How does the budget affect you

The increase in minimum wage last year to young people has already meant they are by far the highest unemployed group. Raising the minimum wage for under 21's by about 8 percent will just mean even less employers will give young people a job.

I feel sorry for the young people coming through and the struggles they have with a high cost of living. The budget will absolutely stagnate growth and we need to reduce expenditure

Very much with you on the struggles for young people starting out, @Musicaltheatremum, and regarding housing it's why I cringe every time someone crows about the market being RED HOT in their area and fantasising about the profit they can make

As for growth, as said above our current problems aren't just down to Labour, but it's an issue I don't expect to improve under them when basically the only growth they care about is that in the state sector

Typo

I feel sorry for the teachers, nurses and others caught out in fiscal drag due to RR freezing tax thresholds once again. If I was still teaching I'd have reduced my hours back to 4 days a week to avoid going into higher tax band. I'm sure many teachers and nurses will do this, then RR will have created an even bigger teacher shortage.

How do we know they will be re-valuing F and up? Is that in any official releases anywhere?

How I am affected:

Fiscal drag re income tax thresholds
Dividend tax increase (co director)

Just the same shit the Tories pull tbh.

It's a real shame that no reforms were made to income tax and VAT, but I was not expecting them. At the same time as lifting the two-child cap, it would have been great to balance things by taking measures to stimulate the economy (especially small businesses, entrepreneus and £50K+/£100K+ a year earners).

has anyone found anything that calculates the impact for you?
I don't think I'm affected apart from the salary sacrifice scheme impact......
I'm in Scotland so tax bands are already different and I won't get a pay rise that puts me into the highest band. Property is in council tax band F but that seems to only be England and I'd be happy for it be reassessed because it seems disproportionately high compared to older properties, don't have an EV, no child benefit, and don't save more than £12k a year in my ISA.....

It'll cost me heavily via the investment income tax increase, but I'm fortunate in being able to afford it so don't mind in theory

In practice however I very much resent the reasons for the tax rises, which boil down to waste, incompetence and too much featherbedding of preferred demographics ... and certainly not just among the current government

Apart from the freezing of income tax thresholds we will be affected only by the increase in dividend tax (husband) who is a lower rate payer and tax on savings mainly me as I'm a higher rate payer but I'm in Scotland so pay 42% anyway

It's not really going to affect us but I feel sorry for the young people coming through and the struggles they have with a high cost of living. The budget will absolutely stagnate growth and we need to reduce expenditure

Even if they increased the personal allowance for the lowest band people would keep more of their pay and would need less UC to help them live.

As a single childfree person, just another year another drop in what I take home...every meagre payrise swallowed up by council tax increases, Thames Water increase and fiscal drag of threshold being frozen. Its like a yearly payout for me.

Concerned about pay per mile...it will eventually hit all cars...sigh

There has never been a budget that has ever helped people like me, never will e just hand over more of my money to pay for other people's lifestyle choices.

The cap on ISA is annoying I wanted to save as much as I could to pay for my own care later

I'm relieved she didn't dick about with stamp duty.

We've literally just paid ££k in SD and if she'd scrapped it and introduced an additional charge I would have vomited on my shoes.

Sorry for people currently purchasing though - I know it's a selfish thing to be relieved about.

Get ready for 2029 is all you can do.

Negatively. We'll be £3-4K worse off per year, not worked it out exactly yet. We were already struggling since the CoL crisis. I'm getting more and more angry that they won't raise the income tax thresholds. Because of that, our income decreases annually, now this big hit today. No idea what we'll do. We already live frugally, no holidays, no fancy cars, don't eat out (other than 2 or 3 times per year for a birthday or anniversary). I had been trying to get a business off the ground and that's already not doing well as people aren't spending like they used to. I feel like what's the point of working when others are getting benefits and appear to be better off than us.

Have the extra baby, don't let them rob you of that as well as the money and resent it later in life.

Wise. I was saying to my adult child that whilst others are richer than us, I am not happy to see their wealth be reduced if they built it fairly.

If they become poorer so do we. If they can't help their child purchase a home then there will be no builders, decorating getting work, no SAHM maybe doing a once a week clean who can use it to fund extra curricular lessons, so less tax brought in. So many suffer eventually.

Envious people are so destructive.

Not as bad as some of the scaremongering.

I am 41 I was only able to buy a house after saving for years and years at the age of 40 - I have a huge LTV mortgage at a high monthly payment. I have minimal savings and only have one child as we tried to be sensible knowing we needed to cut our cloth accordingly and at the time nursery bills were crippling

BUT I have recently through years and years of graft achieved a decent promotion and pay rise - which I won’t see a huge benefit from as I have high monthly outgoings and now I’m being fleeced as a middle earner

Well as a disabled person myself and the single mum down the road continue to be blamed for the state of the economy. 🙄

You currently earn £45k with £5k salary sacrifice and a £2000 employer contribution with a £100 extra employers NIC saving which the employer has passed on to you.

You will now earn £48k with a 2k salary sacrifice and you can put the other £3k into the pension in the normal way. You still get the £2000 employer contribution but they will probably now only pass on say £50 of their employers NIC saving.

For me it is not so much the financial but the emotional affect.

I am so tired of working to fund people's wants and not their needs whilst being told that you should suck it up and say nothing.

The only thing this budget has done for me is to ensure that I continue to quietly quit and has made me resolve to continue with my plan to partial retire and then fully retire even earlier and divvy up my assets to my children ASAP, so we all get a chance to enjoy life and not just exist whilst having to work increasing amounts of hours to just stay comfortable.

It was a loophole. It was never intended.
Most people don't see much of a benefit from it. It save companies money however.

It's not a loophole, it's designed to encourage sensible pension contributions, which benefits everyone. FFS

No you've misunderstood this (it's actually poor sensationalist reporting to be fair).

You can put in £60k a year tax free.

At the moment there is a loophole with NIC contributions which has been exploited. Employers pay employers NIC contributions on an employee's gross salary. To avoid this they enter into a salary sacrifice deal with an employee where the employer effectively says "lets say your salary is reduced by the value of your pension contribution so now instead of £50k of which £5k goes into your pension lets just say its £45k and then we will also put an extra £5k into your pension. It totals the same for the employee. The employer however has saved paying NIC contributions on £5k of salary. The employer is better off.

In most cases it's a neutral position for the employee. However some more generous employers will pass on the saving by way of an extra amount put into the pension (often half of the saving they have made).

Now you can only salary sacrifice up to £2k. Anything above this would just be a normal pension contribution out of the salary.

So in most cases the only people who are disadvantaged by this are the employers. In some cases it will impact employees if they work for a company which passed on some or all of the employer NIC saving.

It is still all income tax free up to £60k.

No I think it's just the salary sacrifice that's reduced to £2k tax free. After that you will lose the NI relief as will your employer. You can still get tax relief up the £60k I believe

We are affected by the salary sacrifice into our private sector pensions. If it came into effect today, based on our current salaries and contributions, we would lose £27 a month. For us as individual taxpayers, that amount is neither here nor there, but I am concerned about how employers will react to this policy. Especially as I do not expect the state pension to still exist by the time I retire (I’m 39).

We also live in a council tax band F property so we wait and see what the impact of that is. My house is a 4 bed in the West Midlands we bought for £385K in 2015 and is probably worth about £550K today - nowhere near the mansion tax territory, but I do feel my council tax bill is already expensive at £335 a month.

We do save into ISAs but not enough to be affected by the reduction in annual allowances.

Yep, anything above £2k per year in salary sacrifice will now be subject to NI contributions.

So you get to limit your own pension savings to fund the state pension of today. Huzzah!

*NOT a pensioner bashing comment, it just is what it is.

😂😂😂