Reeves’ Budget Dread

Oh yes if there is a different opinion it must be a bot. Grow up!

Well I'm a GP partner in a large practice with 60-70 employees, the NI changes will be huge for us, over £100,000 annually.
On top of that the NMW changes for the basic admin roles and we are at the point where we will need to be thinking of redundancies.
That will be of higher paid employees ie, doctors.
So well done Labour you've really fucked us over

If you've come here to discuss this with the OP, don't bother!

In 90 minutes, the OP hadn't returned….

I am overall quite confused.

The employer NI will definitely hurt people immediately. DH works in a company of a few hundred people and he is involved in people's pay/performance reviews. They were all done and agreed, but hadn't been given out. Someone senior put them all on hold recently due to the potential for employer NI increase. Now that that's happening, the pay reviews will be cut to try and mitigate the NI increase. But these people won't ever know that they were going to get a bit more.

I can see that employer NI doesn't (on the face of it) hurt the average (wo)man in the street. So most of us are not going to be sitting cursing over it. But I think there is a minority of people that it's going to badly hurt. The private school issue will hurt a minority - 7%. The farming inheritance issue will hurt a minority.

I am wondering whether Reeves is hurting small minorities, safe in the knowledge that the (wo)man in the street won't care and neither will most of their friends, so Labour's popularity won't decline.

Personally, I would like to have seen 1% on the higher rate of income tax. It would have been shouldered by millions, rather than by minorities. It just seems a bit more honest, rather than all these little bits.

The non doms - time to do a runner? The stuff doesn't come in for a while.

The stamp duty on 2nd/rental homes? I saw a DM article saying that there are 21 renters wanting each property that comes on the market. This has been my experience. DB tried to rent a property near his work - nothing. Totally impossible. My DS is a student and will be trying to rent next year so I'm quite concerned about that.

Aside from this, it's also become popular to call things "loopholes" when they were actually exemptions for good reason.

I can't really see the other side of the budget - mega mega spending. I just don't understand where the money is really coming from. This is what I'm confused about.

It is a process that can be automated. This is something I’ll now do. Taxation from business should come from business growth rather than taxing businesses more as a % in the pound. Unemployment will now explode

Anyone feeling depressed or full of dread after this budget must have been asleep for the past 14 years. Where has prioritising business got us? Minimum wage and zero hour contracts. Where has Tory policy got us? Brexit, decimated NHS, schools barely surviving.

The markets responded favourably so maybe you are being unnecessarily pessimistic.

The money had to be raised from somewhere .

There's a plan to reduce debt.

Because low growth is now expected. The markets would only react if something unexpected happened.

So this means that you're expecting that person's work to be done by other members of staff? Or are you going to not offer the same level of service as before?

I thought as a middle income earner I was going to get walloped. I expected the VAT on private school fees (DD in PS by circumstance over design) so that was already going to have an impact but I have been mildly surprised think otherwise we'll be ok. One thing though, I work for a small company and we were hoping for a pay rise in December but I don't think it will happen because of the planned Employer NI contribution rise. So the pay o have is both subject to fiscal drag (which it was anyway) but now, effectively negative against inflation.

And yet the markets seemed to like it?

£74 billion extra spending!!

Well it hasn't crashed the economy instantly so there have been worse budgets

And it doesn't look like the experts think it will crash business as a whole - with very small businesses protected against the NI raise

so if it does raise the cash without any big negatives then it could be good budget

£40 billion taxes rises, mostly on businesses will lead to lower growth, less pay and a poorer country in the future.

And then there's also more government debt to be paid off by our kids.

That's before we even get to paying for the aging population in the future.

Yes I'm depressed!!

There was nothing in it that costs me personally other than knock on effects of things like minimum wage and employer national insurance.

I’m a teacher so I would be very pleased to see some investment in schools but it remains to be seen what it looks like.

I won’t be inheriting any pensions or farms and MILs house will probably go for care costs anyway so not overly bothered about inheritance tax. My parents are still young so there will be many budgets to change it again before then.

I thought it was quite a good budget and expected it to go further.

Personally I am more worried about things outside of the budget that this government is doing. I think the news yesterday has been neatly overshadowed by the (on the whole) better than expected news that we were all expecting. Exactly how they wanted it.
But hey. The budget is good so that makes everything else OK....

It seems to broadly tie to the manifesto to me. Certainly can't see anything to make you feel dread unless you are a non-dom with a jet - in which case you can probably afford it.

Yes, loving the way no one can find anything bad to say and it's nowhere near as "bad" as expected because of the way the press stirred everything up.

Also, I think you have to give some credit to Labour for that, they told us there'd be difficult decisions, and they've managed to make it not seem so bad.

Fortunately unemployment is low vs historic levels and there are a lot of vacancies so your employee should be able to get a job pretty easily.

The money raised should help ease the NHS waiting lists and return some of the long term sick to the workforce, creating momentum in the economy again.

Finally a budget that makes sense.

I wasn't surprised by anything in the budget - much of it was leaked or briefed beforehand, and the rest was in keeping with impacting people with assets rather than those relying on an income.
I just hope it all works as we desperately need to do something to address all those horrendous legacy issues and build for the future

I was thinking this too. If they can let a member of staff go without reducing productivity or quality of work, then they clearly didn't need them in the first place.

Or if letting a staff member go will reduce their output and therefore their income, then they are very short sighted.

Either way, doesn't sound very smart

Don't you sound lovely. How about you keep the staff member and reduce your profits? Can't be a very successful business if you can't manage that 🙄

She hasn't bottled it, this budget is in line with the manifesto. You've been reading too much right-wing press scaremongering.

No, just with brutal right wingers like you.

I'll be giving my staff a pay rise this year just like any other, and a Christmas bonus.

Enjoy your coal Scrooge.

Transfers to spouses are free of inheritance tax

I didn’t find it too bad op. Much milder than I expected. However, my 2 issues are the employer NIC/NMW and the fact that I think we’re going to be in more debt.