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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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MasterBeth · 28/10/2024 10:17

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.

What a load of shite

hopeishere · 28/10/2024 10:14

AlbionLass · 28/10/2024 09:43

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.

I’ve worked hard to overcome the trauma of a challenging childhood with an alcoholic father. The engine that has driven me is the determination to ensure my children are protected and not exposed to the horrors I was. I’m no fat cat, I’ve worked incredibly hard. All we have we have earned. The prospect that a Labour government can change the rules at the end of the game and tarnish all of what I have done in my life makes me feel resentful and anxious.

In what way do you think they are gloating?

I think they are obviously trying to do a massive reset of the nations finances.

Aoibheanni · 28/10/2024 09:46

Our mortgage has already doubled so shitting my pants a bit. I hate that we are paying so much more for the same house

But what can you do until they announce. We will see 🤞

AlbionLass · 28/10/2024 09:43

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.

I’ve worked hard to overcome the trauma of a challenging childhood with an alcoholic father. The engine that has driven me is the determination to ensure my children are protected and not exposed to the horrors I was. I’m no fat cat, I’ve worked incredibly hard. All we have we have earned. The prospect that a Labour government can change the rules at the end of the game and tarnish all of what I have done in my life makes me feel resentful and anxious.

itsgettingweird · 26/10/2024 20:29

Cartwrightandson · 26/10/2024 19:45

From what I've heard, social housing rents might be means tested and households with higher income might pay more. I could be wrong, 🤔 😔

Personally I don't think of done correctly this is a completely terrible idea.

We don't have enough affordable housing.

If someone is in a social housing property and earning £20k a year and living next door to someone in identical property earning £70k it doesn't make sense. Social housing is affordable housing for those who can't meet market rental prices (although I think they are too high tbh).

But if someone on £70k is in an affordable home and someone on £20k is in private rental and receiving lots of UC it would make sense to look at it and see if we can change the situation.

Personally I'd prefer all rental to be affordable and all housing to be reflective of U.K. wages. But that one won't happen by Wednesday!

Original poster
Cartwrightandson · 26/10/2024 19:45

From what I've heard, social housing rents might be means tested and households with higher income might pay more. I could be wrong, 🤔 😔

OP posts:
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.

purplebeansprouts · 26/10/2024 19:36

it's going to be dramatic as it's early on in their term but no point worrying about it really just wait for it then worry about it

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