Quizzes & Puzzles1 min ago
Is High Unemployment Looming?
Yesterday brought news that thousands of steel and oil jobs are to go, and I've just discovered that back in August the Telegraph reported that the Chancellor is said to be considering raising employers NI contributions. Darren Jones, chief secretary to the Treasury, said “We will have to consider some tax measures at the Budget on October 30th whilst honouring that promise to the public not to increase income tax, employee National Insurance or VAT”. Previously, the Chancellor pledged to simply “not increase National Insurance”.
A report from the Recruitment and Employment Confederation and consultants KPMG a few days ago warned that companies have already started holding off hiring employees.
More half-truths from this government - and I suspect more hardship to come for many. This is hardly the way to encourage investment abd growth - but then Labour never did understand business or the economy. I wouldn't trust them with a child's piggy bank!
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'In January, chair of the OBR, Richard Hughes, told a House of Lords committee that the independent government economic watchdog relies “on what the Government tell us are their desired paths for spending on public services” and said that the then government provided “almost no detail” about how it would deliver falls in public spending as a share of GDP. He said “the government have not even bothered to write down their departmental spending plans" underpinning their plans for public services.'
High employment is very likely.
Large companies will not invest or expand whilst there is a government of this sort which seems intent on labelling any sort of decent profits as "excessive" and ripe for "windfall taxes". Industrial concerns will not invest when there is no coherant energy security policy, only one which depends on the wind blowing and the sun shining.
Small and medium sized companies will be reluctant to recruit when there is the threat of increased employment taxes in the form of employers NI contributions.
These are all matters under the government's direct control.
"...all the more reason to lower the state retirement age to, 55 say,"
But the government spent eight years equalising men's and women's state pension ages at 65. It is now 66, by 2028 it will rise to 67 with almost inevitably further increases after that. This is said to be because State pensions will otherwise become unaffordable. So how is that unaffordability to be dealt with if the age is lowered to 55?
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