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director of policy at the institute of directors. what changes will come into force tomorrow? national insurance, it is only and employers and the self employed will showcase a cut tomorrow. they will get a second tax cut tomorrow after one injanuary. this has taken the ratchet national insurance pay my employees down from 12% last year to 8% effective tomorrow. how much you save in terms of your tax bill will depend on your income, but for the average employee earns about 35,000 average employee earns about 35,000 a year in the uk, taking the chewed macro tax cuts together, you are going to be about £900 a year better off, so it is a meaningful tax cuts, but it is occurring in the context of a big tax increase that has occurred over the last few years. we talked about what the balance of benefits is for employees. what is the impression the position for employers? the the impression the position for employers? employers? the situation there is unchanged- emplo ....
Some said, well, why should i have to pay for the debt that you chose to get? is that part of the political conversation still to this day, do you think? i think there s a significant part of the population that still believes that because i suffered, you should have to suffer to. the idea i paid off my student loans, you can figure how to do it. but we forget that this is a unique generational problem. that california public schools, some of the best colleges in the country, all used to be free up until ronald reagan decided that people should be paying tuition for them. there has been a 2500% increase in college tuition since 1970. generation x, millennials, who are now in their 40s, trying to buy homes. stuff with gig economy work, no pension guarantees, are also saddled with student loan debt, trying to fulfill a promise that they were given that this is how you advance in society. this is how you get ahead. and it s simply not the same way it worked for our parents. so, we are n ....
Until ronald reagan decided people should be paying tuition for them there. has been a 205% increase in college tuition since 1970. so generation x, millennials in their 40s now trying to buy a home stuck with gig economy work, no pension guaranteed are also saddled with student loan debt trying to fulfill a promise that this is how you advance in society of, how you get ahead and it s not the same way it worked for our parents. we are now looking for solutions to effectively follow what our elders told us and our elders are still largely the ones making the decisions of how the economic system is going to work. liam, those legislative solutions that she s talking about, i mean they re not yet tangible, right? the idea that president biden as part of the campaign promise tried to have this policy implemented, some in a cynical ....
there are still 6 million jobs missing compared to pre-pandemic levels. where are all those people, what are they doing? there s still a lot of people who haven t reentered the labor force who you normally would have expected to. the 4.2% unemployment rate is relatively low. it could go still lower, but it s relatively low. but the surprising thing is there s still so many job openings and so many people not taking them. i think a lot of it is continued fallout over covid, continued fear of the disease, and nervousness about getting back into the workplace as a result. could some of these people be starting their own businesses, working for themselves, doing gig economy work, stuff that isn t necessarily measured by these numbers? that s a little bit of it. we ve seen self-employment go up by about 500,000. but that s not the bulk. the bulk of it are people who appear to not be having earnings in the labor market now, and did prior to covid. ....