Good news and bad news for pensioners – thanks to the triple lock, and today’s wage growth figures, the state pension is set to rise by nearly £500 next year. But that will take it above the personal allowance, meaning pensioners with no other income would be liable for tax for the first time. Pensions minister Torsten Bell has promised not to hit those just above the threshold. No such luck for those with additional private pensions or other income.
In other news, as Britain’s borrowing costs continue to hit record highs, John Healey and Andy Burnham have a new line on the economy – apparently, they had no idea how bad things were.
It’s not like it was some kind of secret. Still, if you believe that, they have an autumn Budget stuffed with tax rises to sell you.
Below you’ll find all the latest pieces from CapX, plus what we’re reading from around the web.
Marc Sidwell
Editor, CapX
Today’s Takes
Fresh thinking from CapX
Burnham must resist breaking up the nation
Joseph Dinnage
‘Though the Prime Minister is a devolution enthusiast, he has so far resisted calls from independence parties to reconsider our constitutional settlement. How long his resolve will last is another question entirely.’
The leaders of the devolved administrations have signed an agreement to pressure Andy Burnham into facilitating the dissolution of the nation. They believe their future lies with the EU. Rejecting the centuries-old union for a Brussels superstate is certainly a novel approach to independence. Read More
Why are politicians taxing our legacies?
Laveen Ladharam
‘If Kemi Badenoch and the Conservatives choose to scrap inheritance tax, they should be praised.’
Inheritance tax punishes people for building things and wanting to leave a legacy. It’s also riddled with loopholes including an exemption for gifts to political parties. It sends a message that your children are less worthy of your toil, tears and sweat than politicians. Kemi Badenoch should be praised if she scraps it as promised. Read More
Stat of the Day
Best of the Web
Britain’s public sector wage spiral
Michael Simmons, The Spectator
‘Unions put pressure on the government because of the cost of living, Labour grants pay rises, the cycle continues and a dwindling private sector picks up the bill’
Britain’s public sector is in a spiral, an upwards one. Pay increased by 6.3% in the public sector in the last quarter compared with 2.9% in the private sector. Public sector jobs are becoming more lucrative and entitlements more generous, all funded by a dwindling private sector. Read More
Power to the people
Sam Richards, The Critic
‘At Britain Remade, we reviewed every nuclear power station built since 2000. Hinkley was the world’s most expensive.’
Why is Britain so bad at building nuclear power stations? Hinkley Point C was approved 10 years ago today but is still years from completion, and £17 billion over budget. If Burnham wants to return power to the people, No 10 North isn’t enough – he needs to let ministers overrule the quangos getting in the way. Read More
AI isn't slowing down, says Tyler Cowen
The Capitalist: our debt is a security threat
And if you want more...
– Why can’t the Remainers just move on (ConservativeHome)
– We’re pricing tourists out of London (City AM)
– Could ancient smallpox return? (The Conversation)
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