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Chancellor Jeremy Hunt is poised to confirm the end of the blanket subsidies on energy prices when he delivers a grim Autumn Statement on Thursday. It will be part of an 'eye-watering' package of savings and tax rises to fill a black hole of up to £60billion in the government finances. The estimated £3,000 energy bill cap from next spring is £500 above the current 'guarantee' introduced by Liz Truss , which was originally supposed to last for two years, and almost treble the £1,042 average in April 2020. Meanwhile, the requirement for town halls to hold a local referendum when they are bring in council tax rises above 2.99 per cent is expected to be dropped - paving the way for bigger increases. The Tory backlash to the cuts and tax rises is already under way, with dozens of Tory MPs slamming the idea of reducing education funding as 'indefensible'. In a letter, 28 MPs warned it 'would not be morally right' in the wake of school closures amid the pandemic. However, Rishi Sunak said there was no option about 'putting our public finances on a sustainable trajectory', suggesting that otherwise there would be a repeat of the market meltdown that followed the disastrous mini-Budget.
https://www.dailymail.co.uk/news/article-11425157/Millions-Britons-face-900-energy-bill-hike-April-cap-ends.html
Here is a nice simple bit of Maths to put it into some perspective.
It is widely believed that the unelected leader that was Truss, with her unelected "Trussonomics", cost the country £30 Billion in the 5 minutes that she was leader. Doubling the shortfall. In the blink of an eye.
That is just shy of £500 for every man. woman and child in the UK. Or £1,000 for every taxpayer in the UK.
So-when the pain comes later this week, half of it will be down to Truss. An unelected leader, on a fantasy economic ticket. Who has cost the taxpayer, on average, £1,000. Before the interest on top.
So-when the Conservatives tell you we are all in it together, we are not. We have been put in it. By a crackpot economic scheme.
The headline CPI rate rose to a new 41-year high of 11.1 per cent in October, up from 10.1 per cent the previous month and far above the 10.7 per cent analysts had expected. Soaring food and energy costs were the main drivers of the latest surge, with the Office for National Statistics estimating that the average UK household is now paying 88.9 per cent more for heating and lighting than a year ago. The Bank of England had predicted inflation would peak slightly below the current level - nearly six times its 2 per cent target - leaving it under huge pressure to ramp up interest rates again. In contrast, US producer price inflation came in below expectations yesterday. The ONS suggested that without the Government subsidising energy bills this winter, CPI could have been as high as 13.8 per cent and experts warned it could now keep rising. Chancellor Jeremy Hunt made clear that he will take 'tough but necessary decisions on tax and spending to help balance the books' in the Autumn Statement tomorrow, calling inflation an 'insidious tax is eating into pay cheques, household budgets and savings'.
https://www.dailymail.co.uk/news/article-11433723/Inflation-soars-FORTY-YEAR-high-11-1.html
Hunt didn't mention this did he?
One financial expert said 'many simply won't live to see the benefit', and claimed the decision could easily cost those paying towards their care an additional £26,000 for every year of delay.
https://www.thisismoney.co.uk/money/pensions/article-11439479/Delay-86k-care-spending-cap-betrayal-older-people-say-critics.html?ico=mol_desktop_home-newtab&molReferrerUrl=https://www.dailymail.co.uk/home/index.html
On the 1 hand, remains no cap on Care Home costs. Unless you are wealthy enough to divest your assets to your kids nice and early. Typically, a person worth £1 million pays more for Care than someone worth £50 million.
At the same time, the Adult Social Care precept means that we all pay for elderly care via our Council Tax.
https://www.lgcplus.com/services/health-and-care/council-tax-flexibilities-part-of-2-8bn-social-care-plan-17-11-2022/
Levelling up? The reverse. Poor areas have far more Care Homes. Coastal areas (which tend to be poor) have far more Care Homes. Whereas, of course, extremely wealthy areas tend to have none.
Keeping Council Tax nice and low for the Rich. While the poor pay more on Council Tax. And the squeezed middle pay more in Care Home fees.
My parents saved hard all their lives. My father was in a Care Home for the last 9 years of his life. And drank a lot of Whisky.
Net result? £0 left for his kids. I'm not particularly bitter about that. It's the fact that they saved hard all their lives that annoys me-they could have been feckless and spent it on themselves.
We can put you in a Paupers grave there just as comfy .....
To put that into perspective. If you die the taxman will not normally touch the first £325,000 of your assets.
Whereas for Care that figure is currently just £18,500.
Why this Government don't provide the service here in UK.
https://uk.yahoo.com/news/bbc-presenter-perfectly-demolishes-tory-160745656.html