Give every tax payer a personal education tax allowance of X (up to 9,000) and then increase income tax for everyone by 5%..
If you did not go to university then you can claim full allowance.
If you went to university in the days of zero fees or up to 3,000 then you can claim allowance of up to 6,000
If you have repaid your loan either partially or fully, then you can claim a proportion of allowance depending on how much has been repaid.
If you went to university in the days of 9,000 tuition fees you can not claim anything...although would have the option to repay and then claim allowance.
The numbers need a bit of work, but the principles should work..
F1: 15 mins to go, track is damp but probably dry tyres. Rain possible, nay probable in the next two hours. Rumours of turbo problems with Raikkonnen’s second place starting Ferrari, to add to Vettel’s Ferrari having turbo problems yesterday...
Edit: Kimi pushed off the grid, starts from the pit lane if they can fix it.
As someone who is typing this from inside a uni - the £250 saving for each of the next 2 years, plus the £360 from then on in is appreciated. However in the grand scheme of things it's not that much. The obvious solution to all this is to take some money from the pensioners, they've had a life time to prepare for their retirement. Or on a slightly less radical note, if someone has a pension pot of above £1m, they should be ineligible for the Govt. pension, WFA, bus passes etc.
So
a) They will freeze their pot ( the very very very few that have £1m ) at £999k. b) If you've paid NI for 35 years with the govt saying " you get a pension" and it's taken away - where's the fairness? c) Given a pot of £1m buys you an index linked pension at 65 with 50% spouse pension (a standard public sector terms pension) of about £28k, are public sector pensioners who get more than 28k ( say deputy school heads) going to be so penalised too?
How could you do a)?
a) Then you could tier it very simply, for upwards of 900k for example £1 of state pension gets withdrawn for every £20 above 900k (so it will still be beneficial to have the largest number possible).
b) No pensioner has any right to complain about anything being unfair given from how much they've unfairly benefited from various things through their time.
c) Don't see why not.
Re b) I'm not a pensioner but why should I have paid top whack NI for over three decades to get nothing? I was not born with a silver spoon in my mouth ( quite the opposite!), but I am to be screwed over for having just worked hard at something uncontroversial for over thirty years? And one wonders why Corbyn creates fear as well as adoration?
Students get a raw deal I do not doubt. The route cause is the insane idea introduce by Blair of sending 40-50% to uni. All else on student funding flows from that. I thought it was nuts then, I think it's nuts now, but you'd deprive me of my state pension nevertheless?
NI pays for current pensioners, not future pensioners.
Your 30 years of contributions were supporting people in their dotage when you were young not creating a savings pot for yourself.
I have just researched the RPI data for 1990 which reveals that RPI inflation for November 1990 was 9.7% - barely changed from the 9.9% Thatcher inherited 11.5 years earlier.
It's almost as if her economic policies rubbish, solely propped up by Scottish oil and unravelled when oil prices collapsed.
I have just researched the RPI data for 1990 which reveals that RPI inflation for November 1990 was 9.7% - barely changed from the 9.9% Thatcher inherited 11.5 years earlier.
It's almost as if her economic policies rubbish, solely propped up by Scottish oil and unravelled when oil prices collapsed.
Plus selling the family silver. Still muttering over the sell-off of the Trustee Savings Bank.
The only advantage to Boris is that he'll actually fight the stupid communists instead of ceding all the political and intellectual arguments to them - although I did appreciate May's recent defence of capitalism.
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I don't doubt it but until people actually experience socialism they are unlikely to be as opposed to it and almost nobody under 40 has experienced socialism in the UK in any real form
I'm well over 40 but I don't recall experiencing socialism in the UK?
Well the last pre-Blair Labour government of 1974-1979 had an effective top income tax rate of 98%, nationalised airlines, railways, utilities, BT and Royal Mail, inflation of 13% and rampant union militancy, socialism as far as I am concerned and as far as those who elected Thatcher in 1979 were concerned too
RPI inflation was 9.8% when Thatcher came to power in May 1979 - indeed the last full year of the Callaghan Government was 8.0%. In 1990 when she left Downing St RPI inflation was 9.3%.
UK gdp per capita was one of the lowest in western Europe in 1979, by 1990 it was one of the highest
Inflation was NOT 13% in May 1979 - you simply highlight your ignorance in suggesting that. RPI inflation rose very sharply in the second half of 1979 and to a significant extent - though not atcher.
You once again display your left-wing bias. As the chart I posted clearly shows inflation was at 13% in 1979 which the successor Tory government had got down to just 6% by 1991
No - I am referring you to facts which you choose to ignore. I am trained in economics though you provide very little evidence from your own comments of having the same background.
I have an A grade economics A Level none of which changes the fact you obviously cannot read data or the chart I posted which clearly shows the dramatic fall in inflation both from 1979 to 1986 and that by 1991 it was less than half that in 1979
I have just researched the RPI data for 1990 which reveals that RPI inflation for November 1990 was 9.7% - barely changed from the 9.9% Thatcher inherited 11.5 years earlier.
No you haven't you have just picked any data which supports your argument completely ignored the overall trend not to mention even on the figures you have managed to dig out inflation had clearly fallen under Thatcher.
I have just researched the RPI data for 1990 which reveals that RPI inflation for November 1990 was 9.7% - barely changed from the 9.9% Thatcher inherited 11.5 years earlier.
The student loan threshold change is positive. It's a cop out if it's not relinked to RPI, though.
Do you not mean CPI
The threshold for the original plan2 loans were linked to average earnings. The interest is linked to RPI, so really the threshold should be, too.
Permanently raising it, but freezing the level, allows the treasury to sell off the loans and get a much higher rate for them than if the threshold was linked to earnings.
As an investment, student loans with a frozen threshold are a fantastic inflation-protected asset. Pension funds etc love them.
Student Loans are sub prime. We know at least a third will not be paid back. They are only "good value" because they are backed by government.
They're never going to be worth face value, but the future potential discount rate shrank significantly, with Osbornes little accounting trick back in 2015.
Was freezing the repayment threshold mentioned in the 2015 Conservative manifesto ?
It wasnt even mentioned in the autumn statement when he made the change. It was buried deep in the footnotes.
In reality, it was announced piecemeal whenever EdM's polling rose during the 2015 campaign. Remember?
7 day NHS, free all day childcare for all toddlers etc etc.
The plan was to blame the LD's when the insane unfunded promises got ditched during the coalition V.2 negotiations.
They ended up winning a bloody majority, didn't they? So Osborne dug deep into the student loan t&c's to find his cash.
The promises made during GE2015 were utterly irresponsible.
A whole magic money tree forest would have been needed to fund them.
Comments
Give every tax payer a personal education tax allowance of X (up to 9,000) and then increase income tax for everyone by 5%..
If you did not go to university then you can claim full allowance.
If you went to university in the days of zero fees or up to 3,000 then you can claim allowance of up to 6,000
If you have repaid your loan either partially or fully, then you can claim a proportion of allowance depending on how much has been repaid.
If you went to university in the days of 9,000 tuition fees you can not claim anything...although would have the option to repay and then claim allowance.
The numbers need a bit of work, but the principles should work..
I did chuckle at May's promise to freeze tuition fees.
Have to admit I didn't even realise they went up each year!
Edit: Kimi pushed off the grid, starts from the pit lane if they can fix it.
Your 30 years of contributions were supporting people in their dotage when you were young not creating a savings pot for yourself.
A whole magic money tree forest would have been needed to fund them.