Anyone watching the Budget 2024?

[LadyofRutshire]

I couldn't find a thread on today's budget. Anyone watching live?

Yep, mn seems to gloss over this, maybe the skew of sectors and state support is not representative

How has Brexit affected that ? Reverse that and they’ll grow again.

Any positive things ?

This is not strictly true. You have 6 months to pay before interest starts being charged. For certain types of assets (including property and private businesses which can't easily be sold) you actually have 10 years to pay in 10 annual instalments. I'm sure a family agricultural business would fall into this category.

It reminds me of the cap on pension funds that resulted in NHS consultants retiring early… unintended (ill thought out) consequences.

Yes the triple lock pension, is going to cost a lot of money😂

We didn't have to wait with the Tories, Kwarteng crashed the economy within hours.

If you read the paper, even farms in trusts, or held by shares, will be included. This has a breakdown, from 2021 of the value of various farms/estates and businesses claiming the tax relief.
I imagine their value has gone up, as property prices, although plateau-ing in some areas now, have definately increased.
You can see that an awful lot fall in the 1-2.5m area
https://www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms/summary-of-reforms-to-agricultural-property-relief-and-business-property-relief

in addition, for the same year - this is what they say about farm household income - for all those who seem to think that most farmers are living the highlife https://www.gov.uk/government/statistics/farm-household-income/farming-household-income-in-england-202122#:~:text=Key%20Results,horticulture%20(%C2%A312%2C000)%20farm%20households

They would need to stop charging private schools VAT if they wanted that.

I work for a large staffing company and the sector has had a downturn for the past 18 months or so. We were seeing green shoots of recovery in May but that reversed as soon as the election was called. The changes to employers NI will have an impact, companies will be looking to make savings.

It must also be remembered that the devil is in the detail. What is announced in Parliament is not everything in the budget.

Tax and Spend; classic Labour.

Yes, because every time they inherit public services and infrastructure ruined by the previous administration. The whole thing is a cycle.

Brexit has had a huge effect on most aspects of the economy. I guess the owners of many SME’s voted for it. It’s like double whammy for them now. Unfortunate.

Not actually true - we have a massive disguised unemployment problem. There are well over 100 applications for each graduate level job for example.

There may be certain sectors such as care work where there are shortages, but we need to invest in other sectors to provide other good quality jobs which pay well so also yield plenty of income tax.

She doesn't have to spell out her entire life story to prevent other posters from making themselves look like twats.

It was pretty obvious from the tone and content of her post that she wasn't a nefarious, money-grabbing billionaire.

@WanOvaryKenobi junior doctors, nurses and paramedics earn more than minimum wage-I have no idea where you got that information from. Also, maternity pay is low and childcare costs high in this country-they’re the factors in returning to work, not paying for other women to stay home.

The numbers of pupils in private schools has decreased dramatically in the last decade. Alongside the number of private schools nationally.

We've had 5 close within a 15 mile radius of me in the last 8 years.

There are 7 state secondary schools within a 5 mile radius and they aren't all over subscribed.

I would imagine (although don't have the stats) a much higher percentage of people were in private education pre 2000. I remember when I was a child the types of professions that could afford private education were different to the ones who can provide it now - but I know many cannot afford it now as wages haven't risen as much and housing takes a much bigger chunk of wages despite interest rates on mortgages being much lower.

Most of these things aren't affected in isolation but part of the bigger picture.

I'm sure they would manage that if they wanted to rejoin the EU or Single Market. They'd have to make a few other legal changes too.

Education is about much more than a job.
At what stage do you decide, child A will be a nurse, child B will be a car mechanic, child C will be. QC, when they are 6, 10, 15?

Or do you teach them a whole range of things, how to debate, work as a team and solo, enjoy music, communicate, think on their feet, involvement in the local community, how to cook, work out lengths of triangles, understand texts, be able to gather information from environments and present and deduce from same. Schools teach all this or try to and much more.

Parents are there as well, it's not that difficult to teach your own children life skills, manners and resilience.

And once education up to 16 is completed there are is a range of further academic and vocational courses, employment and apprenticeships.

Besides from this the budget isn't about educational standards and reform, it's solely about paying for things, that's why there are Ministers for various aspects of life in the cabinet. So now the Minister of Education has the economic plan going forward decisions in specific departments can now start to emerge.

Any incentives that result in growing the economy?
seems like squeezing all the fruit we have, not watering, not fertilizing, and not planting new trees.

Agricultural land is expensive. A million might only get you 100 acres or less. Not enough for an economically viable farm. You probably need 500 acres plus. But, you also need another million or so of equipment and machinery. Then, to farm 500 acres you'll need working capital of the best part of £250k just to fund the seed, the fertliser, the chemicals, the labour to establish the crop, which might not be harvested and saleable for 9 months. And at the end of it, you might make some money. Or you might not 😂

Noisylass ibe just had to do the same. Now have to have a telephone interview. I'm guessing this just part of the process of a review? There certainly wasn't any hidden millions or amazing income in my bank statements 😂 I'm limited to what I can work because I'm a lone parent carer to my adult son. In fact I'm one of the few who would be allowed to not work at all or even have to look for work.

@itsgettingweird I don't think that is true at all. According to the Independent Schools Council's own census, the number of private schools increased from 2023 to 2024 - not massively by about 20 schools. Their figures also suggest that pupil numbers in private education have risen from 474000 in 1990 to 556000 in 2024.

Reversing Brexit would make pretty much all these tax rises and changes unnecessary.

If we had never had Brexit ....

If the national curriculum was any more narrow, you could fit it all into a single text book.