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To want a budget which puts young people and families first

385 replies

HFJ · 28/10/2024 19:59

In advance of an upcoming budget that will likely hammer working people (again, despite the rhetoric), I’m consoling myself by imagining my own budget. You’ll notice a theme. This is because I believe young people and families are the future, deserve to have hope, aspirations and goals. Please feel free to contribute.

  1. The first 5 years of young people’s full time earnings to be tax and NI free. This would enable all to save for a house deposit, rather than only the few who inherit. Imagine the incentive to work hard!
  2. No increases to any tax that primarily affects working age people, including fuel tax (because working people need fuel to go to work)
  3. No stamp duty for young people and those with children under 18. This enables them a fairer chance of buying property rather than have to compete unfairly with cash buyers
  4. Complete removal of the pension tax free cash allowance. This is because 100s of 1000s are poised to take their 25% lump sum and plough this into the property market (tbf I think the gov has got wind of this, hence the landlord tax changes)
  5. instead of massive increases to NHS budget (which does not really benefit the young or families), a £10 charge to see the doctor, so people start to take ownership for their health
  6. Removal of the free prescription for over 60s. Instead, use this money to bring back the school nurse and perhaps even school dentist visits

Any other ideas?

OP posts:
shittestusernameever · 28/10/2024 23:47

It's needs to be fair for all.

Angrymum22 · 28/10/2024 23:33

No need for pensions so effectively eliminate the state pension scheme.
However most people over 50 are earning well and more likely to be paying higher rates of tax. So what you save in pensions you lose on tax.
You are obviously under 30 since you consider 50 an age where life is no longer worth living.
You would also remove most peoples childcare.
Sorry didn’t quote the post that suggested euthanising the over 50s.

Livelovebehappy · 28/10/2024 23:32

I don’t think advantages should be given to one section of society at the expense of another section. Why can’t the government make sure that the ‘pain’ they say they are forced to send our way on Budget day, is evenly distributed. You might feel all your points are valid ones because you’re one of the ones who would benefit from your mythological budget. But in a few years you will be a pensioner too. Let’s hope the budget is a fair one, but i’m not hopeful, as we’re talking about Labour here.

Notcontent · 28/10/2024 23:26

I will play.

How about families pay more tax - it’s only fair, because they are using more services, right???

notbelieved · 28/10/2024 23:15

Older people have needs too or don't we matter? We vote, if that helps focus your thinking.

instead of massive increases to NHS budget (which does not really benefit the young or families), a £10 charge to see the doctor, so people start to take ownership for their health

Some people have illness and disabilities through no fault of their own. My youngest is a type 1 diabetic, for example, which is an autoimmune condition (sod all about taking ownership of his health). We have multiple consultant appointments annually and sometimes require a hospital admission for fairly basic illness which gets out of hand - last year he ended up in hospital with a throat infection brought on by glandular fever, for example. Is your suggestion that we should pay on these occasions? Because if we couldn't affordnit - and some families can't - then essential check ups will be missed which means opportunities for improving control and management will be missed which means long term, serious ill health may result. That reduces the likelihood of working and paying tax. Counterproductive.

Meadowfinch · 28/10/2024 23:13

Gall10 · 28/10/2024 22:05

Inheritance to be taxed at 99%….after all its unearned income.

This would simply result in people spending it on their children while alive -private school, university fees,, skiing holidays etc. I'd rather see my dc have a first class education while I'm alive than hand my life savings to the govt when I die.

If anything that would increase the inequality between the haves and the have nots from an earlier age.

StevieNic · 28/10/2024 23:13

Make student loans interest free

Better funded childcare. We get 1 day a week funded and pay £700pcm for another 2.5. Combined with a huge mortgage (for an ordinary 3 bed), large tax, pension and student loan payments life with just one child is not affordable.

I would like to see funds raised with massive taxes on anyone with a second home/ multiple properties.

And more taxes on gifts from relatives and inheritance. I cant believe my friends have been given hundreds of thousands thousands untaxed whilst we’ve worked for everything and been taxed up to our eyeballs.

And they should make it illegal to set up trusts to avoid using personal assets to pay care home fees, or to ensure someone keeps getting universal credit despite a large inheritance

NeverDropYourMooncup · 28/10/2024 23:08

Playing devil's advocate, tax free earnings for the first five years would result in a large number of very expensive cars, holidays etc. You may have focused on buying a house at 18 or 21, I did. But many will not

If my ex was anything to go by when he got access to his Trust Fund, there will also be an significant increase in the wealth of cocaine dealers. I couldn't believe it when he said he'd gone through seven hundred and fifty grand in five years, as he had nothing to show for it by the time I met him at 25.

Meadowfinch · 28/10/2024 23:00

Playing devil's advocate, tax free earnings for the first five years would result in a large number of very expensive cars, holidays etc. You may have focused on buying a house at 18 or 21, I did. But many will not.

No stamp duty for those with children under 18. - I have a 16yo son and am 61. I would use this benefit to buy my retirement home.

Being 61 yo I don't know anyone who is planning to use their 25% tax free allowance to buy BTL property. Most are looking to help with university fees or deposits for their children's first homes.

The NHS does not really benefit the young or families - really? Have you seen the state of maternity services recently?

For a more equitable budget, I would simply increase the personal allowance, helping anyone on a low income, and pay for it by removing higher rate tax relief on pensions. And I'd increase the budgets in secondary schools and in colleges, including part time & adult education. Give young people the help they need that way.

redorangeye110w · 28/10/2024 22:53

TwinklyAmberOrca · 28/10/2024 20:37

If you make people pay to see a doctor it'll put people off going for things that could have been fixed more easily if they'd gone earlier but waited until it got really bad.

In some countries you pay to see a doctor then can claim it back.

Those on high incomes often don't bother claiming it back. It also is more likely to deter time wasters as if you don't turn up you can't claim it back (unless you had a very good reason)

But people are put off already for "non urgent but could be something" as it's too hard to gat an appointment.

A nominal fee could help that. Something has to change.

Bitchneyspears · 28/10/2024 22:52

School nurses still exist.

TomatoSandwiches · 28/10/2024 22:52

Floranan · 28/10/2024 22:48

  1. Removal of the free prescription for over 60s. Instead, use this money to bring back the school nurse and perhaps even school dentist visits
So help those at the beginning of life but not the end ?

They have their whole working life to plan and save.... is that not a reasonable argument?
We have started to save for our children's pensions because I'm willing to bet that a state pension such as what people enjoy now ( much funded by the children people apparently shouldn't have if they can't afford them ) won't be a thing for them to rely on.

Floranan · 28/10/2024 22:48
  1. Removal of the free prescription for over 60s. Instead, use this money to bring back the school nurse and perhaps even school dentist visits
So help those at the beginning of life but not the end ?
yeaitsmeagain · 28/10/2024 22:46

Well for a start the council tax in expensive London boroughs should be majorly increased, they pay less than I do in a small terrace up north. Yet apparently London can afford a massive firework display yearly and my local council can't afford a small local bonfire.

Secondly only UK citizens, that are living here for more than six months of the year, should be allowed to buy or own property. The majority of London property and many other properties in the country are owned by people abroad who leave them empty on purpose year round. Absolute waste.

Residential properties should only be purchasable by individuals, not companies.

Loopholes in business rates need to be closed.

Ideally public transport outside of London would be free (solves all the issues with fare dodgers and affording it and makes it more efficient getting on, plus mostly it runs at a loss anyway) but with people contributing from taxes.

The £10 fee to see a doctor would cost the NHS more in the long run as people would avoid going and be more expensive to treat.

Floranan · 28/10/2024 22:44

I haven’t read the thread sorry, but my first reaction to the title was when I was young I thought the same now I’m older I want a budget that will let me keep my savings. I worked hard to give myself a decent retirement, it’s not fair that I shouldn’t get it.

but you know, when I think about it, a lot of my monthly income goes out to help my children fund their families finances. They work hard, don’t waste money yet still need the bank of mum to help them.

if the budget helped young families. It would mean they wouldn’t need my support so much, which would help my finances.

over all though, I’m dreading this budget, I think they are going to sting anyone who has saved, and who work hard to support themselves.its the middle earners who will be hurt.

Unihorn · 28/10/2024 22:44

This reply has been deleted

This has been withdrawn by MNHQ for breaking our Talk Guidelines.

Which part of this is rubbish exactly?

CheeseyOnionPie · 28/10/2024 22:44

So a 40 year old childfree couple buying a home has to pay stamp duty but their friends who happen to have a child do not? Ridiculous.

Oscarbravoromeo · 28/10/2024 22:43

This reply has been withdrawn

This has been withdrawn by MNHQ for breaking our Talk Guidelines.

KeepingGoingOneDayAtATime · 28/10/2024 22:40

My relatives in Ireland used to have to pay 100 Euros to go to A&E and it used to always surprise me when DFIL had something ghastly wrong with him and all he could say was "Dammit, another 100 Euros down the drain."

taxguru · 28/10/2024 22:40

LunaTheCat · 28/10/2024 20:03

I don’t think that you can pit age groups against each other..
there are some very needy older people still renting and in dire circumstances.
A budget has to be for everyone.

Browns budgets weren’t for everyone when he twice raised nic which is nothing but a tax on workers!

Singinginthespring · 28/10/2024 22:38

GrannyRose15 · 28/10/2024 22:37

Every penny of it has been taxed once, sometimes twice and in some cases many times. How would you like everything you had worked for taken by the government.

House price inflation is the bulk of most inheritances and that’s entirely tax free.

Singinginthespring · 28/10/2024 22:38

HFJ · 28/10/2024 19:59

In advance of an upcoming budget that will likely hammer working people (again, despite the rhetoric), I’m consoling myself by imagining my own budget. You’ll notice a theme. This is because I believe young people and families are the future, deserve to have hope, aspirations and goals. Please feel free to contribute.

  1. The first 5 years of young people’s full time earnings to be tax and NI free. This would enable all to save for a house deposit, rather than only the few who inherit. Imagine the incentive to work hard!
  2. No increases to any tax that primarily affects working age people, including fuel tax (because working people need fuel to go to work)
  3. No stamp duty for young people and those with children under 18. This enables them a fairer chance of buying property rather than have to compete unfairly with cash buyers
  4. Complete removal of the pension tax free cash allowance. This is because 100s of 1000s are poised to take their 25% lump sum and plough this into the property market (tbf I think the gov has got wind of this, hence the landlord tax changes)
  5. instead of massive increases to NHS budget (which does not really benefit the young or families), a £10 charge to see the doctor, so people start to take ownership for their health
  6. Removal of the free prescription for over 60s. Instead, use this money to bring back the school nurse and perhaps even school dentist visits

Any other ideas?

You sound unhinged. Struggling to buy a property and letting the stress get to you?

  1. This would just make houses more expensive. Those with inheritances will have their savings and their inheritance. You’d just have your savings. They’d still be an inheritance ahead of you.
  2. working age people are some of the most able to pay taxes, and you are committing not to raise these taxes. Didn’t work out too well for Rachel Reeves.
  3. Stamp duty not only adds to the cost of you buying a house, but also stops people from moving. The sort of people you want to move if you want to buy their house. Stamp duty needs to be binned - for everyone.
  4. Partially agree. I see no evidence of people buying property with their tax free lump sum. Accidental landlords inheriting their family homes at that age maybe.
  5. agreed.
  6. crazy. Some less wealthy pensioners would just die through lack of prescription.
I’m sorry that you feel you are bearing the brunt of inter generational inequality, but you cannot pit them against you like that.
GrannyRose15 · 28/10/2024 22:37

Gall10 · 28/10/2024 22:05

Inheritance to be taxed at 99%….after all its unearned income.

Every penny of it has been taxed once, sometimes twice and in some cases many times. How would you like everything you had worked for taken by the government.

TomatoSandwiches · 28/10/2024 22:37

You could very well argue that the more investment we put into children the better outcomes they have in old age.

coxesorangepippin · 28/10/2024 22:34

I don’t agree at all. Parents need to take responsibility, rather than expecting the state to look after them.

^

Those children are humans, and grow up into people who contribute to society.

Like pensioners

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