Another budget one. Sorry.

Nohugspleaseandthankyou · Today 10:53

I'm curious to see what the people that are unhappy with it would do differently.

Quite. As the Chancellor correctly said, whoever was chancellor, of whatever persuasion, would be having to correct the complete ineptitude of the previous Government. The difference being that Hunt would have favoured tax cuts to the wealthy and a continuation of the running down of public services.

We’re well off. We’ll be paying more taxes, as we should in the circumstances. The poorest have carried the burden for far too long. Time to redress the balance.

Precisely because there is no extra money coming in for them into the Treasury.
50,000 leave indy schools = schools budget has to be spread even thinner to fund £375,000,000.

Oh well, if hubby says so then of course we must defer to his superior opinion.

I'm curious to see what the people that are unhappy with it would do differently.

You appear to have quoted the wrong person. Unless you too believe the only impact of the budget relates to VAT on private school fees??

I suspect schools are about to shed even more of the last standing TAs ... which will make them worse for the incredible number of children in mainstream schools who need extra support for a variety of reasons.

Schools will struggle to find the money to pay for the payrises that will need to be made to keep them above minimum wage AND the corresponding NI contributions. Another unfunded mandate.

Your expertise is economics, Brananan?

If a small percentage of private school kids now have to go to state schools, the schools budget has to be spread between more kids.

Gosh. Possibly.

Gosh. I guess they know something that the OBR don't then.

In addition to it. We don't know whether it will fully cover the cost of the NI increases yet, the details will be announced in the spring. Colleges and other public sector bodies will also get additional funding for this.

Brananan

It's quite sweet that you believe that this is a growth budget.

My very experienced (40 years) and extremely successful risk manager husband and the IMF are quite sweet, too.

Correction: this country was fucked, prior to the GE.

@noblegiraffe is that in addition to the additional funding they announced for schools yesterday or rolled into that?

It is if your employer is paying 20+% into your pension.
in the private sector it’s as low as 3%

Too simplistic a view with no consideration of the overall effect of same

Where i do sympathise with small businesses, larger ones could make up the shortfall by cutting back on bonuses and the pay of their executives. The cost doesn't have to be pushed on to the consumer. For example, the average FTSE 100 CEO was paid £3.91 million in 2022, and an average FTSE 250 CEO was paid £2.37 million. They've had massive pay rises when most of the country has had an accept stagnant wages.

It's quite sweet that you believe that this is a growth budget.

No wonder this country is fucked.

senua · Today 09:09

I will get a pay rise!

But your costs will go up even more. Who do you think will pay for the increase in NMW, in National Insurance, in the benefits bill as people get laid off, etc.
This is not a Budget for growth

It absolutely is! The UK has been at the bottom of the league table of investment in infrastructure in Europe for over 50 years. The borrowing to invest will begin to address that and boost growth.
Personally, we’ll have to pay more. No problem with that.

@295bkq , it’s an extremely sneaky budget and Ms Reeves is banking on the faithful left falling for the outright lies in the Labour manifesto. She’s managed to spin this as protecting workers when it’s anything but.

Public services including schools are going to be given additional funding to cover the NI increases.

I guess how you feel about the budget depends on whether you believe that the vast sums RR is raising will actually help the NHS or schools improve.

I don't believe they will, so to me the budget is ideological and short sighted.

Given that alcohol misuse is one of the biggest drains on the NHS (both long term health issues and alcohol injury, violence etc.) it would make far more sense to increase the tax on this, especially shop bought drinks.

More funding for schools, but the highest cost for schools is staffing, usually 70-80% of costs. With NI and NMW increases this will increase their staffing costs, so what do you think the extra funding for education will cover?

For those who think yesterday’s announcement doesn’t affect them, they might want to look a little deeper. How are businesses, faced with a large NIC hike, going to fund this? They are very likely to do this by passing on the cost through price rises, which we all pay for.

The cost of borrowing is also likely to be higher than it otherwise would have been due to decisions taken.

From Times today
“The cost of borrowing touched a near one-year high as the yields on UK government bondsrose again this morning in a sign the market is feeling minor jitters over the budget.
The yield on 20-year gilts rose to 4.85 per cent and for the benchmark ten-year gilt it rose to 4.41 per cent. Yields also rose for two-year bonds, which are more sensitive to the outlook for interest rates, as investors scaled back their bets on the likelihood of Bank of England interest rate cuts.”

inews.co.uk/inews-lifestyle/money/property-and-mortgages/mortgage-rates-likely-to-rise-after-budget-experts-warn-3353970?srsltid=AfmBOoq0M9OeS3uJ04XCW19Nbhbnc_SEQGXoHE-43eUCzMvaSE5k6F09

As well as not understanding the budget you clearly didn't read the thread either 🤦‍♀️