The Office of Budgetary Responsibilities (OBR) report on the financial state of the nation, sparked a truly engaging discussion last Monday (17/7) led by Paul Howarth. We delved into the concerns raised by the report regarding the prevalence of long-term sickness and worklessness in the job market, and the profound implications it has on welfare benefits and taxation. Bob Wagstaff candidly pointed out that dealing with this complex issue will be hard and politically uncomfortable. For example, suggestions such as raising the pension age swiftly to 70 or letting more young people from abroad enter the country and contribute through work and taxes as solutions were unlikely that the government, or any government for that matter, would be willing to pursue either of these measures.
These issues extend beyond the realm of government. Our discussions revealed that they have serious repercussions for the collection of small unrecoverable council tax bills and the strain placed on local councils’ financial support demands. The NHS also stands as a financial drain, akin to a black hole, and is in desperate need of reform.
Surprisingly, climate change and its additional impacts did not receive any attention during our discussions. Yet, it remains a pressing issue that cannot be ignored.
Looking ahead, our next session will be the final one before the summer break. The discussion group will reconvene on the 4th of September.
The recording for this week can be accessed through this link: https://bit.ly/VN230717.
The slide pack and reports can be found below.
We also have a WhatsApp group where you can stay connected and participate in further discussions. You can join us here: https://bit.ly/3Qjrkqe.
Please note that the slide pack contains additional slides covering other items of interest in the news and job adverts, which are provided in partnership with Business Smart (https://www.businesssmartsolutions.co.uk/).
