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it

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for new ways to tax Britain.

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And they're looking for something else.

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So they're constantly pushing each other to new extremes.

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With labor in power, they're fighting

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to get the attention of PM Keir Starmer and Chancellor

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Rachel Reeves by suggesting one new tax rate after another.

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And it's one punch to the face, one to the groin,

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one to the face, one to the groin.

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So the resolution found in Asie, whose boss, Taunston Bell,

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is now a labor MP, is among the most active.

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It has already targeted savers by calling

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for a 100,000 pound lifetime cap on ISSA savings

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in the autumn budget.

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Well, this is utilized to look after yourself in your old age

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and not be a burden on the state.

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Minimal amount of work, I would say.

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And so it all wants Reeves to hike capital gains tax

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and inheritance tax on unused pension pots.

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So if you retire and it's not enough,

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and you want to extend it, they're going to tax it.

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Or if you want to bequeath it to somebody else

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and they're not doing it, there's another taxation.

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As if that was enough, it's calling for hikes

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to national insurance, business rates, council tax,

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and road pricing too.

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So is there any point in working?

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They're just making it very difficult for them

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to get out of bed and work.

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Because it's tax, tax, tax, tax, tax, spend tax, spend tax,

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invest tax, invest tax, invest in the house tax,

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go on holiday tax, heat yourself tax,

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clothes yourself tax.

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It's just ridiculous.

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And with the precedent of taxing,

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with the precedent of taxing children's education,

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I wouldn't be surprised if they raised the tax for children's

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food and children's clothing.

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And anything related to the zero rate for children

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will be taxed.

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So that's an awful lot of tax hikes.

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But its latest suggestion is the most radical yet.

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So because of non-doms and the taxation, et cetera, et cetera,

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thousands of millionaires and entrepreneurs

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are said to be fleeing the UK ahead of the labor's Halloween

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budget.

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You couldn't make it up.

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Maybe that's just a sick joke, but I

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wouldn't put it past them.

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They want to get out before Reeves

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gets stuck into their money.

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The Resolution Foundation doesn't like that

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and has dreamed up a plan to punish them

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by hitting them into an exit tax.

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So currently, entrepreneurs and investors

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pay no capital gains tax on UK shares

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if they leave Britain for more than five years.

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The Resolution Foundation wants this rule scrapped

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and a capital gains tax style exit charge applied instead,

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according to today's Daily Telegraph.

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Well, they like to leak these so that they'll probably not

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choose all of them.

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They'll choose the selection now,

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and there's some to follow.

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With capital gains rates sectorizing the budget,

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this could cost relocating Brits up to 45,000 of every 100,000

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they have.

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As yet, it isn't clear whether this exit charge will

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apply to assets such as property and businesses,

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but I bet it would.

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The UK already faces a net loss of 9,500 millionaires

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this year, more than double the 4,200 who left in 2023,

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according to the Henry Private Wealth Migration Report 2024.

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Talk of an exit tax could turn into a stampede.

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I can see the appeal to labor social warriors,

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and it would deliver short-term cash injection,

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but not long-term.

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Most of these schemes are short-term,

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but I fear it would wreck long-term damage.

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As with other labor taxes, the proposal

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raid on foreign non-doms has persuaded many to upstix

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and take their tax revenues elsewhere.

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So instead of raising 3 billion, as we've hopes,

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it could end up costing the UK a billion in lost revenues.

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An exit tax would have a similar result.

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A tax on employment could have the same result.

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Most people will say, well, what's

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the point in working so many months of the year?

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I'll just not bother with the last month,

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and I could take the time off, and I'll

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have more money in my pocket.

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What's the point of investing?

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Because if I lose anything, I'm not helped.

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If I make money, they take it off me.

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If I save, that means testing against me.

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If I have a property, that means testing against me.

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If I have savings, that means taxes against me.

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And any interest I make is taxed.

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The ISA is going to be limited to what I can actually invest,

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and I don't know whether, if you creep over that threshold,

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whether you have to liquidate that excess cash.

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I mean, if I was a Gen Zed or a millennial,

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there isn't any point to have that glorious dream.

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Most people aren't getting married,

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aren't having kids.

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They want to rent, but not at the high prices.

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They don't want to buy, because you'd

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have this around your neck.

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You might as well rent, put the money in some stock market,

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enjoy your week where you watch Netflix or whatever.

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You're getting a takeaway once a week, once a month.

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You're having those vacations or long weekends,

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two long weekends, maybe with another vacation

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for life experiences.

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And the actual pension will be pushed up

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to the probably 80s and 90s.

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You can't afford to own your own property

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and don't want to because of the added cost of maintaining it

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and the potential mansion tax.

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You don't want to put any money into your own pension.

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You might as well let the state look after you,

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because you get more money, because everything's

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means tested.

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Oh, you're not going to get that because you've got 10 quid

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more than you should have.

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You're not going to get it.

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Well, I'm not going to do that then.

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I'm just going to earn and spend, not have any money set

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aside because being forced into a pension that is inadequate

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because the company do not want to pay any money

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to get a good one.

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All of the costs are with the employee and not the employer.

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The expenses are really, really high.

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The spreads and to buy the units are very, very high.

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And the performance is probably mostly in the last quarter.

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If, like most people, you don't change the default fund,

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which most people aren't clued up,

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you get some really rubbish fund.

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You might as well put it in a high interest bank account

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because after fees and after X, after Y, after Z,

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you're not better off.

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So the problem is that you can get all of this,

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but it's the unintended consequences.

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People are going to say, well, I'm not going to work as long.

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I'm not going to work as hard.

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I'll take the time off.

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I'll take the time off sick.

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I'll take more holidays.

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I won't invest in stocks so they can't get the capital gains.

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I won't invest in properties so they

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can't get the capital gains.

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I won't invest in businesses so I

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won't get the capital gains.

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I won't invest in equities.

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I mean, the UK market is a little bit of a joke.

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It's far too small.

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It needs a massive overhaul, and it needs a lot more companies

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being on the stock market.

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But most people don't want it because all of the red tape,

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all of the sleaze, and they're making more money

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just by having their own systems remotely.

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So it's like most taxes where you're

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going to fight to pay them.

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I mean, effectively, oh, yes, we'll do some tax on this

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and have a play around.

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But most people just didn't sell.

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People won't buy the furniture and anything

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to smart them up the house because they

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can't afford it.

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And they need that breadth of cash

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to push them on the onslaught by the new government.

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And if you're getting fresh faces out of uni,

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you're thinking there's no point.

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Pension, taxed, you are on your own with the ups and downs

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of the stock market.

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You might as well not bother and the state look after you.

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It's the same with investing.

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If it's all good, you get taxed.

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If it's bad, you might get taxed and you lose that massively.

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And it's the same for working.

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You work hard, you get in the next bracket.

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And you work more hours.

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And you probably come up with roughly the same pay

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for a lot more work at the end of the year.

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You work that extra month.

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You might get only a few quid.

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Is it really worth it?

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So productivity goes down.

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And we've all got lots and lots of issues

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about unemployment creeping up, where

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you've got to account to effective unemployment.

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Those people that are unemployed.

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And those people that are economically inactive.

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So i.e., they can't find a role because none are available.

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They do not want to be in a role because they have funds

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where they can just live their life

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and then fall on the state.

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Or you might have some where they have the money.

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They are doing something which isn't related

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to the standard of working for a company.

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They're working for themselves or in a small group, small team.

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And they're just ticking by making some money,

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being self-employed.

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And they aren't really contributing

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to what the government want.

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They want a whole load of serfs working for big companies

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where taxation can be easily removed

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on a weekly, monthly basis rather than having

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to wait for the calculation.

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And they get it paid in twice a year.

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So please, can you follow by sharing and putting

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on the bell?

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Can you comment on these videos?

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And I'd love to share these to other people

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so they can follow and subscribe.

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Also in the show notes, I'm going to leave a way

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that you can sponsor these and other of my channels.

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And also, I need a lot of funding.

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So if you could donate, that would be great.

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The donation details will be in the show notes.

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So I'll be coming up with more information

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about the new government and how, at the moment,

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they are crucifying the young and the old and benefiting

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anybody who is a signed up Labour Party member

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or is a paid up union member.

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They are getting this money to pay for this salary

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and debt across all the unions and to prop up

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their unionized or defined benefits pension.

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So be wary, be careful, be scared.

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But above all, look after your money.

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Thank you very much.

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And I'll see you on the next one.

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Bye.