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Original poster

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.

OP posts:
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Smoothopera · 28/10/2024 18:11

GhosterPoster · 28/10/2024 18:09

By moving. I’m not getting up in the morning to work for other people to heat their homes. It’s not my issue to solve. Neither was paying tube drivers.

I’m close to my limit, I won’t be the only one.

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Why didn’t you move when the Tories were in power ? They spaffed money up the wall for loads of things. It’s laughable. And where will you move to. Not EU that’s for sure. Fucked that up for us didn’t you?

coffeeandteav · 28/10/2024 18:10

Dragonflysparkles · 28/10/2024 17:39

I’m middle aged and for the first time in decades I’m scared too. In the midst of a col crisis and our heating just going up , as winter approaches they are going to fuck the public. Every single way they can, as they came in and spent spent spent in their first weeks.

its terrifying.

Honestly how do you think you will be fucked ?

So far I am better off under them. Will see after the budget.

Xenia · 28/10/2024 18:09

I didn't support the last Tories very very high taxes on those of us on over £80k (the top 10% - we have the highest tax burden in 70 years. I don't think Labour are going to help either. Tax tax tax. Those other 90% have had tax or NI cuts since 2010. I don't think the budget is going to be good news for many people and women who employ child care will be hit hard if employer NI goes up and if it is imposed on pensions too.

EasternStandard · 28/10/2024 18:09

Smoothopera · 28/10/2024 18:06

Opt out of what exactly ? Can’t have the very well off being burdened can we. They might stop spending. Meanwhile the poors can’t afford to heat their homes and have to use food banks but hey, who cares.

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You do realise people's behaviour can change? There's no point ignoring what people do, it won't help 'the poors' as you put them if you can't get tax receipts up.

BIossomtoes · 28/10/2024 18:09

Dragonflysparkles · 28/10/2024 17:39

I’m middle aged and for the first time in decades I’m scared too. In the midst of a col crisis and our heating just going up , as winter approaches they are going to fuck the public. Every single way they can, as they came in and spent spent spent in their first weeks.

its terrifying.

What did they spend, spend, spend on?

GhosterPoster · 28/10/2024 18:09

Smoothopera · 28/10/2024 18:06

Opt out of what exactly ? Can’t have the very well off being burdened can we. They might stop spending. Meanwhile the poors can’t afford to heat their homes and have to use food banks but hey, who cares.

Show quote history

By moving. I’m not getting up in the morning to work for other people to heat their homes. It’s not my issue to solve. Neither was paying tube drivers.

I’m close to my limit, I won’t be the only one.

Smoothopera · 28/10/2024 18:08

Dragonflysparkles · 28/10/2024 17:50

Oh right, ok keep blaming the tories as they did it at an election years ago

Labour has black hole as in the first six weeks they spent billions on pay rises we couldn’t afford. And now we all have to pay for it. It’s not the tories, we all know the economy was righting itself. Interest rates dropping, but they fucked it. We all watched, watched labour spend spend spend and cow tow to the unions again and now they are scrabbling about looking to tax everyone.

and it’s going to be a shit show for the next four years. If you think for one moment you’re going to see marked improvements for the money, you are sadly mistaken,

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Let’s get Nige in. He’ll solve everything. It’s been a shit show for the last 14 years. Better not tell you about Brexit 😂

Smoothopera · 28/10/2024 18:06

EasternStandard · 28/10/2024 17:47

Tax burden is pretty high already for higher centiles so you'd have to be sure higher taxes wouldn't trigger behaviour change where people just opt out altogether

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Opt out of what exactly ? Can’t have the very well off being burdened can we. They might stop spending. Meanwhile the poors can’t afford to heat their homes and have to use food banks but hey, who cares.

Julen7 · 28/10/2024 18:04

Stickinthemuddle · 28/10/2024 18:00

It’s not means tested at all, why in earth would this not be feasible?

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So they informed you that they were using their winter fuel allowance to heat their pool in Portugal?

EasternStandard · 28/10/2024 18:04

Evilartsgrad · 28/10/2024 17:59

She doesn't know, she just hates and fears them. Politics isn't always rational.

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Does Starmer know? When he says 'pain' what does that mean? Not rainbows and unicorns I suspect

Smoothopera · 28/10/2024 18:02

AdviceNeeded2024 · 28/10/2024 15:14

I’d like to see someone come up with an actual detailed plan (carried out by people who have relevant experience and knowledge) of how they are going to sort out the NHS in its entirety instead of throwing billions at it constantly with no clear plan for total reform.

Well that’ll be a first. Don’t worry though. If they do I’m sure the press and media will whinge and complain.

Evilartsgrad · 28/10/2024 18:01

Stickinthemuddle · 28/10/2024 18:00

It’s not means tested at all, why in earth would this not be feasible?

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Could be taxed progressively

Evilartsgrad · 28/10/2024 18:00

IVFmumoftwo · 28/10/2024 17:58

Labour were elected in July FFS.

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And how long did the Tories spend blaming Labour? Fair few years iirc

Stickinthemuddle · 28/10/2024 18:00

Julen7 · 28/10/2024 17:57

Of course they did.

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It’s not means tested at all, why in earth would this not be feasible?

Evilartsgrad · 28/10/2024 17:59

PandoraSox · 28/10/2024 17:48

What is it you are scared of that the budget will do to you?

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She doesn't know, she just hates and fears them. Politics isn't always rational.

IVFmumoftwo · 28/10/2024 17:58

Dragonflysparkles · 28/10/2024 17:40

ar some point Labour supporters need to stop blaming the tories. Really they do. No one is buying this shit show is their fault any more.

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Labour were elected in July FFS.

Julen7 · 28/10/2024 17:57

Stickinthemuddle · 28/10/2024 17:54

Agree. My in laws spend theirs on heating the pool in their Portuguese home.

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Of course they did.

StaunchMomma · 28/10/2024 17:57

@AlbionLass

One of the least satisfactory aspects of all this is the way Rachel Reeves and her colleagues seem to be enjoying all this. They are gloating.

1 - Utter bollox.
2 - Liz Truss?!

Thameslock · 28/10/2024 17:56

Jeez! looking at the thread title and thinking First world problem. Personally I give very few shits about things I have zero control over

EasternStandard · 28/10/2024 17:56

Stickinthemuddle · 28/10/2024 17:54

Agree. My in laws spend theirs on heating the pool in their Portuguese home.

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That's your in laws, there are 2.5m who will be in hardship due to the cut

LizzieSiddal · 28/10/2024 17:56

RobinStrike · 28/10/2024 14:25

Is anyone in a panic over the proposed extra spend on schools and hospitals? The increase in house building ? You can’t have one without the other. I know which I’d rather have.

Edited to say I don’t mean to quote this quote- apologies.
The whole country is falling to pieces, do we want to repair it or just leave it to get worse?

Im an employer, if us paying a bit more NI so
my employees can get a GP appointment or that operation they’re waiting for, I’ll gladly do it!
The right wing media have basically whipped up so much hysteria around all of this, stop reading or listening to it. You’d think people would have learnt their lesson by now re media lies.

Evilartsgrad · 28/10/2024 17:55

Or you could wait a couple of days and stop all the fretful speculating.
Crazy, I know.

Drfosters · 28/10/2024 17:54

the thing is in Order to support the government measures I need to know why we are in this situation first. And I don’t mean politically. So tired of hearing ‘14 years of Tory rule…’

what u mean is why economically are we in this situation? Is it an imbalance of the working population? Is it the NHS will never cope with the breath of conditions required? Is it that educating the entire populace to a highish level is too expensive? What is the level of police per capita compared to 100 years ago- is it too low and giving rise to resultant problems? Etc etc.

something isn’t working with society. and I feel that all these measures they are coming up with are just papering over the symptoms and hammering the easy pickings without actually getting to root causes of the economic problems which are not political but systemic.

Stickinthemuddle · 28/10/2024 17:54

Ginmonkeyagain · 28/10/2024 17:53

The winter fuel allowance has been in the cross hairs for a while as it was widely accepted in policy circles for years to be a poorly targeted and poor value benefit. There are much better ways to help low income, fuel poor pensioners.

Edited

Agree. My in laws spend theirs on heating the pool in their Portuguese home.

PandoraSox · 28/10/2024 17:54

Ariela · 28/10/2024 17:49

There will be a lot of tax changes that affect the rich, the super rich and pensioners that pay tax.
Eg cutting the amount you can take from a pension pot tax free from 25% to 20%, or taxing amounts over an amount eg 100K. (It's only fair, as these will mostly be people that paid tax at a higher rate and used the pension pot to reduce the tax they paid will be the argument, never mind that the plan was to draw this money out to pay off the mortgage/buy a new roof for the house or adapt the downstairs bathroom and add a bedroom so allowing you to live there for longer without impacting on social care.)

Free prescriptions will be discontinued for the over 60 but under retirement, and higher rate tax paying pensioners in England - that'll benefit the NHS.

Any pensioners without private pension will be fine as they can claim pension credit which opens the door to masses of over benefits, including winter fuel allowance: these will I'm sure be protected

And FWIW @GasPanic my eldest has a horse, pays for it all herself out of her (lowest tax bracket) income BUT the amount she spends is still less than one of her friends pays out on holidays abroad.

@dollopofsauce tax payments on dividends are now a 'thing' - back in the day it was considered fine if your company paid corporation tax thatdividends were considered tax paid. Now there's a threshold free - which has already been cut from £5k in 2016/2017 progressively down to £500 in this tax year, and then you're taxed according to your income tax band See https://www.gov.uk/tax-on-dividends

There is a lot of misinformation in this post. But I will pick this:

Any pensioners without private pension will be fine as they can claim pension credit which opens the door to masses of over benefits, including winter fuel allowance: these will I'm sure be protected

Is not true. The new flat rate State Pension is above the PC limit, as are a lot of State Pensions paid under the old system. Also many pensioners on SP only will have savings above the PC limit.

You have to be pretty poor to get PC, which is why it is wrong to have the WFA set at that level.

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