Lakshmi Mittal Leaving UK

[SheepRanger]

I'm not sure if this will impact Rangers? But I think hes only got a minority holding...? But will others leave and cash out their UK investments?

https://www.independent.co.uk/news/u...-b2871005.html

[Undecided]

Interesting. At first I thought you were referring just to the implications for QPR, but, of course, this would impact all teams with wealthy shareholders.

Ironic really, the working man's party jeopardising the working man's sport.

Or, has the wealth already spoilt the game?

[3London]

Interesting. At first I thought you were referring just to the implications for QPR, but, of course, this would impact all teams with wealthy shareholders.

Ironic really, the working man's party jeopardising the working man's sport.

Or, has the wealth already spoilt the game?

I think the sport like most things has been ruined by the wealthy for years!!

[Abseits]

Dunno if I'm being dim but I've never understood logic of "squeezing" the rich for even more tax? Everyone should just pay 20% so ignoring allowances if you earm £10K you pay £2K tax if you earn £1M you pay £200K... earn 10x more and pay 10x more tax - seems fair to me but I guess I'm missing something????

[daveshads]

Yes, the influence of money, as with a lot of things, continues to affect our once great game. And the big (rich) 6 or so, continue to ensure the status quo. How long before Liverpool and Spurs start splashing more cash to secure their place at the top table. Maybe Glasner as manager, then Adeyemi etc etc...

[SheepRanger]

I have just checked and Ruben Gnanalingam is a Malaysian resident. The fact he's not a UK resident, hopefully means that Mittal's ownership of QPR shouldn't be impacted when he leaves the UK tax system.

But this exodus of the super rich from the UK doesn't give a good message that the UK is open for business.

[shaggy24]

Dunno if I'm being dim but I've never understood logic of "squeezing" the rich for even more tax? Everyone should just pay 20% so ignoring allowances if you earm £10K you pay £2K tax if you earn £1M you pay £200K... earn 10x more and pay 10x more tax - seems fair to me but I guess I'm missing something????

Your not being dim sadly common sense isn’t allowed anymore the f kin dimwits regardless of political party have shagged this country to pieces I’m 56 and it won’t recover in my lifetime imo

Not sure if at all it will have impact on us think he’s got 3% shareholding but I don’t blame him for going fk this I’m off

[SheepRanger]

Your not being dim sadly common sense isn’t allowed anymore the f kin dimwits regardless of political party have shagged this country to pieces I’m 56 and it won’t recover in my lifetime imo

Not sure if at all it will have impact on us think he’s got 3% shareholding but I don’t blame him for going fk this I’m off

House price inflation is the root cause.

Many years ago the banks were only allowed to take one income into account when assessing mortgage affordability. Second incomes were therefore for discretionary spending. But now both incomes are lumped together and used. This meanings that when lower earners chose to work for extras, now it's a necessity to even get a roof over your head. And 25yr mortgages became 40yr mortgages. It was a deliberate policy to enslave people to the jobs market. With rising interest rates it means mortgages costs cripple families.

For normal people they can try and get blood out of a stone, but for the very richest,p with interests across the globe, they can say "thanks but no thanks." Taxes will rise again to fill that void. In the economic world its called a "doom loop".

Like Mittal, I have researched how to emigrate to a country which doesn't charge IHT. But the thought of missing family and not seeing the Rangers means when I snuff it the Govt will grab 40% of what I've done with my net pay. I do wonder why I bothered putting so much effort into my career. If the younger generation, who are still working think that, the country will be even more fooked very soon. Its a tax on ambition and will only accelerate AI revolution which will reduce the number of jobs available.

Best of luck to Mittal, his tax pounds will be missed.

For a small football clubs like ours, player wages will have to come down just to keep ticket prices sensible, or people just won't be able to afford the expense. Or at least they can't go any higher.

[KLOS]

Sky money. I would like to see it ring fenced limited for players and a big amount hypothecated for stadia upkeep, local community initiatives etc. But you will say that will drive top players abroad. Excuse my ignorance, but does Sky money also go to other countries- feel free to award me Duns Scotus status.

[LordLoftus]

Billionaires making money from the UK investments and then not returning it into the UK are a problem.

Billionaires shouldn't exist, I don't think 156 people should be able to hold 23% or the wealth of the UK. And when they are sitting there like dragons on top of mountains of gold they need to be taxed to redistribute that wealth back into the economy, local infrastructure, NHS, etc.

If you received 20% more per year, how much better for would you be? How many more vacations, how many more times could you eat out? How much of that 20% would go back into the economy and recirculate in our economy time and time again? Well the Billionaires can afford to pay you that and still be the richest people in the UK and never have to work a day in their life or their great great grandchildrens lives.

I'm not calling for off with their heads, but they are a parasite on the economy that stiffles innovation (as fewer people are able to afford to take the chance innovate) and don't pay their fair way in our life and we need to tax them to claw it gat money back out so it should go on something useful. Now the fact the government is doing questionable things with our taxes is another issue, but we need to get that money out of them either way.

[SheepRanger]

Billionaires making money from the UK investments and then not returning it into the UK are a problem.

Billionaires shouldn't exist, I don't think 156 people should be able to hold 23% or the wealth of the UK. And when they are sitting there like dragons on top of mountains of gold they need to be taxed to redistribute that wealth back into the economy, local infrastructure, NHS, etc.

If you received 20% more per year, how much better for would you be? How many more vacations, how many more times could you eat out? How much of that 20% would go back into the economy and recirculate in our economy time and time again? Well the Billionaires can afford to pay you that and still be the richest people in the UK and never have to work a day in their life or their great great grandchildrens lives.

I'm not calling for off with their heads, but they are a parasite on the economy that stiffles innovation (as fewer people are able to afford to take the chance innovate) and don't pay their fair way in our life and we need to tax them to claw it gat money back out so it should go on something useful. Now the fact the government is doing questionable things with our taxes is another issue, but we need to get that money out of them either way.

Until they wave good-bye and invest and create jobs elsewhere. I've never understood why the wealthy high achievers are deemed to be the enemy within. You talk about asset ownership but don't quote who pays the biggest slice of taxation in the UK.

Billionaires & millionaires are exiting the UK in huge amounts and heading off to Switzerland, Milan, Dubai......good riddance hey, we don't need their sort around here! Check out the Companies House data about the surge in the last 12 montgs of company directors leaving the UK.

Its a race to the bottom and one day we'll wonder where all the jobs went. Clearly the countries I've mentioned are all wrong in courting entrepreneurs whilst we are the righteous ones rewarding the unproductive.

[shaggy24]

Until they wave good-bye and invest and create jobs elsewhere. I've never understood why the wealthy high achievers are deemed to be the enemy within. You talk about asset ownership but don't quote who pays the biggest slice of taxation in the UK.

Billionaires & millionaires are exiting the UK in huge amounts and heading off to Switzerland, Milan, Dubai......good riddance hey, we don't need their sort around here! Check out the Companies House data about the surge in the last 12 montgs of company directors leaving the UK.

Its a race to the bottom and one day we'll wonder where all the jobs went. Clearly the countries I've mentioned are all wrong in courting entrepreneurs whilst we are the righteous ones rewarding the unproductive.

spot on sheep at some point the government will turn around and go fk me we messed this up, I doubt it will happen as they can't admit errors and only other saving grace is new upcoming entrepreneurs will always come and go a major reset is needed and it will happen its not if but when moment

[LordLoftus]

I was a conservative for 20+ years of my life until I listened to a random speech by a professor about economics and how the governments job is to spend money.

Mark Blythe did some really good talks during the whole austerity time to explain why it doesn't work and why we can't all balance our budget sheet at the same time. The same principles apply here.

This is a simplified version to get you started.

https://youtu.be/go2bVGi0ReE?si=6LP1Xk-v-JLdBtGm

Hoarding massive wealth does nothing for the economy and circulation of currency. The economy needs people to spend money, when we have less of it less jobs are created and less income and the economy crashes. But letting and continuing to do nothing about the wealth distribution inequality does nothing to help fix the issues. If you look at the reciprocal cycle of the economy the same issues we had 15 years ago are the same now. They've never been fixed. The other two halves of the triangle, the "others" and the government are still the ones piling up debt while the rich get to take in the rewards and aren't held accountable for their fair share.

There have been studies and papers done on this, you can find them with a Google search on the areas you don't feel comfortable understanding to check if your assumptions are correct.

But for every £1 that goes to a poor person, it generates £2.50 for the economy.
So letting the top 156 people own 23% of the wealth means that our economy is missing out on circulation of that wealth and it's impact the UKs ability to innovate and create better prosperity for everyone else.

It's really fascinating how it all works and ties together and why Billionaires are actually really bad for the economy. I don't claim to understand it all, but there enough out there to explain why Billionaires are bad for an economy... in most cases.

[cross it Dave]

Only 3 years 6 months to wait till this lying treacherous cowardly sh it shower of a Labour Party are consigned to the history books

[topperharley]

20% seems to make sense. If everyone did it.

However once you add one loophole you open the door to a thousand more, and people will always look for a loophole.

It's such a mess that i don't see any government fixing their finances.

I live in France and the mess the government is in over pensions is simply unsolvable. At least it is when you take into account the French, who will notput up the with the reforms that would be required for it to work.

The UK can't solve their problems by taxing only the wealthy. It would however be a start to substantially tax or somehow cap wealth that is being attained through ridiculous levels of ownership of estates and businesses that seem to be cutting the legs out from under the middle class.

In a way, I think AI could be our saviour, because it's going to expedite the wealth gap at an even faster rate as more and more people become unemployed, poverty is going to sky rocket, forcing society and government to change to some new form of capatilism where many are paid by the state based off of the output of AI and robotics.

Right old mess world governments have put us all in really, we're about to reach peak capatilism, then we'll see what happens to the masses.

It's been a fun ride while it lasted.