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Nervous/anxious/scared about the Autumn budget 2024

683 replies

Cartwrightandson · 26/10/2024 19:29

I know that we don't know any details. We have read or heard bits that might be incorrect or just plain wrong. I also know we won't know anything until Wednesday when Rachel Reeves publishes/announces the contents of the budget...

But what we do know...it's the first labour budget for over 14 years, we've had a conservative government, austerity, brexit, covid and cost of living/interest rate increase meaning our economy is not in a good place.

Our services/infrastructure haven't had much needed investment for a long time.
Councils are practically bankrupt, some already are. Schools, housing, NHS, social care and economy are all struggling..to remedy this requires money and this will need to come from higher taxes.

There's a 19 billion pound black hole and Labour have already removed the winter fuel allowance, showing they are willing do things that are unpopular or possibly controversial..the Labour manifesto said it wouldn't increase taxes, but now they are saying they have to.

They've already allocated money for Ukraine, teachers, train drivers, junior doctors, NHS staff ect

Keir said people who don't 'work' for their income (shares/savings/landlord income) aren't classed as working people and will be taxed..

Basically this budget is going to need to raise taxes to pay for investment in services. That much we do know. But where the cuts and the tax increase will be is unknown. I don't think anyone will be 'better off'...

Possibilities.. (note these are not absolute, I could be very wrong)

Inheritance tax changes
Fuel duty increase
Income tax increase
Social housing rent increase
Benefit cuts
No free universal prescription for over 60s
Change to tax free allowance
Removal of help to buy, right to buy and alterations to stamp duty
Pension age to increase
State pension to decrease?
Tuition fees to increase
Tax free pension allowance to be reduced
Isa/bond/shares/investments taxed

Who really knows...but I think the labour comms are possibly leaking information so that we are being drip fed so when the budget does happen we already know and are braced/prepared for it.

Or what is being leaked about the budget is really bad but when the budget happens we are relieved it wasn't as bad the leaks hinted at. But it is still painful but we are more accepting because it's not as bad as it could have been...if that makes sense.

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Berga · 04/11/2024 19:16

Cartwrightandson · 04/11/2024 15:45

Tuition fees set to rise

I thought of this thread when I saw that! Mixed feelings, makes me distrust our VC more, who the message came from. It's a pissy amount too, neither here nor there, so seems a bit half arsed.

cardibach · 04/11/2024 18:30

They voted against NI increase for employees, yes?

EasternStandard · 04/11/2024 18:25

Tiredalwaystired · 04/11/2024 18:24

Taxes have to come from somewhere. Only not the rich. Not the businesses. Not the poor. Not the squeezed middle.

Im prepared to not moan and take some of the hit required to get us back to a functioning country. The proof will be in how it’s spent going forwards, not that taxes are being taken in the first place. I’d much rather the Tories hadnt reduced NI when they did (stupid policy) and ploughed that money into public services but bribery was all they had at that point.

Edited

Labour and the other parties voted against NI increase when Sunak introduced it

On the rest it comes down to growth. And if it is slows too much things will get more problematic for them, and us

Tiredalwaystired · 04/11/2024 18:24

Taxes have to come from somewhere. Only not the rich. Not the businesses. Not the poor. Not the squeezed middle.

Im prepared to not moan and take some of the hit required to get us back to a functioning country. The proof will be in how it’s spent going forwards, not that taxes are being taken in the first place. I’d much rather the Tories hadnt reduced NI when they did (stupid policy) and ploughed that money into public services but bribery was all they had at that point.

cardibach · 04/11/2024 18:22

I don’t keep repeating that. I didn’t even say it in the post you are referring to.
We don’t know what will happen yet, but what we do know is cutting taxes and austerity haven’t worked

EasternStandard · 04/11/2024 18:18

cardibach · 04/11/2024 18:16

You keep quoting that everywhere. It’s an opinion. I accept the person expressing it is in a good position to have such an opinion, but there’s no certainty there. It’s the same thing that was said when the NMW first came in, but the world didn’t end.

And you keep repeating ordinary people are unaffected.

Who said the 'world would end'? He clearly says lower wages and a tax on working people.

PandoraSox · 04/11/2024 18:17

XenoBitch · 04/11/2024 18:10

Fun to watch? I think you need a new hobby.

I have visions of an arena with benefit claimants being made to fight each other to the death for food tokens, whilst the MN benefit bashers watch, cheering and making bets.

cardibach · 04/11/2024 18:16

You keep quoting that everywhere. It’s an opinion. I accept the person expressing it is in a good position to have such an opinion, but there’s no certainty there. It’s the same thing that was said when the NMW first came in, but the world didn’t end.

EasternStandard · 04/11/2024 18:12

cardibach · 04/11/2024 18:10

Having been a teacher since 1988, I’ve had Tories come after things that matter to me for 14 years - and without benefiting anyone other themselves and their mates. I’m currently largely unaffected by this budget, yes - as are most ordinary people - but if I had to pay a bit more but it was going to fixing the mess we are in I would be fine about it.

Workers are ordinary people

As the Resolution Foundation says

James Smith, research director at the Resolution Foundation think tank which aims to improve living standards for low-to-middle income families, agreed.

"Even if it doesn't show up in pay packets from day one, it will eventually feed through to lower wages," he said.

"This is definitely a tax on working people, let's be very clear about that."

That's a big chunk of the employment market

XenoBitch · 04/11/2024 18:10

Xenia · 04/11/2024 17:54

I think will come after the work shy next so that will be fun to watch.

Fun to watch? I think you need a new hobby.

cardibach · 04/11/2024 18:10

NotOneOfTheInCrowd · 04/11/2024 17:53

There’s a lot of smuggery on this thread.

VAT on private school fees? “Well serves you right for having money, and why should we care, doesn’t affect us.”

Increase in inheritance tax on farms? “Well poor didums, so you’ll only have £5m to inherit, doesn’t matter that the farm will probably be bought out by developers instead.”
Getting rid of the winter fuel allowance? “Well tough shit. Those pensioners are all worth millions, and I’m not one so why should I care.”
Increase in tuition fees? “Well it’s only an extra £285 a year, they should stop wining. Why should I care? I’m not a student.”

At some point the government are going to come after something which is relevant to you. And at this point nobody knows what it will be. Housing benefit? Single person’s tax allowance? Income tax? Fuel duty? There is absolutely going to be something, but don’t expect any sympathy from the groups you’ve stuck two fingers up at.

PS: I’m not affected by any of the above, but neither am I so up myself that I think that it’s alright as long as I’m not affected.

Having been a teacher since 1988, I’ve had Tories come after things that matter to me for 14 years - and without benefiting anyone other themselves and their mates. I’m currently largely unaffected by this budget, yes - as are most ordinary people - but if I had to pay a bit more but it was going to fixing the mess we are in I would be fine about it.

PandoraSox · 04/11/2024 18:08

Well it’s only an extra £285 a year, they should stop wining. Why should I care? I’m not a student

Who said students should stop "wining"? I didn't. I just said it was not an excessive amount. Which it isn't.

PandoraSox · 04/11/2024 18:05

Xenia · 04/11/2024 17:54

I think will come after the work shy next so that will be fun to watch.

How do you define work shy? It is already pretty difficult to get UC if you are not actively looking for work (or already working), as I understand it.

If (like Oakeshott) you mean sick and disabled people, successive governments have "come after" them since 2010 so plus ça change

EasternStandard · 04/11/2024 17:55

NotOneOfTheInCrowd · 04/11/2024 17:53

There’s a lot of smuggery on this thread.

VAT on private school fees? “Well serves you right for having money, and why should we care, doesn’t affect us.”

Increase in inheritance tax on farms? “Well poor didums, so you’ll only have £5m to inherit, doesn’t matter that the farm will probably be bought out by developers instead.”
Getting rid of the winter fuel allowance? “Well tough shit. Those pensioners are all worth millions, and I’m not one so why should I care.”
Increase in tuition fees? “Well it’s only an extra £285 a year, they should stop wining. Why should I care? I’m not a student.”

At some point the government are going to come after something which is relevant to you. And at this point nobody knows what it will be. Housing benefit? Single person’s tax allowance? Income tax? Fuel duty? There is absolutely going to be something, but don’t expect any sympathy from the groups you’ve stuck two fingers up at.

PS: I’m not affected by any of the above, but neither am I so up myself that I think that it’s alright as long as I’m not affected.

Agree.

Xenia · 04/11/2024 17:54

I think will come after the work shy next so that will be fun to watch.

NotOneOfTheInCrowd · 04/11/2024 17:53

There’s a lot of smuggery on this thread.

VAT on private school fees? “Well serves you right for having money, and why should we care, doesn’t affect us.”

Increase in inheritance tax on farms? “Well poor didums, so you’ll only have £5m to inherit, doesn’t matter that the farm will probably be bought out by developers instead.”
Getting rid of the winter fuel allowance? “Well tough shit. Those pensioners are all worth millions, and I’m not one so why should I care.”
Increase in tuition fees? “Well it’s only an extra £285 a year, they should stop wining. Why should I care? I’m not a student.”

At some point the government are going to come after something which is relevant to you. And at this point nobody knows what it will be. Housing benefit? Single person’s tax allowance? Income tax? Fuel duty? There is absolutely going to be something, but don’t expect any sympathy from the groups you’ve stuck two fingers up at.

PS: I’m not affected by any of the above, but neither am I so up myself that I think that it’s alright as long as I’m not affected.

PandoraSox · 04/11/2024 17:31

It is £285 extra a year. Hardly excessive and not enough to lose them the student vote, unless the Tories pledge to cut or abolish fees.

JustMeAndTheFish · 04/11/2024 16:56

Tuition fees have risen once since 2012. I don’t feel that a rise in rate with inflation is beyond the pale.

cardibach · 04/11/2024 16:50

Pusheen467 · 04/11/2024 16:45

"I can’t believe I’m saying this, I want them back. At this point, they seem the lesser of two evils"

@OneLemonGuide I feel the same.

Both of you have extraordinarily short memories then.

Pusheen467 · 04/11/2024 16:45

"I can’t believe I’m saying this, I want them back. At this point, they seem the lesser of two evils"

@OneLemonGuide I feel the same.

Tiredalwaystired · 04/11/2024 16:16

edwinbear · 04/11/2024 15:46

So that's the student vote they've lost as well now.

But the students will only pay any more than the are now if they pay their loan off in full (so just the very highest earners).

Otherwise it’s still 9% of your salary over the baseline threashold for 40 years. Moving that from 30 years (a move from the previous government) will have a far greater impact on their pockets than this.

BIossomtoes · 04/11/2024 16:02

edwinbear · 04/11/2024 15:46

So that's the student vote they've lost as well now.

Possibly. If so the Green Party will probably be the beneficiary.

edwinbear · 04/11/2024 15:46

So that's the student vote they've lost as well now.

Cartwrightandson · 04/11/2024 15:45

Berga · 26/10/2024 19:40

Tuition fees are not on track to increase, I work in the sector and the message is 'not a chance'. Which is good because the amount of money spunked up the wall by Universities needs to change.

Also, it's labour, they won't increase social housing rent.

There might be a lot of taxing going on though is my uneducated guess.

Tuition fees set to rise

Nervous/anxious/scared about the Autumn budget 2024
OP posts:
UltraHorse · 03/11/2024 18:57

If people want to use private schools especially if their child has special needs I think the option should be there People spend there money on private healthcare I don't think the government making it more difficult is fair

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