The NI changes are going to cost my organisation £1000 per employee

Labour and the other parties voted against Sunak's increase in NI at the time anyway.

Good point. And I keep reminding myself of the fact that the Conservatives were only offering more of the same at the last GE. I lalso agree that reducing NI at the time they did it was irresponsible.

I think it's worth noting that of all the different finance institutions assessments of this budget, the worst assessment, the very worst one said:

It's nearly as bad as the conservatives would have been.

Agreed. We actually had some promise for maker industry resurgence in the late 2010s with lots of young people starting to create small manufacturing businesses but it got crippled by the high cost of housing post Covid.

On what basis? It is a party battered at the polls in July and with, as yet, no leader and no policies.

Yep, tech companies have the broad shoulders, but they're not really impacted this much by this. Just don't understand why they didn't go for Corporation tax.

Moody’s are issuing warnings

Wonder what Labour will do next

Our economy has been based on buying/selling houses and the service economy of coffees and spa days for 2 or 3 decades now. All on the flawed assumption we can easily and cheaply import what we need, whether food, goods or power. Now we can all see the folly of that short-sightedness but still the politicians can't change their flawed mindset and just carry on making the same mistakes.

It was the same when they chose not to renew our Nuclear power station capability because it was "cheaper" to import electricity than build our own replacement infrastructure.

Same with the loss of the manufacturing industries in the 70s and 80s. Again "cheaper" to outsource our manufacturing to the emerging cheap workforces of the Eastern countries.

No one is in it for the long term anymore. By the time the inevitable shit hits the fan, i.e. Ukraine, Covid, Suez, etc., the politicians making short term decisions years ago are long retired and enjoying their gold plated pensions, consultancy fees, etc., so they can just shrug it off.

The problem is everyone wants improved services but no one wants to pay for it.
I would of been happy with a direct tax on everyone with the money going direct to the NHS with those earning more taxed more.

I'm afraid not thinking redundancies and lower pay will help growth is a basic requirement for the Chancellor, and even if mners can't see it Reeves should be able to.

Even if some think favourably enough of Labour that they overlook those things happening (even to them) it really will be problematic for growth and all the pledges that rest on it. Including defence spending

Yes, happy for tech companies or multinational/global firms but it is really not hitting those, though, are they.
Again, we are taxed something like 10% less individually than other European nations.

I honestly wouldn’t worry.

Theres going to be a u-turns galore on this budget. She’s already spooked the markets. Moody’s are issuing warnings. Charities are panicking…..it’s a complete shit show.

At least we know they will take a hammering at the next local elections and will be out at the next GE. So just a case of getting through the next few years.

Hopefully then they will recognise that a centrist approach is the only way that Labour can work.

Quite. It's actually pathetic.

Agreed

USA and Germany are trying to re-industrialise, meanwhile we're putting the nail in the coffin and getting rid of non-doms, and foreign property investors too.

So I guess our economy is going to be based on selling each other houses.

I think they backed themselves into a corner.

With hindsight opposition to Hunt's last cut for employees as wholly without principle and a commitment to reverse it would have been better.

But it would have been a stick for the Tories to beat them with...

If I had the answer to all these problems, I'd be applying to be Chancellor myself. The economy is basically a circle that can't be squared.

UK manufacturing and farming.

Why on earth would they want to impact two things that provide a certain level of security?

Mumsnetters are constantly going on about how brilliant Germany is and manufacturing and farming are two highly protected industries there.

Your response below to redundancies and lower pay was that you were ok with it, but how do they help growth?

Indeed…it’s an unashamed increase in tax on employment, impacting low margin organisations with large numbers of employees the most.

Yes, selling a business is nigh on impossible these days. My friend’s husband had to put his company in liquidation recently as needed to retire due to ill health.

Thanks, that confirms what I suspected; it's lowering the start point that's doing the heavy lifting rather than the 1.2% increase in the headline rate.

Initially I just used the 1.2% and got to the same £80+k as AI did.

I'm no tax expert but that does look quite high. Maybe AI won't be taking over the planet just yet....

And that’s why you shouldn’t rely on chat GPT without some knowledge of the subject 😂😂

edited to add, not even the subject. Just maths.

The maths isn’t that difficult…

Previously employers NI on £35k was (£35,000 - £9,100) x 13.8% = £3,574
Now it will be (£35,000 - £5,000) x 15% = £4,500
Increase £926.