Anyone watching the Budget 2024?

[LadyofRutshire]

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

What's the employment allowance @Negroany ?

You keep banging on about certain people not ‘paying’. You've not got a clue what investments I have. I do know that public services are failing and need investment. Quickly.
Might not affect you being a very rich, kids in private, blah blah London dweller. Vast majority it does. Anyways, anything positive to report or just sour grapes ?

Yeap. Bless him, he has to pay for the basic neccessity of a plane! Can you believe that?!

"
The resentment and bitterness towards anyone even remotely successful is galling."

This is particularly the case on MN.

Is what true? That over half of all households receive more in benefits and services than they contribute in all taxes?

Yes it is.

Exhibit A

Yeah poor folk being sick of the rapidly increasing wealth gap what a bummer.
Funnily enough I’m surprised that’s the case MN being full of multiple 100k plus earners, CEOs, weird no ?

What was that blah blah

The tax hike is high whichever way you spin it.

Ha just actually read your post, your mn invested reminder you don't actually know me, tg

More money for the lowest paid, for kids with special needs, the NHS, mental health and schools. I’d call that a very good day’s work

How many are pensioners ? Good idea Labour wanted to means test WFA then.

Yes, it is a large tax increase.
But it has to be.
You only need to look around the estate this country is in. Not a single service is working properly.
We are worst off than we were 10 years ago
It needs to stop and be reversed.
Now, that is not going to happen for free.

childcare made tax deductible

ensuring privately employed childcare providers (such as Nanny’s) are within the tax system so they are building their own pension and NI contributions

as a society we have become more dependent on the state and less on personal responsibility. Part of that has been due to governments subsidising wages through benefits.

the economy is in really sticky place and I don’t envy any government trying to improve things there will be some very tricky choices

modernising public services, if done properly, could be transformative but hard to push things through

a lot of these things will go through a consultation process before being implemented and you would hope the unintended consequences will be considered at that point

I agree that perhaps successive governments in the UK have increased the need for benefits.

The council housing shortage is a major reason why. Billions needed for housing benefits for private rentals. Not only for people unable to work (disabled or carers) but also low waged people in work.

And the false economy of austerity has increased the number of people unable to work or in need of care. Obviously timely access to good public services (NHS, social care, etc) would reduce the need for benefits.

But "generous" benefits? No. I can't find the figures right now but it's been published in various sources internationally - that the UK has one of the worse safety nets in terms of welfare benefits in western Europe.

If you think benefits are so generous, why do so few private landlords accept tenants on benefits? (The answer btw is because the benefit money is lower than the rents). Why are disabled people and full-time carers disproportionately in poverty?

Wasn't that the major concern when the NMW was introduced?

Sounds good to me 👍

What was the announcement? 👏

There is no increasing wealth gap. The GINI coefficient hasn’t changed in years!

'Lol' - is it that poster again? Geez

You are too invested and raging with insults on the internet, not great.

I think people are missing the impact of the CGT rises. Property goes untouched, which I find very strange still and 18% and 28%. So no change there, which to be honest I expected.

Annual exempt allowance of £3k - then 18% and 24% above that. Up from 10% and 20%.

This will hit an awful lot of people who are party to employer share save, outside of an ISA, or gifted company shares. On disposal they will be clobbered.

These are not millionaires, they are people that have worked low to mid level jobs all their lives, had shares as part of the annual rewards, and now will face a significant portion of that asset being eroded by CGT.

No. The OBR figures released at the same time, predict growth peaking at 2% this year, then falling back. It also says in the short term, the budget will push up inflation and interest rates, which is obvious really with businesses having to find an extra £25bn in tax.

I was pleased that income tax hasn’t increased

It’s just over 47% of non retired households receiving more benefits and services than they contribute in all taxes. That figure is about 3 years old now. ONS are slow to release…

https://www.ons.gov.uk/generator?uri=/peoplepopulationandcommunity/personalandhouseholdfinances/incomeandwealth/bulletins/theeffectsoftaxesandbenefitsonhouseholdincome/financialyearending2021/8a4a4e33&format=xls

look at how the non retired percentage is rising and rising.

This only ends one way; a crashed economy and savage cuts…

@fromdownwest I thought property CGT would go up and as you say odd it was untouched.

It’s just over 47% of non retired households receiving more benefits and services than they contribute in all taxes. That figure is about 3 years old now. ONS are slow to release…

wont a large proportion of that be housing benefit and tax credits due to high rents and stagnant wages?