Savings and Investments thread

cantersaddick

Rob7Lee said:

I'm ok with removing the 2 child cap, however it should have been done in conjunction with a complete review of benefits/welfare as a whole. We cannot continue on a path where we use 1/4 or if you include State pension 1/3rd of all income tax and National Insurance collected on welfare/state pension, it's simply not sustainable.

Dont disagree there needs to be a review but I do once again want to challenge the way you have presented these numbers. When you just look at working aged and childrens social security - which is what we are talking about here it makes up 10.2% of all government spending. not a quarter. 

Figure 3 here: https://ifs.org.uk/taxlab/taxlab-key-questions/what-does-government-spend-money

cantersaddick

One thing that hasnt really been talked about is the cash grab as part of the graduate tax (student loan). Thresholds frozen - YAY more fiscal drag - but the worst part being the interest rate which has always been s tracker at the ridiculous rate of CPI+3 is now frozen to 7.5% for the next 3 years rather than falling as it was due to. 

Horrendous assault on young people trying to make a career. 

Rob7Lee

cantersaddick said:

Rob7Lee said:

I saw it on Twitter and immediately called bull, I then put the info myself into a benefit checker (entitled.co.uk if anyone wants to have a go and depress themselves!)

Clearly someone had worked out what the absolute maximum you could get based on circumstance.

£4,287 in benefits (made up of UC and Child allowance and council tax help). £11k a year on minimum wage/16 hours each gives you £6,120 a month.

Someone also made the point that if you also suffer with 'anxiety' (probably from having 5 kids and so much money) you can also get a brand new car on Mobility although I'm not convinced it's that simple!!

I'll get my coat......... someone turn the lights out on the way out

What housing costs assumption did you use in this example? was it a single parent family or 2 parent, what ages are the children? I think some pretty unrealistic and extreme assumptions will have been needed to get these figures. E.g. I think all 5 of the kids will need to be below school age and housing costs would need to be extreme. 

Not saying its impossible but its gonna be extremely unlikely to get numbers like this. 

And it was discussed on the general things that annoy you thread a couple of weeks ago but anxiety alone is not enough for motability. It Needs a few other conditions/criteria to be met alongside that to become eligible.

£1100 rent
Dual parent (hence two x minimum wage salaries x 16 hours each per week)
All school age (5-15).

I don't know the full calculation and exactly what it is made up from as it's an online calculator as linked to above.

As I say, I'm sure this is based on an extreme, but even still there should be no circumstances really where a couple with 5 children are working 16 hours a week each on minimum wage and are getting the equivalent of north of a £100k salary.

cantersaddick

Rob7Lee said:

cantersaddick said:

Rob7Lee said:

I saw it on Twitter and immediately called bull, I then put the info myself into a benefit checker (entitled.co.uk if anyone wants to have a go and depress themselves!)

Clearly someone had worked out what the absolute maximum you could get based on circumstance.

£4,287 in benefits (made up of UC and Child allowance and council tax help). £11k a year on minimum wage/16 hours each gives you £6,120 a month.

Someone also made the point that if you also suffer with 'anxiety' (probably from having 5 kids and so much money) you can also get a brand new car on Mobility although I'm not convinced it's that simple!!

I'll get my coat......... someone turn the lights out on the way out

What housing costs assumption did you use in this example? was it a single parent family or 2 parent, what ages are the children? I think some pretty unrealistic and extreme assumptions will have been needed to get these figures. E.g. I think all 5 of the kids will need to be below school age and housing costs would need to be extreme. 

Not saying its impossible but its gonna be extremely unlikely to get numbers like this. 

And it was discussed on the general things that annoy you thread a couple of weeks ago but anxiety alone is not enough for motability. It Needs a few other conditions/criteria to be met alongside that to become eligible.

£1100 rent
Dual parent (hence two x minimum wage salaries x 16 hours each per week)
All school age (5-15).

I don't know the full calculation and exactly what it is made up from as it's an online calculator as linked to above.

As I say, I'm sure this is based on an extreme, but even still there should be no circumstances really where a couple with 5 children are working 16 hours a week each on minimum wage and are getting the equivalent of north of a £100k salary.

I dont know anything about the calculator used but it is recommended by citizens advice so lets take it as largely accurate. I havent worked on UC stuff since 2016 so I am a bit rusty but I am struggling to see how that scenario can come up with the numbers youre talking about.  Because with 2 parents part time and all kids of school age there are no childcare costs to be taken into consideration. Unless someone in the family is disabled? Surely there is some other factor at play here?

If it is right with no other factors impacting on it then even I think that scenario is mad. Luckily its a hypothetical not the norm and the actual amounts for the majority of people are nothing like that.

bobmunro

Rob7Lee said:

cantersaddick said:

Rob7Lee said:

I saw it on Twitter and immediately called bull, I then put the info myself into a benefit checker (entitled.co.uk if anyone wants to have a go and depress themselves!)

Clearly someone had worked out what the absolute maximum you could get based on circumstance.

£4,287 in benefits (made up of UC and Child allowance and council tax help). £11k a year on minimum wage/16 hours each gives you £6,120 a month.

Someone also made the point that if you also suffer with 'anxiety' (probably from having 5 kids and so much money) you can also get a brand new car on Mobility although I'm not convinced it's that simple!!

I'll get my coat......... someone turn the lights out on the way out

What housing costs assumption did you use in this example? was it a single parent family or 2 parent, what ages are the children? I think some pretty unrealistic and extreme assumptions will have been needed to get these figures. E.g. I think all 5 of the kids will need to be below school age and housing costs would need to be extreme. 

Not saying its impossible but its gonna be extremely unlikely to get numbers like this. 

And it was discussed on the general things that annoy you thread a couple of weeks ago but anxiety alone is not enough for motability. It Needs a few other conditions/criteria to be met alongside that to become eligible.

£1100 rent
Dual parent (hence two x minimum wage salaries x 16 hours each per week)
All school age (5-15).

I don't know the full calculation and exactly what it is made up from as it's an online calculator as linked to above.

As I say, I'm sure this is based on an extreme, but even still there should be no circumstances really where a couple with 5 children are working 16 hours a week each on minimum wage and are getting the equivalent of north of a £100k salary.

!00% agree. The benefits system is/was designed as a safety net - and those in genuine need should be supported. What it should never be is an alternative lifestyle choice, which it is for some. That's the fault of the system, not the individuals.