Opinion and reporting by Mathew Carr

Nov. 9-10, 2024 — UK Labour has completely swallowed the outmoded USA mantra of GDP growth for the sake of growth.

This podcast below is worth a listen.

It touches on a key issue that most are not talking about.

The UK Labour government’s plans to increase National Insurance (a kind of payroll tax) will encourage business to fire workers and replace them with machines.

This firing process will now speed up. That’s why the budget is essentially for billionaire technologists.

The government did try to tax the rich a bit … yet it did not try very hard … save for the private-jet green tax and a couple of other bits.

Google AI below:

The UK government is expected to raise £168 billion in 2024–25 from National Insurance contributions (NICs), which is about 14.8% of all government receipts. This is equivalent to around £5,800 per household and 6% of the national income. 

In 2025–26, NICs are expected to rise to £199 billion, which will put it back above VAT as the UK’s second-biggest source of revenue. 

The Chancellor of the Exchequer, Rachel Reeves, announced in the 2024 Budget that the rate of National Insurance for employers would increase from 13.8% to 15% in April 2025. She also announced that the threshold for when businesses start paying the levy would be reduced from £9,100 to £5,000. 

Sky News: