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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.

OP posts:
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Pumpkittenspice · 30/10/2024 16:16

BIossomtoes · 30/10/2024 14:58

Good budget, Sunak’s rage was a fair indication of just how good.

I thought this too!

pinotnow · 30/10/2024 16:11

To the two cheeks of the same arse comment, I saw something earlier that said it will be the top 10% of earners who will be pay the most as a result of this budget. That's good and should go some way to ending the constant 'red tory' comments. I agree with @BIossomtoes that it also explains Sunak's weirdly ragey performance in the house.

EasternStandard · 30/10/2024 16:00

pinotnow · 30/10/2024 14:51

So what did everyone think? So much of the scaremongering turned out to be unfounded from what I can see.

In what way, no extra taxes for you?

I guess it depends what jobs pp do. Or if it's a small business

If they're relying on growth taxing that sector doesn't help bring it about

Colourfulduvets · 30/10/2024 15:57

Jumpingthruhoops · 30/10/2024 11:51

The Labour manifesto said it wouldn't increase taxes, but now they are saying they have to.

I pity those who voted genuinely believing Labour would do something different.

Proves yet again that Tory and Labour are two cheeks of the same arse!

What did you expect them to do or want them to do? They haven't increased anyone's income tax.

For a left wing party I think this budget has actually been pretty measured, it could have gone a lot further.

It's nowhere near what the right wing press, especially the Daily Mail, has been fretting about for weeks; particularly the changes around Inheritance Tax.

People are saying that businesses will be hit but a lot of businesses have been able to pay people low wages because the Government prop people up with in-work benefits. Is that right?

The reality is this budget is actually better than the majority of people were expecting - hence the lack of hysterical threads on here...

Emmadaily · 30/10/2024 15:54

pinotnow · 30/10/2024 14:51

So what did everyone think? So much of the scaremongering turned out to be unfounded from what I can see.

Same here i was expecting so much worse.

Christmaschristingle · 30/10/2024 15:53

@LadyGrinningSoul8517

I can't wait to here your explanation of my "trans comment".

In the light of constant fumbling before the election on what constitutes a woman every one male and female should be highly concerned about the erosion of rights and where that leaves young girls especially.

I read one of the most disturbing personal accounts I've ever read in recent times of a girl whose dad "transformed" fetisished it and traumatised his dd.
That dd has gone into expose how far reaching the tentacles are of people like her dad.

I can't believe you've taken that user name as well 😢

LadyGrinningSoul8517 · 30/10/2024 15:44

This reply has been deleted

Message deleted by MNHQ. Here's a link to our Talk Guidelines.

Reluctantgardener1 · 30/10/2024 15:35

I thought it wss ok? Not sure about small businesses? I think she said they’d be protected?

BIossomtoes · 30/10/2024 14:58

Good budget, Sunak’s rage was a fair indication of just how good.

JustHereWithMyPopcorn · 30/10/2024 14:54

@pinotnow agreed, I think it was actually fine.

pinotnow · 30/10/2024 14:51

So what did everyone think? So much of the scaremongering turned out to be unfounded from what I can see.

Tiredalwaystired · 30/10/2024 14:50

Sweetcup · 30/10/2024 12:20

But how are they repairing the damage? So far it appears to me that they are giving a load of money to the unions and scattering money elsewhere - nothing that is going to have a decent impact on society or most people's lives.

It feels like they are scattering money around with policies that sound nice rather than have a significant impact. If we had a more diverse energy policy that focused on bills coming down that would massively help families every month. Or if we had a decent state school or if they focused on having more affordable transport. Instead money is scattered across on things like breakfast clubs.

They aren’t giving money to “the unions”. They’ve given money to health care professionals whose wages have been suppressed for years.

“The unions” are groups of ordinary workers who have been shat on for years quietly and who finally reached tipping point.

Sweetcup · 30/10/2024 12:40

BIossomtoes · 30/10/2024 12:27

But how are they repairing the damage?

Maybe give them more than three months?

I don't expect them to create power stations overnight but they are absolutely capable of communicating what they will do for the country!

Sweetcup · 30/10/2024 12:34

Flixon · 30/10/2024 08:54

Im worried. People like me, single income, two kids at Uni with minimum maintenance loans, so technically 'well off'. Well in the last 15 years, under a Tory Government, my income tax has raised, I've lost pension tax relief & child benefit. I'm a small business owner so increases in employers NI will significantly impact me. I think 'people like me' income > 100,000 but less than 250k are hammered, each and every time.

Yes, I could move , but do do that would cost a lot, disrupt my business ... I've taken a lodger to make ends meet, but definitely feeling the squeeze

Me too. What is also massively ignored is the 'cost' of earning more. The cost of commuting every month for many of friends is over £400. You need to have about £700 of pre-tax salary available for this.

BIossomtoes · 30/10/2024 12:27

But how are they repairing the damage?

Maybe give them more than three months?

Sweetcup · 30/10/2024 12:20

BIossomtoes · 30/10/2024 11:57

They are doing something different. They’re making a start on repairing the damage that has been done over the last decade and a half. The Tories promised tax cuts, if they’d won the election Hunt would now be trying to explain why he promised something that’s undeliverable. They’re not on the same body, let alone the same arse - and it’s time that tired old cliche was put to bed once and for all.

But how are they repairing the damage? So far it appears to me that they are giving a load of money to the unions and scattering money elsewhere - nothing that is going to have a decent impact on society or most people's lives.

It feels like they are scattering money around with policies that sound nice rather than have a significant impact. If we had a more diverse energy policy that focused on bills coming down that would massively help families every month. Or if we had a decent state school or if they focused on having more affordable transport. Instead money is scattered across on things like breakfast clubs.

Jumpingthruhoops · 30/10/2024 12:09

BIossomtoes · 30/10/2024 12:01

I’ve just explained why it’s nonsense. 🤷‍♀️

That's your opinion. Good luck with that. You're gonna need it.

MrsSkylerWhite · 30/10/2024 12:02

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, 🤔

Don’t see the problem with that. Personally, once people reach a certain income, where they could comfortably privately rent or buy, I think they should be given notice to move on and free up very limited public housing for people who really need it.

Don’t one or two MPs and a union leader or two live in social housing? Just wrong on their salaries.

BIossomtoes · 30/10/2024 12:01

Jumpingthruhoops · 30/10/2024 11:59

Not at all. It's more accurate now than it ever has been.

I’ve just explained why it’s nonsense. 🤷‍♀️

Jumpingthruhoops · 30/10/2024 11:59

BIossomtoes · 30/10/2024 11:57

They are doing something different. They’re making a start on repairing the damage that has been done over the last decade and a half. The Tories promised tax cuts, if they’d won the election Hunt would now be trying to explain why he promised something that’s undeliverable. They’re not on the same body, let alone the same arse - and it’s time that tired old cliche was put to bed once and for all.

Not at all. It's more accurate now than it ever has been.

BIossomtoes · 30/10/2024 11:57

Jumpingthruhoops · 30/10/2024 11:51

The Labour manifesto said it wouldn't increase taxes, but now they are saying they have to.

I pity those who voted genuinely believing Labour would do something different.

Proves yet again that Tory and Labour are two cheeks of the same arse!

They are doing something different. They’re making a start on repairing the damage that has been done over the last decade and a half. The Tories promised tax cuts, if they’d won the election Hunt would now be trying to explain why he promised something that’s undeliverable. They’re not on the same body, let alone the same arse - and it’s time that tired old cliche was put to bed once and for all.

cardibach · 30/10/2024 11:56

Jumpingthruhoops · 30/10/2024 11:51

The Labour manifesto said it wouldn't increase taxes, but now they are saying they have to.

I pity those who voted genuinely believing Labour would do something different.

Proves yet again that Tory and Labour are two cheeks of the same arse!

Except it didn’t. Look at the link Clavinova posted which outlines the taxes they said they would raise.

cardibach · 30/10/2024 11:55

Christmaschristingle · 30/10/2024 07:46

@cardibach I'm a swing voter.
If it had not been for the disgraceful mess over the trans issue I would have voted Labour, I did a protest vote this time.

"what are you banging on about" says more about you than clavinova.

That’s not what I wrote. I said I didn’t know what she was banging on about because she posted a list of ways Labour intended to change tax as laid out in their manifesto as evidence that nobody knew they would raise tax to fund the manifesto because they didn’t put it in the manifesto.
Manifest nonsense.

FasterMichelin · 30/10/2024 11:54

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, 🤔 😔

Hallelujah! It's ridiculous that you can pay reduced rent forever, despite income increasing beyond those in the private sector. Means testing is essential.