The uproar over the budget changes to NIC and recent reports have generated some more arithmetic.
We have a rate rise from 13.8% to 15% and a threshold fall of £9,100 to£5,000, so if you Take an employee on the UK average wage of £39,452 the employers NIC is increased by £966 pa, and per head.
In the case of our premier retailers this cost amounts, Asda £100 million, Sainsbury £140 million, M&S £120 million and Morrisons £70 million, and only the Lord knows what Tesco will be.
Now it must be obvious ,to even the least commercially informed among us, that no business can absorb these sums out of profits, alone therefore it means either price increases or cuts in costs. Now in retailing one of the biggest cost is staff wages and that is also the easiest to reduce by redundancy or lower salaries. The other easy option is higher prices.
Whichever option that you choose, who ends up paying the bill?, so much for governing for "working people".
This is lying hypocrisy of the highest order.
Robin Bird @adler
Cowley
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A survey by the Independent Schools Council reveals that, at September, the number of pupils in independent schools has already fallen by 10,540 against September 2023 based on data obtained from 1,185 schools out of 2,600 schools based in the UK. Schools with the lowest fees and those with less than 300 pupils showing the biggest loss. Now since the average annual fee is £16,000 p.a. the total VAT that would have been raised on the lost fees is £33.728 million, ( 10,540 X £3,200). The ISC calculate that the cost to the Education Dept. to be £92.8 million Please, could any of the group’s left-wing supporters explain to me how, in an attempt to raise VAT of £33.728 million by incurring a cost of £92.8 million makes any sense. Bear in mind this is BEFORE the tax is applied. This is government in total disarray led by Starmer who was educated privately through a bursary. Talk about “I’m all right Jack, sod you. -
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Although it was 80 years ago I can remember is as if it were yesterday, despite being almost 13 years old at the time. I lived on the SE coast at the time and we awoke to the sound of aircraft engines and on looking out there were aircraft from horizon to horizon, formation upon formation, all heading out to the sea. It was clear that something very big was going on long before the announcement on the radio. What was amazing was that this stream of aeroplanes continued throughout the day until dusk, it seemed impossible that we could have so many aeroplanes. Being so young I was unaware of the full impact of what was going on and that while I wondered at what I was seeing, only a few miles away men were being killed in their thousands, it takes time to come to a full understanding. -
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Received an Email today purporting to come from PayPal advising that a new app had registered with my account and asking for me to confirm it to be genuine and change the password. If you follow the links and use a mobile phone you could be tempted to accept it, I use a landline security for which there is no entry on the security window so I know this was a scam. -
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Just got my new bill and saw that the GLA charge has gone up, yet again, by 8.99%. Checking back I found the following facts:- In the period 2011/12-2014/5 my Council Tax remained static while the GLA Charge reduced by 4.78%. During the period 2015/6-2024/5, under the stewardship of Sadik Khan, the Council Tax has increased by 25.1%, while the GLA Charge has risen by 59.8%, so which you can add the ULEZ costs. So who is screwing Londoners?. God help us when/if Starmer gets into NO 10. -
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An investor has been following the steadily falling price of Oil and when he believes it has reached rock bottom he buys 10,000 barrels at 70p a barrel. Sadly for him the price continues to fall and reaches 50p a barrel, so what is his smart move:- 1) Sell ASAP and cut his losses. 2) Hang on and hope/wait for the price to recover. 3) Any other,--specify. -
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A press item on Labours plan to impose VAT @ 20% on Independent/Private schools and made me reach for my calculator. A little research soon supplied some numbers to crunch and although they vary slightly depending on the source, the order of magnitude remains similar. The facts are very interesting as the following shows. In the UK there are2600 independent schools and they charge an average of £16,000pa per pupil and they educate 615,000 children which creates a market of £9.84billion. If VAT@ 20% is impose this will raise £1.968billion in revenue for HMRC. This is fine provided there are no repercussions from this action, which is improbable, since it is bound to force some parents to forego the private sector and revert to State funded education thus reducing the VAT while increasing the cost to the State. Additionally the existing school infrastructure would have to find new places for these pupils as well as teachers to teach them. Let us now speculate upon the possible effects of this action. According to gov.uk figures (2021/2) the State spends £1,485’s per capita pa.so if we hypothesize that 10% of private pupils are forced from private to state education, then the loss of VAT would be£1.968million and the additional places required would 61,500. Further, if the exodus were to rise to 20% then the reduction in VAT become £393.6million and the required places to 122,000. We have members with teaching experience whose comments on the feasibility of this possible result would be welcome. The Shadow Education Secretary, Bridget Phillipson, say that independent schools will not need to raise their fees as they could absorb the VAT by cutting costs, so let us examine the feasibility of her ideas. For simplicity let us treat the market as if it were one big school whose fees are £9.0billion, which at 20% would raise £1.8billion of VAT. Now if fees are not to be raised then the invoice value has to be reduced to £7.5billion. Now if the POR is say 30% ( reasonable) then the operating cost, including net profit must be £4.5billion or a reduction of 25%. Seriously is this woman so stupid as to believe that any industry could survive with an inbuilt wastage factor of 25%? However the industry could make some cuts quite easily by withdrawing the £1.2billion that it gives in assisted fees and its involvement in partnerships with State Schools. Surely anyone with half a brain would question the wisdom of such a cockamamie proposal but instead the electorate is allowing itself to be led around, by politicians, like sheep to the slaughter because they are failing to ask the question “what if” and do a few simple calculations to evaluate what they are being asked to vote for. WE GET WHAT WE DESERVE, BY OUR INDOLENCE.
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