Nervous/anxious/scared about the Autumn budget 2024

If you trust anything any government tells you, then that’s an issue. This lot are no better than the old lot with leaks and getting in trouble with the speaker. I’m so over it. I’m a small business owner and I am worried. But all I can do is get some fuel tomorrow and hope the news is not too bad when it emerges.

PandoraSox - employer NI on the employer contribution into employee pension which these days working mothers have to pay for their childcare. The childcare salary is quoted net and the working mother pays that plus the employee's tax and NI, plus employer NI (only small employer not exempt by the way so much does the state hate working mothers), plus employee pension contribution, plus employer pension contribution. That little lot nearly doubles the cost from next pay - cost to employer. If the state adds 2% on the employer NI and NI on to the employer';s contribution in the private sector into the pension that particularly badly hits the working mothers on t e 7u0k top earner salary who already only get £49k after tax but often have 9% or 15% student loan charge taken off too. Anyway no one could care less for women earning £70k as the tok 10% with the highest tax burden for 70 years are always "the other" and not the 90% who have lower taxes. Most people are very happy when other people have to pay more tax. These women also don't get the 30 free hours for 9 month year olds = (just get 15 free hours in term time for huge 3 years olds). The state hates the higher earners under both Tories and Labour and has bitten the hand that feeds so much the hand is hanging on by a thread with a pool of blood around these poor women. https://www.personneltoday.com/hr/employer-pension-contributions-could-attract-national-insurance/

We already knew about non-doms, VAT on private schools and windfall taxes.

You really need to develop a vocabulary comprising words of more than 5 letters and 1 syllable. Axiomatically, not being vulgar, also helps to be taken more seriously.

In the list you posted, they’ve said what they will increase. Not income tax. But other things. Why are you being obtuse about it?

Edit: also ‘could be’. And also might not be. And it may be, by raising taxes other than income tax. The quote means nothing.

Sky News:

In May, Rachel Reeves said Labour had "no plans for increased taxes".

On Wednesday, she will lay out what could be one of the biggest tax-raising budgets of modern political times.

That list literally says what taxes they will increase/change to fund the manifesto. I have no idea what you are banging on about.

Neither of you thought they might, as every other budget in history has done, change something in order to fund the improvements? It just seems odd. Every budget ever has had things to do and changes to tax/benefits/whatever to fund it.

It doesn't mean in the budget. I agree with you

KS couldn't have isolated it more clearly in the pre GE speech I quoted from that it meant manifesto

This manifesto is that plan. Fully costed, fully funded – built on a rock of fiscal responsibility.

cardibach
‘fully funded’ means ‘fully funded in the budget’

Why did Labour bother with a manifesto costs breakdown then?

https://labourlist.org/2024/06/labour-manifesto-2024-costs-breakdown-tax-borrowing/

I've just had a very quick look at the manifesto;

Labour will not increase taxes on working people, which is why we will not increase National Insurance, the basic, higher, or additional rates of Income Tax, or VAT.

When you say ‘public sector pay freeze’ do you mean you got no pay rise whatsoever, or a pay rise but it was at or below inflation?

Because in the private sector pay freeze means just that. Your pay does not increase whatsoever. When times were tough with my (private sector) employer they simply froze pay completely. For 5 years. No one got a pay increase. There were mass redundancies at rival firms though so no one left.

You often hear people talk of a ‘pay freeze’ in the public sector when what they mean a pay rise at or below inflation and yes it’s not great, but it’s something. it takes away the sympathy of private sector workers.

https://www.theguardian.com/commentisfree/picture/2024/oct/29/martin-rowson-on-labours-halloween-week-budget-cartoon

Just looking at the first two headline forecasts in the OBR documents (link from your link);

The main conclusions of our updated forecast and latest data scenarios are:

Inflation is forecast to peak at 13.5 per cent in January 2023

Inflation peaked at 11.1% in October 2022 - it was 10.1% in January 2023.

The economy is expected to enter a year-long recession in the final quarter of 2022, with real GDP falling by 2 per cent in 2023.

We didn't have a year long recession, GDP didn't fall by 2% in 2023 - in fact GDP increased slightly for 2023 overall.

33k? Are you referring to the woman whose rent is half her benefits because she lives in Brighton and can not work due to her disability?

Are they on DLA? That isn't means tested.

A lot of SME's have made the decision to sell up in fear of the budget. There will be no incentive for anyone to start a business with a Labour Government. Solicitors have been working through the night for weeks making sure they get agreements across the line by midnight tonight.

I also know people that have worked hard for their money, regardless of what the Labour idiots define as a working person, made good money too. They have been advised by their financial advisor to move their money off shore before the budget. Labour have no idea the impact they are having on the very people that generate wealth for the country and employ people.

If anyone read the article on the BBC today, how can someone on benefits be earning £33,000 a year without a worry in the world whilst someone working full time is struggling. Under a Labour Government, this will only get worse. If they continue to target the higher earners paying the most in to the system already, most will leave and there will be no one paying in. That won't do the country any good at all.

Let’s face it the bar is very low and anything that goes towards improving public services is a good thing in my book. In fact I wish they hadn’t decided not to increase direct taxes - a penny on the rate of income tax would make a big difference.
I work, own a home without a mortgage and another property that is rented out with no mortgage (inherited). I pay tax and would happily pay more.
Im more concerned about the possible election of Donald Trump.

I would hope if they do this they would make sure this doesn't put people off progressing, which if done right it wouldn't. Maybe similar approach that already exists with universal credit where you will always be better off overall by earning more from work.

A lot of people with various incomes have seen their outgoings shoot up, energy, mortgages etc. I do feel some people should pay a little more and others a lot more.

I do hope the NHS gets a huge cash injection to pay for support staff who often help run the show but are never mentioned. They’ve left in their droves piling more pressure on Dr’s and Nurses who are now picking it all up.

there is nothing anyone can do, I think just put your tin hat on and hope for the best.

The almost exclusively right wing press is scaremongering, as usual.
Don't buy into it! There is 14 years of tory damage and decimation of services to undo before we can begin to build things back up again.
We don't have long to wait to know....

I am relieved that it feels like grown ups are in charge now. They don't care as much about popularity but will do what is best for the country longer term. That is what I voted for, a party who will make themselves unpopular by making hard decisions for the right reasons.

The £63 billion was two weeks ago!

@EasternStandard Only asking as you seem knowledgeable in fiscal growth, how long could a government freeze public sector pay and not give pay rises? I have taught since 2000. I did an inflation calculator and I earn less than I did back in 2011. I’m not complaining as I can pay my bills being top of my pay scale (I do worry about my pension though). I am aware that we need to make public services an attractive career - as well as making those services work (which is why we accepted the freeze!). Aren’t public services as important as those who earn triple figures? I know they “pay my wages” but I’m sure I offer (and my colleagues) my worth to society?

Growth was good in the first half the year but flatlined around election time

It may change depends on policy impact