Paying for this furlough

Simster

"the man's an arse"

Jul 7, 2003

54,184

Surrey

• Mar 31, 2020

• #1

I think it is widely recognised that this furlough is the right thing to do, and same for the self employed help.

But how do people envisage this being paid for? Obviously it will be tax in years to come, but it strikes me this will be so expensive that anything like the sort of Tory austerity we saw would absolutely cripple the country.

What sort of time frame and additional tax rates can we expect?

 

dazzer6666

Well-known member

NSC Patron

Mar 27, 2013

52,385

Burgess Hill

• Mar 31, 2020

• #2

Simster said:

I think it is widely recognised that this furlough is the right thing to do, and same for the self employed help.

But how do people envisage this being paid for? Obviously it will be tax in years to come, but it strikes me this will be so expensive that anything like the sort of Tory austerity we saw would absolutely cripple the country.

What sort of time frame and additional tax rates can we expect?

Click to expand...

Interesting view in the Telegraph yesterday


We don’t have to return to austerity economics after the Covid-19 crisis http://digitaleditions.telegraph.co...d/0/package/178/pub/178/page/62/article/28755

 

nicko31

Well-known member

Jan 7, 2010

17,571

Gods country fortnightly

• Mar 31, 2020

• #3

I think we can't rule out some countries making raids on bank deposits, it happened in Cyprus back in 2013 and I suspect it will happen again.

In the UK I'd be surprised if we ever saw that but we could see an annualised wealth tax. Or a property taxes maybe, in this country such taxes are pretty low. You might pay £3k p.a for a penthouse in Chelsea, its very little

In the US for example some states charge in excess of 1% annually on property or land values. Might even encourage downsizing for empty nesters which can't be a bad thing...

 

Last edited: Mar 31, 2020

vegster

Sanity Clause

May 5, 2008

27,892

• Mar 31, 2020

• #4

I saw somewhere that the cost of paying the working population 80% of their salary for 3 weeks was the equivalent of £55 billion, the bail out given to the banks in 2008 was £350 billion.

 

beorhthelm

A. Virgo, Football Genius

Jul 21, 2003

35,300

• Mar 31, 2020

• #5

vegster said:

I saw somewhere that the cost of paying the working population 80% of their salary for 3 weeks was the equivalent of £55 billion, the bail out given to the banks in 2008 was £350 billion.

Click to expand...

you were misinformed, the direct bailouts of banks were ~70bn, which has been paid back. larger numbers count loans and gurantees, repaid or unused. the current payments promised are very generous, we hope will be short lived.

 

Last edited: Mar 31, 2020

vegster

Sanity Clause

May 5, 2008

27,892

• Mar 31, 2020

• #6

beorhthelm said:

you were misinformed, the direct bailouts of banks were ~70bn, which has been paid back. larger numbers count loans and gurantees, repaid or unused. the current payments promised are very generous, we hope will be short lived.

Click to expand...

Ah well then, I'll defer to you, although Wikipedia( 2008 United Kingdom bank rescue package ) is quoting it cost £500 Bn in loans and guarantees, but I obviously can't assess that.

They say in life that all things even out in the end, so maybe our current generous financial support is a cosmic re-alignment for the masses for 12 years of austerity.

 

Baker lite

Banned

Mar 16, 2017

6,309

in my house

• Mar 31, 2020

• #7

vegster said:

I saw somewhere that the cost of paying the working population 80% of their salary for 3 weeks was the equivalent of £55 billion, the bail out given to the banks in 2008 was £350 billion.

Click to expand...

Do you think it will be only company’s and their employees that have used the Furlough scheme will be the main contributors of any reparations, or will it be the workforce on the whole?
The devil will always be in the detail..

 

vegster

Sanity Clause

May 5, 2008

27,892

• Mar 31, 2020

• #8

Baker lite said:

Do you think it will be only company’s and their employees that have used the Furlough scheme will be the main contributors of any reparations, or will it be the workforce on the whole?
The devil will always be in the detail..

Click to expand...

Can you see very rich people pay proportionately more taxes of any kind ?

 

Baker lite

Banned

Mar 16, 2017

6,309

in my house

• Mar 31, 2020

• #9

vegster said:

Can you see very rich people pay proportionately more taxes of any kind ?

Click to expand...

This virus does not discriminate,it’s not about rich or poor now, will companies of any size or wealth have to suffer even if the did not use the furlough scheme?

 

vegster

Sanity Clause

May 5, 2008

27,892

• Mar 31, 2020

• #10

Baker lite said:

This virus does not discriminate,it’s not about rich or poor now, will companies of any size or wealth have to suffer even if the did not use the furlough scheme?

Click to expand...

It is still about rich and poor, the virus does not discriminate but money buys a higher chance of avoiding it.

 

Baker lite

Banned

Mar 16, 2017

6,309

in my house

• Mar 31, 2020

• #11

vegster said:

It is still about rich and poor, the virus does not discriminate but money buys a higher chance of avoiding it.

Click to expand...

I shall agree to disagree.

 

W

worthingseagull123

Well-known member

May 5, 2012

2,579

• Mar 31, 2020

• #12

nicko31 said:

I think we can't rule out some countries making raids on bank deposits, it happened in Cyprus back in 2013 and I suspect it will happen again.

In the UK I'd be surprised if we ever saw that but we could see an annualised wealth tax. Or a property taxes maybe, in this country such taxes are pretty low. You might pay £3k p.a for a penthouse in Chelsea, its very little

In the US for example some states charge in excess of 1% annually on property or land values. Might even encourage downsizing for empty nesters which can't be a bad thing...

Click to expand...

Property taxes to replace council tax?

 

The Spanish

Well-known member

Aug 12, 2008

6,477

P

• Mar 31, 2020

• #13

maybe some sort of clampdown on debt exposure and more incentives for savings perhaps. cheap personal debt and no incentive to save is no preparation for this kind of event.

 

Weststander

Well-known member

NSC Patron

Aug 25, 2011

63,909

Withdean area

• Mar 31, 2020

• #14

The Resolution Foundation said the debt will be serviced by increases in taxation.

 

dazzer6666

Well-known member

NSC Patron

Mar 27, 2013

52,385

Burgess Hill

• Mar 31, 2020

• #15

Well Spurs programme sellers and cleaners will lose 20% of their pay, we'll all pay their remaining 80% from our taxes but Harry will still get his 150k a week......................