Chancellor Rishi Sunak reveals date of next Budget
17/12/2020
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The Budget had been set to happen in Autumn 2020 but was ditched due to the coronavirus pandemic.
What a thoroughly daft and unpleasant thing to write, typical leftie. Yes, some furlough money was wasted. But is saved an awful lot of jobs and companies. I guess that you are a student or have a cushy public sector job to write such an ill considered post.
Will it be a real Budget this time?
More than likely there won't be tax rises.
What will happen is the treasury will likely make a fair bit of money on the import tariffs they will need to apply due to Brexit.
What will happen is the treasury will likely make a fair bit of money on the import tariffs they will need to apply due to Brexit.
Gov. only gets money from import tariffs if consumers (us) still buy the goods with inflated prices.
Rishi is the only politician that appears to be coming out of this pandemic with any merit.
It's easier to spend money and be popular than it is to make cuts/raise taxes and be popular.
That said in terms of his ability to strike tone and read the room he is quite good.
His real test is going to be the 2022-2023 and onwards budgets when he'll have to balance books which already had a deficit, with larger debt servicing payments.
That said in terms of his ability to strike tone and read the room he is quite good.
His real test is going to be the 2022-2023 and onwards budgets when he'll have to balance books which already had a deficit, with larger debt servicing payments.
Britain's economy is down more than any other Western country. Is that what success now looks like here?
Someone's bound to mention Amazon so let me be the first...
"...next date of budget"
Hopefully after I'm dead! This country is now bankrupt.
Hopefully after I'm dead! This country is now bankrupt.
Thank you Moscow but it isn't.
The biggest can kick in history..........just wait until they raid us for cash for their incompetence.
Does the government actually have a plan for how to deal with the pandemic and the ensuing havoc it has caused by its actions? How long before the virus pandemic is no longer an "emergency" but a "way of life", and we cannot continue to lock ourselves up indefinitely, hoping it will go away.
Furlough extended should hopefully be a safety net, rather than Sunak hinting at something the rest of us don't currently know.
My hope is that we are well through the vaccination programme by April and more of society can inch back to normal.
My hope is that we are well through the vaccination programme by April and more of society can inch back to normal.
Endless furlough and a budget don't mix
Tax rises for the poor coming soon
Tax rises for the poor coming soon
More the middle class who get squeezed by income tax hikes, unless they increase the regressive taxes like VAT or fuel duty as well.
One thing is for sure - the richest 1% won't pay a penny. Tories are so corrupt it defies belief.
Sunak also extends furlough scheme to end of April but the PM has previously said that the aim was to return to normality by Easter. Easter Sunday is on 4th April so is furlough part of the "new normal" ?
Yeah here we go, tax the poorer motorists to subsidise the Electric car drivers.
We know its coming, and its a pretty disgusting way to treat people who cannot afford an EV car.
We know its coming, and its a pretty disgusting way to treat people who cannot afford an EV car.
Oh well, at least it will keep the child labourers in the DRC in work, and I'm sure the planet doesn't mind being stripped or lithium, cobalt and nickel. Electric cars whoo!!
In about two years time battery cars will reach price equivalence with ICE cars. The sooner we get filthy polluting petrol and diesels of the road the better.
Fuel duty's been frozen for about a decade, contrary to the Government's claim it wants us to switch to electric cars.
But over the next few budgets, I expect fuel duty to rocket, along with every other tax they can think of - nothing to do with EVs, just trying to recoup some of the deficit.
But over the next few budgets, I expect fuel duty to rocket, along with every other tax they can think of - nothing to do with EVs, just trying to recoup some of the deficit.
Electric cars are an absolute waste of time, now the government suddenly realise that they will loose 30 billion a year in fuel duty by switching to electric crap cars.
"There are only two things certain in this life, death and taxes" (Benjamin Franklin.)
Until Tax Evasion was discovered!
And nurses!
tell that to amazon , n the royal vermin that we are born to wave at
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Interesting (but also shameful) article currently running in NY Times about cronyism and awarding of contracts to the chumocracy by the ruling junta in the UK - will Sunak account for or even explain this?
I think the NY Times should look a little closer to home before dishing out the accusations.
The New York Times is the USA's version of the Guardian, full of conspiracy stories.
We are deeply complacent about corruption in the UK. In general the UK compares badly for transparency with the USA and many other countries. City of London is undoubtedly the most corrupt of the major financial centres having taken over the role from the Swiss in the 1980's.
Hopefully he will introduce a one off supertax for PPE middlemen, covis contractors like SERCO, supermarkets and online retail giants who have reaped the financial benefits of Covid 19 in spades.
Supermarkets?
We could all take our own stance by avoiding giving wads of cash to the likes of Amazon. Jeff Bezos's ex-wife was being lauded for giving billions to charity recently, but with many more billions to hand thanks to her being married to Jeff, it is somewhat affordable for her. That money could have been in the pockets of the many, who actually worked for it.
Most supermarkets have repaid their government assistance, and home deliveries are a loss maker for them. I think there should be a supertax on bloated public sector pensions personally.
I run an online retail website, the cost of our warehouse and the amount we pay Google to be one page one is more than we would pay for a shop in rent and business rates, being cheaper is a myth
It is not likely that there will be a supertax on PPE middlemen or the likes of secro. Thats their pals. People like Anthony page, head of PPE Medpro. A company that didn't exist until May this year but was given £122 million contract. Whats Tony's other job? Hiding the wealthy's money from the taxman. He lives on the Isle of Man by the way so don't think you can tax him.
"There are only two things certain in this life, death and taxes" (Benjamin Franklin.)
It's rumoured there's going to be a huge tax on Scotch Eggs.
Hopefully he will introduce a one off supertax for PPE middlemen, covis contractors like SERCO, supermarkets and online retail giants who have reaped the financial benefits of Covid 19 in spades.
Yes, whilst high street retail shops were in lockdown they were selling everything plus the kitchen sink!!
Are you implying the journalists on the New York Times are infantile - I am simplying directing people to something they may find of interest - you obviously do not like me doing this - why?
you mean eradicate yourself
It is a leftie poster. They don't believe in education, because that would lead to some people performing better than others, which would be an 'inequality'. Their aim is to drag everyone down to the lowest common denominator. Fortunately we have excellent public schools that nurture prodigiously talented people like Mr Sunak.
We need to break up the Unified Kingdom. For too long Whales, Island and Skotland have sponged off the mighty England and I for one am absolutely sick of it. Its a dog eat dog world out there and everyone's invited.
Does the government actually have a plan for how to deal with the pandemic and the ensuing havoc it has caused by its actions? How long before the virus pandemic is no longer an "emergency" but a "way of life", and we cannot continue to lock ourselves up indefinitely, hoping it will go away.
His plan was to lockdown including schools during the October half term. He would have had testing at airports sooner(we still don’t have a working test system for global tourists).
But you keep echoing the line from former journalist Boris
But you keep echoing the line from former journalist Boris
Labour supporters think Mr Starmer is just biding his time, keeping his powder dry. But there isn't much point in keeping the powder dry, because I don't think there is any shot or wadding to go down the barrel after the powder.
He doesn't need one, Tories control Parliament with majority. Boris needs the plan, not Kier.
So what? 80 seat majority blah blah blah so Johnson can do whatever he likes. Shame Johnson seems so clueless, apart from knowing who to bung the Covid billions to, and his cabinet are just as clueless as him.
Well he doesn't need to, he's not in power. Let the tories continue to show their true wicked colours.
The biggest can kick in history..........just wait until they raid us for cash for their incompetence.
It's easier to spend money and be popular than it is to make cuts/raise taxes and be popular.
That said in terms of his ability to strike tone and read the room he is quite good.
His real test is going to be the 2022-2023 and onwards budgets when he'll have to balance books which already had a deficit, with larger debt servicing payments.
That said in terms of his ability to strike tone and read the room he is quite good.
His real test is going to be the 2022-2023 and onwards budgets when he'll have to balance books which already had a deficit, with larger debt servicing payments.
So we're continuing to give false hope to people who's jobs don't exist outside government subsidy.
Are they going double the self employed wages again(most are still working)
No doubt the 'excluded' will also pipe up again-a small number of wealthy directors looking for a slice of the pie - despite earnings of over 200k per annum on average! Thank god Rishi has stood firm with these chancers??
Are they going double the self employed wages again(most are still working)
No doubt the 'excluded' will also pipe up again-a small number of wealthy directors looking for a slice of the pie - despite earnings of over 200k per annum on average! Thank god Rishi has stood firm with these chancers??
This will really show you what a mess the Government is in!!!
"There are only two things certain in this life, death and taxes" (Benjamin Franklin.)
Add the Poll Tax lite, aka 'Council' Tax to that list of regressive taxes. It bears no relevance to the ability to pay and the overcrowding it causes just a promotes the spread of Covid 19.
Hopefully we will know where we are with Brexit by then
Probably not though
Probably not though
'Hopefully we will know where we are with Brexit by then'
That wil take many years, even after 'a decision' has been made.
That wil take many years, even after 'a decision' has been made.
Ahhh little Rishi been revising his plans again, been a few weeks since the last refresh, as if he hasn't got a clue.......
That's it tax the man on the street AGAIN instead off making the billionaires pay there full amount instead of hiding it in tax havens but I think the chancellor amongst others might no something about that
The bulk of taxes are already paid by the wealthy. But I suppose it was beyond you simple sloganeering to find out where tax is actually raised from.
His family are multi millionaires, he himself was a hedge fund manager. Why would he tax his family and mates?
Half of all income tax paid in this country is paid by the top 5%.
How much more would you like to tax them? Should they pay 75%? Or 90%? Put a figure on it that seems fair to you...
How much more would you like to tax them? Should they pay 75%? Or 90%? Put a figure on it that seems fair to you...
Governments will never pay this back by taxing the very rich, its too easy to move to another country with lower tax and work from there. My desk could be anywhere in the world, they have to increase the standard rate of income tax from 20% to 21 or 22%
AAAH you can see into the future and you know who and what he's going to tax, can you let us all know, i want to invest my peanuts into something safe....
I don't the Chinese Government is too worried. We can elect to stop buying their stuff if we choose though...
When are you going to accept that it was our own fault for not adequately preparing enough for a virus that we KNEW was coming. The UK was the negligent party here.
China aren't responsible for Boris dithering at every turn.
The rich don't pay tax as all their money is offshore, the benefit scroungers never pay tax so its left to the workers to foot the bill.
What you mean benefit scroungers get their fags, booze, mobile phone subs and wide screen TV.s without paying VAT and duty? How do they mange that?
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by benifit scroungers do you mean the hundreds of thousands that were made redundant in June through no fault of their own or do you mean the etonian gravy dribblers and the child abusing royals , ?
They are not scroungers most of them are in a bad place. Vacancies are lower than ever and we have not had the fall out from Brexit.
The real scroungers are millionaires taking benefits they dont need.
The real scroungers are millionaires taking benefits they dont need.
"Benefit Scroungers" So if you lose your job you consider yourself a benefit scrounger even though you have paid your taxes, you have a lot to learn.
I'm not bad off, this continual lie about offshore is damaging and not true. If you put money offshore and fail to tell HMRC and thus pay the tax due, you are breaking the law and should be prosecuted. The tories closed all of these loopholes in 2010/11. Please stop fibbing
Supermarkets?
And recruiting loads of extra staff to pick stock and increase deliveries with additional vans. With a little research you will see that despite increased revenue their profits are significantly down due to the additional cost associated with Covid reflected in their share prices being down YOY.
And to think income tax was only a temporary measure until Napoleon was defeated. You can bet the temporary measures and powers bought in to defeat covid will still be around in 200 years. Cannt see the police or politicians handing back those powers in the same way income tax never got repealed after Waterloo.
they'll have to relax things, people wont accept anything else. They'll be revolution if they try to keep all the rules. But I it has happened before, closing time at pubs was introduced as a temporary measure during WW1 to ensure workers were not too hungover to work in the arms factories. But it's more likely people will CHOOSE to keep doing things like we are now to avoid things like the flu.
Sunak has presided over one of the murkiest episodes in British history. He might have some credibility if he had stepped in and stopped the grotesque manner in which taxpayers’ money has been spent. Instead his reputation will be that of the Chancellor who facilitated deeply shocking misspending.
https://www.nytimes.com/interactive/2020/12/17/world/europe/britain-covid-contracts.html
https://www.nytimes.com/interactive/2020/12/17/world/europe/britain-covid-contracts.html
I don't see how it is ethical for schemes such as Gift Aid to continue when we are borrowing the money simply to give it away. The government rightly cut the foreign aid budget by 0.2% of GDP, why are we borrowing upwards of £300 million a give away in good faith to charities, some of which fraudulently claim such funds
These "accusations" have also appeared over time on the BBC - the NY times has simply put them into one article - why are people so scared of criticism?
Why should the British working classes pay for Britain's colonial past?
Remember Britain was STILL repaying the debt of the 2nd world war into the early 2000's.
Has Japan paid for it's colonial past?
Has Germany paid for it's colonial past?
Remember Britain was STILL repaying the debt of the 2nd world war into the early 2000's.
Has Japan paid for it's colonial past?
Has Germany paid for it's colonial past?
I think the NY Times should look a little closer to home before dishing out the accusations.
Because the money they are using is taxpayers money in the first place, some of it is just being returned to the Govt. while the rest of us work hard to fund their lifestyle.
Tory handouts?
You ignorant self righteous right wing tabloid reader. Don’t believe all the stories you read in the Daily Heil, all of which have an agenda.
I’ll bet you’ve never had to survive on benefits. I’d love to see you try.
I’ll bet you’ve never had to survive on benefits. I’d love to see you try.
End the triple lock, stop subsidising private schools, taxpayer funded handouts to landowners and the fine art scheme, there’s £ 10 billion saved. Next reform directors pay schemes and some of the absurdities around self employment and tax multi nationals there another £25 billion at least, and not one of the above will happen, so all you PAYE suckers will have to cough up again.
If you are not one of the 1% top earners who account for 27% of all income tax or one of the top 50% of earners that account for 90% of all income tax you will be safe. The self employed pay tax at the same rates of the PAYE employees but dont have the same job security or holiday pay.
As someone born in the early 60s I don't worry about getting Covid. I'm more likely to die of something else in the next year or two than Covid and I don't let worrying about dying stop me living.
I am concerned about the financial consequences of Covid, ever rising council tax, the lefties preventing me having the moderately comfortable retirement I'd hoped for after 40 years hard work
I am concerned about the financial consequences of Covid, ever rising council tax, the lefties preventing me having the moderately comfortable retirement I'd hoped for after 40 years hard work
Not lefties, fyi the tories have been in power since Brown's demise.
Yet if you contracted it you would expect to be hospitalised, in the hope that the doctors and nurses could keep you alive.
You, along with thousands of others would then lead to reduced services being available in hospitals.
It's not all about you.
You, along with thousands of others would then lead to reduced services being available in hospitals.
It's not all about you.
Hopefully he will introduce a one off supertax for PPE middlemen, covis contractors like SERCO, supermarkets and online retail giants who have reaped the financial benefits of Covid 19 in spades.
We could all take our own stance by avoiding giving wads of cash to the likes of Amazon. Jeff Bezos's ex-wife was being lauded for giving billions to charity recently, but with many more billions to hand thanks to her being married to Jeff, it is somewhat affordable for her. That money could have been in the pockets of the many, who actually worked for it.
I agree, and although noble, we should remember that she donated that money to US charities yet Amazon raked that money in from all over the world.
We could all avoid the likes of Amazon?
That won't be popular on here. There was a recent HYS about the Christmas TV schedule. The most popular comment was "thank goodness I have Amazon Prime and Netflix."
Netflix took £1.1b out of the UK economy, and paid £0 to the exchequer in taxes. Then again, I suppose Harry and Meghan are grateful to UK subscribers for their £112m Netflix deal.
That won't be popular on here. There was a recent HYS about the Christmas TV schedule. The most popular comment was "thank goodness I have Amazon Prime and Netflix."
Netflix took £1.1b out of the UK economy, and paid £0 to the exchequer in taxes. Then again, I suppose Harry and Meghan are grateful to UK subscribers for their £112m Netflix deal.
I wonder sometimes how magnanimous these gestures are, if they did not give to charities it would likely go to taxman at some point, so they (super rich) get the kudos at no cost to themselves.
I don't see how it is ethical for schemes such as Gift Aid to continue when we are borrowing the money simply to give it away. The government rightly cut the foreign aid budget by 0.2% of GDP, why are we borrowing upwards of £300 million a give away in good faith to charities, some of which fraudulently claim such funds
Some businesses have, rightly, repaid the support grants offered. Some have even repaid the furlough they claimed. Those businesses should be applauded. However, as much as I agree with foreign aid, borrowing £4 Billion a year to give away makes little sense. We have to repay that with interest. Same applies with schemes like Gift Aid. Some charities are run as if they are monopolies
If I promise to vote tory can I be furloughed too?
I think the NY Times should look a little closer to home before dishing out the accusations.
The latest generation of car batteries do not use cobalt. But why look up facts when you can shout lefty slogans eh?
Well with the £30 to £40 billion P/A he will be receiving from duties paid on EU goods entering the UK there should be no need to raise taxes any where else .
OH have I let the cat out the bag about No Deal
OH have I let the cat out the bag about No Deal
Budget delayed in order to ensure that a new forest of Magical Money Trees can be grown in the estates of the Crony Mansions around the land.
As someone born in the early 60s I don't worry about getting Covid. I'm more likely to die of something else in the next year or two than Covid and I don't let worrying about dying stop me living.
I am concerned about the financial consequences of Covid, ever rising council tax, the lefties preventing me having the moderately comfortable retirement I'd hoped for after 40 years hard work
I am concerned about the financial consequences of Covid, ever rising council tax, the lefties preventing me having the moderately comfortable retirement I'd hoped for after 40 years hard work
He is not going to have much to play with He as given it all away this Year which as got to be payed back ,I feel sorry for the young people they are the one's who will have to foot the bill
Why does it have to be paid back? They magicked the money out of thin air. No one earned that money. We all have to work hard to pay tax because the Bank of England has been given a monopoly on counterfeiting our money?
How about we bin off the BofE and spend money into existence rather than borrowing it (with interest) into existence?
How about we bin off the BofE and spend money into existence rather than borrowing it (with interest) into existence?
After a decade of inadequate taxation, it is time for the wealthy to step up to the plate.
Budget is a strange word to use for a financial situation where you know the books won't be balanced. Maybe he should call it the next spending spree.
I think you will find that the magic money tree and growth in public sector debt over the past decade came from inadequate taxation by the Tories. Corbyn was never in power.
Ah, so that is why he was so busy on his allotment!
Have we cut the foreign aid to India's space programme yet?
No because it creates investment opportunities for British companies and we're trying to secure a trade deal with India which will include freedom of movement for their nationals to fill our skills shortage.
This is trivial. Why not comment on what is important?
And to think income tax was only a temporary measure until Napoleon was defeated. You can bet the temporary measures and powers bought in to defeat covid will still be around in 200 years. Cannt see the police or politicians handing back those powers in the same way income tax never got repealed after Waterloo.
they'll have to relax things, people wont accept anything else. They'll be revolution if they try to keep all the rules. But I it has happened before, closing time at pubs was introduced as a temporary measure during WW1 to ensure workers were not too hungover to work in the arms factories. But it's more likely people will CHOOSE to keep doing things like we are now to avoid things like the flu.
They've already said it will take a year to vaccinate 'the whole country'. And that people may 'need to be' vaccinated every year. So by the time everybody has been vaccinated and they can stop bankrupting businesses and ruining lives, it'll be time to start vaccinating again, so we'll all still have to stay at home and not see friends or family. The only way we'll get freedom is to take it.
Sunak has already ruled out a wealth tax which we know would affect him. We also know that just a 1% tax on wealth over £1million would generate a massive £240bn.
Over the past decade we have had inadequate taxation leading to escalating public sector debt and inefficient wealth distribution. It now looks as though we will have more of the same with debt worsening further.
Over the past decade we have had inadequate taxation leading to escalating public sector debt and inefficient wealth distribution. It now looks as though we will have more of the same with debt worsening further.
He will probably take money off pensioners instead.
It would not affect him much, as him and his wife have their money stashed away in Tax Havens such as Mauritius. (IMM) for example. The amount of business activity worth Billions that he is involved in that has not been declared to the HOC is staggering !
I do not fall into any wealth tax bracket by some distance but IMHO any wealth tax has to exclude the family home and the value of any family business in the valuation of that wealth because neither can be turned into cash to pay any tax. Apart from that caveat I would cautiously agree on a tax preferably on a sliding scale so 10m+ sees a higher rate and 100m+ a bigger one etc.
‘We also know that just a 1% tax on wealth over £1million would generate a massive £240bn’
That was one economical opinion.
Real life statistical data on wealth taxes reveal that they cause a loss in tax revenue due to a combination of people leaving, lowering spending or putting money into non taxable assets. France is the case in point, they lost 2€ in other tax for 1€ tax raised on wealth.
That was one economical opinion.
Real life statistical data on wealth taxes reveal that they cause a loss in tax revenue due to a combination of people leaving, lowering spending or putting money into non taxable assets. France is the case in point, they lost 2€ in other tax for 1€ tax raised on wealth.
Sounds good except the £1m includes the total value of your home ( not equity) the total value of all pension funds within the house, none of which can have cash taken out off without costs/losses, it's proposed at 1% each year for 5 yrs. Ends up as a massive 5 yr income tax hike , up 60% of gross pay for some . And the rich 1% will be laughing at us from Monaco, so the limit will drop to £0.5m.
So are you saying that Sunak has ruled out a wealth tax because he would have to pay it himself? And you think that taxation in this country is too low? iI you want to pay more tax, go ahead and make a donation to the Treasury.
You really should read the full report. It's 5% tax spread out over 5 years, starting on assets over £ 500 000. This includes the value of your main home, saving, investments and pensions. Seems like a low bar to me.
Why does it have to be paid back? They magicked the money out of thin air. No one earned that money. We all have to work hard to pay tax because the Bank of England has been given a monopoly on counterfeiting our money?
How about we bin off the BofE and spend money into existence rather than borrowing it (with interest) into existence?
How about we bin off the BofE and spend money into existence rather than borrowing it (with interest) into existence?
Have we cut the foreign aid to India's space programme yet?
Have we cut the foreign aid to India's space programme yet?
Some businesses have, rightly, repaid the support grants offered. Some have even repaid the furlough they claimed. Those businesses should be applauded. However, as much as I agree with foreign aid, borrowing £4 Billion a year to give away makes little sense. We have to repay that with interest. Same applies with schemes like Gift Aid. Some charities are run as if they are monopolies
As someone born in the early 60s I don't worry about getting Covid. I'm more likely to die of something else in the next year or two than Covid and I don't let worrying about dying stop me living.
I am concerned about the financial consequences of Covid, ever rising council tax, the lefties preventing me having the moderately comfortable retirement I'd hoped for after 40 years hard work
I am concerned about the financial consequences of Covid, ever rising council tax, the lefties preventing me having the moderately comfortable retirement I'd hoped for after 40 years hard work
I suspect I'm not old enough to be hospitalized from Covid. to be clear, its certainly not stopping me doing my bit to stop the spread and stop others getting it. For impact on my own health I just don't worry about it.
Vote Tory yet Corbyn on roids. Suddenly that free internet doesn’t look that insane with a debt never seen by the U.K. in its history
It's time for the taxman to declare all-out war on tax thieves like Amazon, Vodafone and Virgin. But no, they'd rather go after IT contractors and Mums and Dads who bought some Bitcoin.
After the banking crisis George Osborne sorted the deficit out by reducing the tax rate for the wealthy and increased VAT for everybody. The real clincher was to herald austerity. Well austerity has already been reintroduced, what odds on the other features- after all it is the Tory way?
Brace yourself for another present from Brexit.
End the triple lock, stop subsidising private schools, taxpayer funded handouts to landowners and the fine art scheme, there’s £ 10 billion saved. Next reform directors pay schemes and some of the absurdities around self employment and tax multi nationals there another £25 billion at least, and not one of the above will happen, so all you PAYE suckers will have to cough up again.
get ready for 92% income tax boys and girl.
& watch everyone make use of their new duel citizenship & leave.....
Sunak has already ruled out a wealth tax which we know would affect him. We also know that just a 1% tax on wealth over £1million would generate a massive £240bn.
Over the past decade we have had inadequate taxation leading to escalating public sector debt and inefficient wealth distribution. It now looks as though we will have more of the same with debt worsening further.
Over the past decade we have had inadequate taxation leading to escalating public sector debt and inefficient wealth distribution. It now looks as though we will have more of the same with debt worsening further.
At some point furlough money wasted will needed to be repaid
An those paying the most will not have had a penny off it