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Budget 2023

chorleythehord said:
It’s not about “ letting them take more in pension” , and for what it’s worth I believe public sector pensions are ridiculously over generous , particularly for top earners whose pensions should be capped - they should stop paying in or accruing more at a certain level.

In fact ideally I would scrap the whole of the public sector pension , and increase basic pay for them all so employees can make a personal choice - do they want to take home more now or save for an earlier or better retirement. The current scheme seems to me to be a massive ponzi scheme , and as you say it’s the younger doctors paying for the early retirees. The problem with ponzi schemes though is when they stop , the whole thing collapses and I can’t see a way they can get out of the current public sector pension system.

It’s about people like your GP being taxed and deducted so much past a certain level of earnings that they can’t be arsed working for it, so they do a 4 day week and accept less gross pay. And retire and take their over generous pension as quickly as they can.. That can make no sense to anyone.
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How you equate public sector pensions with a ponzi scheme eludes me. Do you even know its definition or are you just using it as a term of abuse?
 
Portishead said:
What they could have done is said to the less wealthy to encourage them to stay in work is that you would be exempt from paying national insurance contributions if you have paid your full years to qualify for a full state pension. But this lot only can compute with the greedy mindset of some of the wealthy that they mix with. Pitiful.
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That's actually a bloody good idea to be honest ...... Not like you Pete( Only joking ) ... but it won't occur to these bent clowns unfortunately.
 
So effectively you could earn £160k, put £60k into a pension and still qualify for free childcare for all your Under 5s once they put everything in place. Is that right?

Edit: though I imagine there actually isn’t the childcare capacity in the first place is my next guess
 
chorleythehord said:
Taxing the life out of people simply encourages them to either pack up and retire or go live somewhere where they are not taxed so highly. Its basic common sense , but is has needed a crisis in the health service with hospital consultants retiring as quickly as they can, and just about every GP working 4 days a week because they pay too much tax if they work the fifth day to bring this message home. There are plenty of other people like that but not as high profile as your GP.
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It's not always as clear cut as this. My G.P. and friend has retired post pandemic at 57. He's not taken his pension, but is now working as a locum (there's a big shortage of G.Ps) for two or three days a week and earns more than working five days a week. His working week is very much dictated by the weather and golf. I can't see the latest tax break changing things. I can, however see it making a lot of very rich people an awful lot richer, but I'm just a cynic!
 
jakehake said:
So effectively you could earn £160k, put £60k into a pension and still qualify for free childcare for all your Under 5s once they put everything in place. Is that right?

Edit: though I imagine there actually isn’t the childcare capacity in the first place is my next guess
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Mrs LiS is deputy head at a nursery that takes 2-4 year olds and she's really pissed off with todays budget on child care.

Simple answer is no, there isn't enough capacity in her opinion. Nursery schools in our area have been closing at an alarming rate, the main reason has been the government reducing funding to nursery schools to the point that they simply aren't sustainable without private funding.

Same goes for child minders, in Mrs LiS's opinion many are now "out of the system", again because of government funding policy so offering incentives to go back will make little difference.

For all child care the funding per child is unsustainably low to the point that it's not possible at current child to teacher/carer ratios. Hunt increased this for nurseries to 5/1 from the current 4/1 (children/teacher) but that makes little difference with class sizes of 20 max.
 
Tories spend years telling folk they should be saving towards their retirement. When they do, then retire at 60, they are branded economically inactive and encouraged to get back into work!
Also, the childcare bill only kicks in after the next GE, leaving Labour to pick up the tab.
 
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