SNP are lying b******s as well !

[Andy Bee]

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Investing is always for the long term (5+ years) and after those events I am certain investing will beat cash, it always does. The average cash ISA subscription is £1,220 a year so she is only closing the door on those putting in way above the average.

You're not listening are you. People are favouring cash ISAs they're flocking to them, nearly a 1m rise in 22/23 whilst they're not wanting stocks and shares even with your hard fought albeit weak sales pitch. they're leaving. I'm pretty sure people in the market from 2000 - 2010 would question your statement "will beat cash, always does"

[jamie_1875]

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You're not listening are you. People are favouring cash ISAs they're flocking to them, nearly a 1m rise in 22/23 whilst they're not wanting stocks and shares even with your hard fought albeit weak sales pitch. they're leaving. I'm pretty sure people in the market from 2000 - 2010 would question your statement "will beat cash, always does"

You may be pretty sure but you would be wrong by quite a margin.

"If you’d invested £10,000 in the UK stock market from 2000 to 2010, you’d have ended up with about £17,900 (assuming an average 6% annual return after inflation). If you’d kept it in a cash savings account, you’d have around £12,000–£13,000, as interest rates averaged 3–4% during that period. So, investing beat cash by about £5,000–£6,000 over those 10 years."

Your argument is flawed just because they are more popular doesn't mean they give people better outcomes. People aren't confident and don't understand investing, that's why cash is more popular as it's easy to understand. Sure you know what you get and there is no risk but that doesn't mean they give people better outcomes as every single example I have shown you proves. If you had £1,000 in a Cash ISA paying a top rate of 5% and inflation was at 10% you have lost money even though your £1,000 is now worth £1,050 as your buying power has eroded.

Popular doesn't mean better. If people had more confidence and we had better education people would be more inclined to to invest.

I am not selling anything, if people want to keep their savings in cash thats their choice, the facts say that over the long term investing will nearly always give you better returns. Hence pensions invest etc.

[Hibrandenburg]

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I knew this board was middle class but people saying a single person that can afford to put away 20k per year or a family putting 40k, is not rich is wild 😐. If we keep defending against the top few % of earners paying more tax to help the millions living in poverty then we have no chance

No, wild is claiming that someone who scrimps and scrapes to put money away over an extended period to invest in their future is very rich. To then say that people who have been prudent should be taxed more than those who haven't isnt just wild it's madness. Why should two people earning similar amounts be taxed differently because one of them has accumulated their earnings rather than spending them? Crazy.

[Stairway 2 7]

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No, wild is claiming that someone who scrimps and scrapes to put money away over an extended period to invest in their future is very rich. To then say that people who have been prudent should be taxed more than those who haven't isnt just wild it's madness. Why should two people earning similar amounts be taxed differently because one of them has accumulated their earnings rather than spending them? Crazy.

Your trying to defend the top couple of percent getting 20k tax free savings each in a country where 4.5 million kids live in poverty and 11 million workers are on benefits. They aren't getting rid of the allowance just lowering it, perhaps the reform thread is for you, Farage will be firmly against this

[Ozyhibby]

There must be a lot of people saving up to the £20k limit or else Reeves wouldn’t be wasting her time going after it. So it must be more than just the top 1%?


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[Stairway 2 7]

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There must be a lot of people saving up to the £20k limit or else Reeves wouldn’t be wasting her time going after it. So it must be more than just the top 1%?


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Its the top 2% apparently which is over a million. Why don't we abolish inheritance tax too as the poor rich people are getting taxed on money that has been taxed and punished for working hard and being frugal. Its this attitude of helping the top few % of richest people that keeps the poor poor and the wealth always in the hands of the chosen few

[jamie_1875]

Back to the original point I was making...

SNP economy spokesman, Dave Doogan, said the move could “clobber” 1.3 million people in Scotland who have cash ISAs.

He clearly doesn't understand what he is talking about as 1.3M people in Scotland are not saving £20K a year on Cash ISAs. It's the annual allowance that is potentially being reduced. If you have a Cash ISA today that's already in the tax wrapper and no changes to that are being proposed.

[Bristolhibby]

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No, wild is claiming that someone who scrimps and scrapes to put money away over an extended period to invest in their future is very rich. To then say that people who have been prudent should be taxed more than those who haven't isnt just wild it's madness. Why should two people earning similar amounts be taxed differently because one of them has accumulated their earnings rather than spending them? Crazy.

Spending is good for the economy though. That pound actually works and pays for people’s wages and taxes. It’s more productive. That should be recognised.

J

[Ozyhibby]

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Its the top 2% apparently which is over a million. Why don't we abolish inheritance tax too as the poor rich people are getting taxed on money that has been taxed and punished for working hard and being frugal. Its this attitude of helping the top few % of richest people that keeps the poor poor and the wealth always in the hands of the chosen few

I’m not arguing against it. I just thought it must be a lot of people to make it worthwhile.


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[hibee]

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Back to the original point I was making...

SNP economy spokesman, Dave Doogan, said the move could “clobber” 1.3 million people in Scotland who have cash ISAs.

He clearly doesn't understand what he is talking about as 1.3M people in Scotland are not saving £20K a year on Cash ISAs. It's the annual allowance that is potentially being reduced. If you have a Cash ISA today that's already in the tax wrapper and no changes to that are being proposed.

That’s quite concerning that he’s our economy spokesman!

[Andy Bee]

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There must be a lot of people saving up to the £20k limit or else Reeves wouldn’t be wasting her time going after it. So it must be more than just the top 1%?


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TBF it doesn't really matter anyway because you can just use the stocks and shares ISA and open a cash fund with various suppliers paying roughly the same rates as cash ISAs.

Need to go, I've got to check I've filled my full allocation of ISAs before this crap kicks in.

[Hibrandenburg]

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Your trying to defend the top couple of percent getting 20k tax free savings each in a country where 4.5 million kids live in poverty and 11 million workers are on benefits. They aren't getting rid of the allowance just lowering it, perhaps the reform thread is for you, Farage will be firmly against this

No, I'm defending myself:

Soldier-Less than average wage
Paramedic-Less than average wage
Airline worker-About average wage
Trucker-About average wage
Transport Manager the last 3 years-Above average wage

I was nowhere near the top few percent of earners whilst I was saving and you trying to label folks like me as some kind of bourgeoisie because we planned our future whilst making sacrifices to do so, just makes you sound like a looney Marxist.

And you can **** right off with your sly reform dig, you'd never say that to my face.

[Hibrandenburg]

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Spending is good for the economy though. That pound actually works and pays for people’s wages and taxes. It’s more productive. That should be recognised.

J

Taking out a mortgage is good for the fat cat bankers at the cost of normal working people. My money has gone back into the economy without them taking their cut.

[Stairway 2 7]

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No, I'm defending myself:

Soldier-Less than average wage
Paramedic-Less than average wage
Airline worker-About average wage
Trucker-About average wage
Transport Manager the last 3 years-Above average wage

I was nowhere near the top few percent of earners whilst I was saving and you trying to label folks like me as some kind of bourgeoisie because we planned our future whilst making sacrifices to do so, just makes you sound like a looney Marxist.

And you can **** right off with your sly reform dig, you'd never say that to my face.

Your making up a whole thing about you and saving 10k per year, that literally has nothing to do with the proposal or conversation everyone else is having. Have you any opinion on them lowering the level from 20k per person as that is what the conversation is about. I'd reckon you'd need to earn over 100k per year to be able to save 20k after tax and bills. That is rich, no one is talking about people saving 10k per year because that's nothing to do with this discussion

[Stairway 2 7]

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Taking out a mortgage is good for the fat cat bankers at the cost of normal working people. My money has gone back into the economy without them taking their cut.

The banks were giving you less interest in your cash ISA than they would have made investing it, so they got their cut

[Hibrandenburg]

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Your making up a whole thing about you and saving 10k per year, that literally has nothing to do with the proposal or conversation everyone else is having. Have you any opinion on them lowering the level from 20k per person as that is what the conversation is about. I'd reckon you'd need to earn over 100k per year to be able to save 20k after tax and bills. That is rich, no one is talking about people saving 10k per year because that's nothing to do with this discussion

I'm not making up anything. I just don't believe that someone with an ISA with 20k in it must be very rich like Jaime claimed, you on the other hand are falling over yourself to prove that someone with savings less than it takes to buy a reasonably priced car is the next Jeff Bezos and responsible for world poverty.

[jamie_1875]

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I'm not making up anything. I just don't believe that someone with an ISA with 20k in it must be very rich like Jaime claimed, you on the other hand are falling over yourself to prove that someone with savings less than it takes to buy a reasonably priced car is the next Jeff Bezos and responsible for world poverty.

It was saving £20K each and every year, that's the allowance. Not £20K on its own over a number of years. It would be the equivalent of buying that new car each and every year.

[Hibrandenburg]

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It was saving £20K each and every year, that's the allowance. Not £20K on its own over a number of years. It would be the equivalent of buying that new car each and every year.

Still doesn't mean they're very rich.