not be taxed less than a pound made from a hard day's work. We can do it in a way that is pro-growth, pro-entrepreneur and pro-work.”’
Totally agree with this. The practicalities are not straightforward but as a guiding principle it is bang on.
Mixed feeling on this - on one hand, this will smash BtL to landlords (like me) on their unearned gains - a good thing for the housing market, making it less attractive to invest in.
On the other, that it doesn’t extend to primary residence Is going to make the house you live in even more attractive than it already is as a place to park your money. We really need CGT on that too.
Why is it a good thing for the housing market. It will shrink the availability of rental properties and not everyone wants to buy. Plenty want to rent.
CGT on a main home, if it ever came in (and it won’t) should allow for indexation and a paper gain in many cases is not a financial gain in real terms.
Because a large proportion of the cost of housing is driven by its attraction as an investment. London has seen a 20% fall in prices in the last 4 years with hardly a house built.
And no, plenty do not want to rent. The rental market has doubled since 2000 and millions of people are now shovelling their earnings to minted landlords rather than paying off their mortgage - maybe you should try and explain to them about how lovely that is?
That, in combination with mad interest in student loans, is why my generation are not turning into Conservatives. Either we’re still renting, or have deep and painful memories of it, or see the student loan bill continue to rocket (not me though with free tuition and on plan 4 🏴)
‘’ Wes Streeting has this morning set out his tax plans - specifically bringing capital gains tax into line with income tax
He says that the current system is unfair because it penalises work
Higher or additional rate taxpayers will pay 24% on gains in the current financial year. Streeting said that the rates should mirror income tax bands - so 40% for higher rate taxpayers and 45% for additional rate taxpayers
He says that the approach could raise £12billion a year
Streeting said: “A member of my family is a cleaner in Lancashire. She pays a higher tax rate on her salary than her landlord pays for the growing value of the home she lives in. She slogs her guts out, he puts in far less effort, yet the state rewards him more than her. And we wonder why people are angry.
“The system is penalising work. It’s not fair and it’s bad for our economy. We need a wealth tax that works. A pound made from simply owning assets should not be taxed less than a pound made from a hard day's work. We can do it in a way that is pro-growth, pro-entrepreneur and pro-work.”’
And this is the problem with politics today. Social media distorts people’s understanding of the world.
The woke liberals love to use NET, ie 700K high skilled out and majority of the 900K in either roasters in boats or low skilled. It is like changing £20 notes for tenners.
And the immigration obsessed are in denial of reality.
..Net migration dropped from a peak of 944,000 in the year to March 2023 to 204,000 in the year to June 2025, according to government figures. The latest figures will be published on Thursday morning, and are expected to show a further decrease in net migration. According to British Future’s research, 67% of people with sceptical views on immigration believe net migration increased in 2025
Also you're ignoring the largest category of immigration with your "roasters in boats or low skilled..", which is why we use the NET figure in the first place. The researchers found that people believe individuals seeking asylum account for 33% of immigration, when in reality it is about 9%. They also believe people travelling to the UK for study account for 24% of immigration, when it is in fact just over half.
But other than that, spot on, malc.
The biggest problem (which Boris and Brexit landed us with) is dealing with the aftermath of the Boriswave. The wave itself is effectively over.
OT. Streeting pretty good this morning in his chat with Nick Robinson. It shows the paucity of performance by Starmer over the last two years. This is what Labour expect from their Party. Not stupid rules on whether people can carry a pen with the ability to write 'Palestine Action'.
He's a twat
You're certainly on form this morning. Tractor had a puncture?
Sharpening the pitchfork as we speak.
Also looking at the video from yesterday Rachel Reeves really shouldnt wear trouser suits she has a huge lardy arse.
More "protecting our women and girls" from misogyny...
OT. Streeting pretty good this morning in his chat with Nick Robinson. It shows the paucity of performance by Starmer over the last two years. This is what Labour expect from their Party. Not stupid rules on whether people can carry a pen with the ability to write 'Palestine Action'.
He's a twat
You're certainly on form this morning. Tractor had a puncture?
Sharpening the pitchfork as we speak.
Also looking at the video from yesterday Rachel Reeves really shouldnt wear trouser suits she has a huge lardy arse.
Now that is something we could have had a conversation about. Choosing stylists is not one of Rachel's talents.
And this is the problem with politics today. Social media distorts people’s understanding of the world.
The woke liberals love to use NET, ie 700K high skilled out and majority of the 900K in either roasters in boats or low skilled. It is like changing £20 notes for tenners.
And the immigration obsessed are in denial of reality.
..Net migration dropped from a peak of 944,000 in the year to March 2023 to 204,000 in the year to June 2025, according to government figures. The latest figures will be published on Thursday morning, and are expected to show a further decrease in net migration. According to British Future’s research, 67% of people with sceptical views on immigration believe net migration increased in 2025
Also you're ignoring the largest category of immigration with your "roasters in boats or low skilled..", which is why we use the NET figure in the first place. The researchers found that people believe individuals seeking asylum account for 33% of immigration, when in reality it is about 9%. They also believe people travelling to the UK for study account for 24% of immigration, when it is in fact just over half.
But other than that, spot on, malc.
The biggest problem (which Boris and Brexit landed us with) is dealing with the aftermath of the Boriswave. The wave itself is effectively over.
Even when net immigration goes negative the meme will be that it is too high, because the objection is to people already here.
Dismal stuff from Lucy Rigby, Treasury chief secretary on R4 Today this morning, proudly announcing tariff abolitions (good) on some foodstuffs. Asked 'How much will this cut the price of a tin of beans' she declined to say.
However elsewhere in the interview she mentioned that the measures will cost the treasury £40m per annum. Which means the average household will save, at most, just over £1 per year. The interviewer didn't notice that she had explained why she was not answering his question.
Overall the government is covering with gimmicks the awesome truth that while claiming to want low inflation, consistent higher inflation is essential for inflating away our debt.
And this is the problem with politics today. Social media distorts people’s understanding of the world.
The woke liberals love to use NET, ie 700K high skilled out and majority of the 900K in either roasters in boats or low skilled. It is like changing £20 notes for tenners.
And the immigration obsessed are in denial of reality.
..Net migration dropped from a peak of 944,000 in the year to March 2023 to 204,000 in the year to June 2025, according to government figures. The latest figures will be published on Thursday morning, and are expected to show a further decrease in net migration. According to British Future’s research, 67% of people with sceptical views on immigration believe net migration increased in 2025
Also you're ignoring the largest category of immigration with your "roasters in boats or low skilled..", which is why we use the NET figure in the first place. The researchers found that people believe individuals seeking asylum account for 33% of immigration, when in reality it is about 9%. They also believe people travelling to the UK for study account for 24% of immigration, when it is in fact just over half.
But other than that, spot on, malc.
The biggest problem (which Boris and Brexit landed us with) is dealing with the aftermath of the Boriswave. The wave itself is effectively over.
It is a weird trend in modern politics. The people most passionate about a topic are often the least informed.
‘’ Wes Streeting has this morning set out his tax plans - specifically bringing capital gains tax into line with income tax
He says that the current system is unfair because it penalises work
Higher or additional rate taxpayers will pay 24% on gains in the current financial year. Streeting said that the rates should mirror income tax bands - so 40% for higher rate taxpayers and 45% for additional rate taxpayers
He says that the approach could raise £12billion a year
Streeting said: “A member of my family is a cleaner in Lancashire. She pays a higher tax rate on her salary than her landlord pays for the growing value of the home she lives in. She slogs her guts out, he puts in far less effort, yet the state rewards him more than her. And we wonder why people are angry.
“The system is penalising work. It’s not fair and it’s bad for our economy. We need a wealth tax that works. A pound made from simply owning assets should not be taxed less than a pound made from a hard day's work. We can do it in a way that is pro-growth, pro-entrepreneur and pro-work.”’
Totally agree with this. The practicalities are not straightforward but as a guiding principle it is bang on.
How surprising, Labour want to tax more
Got to hand more of other people’s money to their client vote.
But, as they’re not pensioners but benefits recipients then that’s okay.
The tax raised couldn't be hypothecated, so it would probably be spent on pensioners. Pensioner benefits make up 55% of the welfare bill and that is only going to increase with the UKs demographics.
‘It would probably be spent on pensioners’
No, only 55% of it by your yardstick and the welfare bill for non pensioner benefits is also sky rocketing and will go up more and more. Non pensioner benefits went up by 6.4% this year.
That is becoming unsustainable too. However PB only seems to want to beat up pensioners.
There is a healthy population of PBers who want to go after working-age benefits, and there are a couple of rare old souls who recognise that Britain's problems are so large that everyone will have to suffer in one way or another to turn things around.
It's certainly worth highlighting the failure of the Labour government to control spending on working-age benefits, following the Labour backbench revolt that defeated proposed reforms, but it's tiresome to tie that into a broad spectrum criticism of "PB" in general.
And this is the problem with politics today. Social media distorts people’s understanding of the world.
The woke liberals love to use NET, ie 700K high skilled out and majority of the 900K in either roasters in boats or low skilled. It is like changing £20 notes for tenners.
And the immigration obsessed are in denial of reality.
..Net migration dropped from a peak of 944,000 in the year to March 2023 to 204,000 in the year to June 2025, according to government figures. The latest figures will be published on Thursday morning, and are expected to show a further decrease in net migration. According to British Future’s research, 67% of people with sceptical views on immigration believe net migration increased in 2025
Also you're ignoring the largest category of immigration with your "roasters in boats or low skilled..", which is why we use the NET figure in the first place. The researchers found that people believe individuals seeking asylum account for 33% of immigration, when in reality it is about 9%. They also believe people travelling to the UK for study account for 24% of immigration, when it is in fact just over half.
But other than that, spot on, malc.
The biggest problem (which Boris and Brexit landed us with) is dealing with the aftermath of the Boriswave. The wave itself is effectively over.
The credit for which goes to Rishi and Cleverly for tightening the visa wage requirements not this Labour government
OT. Streeting pretty good this morning in his chat with Nick Robinson. It shows the paucity of performance by Starmer over the last two years. This is what Labour expect from their Party. Not stupid rules on whether people can carry a pen with the ability to write 'Palestine Action'.
He's a twat
You're certainly on form this morning. Tractor had a puncture?
Sharpening the pitchfork as we speak.
Also looking at the video from yesterday Rachel Reeves really shouldnt wear trouser suits she has a huge lardy arse.
More "protecting our women and girls" from misogyny...
Such Edwardian charm.
As a true feminist I will happily treat men and women equally so if she's a right porker lll say so same as I would to a bloke, I,m a big chap and frankly Id like to stand next to her just to remember what its like to be thin again,
Incidentally on age verification, I had been cocking about with Sea of Thieves and a friend or two in the past but when Xbox (I use PS5 but it has to go via Xbox for weird reasons) demanded age verification I just stopped. Convenient, as now my PS5 wants me to verify my age to use communication/social features.
Not really a fan of this idea uploading your passport, bank statement, driving licence, or credit card info to every damn online organisation.
Edited: should clarify, as I didn't do either I don't know the actual means by which this bullshit would occur but I imagine such ID-related matters would be involved. Happy to be corrected on the specifics.
And this is the problem with politics today. Social media distorts people’s understanding of the world.
No, it is the inflation problem again. Inflation is down but prices are still a lot higher than five years ago and still going up. Same as immigration. Whether that is a good thing or a bad thing, it is still a thing.
And this is the problem with politics today. Social media distorts people’s understanding of the world.
The woke liberals love to use NET, ie 700K high skilled out and majority of the 900K in either roasters in boats or low skilled. It is like changing £20 notes for tenners.
And the immigration obsessed are in denial of reality.
..Net migration dropped from a peak of 944,000 in the year to March 2023 to 204,000 in the year to June 2025, according to government figures. The latest figures will be published on Thursday morning, and are expected to show a further decrease in net migration. According to British Future’s research, 67% of people with sceptical views on immigration believe net migration increased in 2025
Also you're ignoring the largest category of immigration with your "roasters in boats or low skilled..", which is why we use the NET figure in the first place. The researchers found that people believe individuals seeking asylum account for 33% of immigration, when in reality it is about 9%. They also believe people travelling to the UK for study account for 24% of immigration, when it is in fact just over half.
But other than that, spot on, malc.
The biggest problem (which Boris and Brexit landed us with) is dealing with the aftermath of the Boriswave. The wave itself is effectively over.
It's exactly like debt/deficit and inflation. With any subject the real problem is the situation now - people don't like the rapid change and the sense of unfairness eg about social housing.
And to most people 'increasing migration' means 'Are people I prefer not to have still arriving' not relative numbers.
And actually 200k per annum is a lot. It's 2 million in 10 years. In a very small town of 7000 people that's 200 more. And in many places the past migration flows have not been well assimilated.
And this is the problem with politics today. Social media distorts people’s understanding of the world.
The woke liberals love to use NET, ie 700K high skilled out and majority of the 900K in either roasters in boats or low skilled. It is like changing £20 notes for tenners.
And the immigration obsessed are in denial of reality.
..Net migration dropped from a peak of 944,000 in the year to March 2023 to 204,000 in the year to June 2025, according to government figures. The latest figures will be published on Thursday morning, and are expected to show a further decrease in net migration. According to British Future’s research, 67% of people with sceptical views on immigration believe net migration increased in 2025
Also you're ignoring the largest category of immigration with your "roasters in boats or low skilled..", which is why we use the NET figure in the first place. The researchers found that people believe individuals seeking asylum account for 33% of immigration, when in reality it is about 9%. They also believe people travelling to the UK for study account for 24% of immigration, when it is in fact just over half.
But other than that, spot on, malc.
The biggest problem (which Boris and Brexit landed us with) is dealing with the aftermath of the Boriswave. The wave itself is effectively over.
It is a weird trend in modern politics. The people most passionate about a topic are often the least informed.
Given how often these numbers get revised upwards, it's reasonable to be cynical about the figures presented.
‘’ Wes Streeting has this morning set out his tax plans - specifically bringing capital gains tax into line with income tax
He says that the current system is unfair because it penalises work
Higher or additional rate taxpayers will pay 24% on gains in the current financial year. Streeting said that the rates should mirror income tax bands - so 40% for higher rate taxpayers and 45% for additional rate taxpayers
He says that the approach could raise £12billion a year
Streeting said: “A member of my family is a cleaner in Lancashire. She pays a higher tax rate on her salary than her landlord pays for the growing value of the home she lives in. She slogs her guts out, he puts in far less effort, yet the state rewards him more than her. And we wonder why people are angry.
“The system is penalising work. It’s not fair and it’s bad for our economy. We need a wealth tax that works. A pound made from simply owning assets should not be taxed less than a pound made from a hard day's work. We can do it in a way that is pro-growth, pro-entrepreneur and pro-work.”’
Totally agree with this. The practicalities are not straightforward but as a guiding principle it is bang on.
Mixed feeling on this - on one hand, this will smash BtL to landlords (like me) on their unearned gains - a good thing for the housing market, making it less attractive to invest in.
On the other, that it doesn’t extend to primary residence Is going to make the house you live in even more attractive than it already is as a place to park your money. We really need CGT on that too.
Why is it a good thing for the housing market. It will shrink the availability of rental properties and not everyone wants to buy. Plenty want to rent.
CGT on a main home, if it ever came in (and it won’t) should allow for indexation and a paper gain in many cases is not a financial gain in real terms.
Because a large proportion of the cost of housing is driven by its attraction as an investment. London has seen a 20% fall in prices in the last 4 years with hardly a house built.
And no, plenty do not want to rent. The rental market has doubled since 2000 and millions of people are now shovelling their earnings to minted landlords rather than paying off their mortgage - maybe you should try and explain to them about how lovely that is?
That, in combination with mad interest in student loans, is why my generation are not turning into Conservatives. Either we’re still renting, or have deep and painful memories of it, or see the student loan bill continue to rocket (not me though with free tuition and on plan 4 🏴)
The collapse in flat sale and construction in London isn’t about demand. Which is still incredibly high.
It’s about affordability - the banks are tightening up again. Because the latest risk rules demand it.
In turn this is caused by the service charge/leasehold comedies. Which have been pushed to their logical conclusion.
So the whole structure of building has collapsed,
Meanwhile, people are renting smaller and smaller spaces…
‘’ Wes Streeting has this morning set out his tax plans - specifically bringing capital gains tax into line with income tax
He says that the current system is unfair because it penalises work
Higher or additional rate taxpayers will pay 24% on gains in the current financial year. Streeting said that the rates should mirror income tax bands - so 40% for higher rate taxpayers and 45% for additional rate taxpayers
He says that the approach could raise £12billion a year
Streeting said: “A member of my family is a cleaner in Lancashire. She pays a higher tax rate on her salary than her landlord pays for the growing value of the home she lives in. She slogs her guts out, he puts in far less effort, yet the state rewards him more than her. And we wonder why people are angry.
“The system is penalising work. It’s not fair and it’s bad for our economy. We need a wealth tax that works. A pound made from simply owning assets should not be taxed less than a pound made from a hard day's work. We can do it in a way that is pro-growth, pro-entrepreneur and pro-work.”’
Totally agree with this. The practicalities are not straightforward but as a guiding principle it is bang on.
Mixed feeling on this - on one hand, this will smash BtL to landlords (like me) on their unearned gains - a good thing for the housing market, making it less attractive to invest in.
On the other, that it doesn’t extend to primary residence Is going to make the house you live in even more attractive than it already is as a place to park your money. We really need CGT on that too.
Why is it a good thing for the housing market. It will shrink the availability of rental properties and not everyone wants to buy. Plenty want to rent.
CGT on a main home, if it ever came in (and it won’t) should allow for indexation and a paper gain in many cases is not a financial gain in real terms.
Because a large proportion of the cost of housing is driven by its attraction as an investment. London has seen a 20% fall in prices in the last 4 years with hardly a house built.
And no, plenty do not want to rent. The rental market has doubled since 2000 and millions of people are now shovelling their earnings to minted landlords rather than paying off their mortgage - maybe you should try and explain to them about how lovely that is?
That, in combination with mad interest in student loans, is why my generation are not turning into Conservatives. Either we’re still renting, or have deep and painful memories of it, or see the student loan bill continue to rocket (not me though with free tuition and on plan 4 🏴)
The collapse in flat sale and construction in London isn’t about demand. Which is still incredibly high.
It’s about affordability - the banks are tightening up again. Because the latest risk rules demand it.
In turn this is caused by the service charge/leasehold comedies. Which have been pushed to their logical conclusion.
So the whole structure of building has collapsed,
Meanwhile, people are renting smaller and smaller spaces…
‘’ Wes Streeting has this morning set out his tax plans - specifically bringing capital gains tax into line with income tax
He says that the current system is unfair because it penalises work
Higher or additional rate taxpayers will pay 24% on gains in the current financial year. Streeting said that the rates should mirror income tax bands - so 40% for higher rate taxpayers and 45% for additional rate taxpayers
He says that the approach could raise £12billion a year
Streeting said: “A member of my family is a cleaner in Lancashire. She pays a higher tax rate on her salary than her landlord pays for the growing value of the home she lives in. She slogs her guts out, he puts in far less effort, yet the state rewards him more than her. And we wonder why people are angry.
“The system is penalising work. It’s not fair and it’s bad for our economy. We need a wealth tax that works. A pound made from simply owning assets should not be taxed less than a pound made from a hard day's work. We can do it in a way that is pro-growth, pro-entrepreneur and pro-work.”’
Totally agree with this. The practicalities are not straightforward but as a guiding principle it is bang on.
Mixed feeling on this - on one hand, this will smash BtL to landlords (like me) on their unearned gains - a good thing for the housing market, making it less attractive to invest in.
On the other, that it doesn’t extend to primary residence Is going to make the house you live in even more attractive than it already is as a place to park your money. We really need CGT on that too.
Why is it a good thing for the housing market. It will shrink the availability of rental properties and not everyone wants to buy. Plenty want to rent.
CGT on a main home, if it ever came in (and it won’t) should allow for indexation and a paper gain in many cases is not a financial gain in real terms.
Because a large proportion of the cost of housing is driven by its attraction as an investment. London has seen a 20% fall in prices in the last 4 years with hardly a house built.
And no, plenty do not want to rent. The rental market has doubled since 2000 and millions of people are now shovelling their earnings to minted landlords rather than paying off their mortgage - maybe you should try and explain to them about how lovely that is?
That, in combination with mad interest in student loans, is why my generation are not turning into Conservatives. Either we’re still renting, or have deep and painful memories of it, or see the student loan bill continue to rocket (not me though with free tuition and on plan 4 🏴)
Aiui renting is a lot more popular in Germany than here, and it has even been suggested this was one reason they had Europe's largest economy. Maybe we could learn something. Of course, when council homes were a thing, it was common for people to live and die in one.
Student loans are a mess and sorting them out is complicated by selling off student loan books, and because no-one seems to care very much. I'm all right Jack is the policy all parties share.
OT. Streeting pretty good this morning in his chat with Nick Robinson. It shows the paucity of performance by Starmer over the last two years. This is what Labour expect from their Party. Not stupid rules on whether people can carry a pen with the ability to write 'Palestine Action'.
He's a twat
You're certainly on form this morning. Tractor had a puncture?
Sharpening the pitchfork as we speak.
Also looking at the video from yesterday Rachel Reeves really shouldnt wear trouser suits she has a huge lardy arse.
Some guys love a big derriere..not me as it happens....
‘’ Wes Streeting has this morning set out his tax plans - specifically bringing capital gains tax into line with income tax
He says that the current system is unfair because it penalises work
Higher or additional rate taxpayers will pay 24% on gains in the current financial year. Streeting said that the rates should mirror income tax bands - so 40% for higher rate taxpayers and 45% for additional rate taxpayers
He says that the approach could raise £12billion a year
Streeting said: “A member of my family is a cleaner in Lancashire. She pays a higher tax rate on her salary than her landlord pays for the growing value of the home she lives in. She slogs her guts out, he puts in far less effort, yet the state rewards him more than her. And we wonder why people are angry.
“The system is penalising work. It’s not fair and it’s bad for our economy. We need a wealth tax that works. A pound made from simply owning assets should not be taxed less than a pound made from a hard day's work. We can do it in a way that is pro-growth, pro-entrepreneur and pro-work.”’
Totally agree with this. The practicalities are not straightforward but as a guiding principle it is bang on.
Mixed feeling on this - on one hand, this will smash BtL to landlords (like me) on their unearned gains - a good thing for the housing market, making it less attractive to invest in.
On the other, that it doesn’t extend to primary residence Is going to make the house you live in even more attractive than it already is as a place to park your money. We really need CGT on that too.
Why is it a good thing for the housing market. It will shrink the availability of rental properties and not everyone wants to buy. Plenty want to rent.
CGT on a main home, if it ever came in (and it won’t) should allow for indexation and a paper gain in many cases is not a financial gain in real terms.
Because a large proportion of the cost of housing is driven by its attraction as an investment. London has seen a 20% fall in prices in the last 4 years with hardly a house built.
And no, plenty do not want to rent. The rental market has doubled since 2000 and millions of people are now shovelling their earnings to minted landlords rather than paying off their mortgage - maybe you should try and explain to them about how lovely that is?
That, in combination with mad interest in student loans, is why my generation are not turning into Conservatives. Either we’re still renting, or have deep and painful memories of it, or see the student loan bill continue to rocket (not me though with free tuition and on plan 4 🏴)
Plenty do want to rent though and if anyone should explain anything to renters it should be people like you, BTL landlords exploiting them
London has seen massive falls in property prices primarily in flats due to excess service charges and also central London where the wealthy are fleeing due to higher taxes. Outer London has a far smaller decline.
‘’ Wes Streeting has this morning set out his tax plans - specifically bringing capital gains tax into line with income tax
He says that the current system is unfair because it penalises work
Higher or additional rate taxpayers will pay 24% on gains in the current financial year. Streeting said that the rates should mirror income tax bands - so 40% for higher rate taxpayers and 45% for additional rate taxpayers
He says that the approach could raise £12billion a year
Streeting said: “A member of my family is a cleaner in Lancashire. She pays a higher tax rate on her salary than her landlord pays for the growing value of the home she lives in. She slogs her guts out, he puts in far less effort, yet the state rewards him more than her. And we wonder why people are angry.
“The system is penalising work. It’s not fair and it’s bad for our economy. We need a wealth tax that works. A pound made from simply owning assets should not be taxed less than a pound made from a hard day's work. We can do it in a way that is pro-growth, pro-entrepreneur and pro-work.”’
Totally agree with this. The practicalities are not straightforward but as a guiding principle it is bang on.
Mixed feeling on this - on one hand, this will smash BtL to landlords (like me) on their unearned gains - a good thing for the housing market, making it less attractive to invest in.
On the other, that it doesn’t extend to primary residence Is going to make the house you live in even more attractive than it already is as a place to park your money. We really need CGT on that too.
Why is it a good thing for the housing market. It will shrink the availability of rental properties and not everyone wants to buy. Plenty want to rent.
CGT on a main home, if it ever came in (and it won’t) should allow for indexation and a paper gain in many cases is not a financial gain in real terms.
Because a large proportion of the cost of housing is driven by its attraction as an investment. London has seen a 20% fall in prices in the last 4 years with hardly a house built.
And no, plenty do not want to rent. The rental market has doubled since 2000 and millions of people are now shovelling their earnings to minted landlords rather than paying off their mortgage - maybe you should try and explain to them about how lovely that is?
That, in combination with mad interest in student loans, is why my generation are not turning into Conservatives. Either we’re still renting, or have deep and painful memories of it, or see the student loan bill continue to rocket (not me though with free tuition and on plan 4 🏴)
Plenty do want to rent though and if anyone should explain anything to renters it should be people like you, BTL landlords exploiting them
London has seen massive falls in property prices primarily in flats due to excess service charges and also central London where the wealthy are fleeing due to higher taxes. Outer London has a far smaller decline.
‘’ Wes Streeting has this morning set out his tax plans - specifically bringing capital gains tax into line with income tax
He says that the current system is unfair because it penalises work
Higher or additional rate taxpayers will pay 24% on gains in the current financial year. Streeting said that the rates should mirror income tax bands - so 40% for higher rate taxpayers and 45% for additional rate taxpayers
He says that the approach could raise £12billion a year
Streeting said: “A member of my family is a cleaner in Lancashire. She pays a higher tax rate on her salary than her landlord pays for the growing value of the home she lives in. She slogs her guts out, he puts in far less effort, yet the state rewards him more than her. And we wonder why people are angry.
“The system is penalising work. It’s not fair and it’s bad for our economy. We need a wealth tax that works. A pound made from simply owning assets should not be taxed less than a pound made from a hard day's work. We can do it in a way that is pro-growth, pro-entrepreneur and pro-work.”’
Totally agree with this. The practicalities are not straightforward but as a guiding principle it is bang on.
How surprising, Labour want to tax more
Got to hand more of other people’s money to their client vote.
But, as they’re not pensioners but benefits recipients then that’s okay.
The tax raised couldn't be hypothecated, so it would probably be spent on pensioners. Pensioner benefits make up 55% of the welfare bill and that is only going to increase with the UKs demographics.
‘It would probably be spent on pensioners’
No, only 55% of it by your yardstick and the welfare bill for non pensioner benefits is also sky rocketing and will go up more and more. Non pensioner benefits went up by 6.4% this year.
That is becoming unsustainable too. However PB only seems to want to beat up pensioners.
There is a healthy population of PBers who want to go after working-age benefits, and there are a couple of rare old souls who recognise that Britain's problems are so large that everyone will have to suffer in one way or another to turn things around.
It's certainly worth highlighting the failure of the Labour government to control spending on working-age benefits, following the Labour backbench revolt that defeated proposed reforms, but it's tiresome to tie that into a broad spectrum criticism of "PB" in general.
Incidentally on age verification, I had been cocking about with Sea of Thieves and a friend or two in the past but when Xbox (I use PS5 but it has to go via Xbox for weird reasons) demanded age verification I just stopped. Convenient, as now my PS5 wants me to verify my age to use communication/social features.
Not really a fan of this idea uploading your passport, bank statement, driving licence, or credit card info to every damn online organisation.
Edited: should clarify, as I didn't do either I don't know the actual means by which this bullshit would occur but I imagine such ID-related matters would be involved. Happy to be corrected on the specifics.
You don't have a iphone then?
Depending on your country or region, you may be asked to confirm that you’re an adult when you create a new Apple Account, update the software on your device, try to change certain safety settings, or try to download or purchase apps with an age rating of 18+. https://support.apple.com/en-gb/125662
OT. Streeting pretty good this morning in his chat with Nick Robinson. It shows the paucity of performance by Starmer over the last two years. This is what Labour expect from their Party. Not stupid rules on whether people can carry a pen with the ability to write 'Palestine Action'.
He's a twat
You're certainly on form this morning. Tractor had a puncture?
Sharpening the pitchfork as we speak.
Also looking at the video from yesterday Rachel Reeves really shouldnt wear trouser suits she has a huge lardy arse.
Some guys love a big derriere..not me as it happens....
Someone should write a song about it now that DEI and good taste have been seen off.
Comments
Of course emigrants are higher skilled than arrivals. About half are students who have finished their degrees!
And no, plenty do not want to rent. The rental market has doubled since 2000 and millions of people are now shovelling their earnings to minted landlords rather than paying off their mortgage - maybe you should try and explain to them about how lovely that is?
That, in combination with mad interest in student loans, is why my generation are not turning into Conservatives. Either we’re still renting, or have deep and painful memories of it, or see the student loan bill continue to rocket (not me though with free tuition and on plan 4 🏴)
..Net migration dropped from a peak of 944,000 in the year to March 2023 to 204,000 in the year to June 2025, according to government figures.
The latest figures will be published on Thursday morning, and are expected to show a further decrease in net migration.
According to British Future’s research, 67% of people with sceptical views on immigration believe net migration increased in 2025
Also you're ignoring the largest category of immigration with your "roasters in boats or low skilled..", which is why we use the NET figure in the first place.
The researchers found that people believe individuals seeking asylum account for 33% of immigration, when in reality it is about 9%. They also believe people travelling to the UK for study account for 24% of immigration, when it is in fact just over half.
But other than that, spot on, malc.
The biggest problem (which Boris and Brexit landed us with) is dealing with the aftermath of the Boriswave. The wave itself is effectively over.
However elsewhere in the interview she mentioned that the measures will cost the treasury £40m per annum. Which means the average household will save, at most, just over £1 per year. The interviewer didn't notice that she had explained why she was not answering his question.
Overall the government is covering with gimmicks the awesome truth that while claiming to want low inflation, consistent higher inflation is essential for inflating away our debt.
It's certainly worth highlighting the failure of the Labour government to control spending on working-age benefits, following the Labour backbench revolt that defeated proposed reforms, but it's tiresome to tie that into a broad spectrum criticism of "PB" in general.
I mean, like, are you talking about me?
As a true feminist I will happily treat men and women equally so if she's a right porker lll say so same as I would to a bloke,
I,m a big chap and frankly Id like to stand next to her just to remember what its like to be thin again,
Not really a fan of this idea uploading your passport, bank statement, driving licence, or credit card info to every damn online organisation.
Edited: should clarify, as I didn't do either I don't know the actual means by which this bullshit would occur but I imagine such ID-related matters would be involved. Happy to be corrected on the specifics.
NEW THREAD
And to most people 'increasing migration' means 'Are people I prefer not to have still arriving' not relative numbers.
And actually 200k per annum is a lot. It's 2 million in 10 years. In a very small town of 7000 people that's 200 more. And in many places the past migration flows have not been well assimilated.
It’s about affordability - the banks are tightening up again. Because the latest risk rules demand it.
In turn this is caused by the service charge/leasehold comedies. Which have been pushed to their logical conclusion.
So the whole structure of building has collapsed,
Meanwhile, people are renting smaller and smaller spaces…
It’s about affordability - the banks are tightening up again. Because the latest risk rules demand it.
In turn this is caused by the service charge/leasehold comedies. Which have been pushed to their logical conclusion.
So the whole structure of building has collapsed,
Meanwhile, people are renting smaller and smaller spaces…
Student loans are a mess and sorting them out is complicated by selling off student loan books, and because no-one seems to care very much. I'm all right Jack is the policy all parties share.
London has seen massive falls in property prices primarily in flats due to excess service charges and also central London where the wealthy are fleeing due to higher taxes. Outer London has a far smaller decline.
https://x.com/emmafildes/status/2057070355047448982?s=61
London has seen massive falls in property prices primarily in flats due to excess service charges and also central London where the wealthy are fleeing due to higher taxes. Outer London has a far smaller decline.
https://x.com/emmafildes/status/2057070355047448982?s=61
snazzy new featuresmore AI, rolled out first in America.https://blog.youtube/news-and-events/youtube-news-google-io-2026/
Depending on your country or region, you may be asked to confirm that you’re an adult when you create a new Apple Account, update the software on your device, try to change certain safety settings, or try to download or purchase apps with an age rating of 18+.
https://support.apple.com/en-gb/125662