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FutureFinancier

Listed below are comments made by FutureFinancier between Thursday, 13th November 2008 and Tuesday, 9th June 2009.

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Executive rewards, for what? 4:30pm on 09 Jun 2009 Now trying asking the same question about enhanced effort vs reward of our footballers - do they play any better for earning 5 times what they earned 15 years ago? They are the ultimate "fat cats" where even the most average of players earns more in a week than the average person earns in a year and the fattest of cats (Beckham et al) earn £50m a year (taking in sponsorship etc.) - and yet what has he ever achieved?
Why tax the rich? 5:18pm on 27 Apr 2009 Whilst 50% is a high rate of tax it grossly understates the marginal rates that is being brought in in the name of "fairness".

First of all the removal of personal allowances creates a marginal tax rate of 60% for anybody in the band in which these are phased out. Secondly the phased withdrawal of pension relief will create a 70% tax band. If you then allow for National Insurance on top you are talking about 75% tax grab.

These rates are iniquitous and will only serve to stimulate the tax avoidance industry

Back to Old Labour policies (and outcomes).

Just for the record I earn nothing like these figures so am not affected.
Optimistic about the future 2:02pm on 22 Apr 2009 As we see this Government sinking into a slurry of Socialist sleaze we now see the price that we are all (excepting Governemnt ministers on fat pensions) going to have to pay in future for the economic catastrophe that they will bequeath to the next Government (alongside the social, military and diplomatic catastrophes that they have spawned).

Just one point that needs to be be made in case the journos are too thick to pick up on it - Darling has introduced a top rate of 63% (typically) on those in the £100-150k band. Add together the 45% nominal rate plus the withdrawal of personal allowances plus the tapered reduction on tax relief on pension contributions (assumed contribution level 20% of £150k) - and you will get £31.5k of tax on this £50k of income - hence 63%. And this is before considering the impact of National Insurance - so true tax grab is closer to 75%. Unless of course you are an MP.
FSA say 'more capital, less risk' 3:03pm on 18 Mar 2009 My confidence in the report is somewhat reduced by their inability to create a report without glaring typos - one in just the third line of the report! Admittedly this one is entirely trivial but further on they state some figures for Foreign Direct Investment as INflows when analysis of the dat shows them to be OUTflows (page 35). So either they are incredibly careless (which is not a good recommendation in the current cuircumstances) - or else they don't know the difference.

I resent having to pay for this level of incompetence when my business could easily go bust as a result of the efforts those in authority in Government, FSA and banks.
We've lent £185bn to banks 12:57pm on 04 Feb 2009 Oh dear - yet more irresponsible journalism from Mr Peston. Lets be quite clear - this "loss" he refers to is a formula based "haircut" that was applied at the the time the Government made the advances to give a prudent valuation basis for the loans to the banks.

It does not mean the Government has lost £45bn. It does not mean the banks have lost £45bn.

It is a formula dreamed up by the Treasury - no doubt with help from the stars of the credit crisis, the ratings agencies.
Collapse of confidence in banks 5:26pm on 19 Jan 2009 There are numerous posts on here calling for bank directos to refund their salaries, be sacked, be locked up etc. Essentially their mistake lay at a micro economic level for making poor loan/investment decisions - and arguably they are culpable also for failing to look at the state of the economy as a whole. There is however only one person who is culpable for the parlous state of UK plc finances (at a macro economic level) - and that is Gordon Brown.

But he will receive his massive index linked, tax exempt, pension pot - and then will receive consultancy contracts (just like Tony) for "saving the world" that will place him in the league of the super rich.

He is not averse to writing the law so as to confiscate assets from others (shareholders, pensioners etc.) - so maybe we need to ensure that he does not profit personally from the catastrophe that he has caused within the UK economy for anybody who has to pay their own way (i.e. not on Government payroll).
End of Thatcher's tax incentives 08:50am on 25 Nov 2008 So, with the withdrawal of personal allowances, we now have a top effective rate of tax of 60% for those earning between £100,000 and £106,000 and for those earning £140,000 and £146,000 - whereas others earning between £40,000 and £150,000 will pay 40% and those over £150,000 will pay 45%.

What a shambolic mess.

And add in National Insurance and you have an effective rate of 66%.

Add in the massive increase in the National Debt and it is all too apparent that Socialism is alive and well with Gordon and Alastair in charge.
Citi and manic Monday 1:56pm on 24 Nov 2008 #147
Just a pity that it was all out and out rubbish!
Citi and manic Monday 1:54pm on 24 Nov 2008 We have heard an awful lot from Gordon and Alastair about how the bank directors and shareholders need to accept responsibility for the mess in the banks - and should expect to be penalised financially for their errors.

How about Gordon and Alastair relinquishing their "right" to untaxed pension pots that near enough everybody in the private sector could only dream about. Have they not yet made a sufficiently large mess of the economy to warrant some "punishment? And why was Gordon allowed to get away with this iniquitous arrangement whereby ony the PM, Chancellor and High Court judges are exempt from this tax?
Crunch: A new phase 11:08am on 13 Nov 2008 #31 and #41

Yes - this is very similar to Shariah financing in theory - but the economic reality of a Shariah mortgage is far closer to a traditional mortgage than you might think because it recognises that the decisions and responsibility must lie primarily with the borrower.

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