1 00:00:00,000 --> 00:00:28,580 of 2 00:00:28,580 --> 00:00:41,420 get something like between 1.6 and 2.6 people having to calculate whether they heat or eat. 3 00:00:41,420 --> 00:00:53,700 I mean the problem with that from a simple standpoint is that you're not going to know 4 00:00:53,700 --> 00:00:59,020 which days are going to be incredibly cold or incredibly warm. 5 00:00:59,020 --> 00:01:06,700 But unfortunately if you don't heat your house every day you can get damp which leads to 6 00:01:06,700 --> 00:01:11,260 mould which leads to lots of other expensive problems. 7 00:01:11,260 --> 00:01:18,380 Now the other thing is the unintended consequences. 8 00:01:18,380 --> 00:01:29,020 You're probably going to see a massive uptick probably 20-30% of pensioners trying to get 9 00:01:29,020 --> 00:01:45,180 into hospital either because they... problems, cold and old age actually bring on issues 10 00:01:45,180 --> 00:01:52,100 probably before, during and after winter time. 11 00:01:52,100 --> 00:02:07,500 So we're going to have a massive number of shorties at beds which effectively might just 12 00:02:07,500 --> 00:02:13,320 make that rather than they're saving money they're actually losing money. 13 00:02:13,320 --> 00:02:24,140 Now what there probably needs to be is a massive overhaul in the relevant software that they 14 00:02:24,140 --> 00:02:25,780 use. 15 00:02:25,780 --> 00:02:35,900 So we could have an arbitrary sort of 5000 ceiling above what they're saying and anybody 16 00:02:35,900 --> 00:02:37,580 above that. 17 00:02:37,580 --> 00:02:40,420 They've got all of the relevant returns. 18 00:02:40,420 --> 00:02:50,780 They know what the vast majority of pensioners are being paid on the simplistic tax side 19 00:02:50,780 --> 00:02:58,540 and on the more sort of complex tax side they'll probably get the relevant tax returns. 20 00:02:58,540 --> 00:03:09,260 So it's probably a simple thing of saying well those people over the age or over retirement 21 00:03:09,260 --> 00:03:23,460 age do a simple query and get a list of all of those individuals that don't meet the mark 22 00:03:23,460 --> 00:03:36,220 by a long way and actually mark those forevermore because they are well over the tax bracket. 23 00:03:36,220 --> 00:03:42,300 The whole principle of saying that oh you're going to get money sort of at the end of the 24 00:03:42,300 --> 00:03:44,940 year next tax year. 25 00:03:44,940 --> 00:03:46,700 I mean you need the money now. 26 00:03:46,700 --> 00:03:50,620 I mean you need to feed the meter. 27 00:03:50,620 --> 00:03:57,860 I mean why to they pay as you go so effectively. 28 00:03:57,860 --> 00:04:04,740 So sorry they pay a certain amount in direct debit and then effectively all of the amount 29 00:04:04,740 --> 00:04:11,260 gets sort of calculated in the summer and then they say you need to pay more on your 30 00:04:11,260 --> 00:04:14,540 direct debit or less on your direct debit. 31 00:04:14,540 --> 00:04:20,500 The majority of pensioners are like a lot of people on low income. 32 00:04:20,500 --> 00:04:32,100 They get a particular card which costs them you know 20, 30, 50 pounds and then they slot 33 00:04:32,100 --> 00:04:34,060 it into their meter. 34 00:04:34,060 --> 00:04:46,700 So then I don't think you can run your gas central heating without electricity and I 35 00:04:46,700 --> 00:04:56,780 think what a lot of the old people or retired people do is that they change everything to 36 00:04:56,780 --> 00:04:59,220 electricity. 37 00:04:59,220 --> 00:05:05,900 So they have electric fires so they don't have a standing order where you're using not 38 00:05:05,900 --> 00:05:08,020 a great deal of gas. 39 00:05:08,020 --> 00:05:12,500 I mean gas is going to be phased out at some point. 40 00:05:12,500 --> 00:05:23,900 So it's just going to be you know saving with one hand and we'll see in the news that we'll 41 00:05:23,900 --> 00:05:36,180 be spending twice as much on the other hand which will put pressure on the NHS when they're 42 00:05:36,180 --> 00:05:45,980 trying to get through the backlog where they're dealing with flu and other ailments that happen 43 00:05:45,980 --> 00:05:47,860 at the end of the year. 44 00:05:47,860 --> 00:05:54,860 So I'd like you to listen to what Labour have said. 45 00:05:54,860 --> 00:06:01,580 So Labour will turn the page on Tory chaos with economic security and political stability. 46 00:06:01,580 --> 00:06:12,340 Well not sure about the chaos in general because it seems like a lot of chaos already. 47 00:06:12,340 --> 00:06:17,060 So a Labour government will protect the triple lock on pensions and review the current state 48 00:06:17,060 --> 00:06:22,540 of the pensioners retirement savings landscape to check if the current framework can deliver 49 00:06:22,540 --> 00:06:25,820 sustainable retirement incomes for people. 50 00:06:25,820 --> 00:06:37,100 Well that's good but you cannot say oh you're going to get the money in a year or two. 51 00:06:37,100 --> 00:06:40,980 You've got to pay it now for your energy. 52 00:06:40,980 --> 00:06:43,580 You can't go into arrears. 53 00:06:43,580 --> 00:06:52,420 You don't have something for most pensioners on low income like a direct debit. 54 00:06:52,420 --> 00:06:54,420 So that's got to be rethought. 55 00:06:54,420 --> 00:06:59,140 We will also give the pensioners regulator new powers to intervene where schemes fail 56 00:06:59,140 --> 00:07:03,420 to offer sufficient value for their members. 57 00:07:03,420 --> 00:07:06,820 So effectively it's in the wrong section. 58 00:07:06,820 --> 00:07:13,140 These are people who are saving for retirement. 59 00:07:13,140 --> 00:07:18,140 Is Kendall Labour shadow pension secretary has said retirement should be a time we all 60 00:07:18,140 --> 00:07:24,020 look forward to but more pensions than ever are renting into retirement. 61 00:07:24,020 --> 00:07:29,300 Their children returning home because they're locked out of the housing market and soaring 62 00:07:29,300 --> 00:07:36,300 childcare costs mean the pensioners are taking on more responsibilities they weren't expecting. 63 00:07:36,300 --> 00:07:47,220 Well not always having a home is the answer. 64 00:07:47,220 --> 00:07:55,780 You know there are a lot of information online in regard to the benefits of having a mortgage 65 00:07:55,780 --> 00:07:58,620 and the benefits of renting. 66 00:07:58,620 --> 00:08:07,420 The only thing is is that when you have a mortgage you're regimented about paying because 67 00:08:07,420 --> 00:08:10,780 then they will take the property off you. 68 00:08:10,780 --> 00:08:22,580 If you are regimented and you're paying your rent you have to pay a portion of that into 69 00:08:22,580 --> 00:08:31,260 the stock market in indexes which over time will compound and you would probably have 70 00:08:31,260 --> 00:08:41,180 a better nest egg than having a property which you have to pay a lot of money on. 71 00:08:41,180 --> 00:08:47,500 There's all the repairs and the painting and whatnot and whatnot. 72 00:08:47,500 --> 00:08:54,300 If you have a mindset that you're renting you're going to have a lot less stuff which 73 00:08:54,300 --> 00:09:06,100 will be cheaper to move to your property and then it will also make it easier to actually 74 00:09:06,100 --> 00:09:18,940 move either for a new or better outlook or to find better employment or better schooling. 75 00:09:18,940 --> 00:09:27,780 So you may want to be close to your children when they're at university so you can actually 76 00:09:27,780 --> 00:09:39,100 move and rent as well because a lot of jobs you need to commute for an hour or two and 77 00:09:39,100 --> 00:09:48,700 when you sum that all up of costing probably six or ten grand a year all in and lost time 78 00:09:48,700 --> 00:09:52,680 it'll be better if you had rented. 79 00:09:52,680 --> 00:10:02,660 So I would advise you to actually look at the topics online whether it's better to rent 80 00:10:02,660 --> 00:10:11,300 and the pros and cons or whether it is better to get a mortgage and the pros and cons. 81 00:10:11,300 --> 00:10:22,000 So it's not for everybody somebody wants that reliability but on the other hand you can 82 00:10:22,000 --> 00:10:32,780 make more money in the long term as well as you know changing the boiler needed to fix 83 00:10:32,780 --> 00:10:43,300 this needed to fix that it's the responsibility of the owner if you're renting so those costs 84 00:10:43,300 --> 00:10:46,120 don't come out of your pocket. 85 00:10:46,120 --> 00:10:52,140 If you want a new scenery you can just say well I'm going to move and move to this other 86 00:10:52,140 --> 00:11:02,060 place I suppose it has that mindset that you need to be as minimalist as possible maybe 87 00:11:02,060 --> 00:11:08,500 renting or just getting secondhand furniture rather than buying brand new. 88 00:11:08,500 --> 00:11:21,800 The other thing is that a mortgage isn't right for everybody because you know people have 89 00:11:21,800 --> 00:11:28,380 seen that mortgages have been close to zero or around two percent I mean we've had an 90 00:11:28,380 --> 00:11:36,060 average mortgage rate over the past five or six hundred years of about five and three 91 00:11:36,060 --> 00:11:41,460 quarters to six percent so that's fairly on the high side. 92 00:11:41,460 --> 00:11:52,180 So you know even taking into account the market corrections and so forth if you just be diligent 93 00:11:52,180 --> 00:12:04,500 and stick it in some sort of tracker maybe put it in some maybe a small amount into stars 94 00:12:04,500 --> 00:12:13,060 that will actually give you a different return and over the course of sort of 40 years you 95 00:12:13,060 --> 00:12:22,460 probably get a better nest egg and you get flexibility of moving around because of course 96 00:12:22,460 --> 00:12:29,540 you know once you've bought your bricks and mortar you're the one that are going to have 97 00:12:29,540 --> 00:12:37,900 to deal with any issues with that property you're going to have to update it the kitchen 98 00:12:37,900 --> 00:12:48,540 and the bathrooms and the painting and the flooring and a new boiler fixing all the electrics 99 00:12:48,540 --> 00:12:51,700 and bringing that all up to date. 100 00:12:51,700 --> 00:13:06,580 So looking at how labor will support pensioners I think it needs a radical change to a lot 101 00:13:06,580 --> 00:13:16,900 of these systems it needs to be completely rewritten the relevant software because there's 102 00:13:16,900 --> 00:13:28,020 just no cohesive manner I mean if you wanted to do this in a normal way you would say select 103 00:13:28,020 --> 00:13:40,820 staff from pensioners who have more than X coming in to their house so you'd have to 104 00:13:40,820 --> 00:13:49,020 work out you know how many people are living in that property and determine either on an 105 00:13:49,020 --> 00:13:56,540 individual basis or a house basis and then you can say well we'll pay it out to these 106 00:13:56,540 --> 00:14:02,180 people and we won't pay it out to these people so what we're going to have is we're going 107 00:14:02,180 --> 00:14:09,940 to have a draw on the NHS we can have a draw on the local authority of the people that 108 00:14:09,940 --> 00:14:19,860 are just between the gaps so you're going to have somebody which is maybe 500 or a thousand 109 00:14:19,860 --> 00:14:28,420 over the gap you'll be probably going to get food inflation into the end of the year they'll 110 00:14:28,420 --> 00:14:37,180 probably miscalculate the fuel and of course when you're older you need to have the heating 111 00:14:37,180 --> 00:14:51,100 on more because when you're sick it affects you more so you've got one side where you've 112 00:14:51,100 --> 00:15:01,220 got people that are supported in our environment in the state and the other people where they 113 00:15:01,220 --> 00:15:11,340 have little voice aren't supported so I think they should rescind this until they get proper 114 00:15:11,340 --> 00:15:19,420 changes in the software so they can actually mark and say these people don't get it but 115 00:15:19,420 --> 00:15:30,100 these people do and maybe it should be more of a simplistic thing maybe it should be a 116 00:15:30,100 --> 00:15:37,340 simpler thing where they just put it straight on your tax allowance so you add it straight 117 00:15:37,340 --> 00:15:44,980 to your tax allowance if you earn more than a certain amount then it's just eradicated 118 00:15:44,980 --> 00:15:54,960 so those people that don't earn those sort of amounts they will get that extra benefit 119 00:15:54,960 --> 00:16:03,340 and those people that don't won't so that's probably a simple workaround I hope Keir Starmer 120 00:16:03,340 --> 00:16:13,820 will read this because I think personally the savings will be eradicated by the cost 121 00:16:13,820 --> 00:16:32,860 of the NHS the police the ambulance ambulances the whole principle of people not actually 122 00:16:32,860 --> 00:16:40,060 purchasing the relevant food or going out or having that relevant celebration which 123 00:16:40,060 --> 00:16:49,300 will just impact you've got let's say three million pensioners that would be affected 124 00:16:49,300 --> 00:17:01,060 in some manner so the whole principle of having maybe a monthly Sunday lunch or a Friday lunch 125 00:17:01,060 --> 00:17:08,420 that's out of the question for a lot of these and you'd have that knock on effect that this 126 00:17:08,420 --> 00:17:19,740 will affect the local and wider community because there's the inevitable idea that people 127 00:17:19,740 --> 00:17:31,180 will just cut back because things people don't know where their money will need to go because 128 00:17:31,180 --> 00:17:43,940 the problem is is that you state one inflation rate but every different type of individual 129 00:17:43,940 --> 00:17:51,620 and couple have their own inflation rate you might have a couple who are married with no 130 00:17:51,620 --> 00:17:58,780 children a couple married with children you might have a single person with children you 131 00:17:58,780 --> 00:18:06,500 might have two people retired you've got one person working that all of these people and 132 00:18:06,500 --> 00:18:15,180 up and down the country will have different inflation rates and that is another issue 133 00:18:15,180 --> 00:18:25,900 do you actually dole out the money depending on where you live so in the north it's a lot 134 00:18:25,900 --> 00:18:35,420 cooler than it is in certain areas of the south so do you then give more money when 135 00:18:35,420 --> 00:18:46,660 it's colder you know because then of course if it's minus three you've got to use more 136 00:18:46,660 --> 00:18:55,580 energy than if it's sort of minus one so I think this is needs a radical overhaul and 137 00:18:55,580 --> 00:19:06,940 it needs it soon because you're just robbing one set of individuals and I think that any 138 00:19:06,940 --> 00:19:14,500 savings will be eradicated and you'll probably have a lot more expenses to actually tidy 139 00:19:14,500 --> 00:19:20,660 up the issue now and going forward thank you very much for your time please support my 140 00:19:20,660 --> 00:19:30,380 channel by subscribing and commenting and also in the show notes I've got a donation 141 00:19:30,380 --> 00:19:37,620 link so if you could donate if you found that interesting and also I'm looking for people 142 00:19:37,620 --> 00:19:44,740 to sponsor this and other shows that I'm doing so all this information will be in the show 143 00:19:44,740 --> 00:20:12,260 notes thank you very much and have a good day thank you bye