Idlebirder

Banks step up lobbying over threat of Reeves tax hikes The gap between the tax burden on British banks and their international rivals is widening, even before the imposition of any further levies in next month's budget, according to a report seen by Sky N...

UK banks oppose tax rise.

Falsely claim to be paying 46.4% tax rate.

The PwC generated number includes PAYE, employee national insurance which is paid by workers. VAT which is borne by customers.

it is extrapolated from a sample, can't be verified

Why do media reports not expose this sham claim?

Goldman chief delivers warning to Reeves over bank tax hikes David Solomon urged the chancellor during a private meeting last week not to hit the industry with savage tax rises in her crucial budget statement next month, Sky News learns.

Holding govts to ransom.

Goldman Sachs warns Rachel Reeves against tax rises on banks.

Banks happy to be bailed out, take QE, mis-sell products, not to be prosecuted for frauds, hike charges, pay lousy rates on savings.

Need windfall taxes. Raise top rate of income tax.

New industrial robots added in China last yr, 295,000; UK 2,500.

China has 567 robots per 10,000 manufacturing workers; UK 104 .

China investing 40.4% of GDP in productive assets; UK 18.2%.

UK won't win the economic race with neoliberalism or without state intervention.
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While UK government spent £13 billion of our taxes on WARS and armament.😡

While the UK Government spent £13 billion of our taxes on WARS and armament.😡

Banks make $26bn in decade of financing deforesting companies US, EU and UK banks have made over $10 billion in income since Paris Agreement by financing companies involved in deforestation, new analysis ahead of COP30 reveals

Banks make $26bn in a decade of financing deforesting companies.

Destruction of the world’s forests reached the highest level - agricultural expansion, mining, infrastructure, logging.

Profits before climate change, human lives and the planet.

The cult of deregulation will make matters worse.

China’s Temu more than doubles EU profits to nearly $120m despite having only eight staff Online marketplace paid just $18m in corporation tax, leading campaigners to call for government action

Temu’s EU operations doubled pre-tax profits to $120m (£90m), employed just 8 people, $18m corporation tax,

It is smoke and mirrors of profit shifting, offshore tax havens.

UK High street can't compete.

Govt must review customs duty exemptions, require multinationals to show where they pay taxes.

Thank you Prem.👍

Labour Party deputy leader contest.

I won't vote for Bridget Phillipson or Lucy Powell.

Both are right-wing.
Supported two-child benefit cap, disability benefit cuts.
Snooping on benefit claimants' bank accounts.

In the words of Billy Connolly, “Don't vote, it only encourages them.”

Boris Johnson breached rules designed to stop abuse of contacts made in public office, watchdog finds Johnson found to have breached rules after refusing to answer specific questions about allegations published by the Guardian

Former PM Boris Johnson breached rules designed to stop abuse of contacts made in public office.

Secretly lobbied the UAE for a billion-dollar private venture,
Used senior contacts in the Saudi govt to pitch for a consultancy firm.

Lust for private wealth is the main cause of UK decline.

Bank of England warns of growing risk that AI bubble could burst Possibility of ‘sharp market correction has increased’, says Bank’s financial policy committee

Bank of England warns of growing risk of a “sudden correction” in global markets - financial crash.

AI boom will burst.
Share prices inflated
Real economy weak.
Trump creating uncertainties.
Shadow banking unregulated.
Govt deregulating banking.

Bankers get bonuses, people will pick up the tab.

Some of UK’s biggest banks ‘investing ever larger sums into fossil fuels’ Which’s analysis follows research finding that the world’s biggest banks significantly increased their fossil fuel finance in 2024.

Top 65 banks, including UK banks, committed $869bn (£648bn) in financing fossil fuels in 2024.

$7,900,000,000,000
over 9 years, driving climate chaos, deadly health impacts, crop failures, migration.

Banks profit from destruction and no govt stops them.

Green leader calls for BoE to end interest payments to commercial banks Zack Polanski echoes Reform UK’s push for central bank policy change

Green party leader urges the Bank of England to stop paying interest on commercial banks' reserves.

ECB stopped paying interest on a portion of banks reserves.

The left has long urged Govt to stop this £20bn subsidy to banks, a consequence of QE.

What could govt do with £20bn?
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If the government wants economic growth it must bring essential industries into public ownership Successive governments clobber households and small businesses by hiking interest rates to manage inflation, but don’t inconvenience corporations.

London Heathrow airport owned by private/state investors from Australia, China, France, Qatar, Saudi Arabia, Singapore, Spain.

Similar to steel, auto, ports, shipbuilding, care homes, hospitals, GP surgeries, veterinary services.

Dividends not taxed in the UK. Govts have fewer economic levers.

‘Motherhood penalty’ costs women an average £65,618 in pay by time first child turns five Women’s average monthly earnings fall by 42% compared with one year before birth, ONS study finds

‘Motherhood penalty’ costs women an average £65,618 in pay by time first child turns five.

This is followed by gender pay gap, pension gap, health gap; slow career progression, harassment and violence, unpaid carer work, retirement insecurity.

All women deserve justice.

If the government wants economic growth it must bring essential industries into public ownership Successive governments clobber households and small businesses by hiking interest rates to manage inflation, but don’t inconvenience corporations.

England nationalized rail passenger services lease carriages from rolling stock companies (ROSCOs).

87% of rolling stock controlled by 3 Luxembourg companies.

Paid £1.282bn dividends in last 3 yrs. Not taxed in UK.

Privatization has hollowed out the UK - Taxes lost, it is all about exploitation.

The government must ensure fair distribution of income 'The average real wage of workers has hardly moved from the 2008 level whilst bosses never had it so good.'

Average real wage of UK workers is stuck the 2008 level.

Some bosses are collecting 1,112 times more than the average employee wage. Millions forced to rely on food banks and charity.

Workers have no say in income distribution. Govts do nothing.

Can't build economy/society on huge inequalities.

Welfare reform 'must happen', says Pat McFadden The Work and Pensions Secretary tells the BBC he will press ahead with welfare system changes.

Welfare reform 'must happen', UK minister says.

Silence on corporate welfare. For example, Drax makes profits but gets subsidies.

Silence on tax perks of the rich. Capital gains and dividends taxed at lower rates than wages.

Welfare reform is a code for squeezing the poor, old, sick, disabled.

Fears of new PFI-style ‘disaster’ as firms handed £6m to advise on using private funds for NHS clinics Exclusive: Consultants and lawyers hired to advise on using public-private partnerships to build ‘neighbourhood health centres’ in England

The PFI disaster

Wes Streeting readies more of the NHS for privatisation. Hands £6m to advisers.

NHS will be a shell doling out contracts to private equity and corporations. Profits guaranteed.

Money will buy less. Higher taxes, lower value.

Say NO to privatisation of the NHS.

The UK household debt is over £2 trillion.

Debt once public now loaded to households e.g. student debt. Energy debt rising. People borrowing for healthcare.

Mortgages 7 times salary being issued. Soaring rents.

Real average wage stuck at the 2008 level.

What could go wrong?

Water bills: millions of households in England could face even bigger rises CMA poised to give verdict after appeal by five firms for permission to increase bills higher than allowed by Ofwat

England households could bigger water bills as the competition regulator prepares to give verdict on industry appeal.

36% rise already approved by OFWAT.

People will continue to be robbed. Companies raise capital from customers, shareholders get returns.

End the scam. Nationalise water.

The government must ensure fair distribution of income 'The average real wage of workers has hardly moved from the 2008 level whilst bosses never had it so good.'

UK workers using food banks, bosses feast.

Melrose CEO, 1,112 times the average employee wage.
Tesco, 375
Person, 355
Compass, 330
Marks & Spencer, 261
British Associated Foods, 218
Sainsbury's, 195

Can't rebuild economy/society without equitable distribution of income and wealth.

New ICB figures show uneven trends on use of private sector? - The Lowdown New figures published earlier this month show the extent to which some Integrated Care Boards (ICBs) have increased their use of the private sector since Labour took office last July, and the extent t...

NHS increased use of the private sector under Labour govt.

Private sector delivered 22.1% of ophthalmic, 20.5% of orthopaedic procedures.

Numbers of NHS patients treated by private sector up by 10%.

With profit margins of up to 40% money buys less.

More efficient to expand NHS capacity.

One-third of UK children grow up in poverty with higher risk of dying young Children in the most deprived areas of the UK face higher death rates as childhood poverty continues to rise, according to research.

One-third of UK children grow up in poverty, higher risk of dying young.

In some areas 62% of children live in poverty.

Children’s education, health, future employment prospects destroyed.

Caused by govts - austerity, low wages, spending cuts, fiscal rules.

Poverty is a political choice.

Elon Musk Just Became The First Person Ever Worth $500 Billion Musk is now half-way to becoming the first ever trillionaire.

Elon Musk Just Became The First Person Ever Worth $500bn.

He has used his wealth to buy govts/legislators, unleash Trumpism, promising to hand $100m to Farage, create social strife and divisions.

Like the rest of us, he will leave the world empty-handed.

Thames Water lenders submit rescue plan to stave off collapse London & Valley Water, a consortium of investors, plans to write off some of the company's huge debts.

Thames Water lenders submit rescue plan to stave off collapse- may write off a third of the £20bn debt.

It can't solve the crisis:
It is a monopoly
No competition
No substitute service
Owners want profit
Customers will be fleeced

Public ownership is the only viable option.

EU industry fears ever-expanding list of ‘derivative’ goods subject to steel tariffs Europe braces for further damage if products containing metal, such as windows and doors, are added to rolling list

EU industry fears ever-expanding list of ‘derivative’ goods subject to US steel tariffs.

Trump governed by whims, not policies.

China stood up to him & he backed-off. EU/UK need to do the same.

The emerging multipolar world must be based on respect and dignity, not bullying and new imperialism

Pension funds should have 20 per cent of equities invested in UK, says think-tank Proposed allocation would boost investment into British companies by more than £75bn

Pension funds should have 20% of equities invested in UK, says think-tank.

Almost all UK major industries are foreign-owned.

If you find "UK" company, bosses/shareholders will sell it for a fast buck, jobs vanish. Workers have long-term interest but no say in takeover bazaars.
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How top hedge funds can pay traders $100mn The era of giant multi-managers has changed how rewards are calculated — and ushered in bumper deals

Upside Down World.

Hedge fund trader gets $100m.

Most people struggle to make ends meet.

Speculators who gamble with other people's money, produce nothing, get mega rewards.

Profits are privatized. Failing banks are bailed out. Govts punish people for failed gambles.
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