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Original poster

Is Anyone preparing/hunkering down for 'after the budget'

573 replies

IsUnemploymentRising · 14/10/2025 10:02

The news is today seems to be full of headlines such as unemployment is going up, housing markets are softening, budget is make or break.

Lots of people such as Andrew Bailey quoting things like markets could crash due to debt and AI bubble etc

I just don't see how RR or anyone else for that matter can get us out of our current situation without considerable cutbacks and pain.

Raise Taxes - lots of people think this is maxed out now with rich leaving and businesses already hit (thus rising unemployment)

Cut Benefits - will they try this again. If so what will all the people on benefits actually do to live. Will they all get jobs. Is there jobs?

So are you hunkering down?

Me personally I wish they would just get on with it. I hope to move house in next few years and whilst I'm still committed to it I can see another frozen housing market coming where only forced sellers sell and everyone else sits tight.

I'm retired (although not getting any pensions yet as too young) and definately worried about pension values (ie stock markets, bonds etc). It's very difficult to plan when your pensions are dependant on things outwith your control. (not applicable to those with final salary/defined benefit schemes of course)

State pension is a good 14 years away for me (I'm fully paid up) but I worry it will be eroded when I have built it into my calculations for retirement not to mention the freezing of tax brackets which means we are all getting taxed more each year by stealth.

I'm probably in a better position that many to weather the storm as no mortgage or debts and holding cash etc but even then I worry about our currency being worth nothing soon if they go down the route of printing money again.

Am I being overly pesimestic. I mean how are they actually going to get us out of this. For those on benefits (apart from worrying, being scared etc) how will you actually cope if your benefits are cut.

OP posts:
logplant · 14/10/2025 20:19

Papyrophile · 14/10/2025 20:03

"You pay more tax when you earn your income via PAYE (ie working for an employer) than you do when you earn income via a rental, dividends, capital gains on stocks & shares or pension income"

True, but you take no risk at all.

I don't disagree with you except that when you take a return from a rental property or a business investment that you have put upfront money into, probably money you have already paid tax on, you must understand that you are taking a risk that there may be no profit at all.

I did have a 1 bedroom flat I owned in London, with a 95% mortgage, for a few years after I moved in with DH. For the first three years, my mortgage was £750 per month, and the rent was £550, so I wasn't badly out of pocket, but it cost me money every month. Then there were building issues when the flat wasn't habitable, so for nine months there was nothing coming in so I paid quite a lot to service my investment. Then I let it again, for a year, and the tenants left after eight months, so another void period. After that a friend rented it for 18 months, and then I had a nice couple who stayed two years who moved to buy their own flat, who were given most of the rather nice Ercol furniture I collected before it was fashionable. On balance, it was squeaky bum time most of the decade. I was very happy to sell it, but it had appreciated in value too so I came away with a fair return after 15 years.

I think if you want to dabble in business you need to know your numbers. You can of course offset your loses. We run a business I know the costs involved. We run a profitable business and we pay our team very well. Payroll taxes are eye watering.

amicisimma · 14/10/2025 20:19

Poppingby · 14/10/2025 10:38

I want to pay more income tax! The world has changed even since labour was voted in. If we want to defend ourselves in wars AND educate our children we're going to have to chip in. I'm the stretched middle or whatever the Telegraph calls us and I can afford it if it means services improve!

Any UK resident can make voluntary payments to HM Treasury. You can't choose how they are used, but you can opt for it to go to general expenditure or to reduce the national debt.

You just have to email the Treasury with a bit of information (check on Google), who will send details of the bank account and reference you will need, for general expenditure.

To reduce the national debt you contact the UK Debt Management Office.

Although plenty claim to want to pay more tax, not a lot of people actually do this, but every year a certain number do.

Original poster
IsUnemploymentRising · 14/10/2025 20:22

caringcarer · 14/10/2025 13:05

The problem is RR what is not up to the job. The economy was going 'great guns' under Hunt. I'm no great fan of Hunt but he did a far better job than RR. Taxing business always puts unemployment up. Everyone knows this yet that was what RR chose to do. She borrowed more money knowing she'd have to repay higher interest. If she had made only modest changes in her first budget the chances are the economy would be in better shape. The markets hate rapid and large changes all at once. She has lost the confidence of businesses and money markets with her gung-ho attitude. She has attacked all low hanging fruit eg. pensioners, the disabled and farmers. I suppose there is still orphan's she could target next. I wish KS would sack her, only he can't because Labour don't have a wealth of finance experts in their ranks to replace her with. Still far too much money is wasted in public services. Bankrupt Birmingham can apparently afford to pay people to remove flags but not empty the bins. The quicker we get rid of this dreadful Labour government the better. Net Zero is costing hundreds of billions of pounds yet might only work if the rest of the world got on board. Instead Mad Miliband seems to have such great influence to bankrupt the UK.

Really interesting interview on you tube with JH. I watched it last week. He sounded so bloody sensible. I really wanted him to come back and work for the goverment. He's writing a book just now. I might send RR a copy.

- YouTube

Enjoy the videos and music that you love, upload original content and share it all with friends, family and the world on YouTube.

https://www.youtube.com/watch?v=DuhpdjWpX_E

OP posts:

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Cost of living
Papyrophile · 14/10/2025 20:25

This reply has been deleted

Message deleted by MNHQ. Here's a link to our Talk Guidelines.

Bumblebee72 · 14/10/2025 20:25

amicisimma · 14/10/2025 20:19

Any UK resident can make voluntary payments to HM Treasury. You can't choose how they are used, but you can opt for it to go to general expenditure or to reduce the national debt.

You just have to email the Treasury with a bit of information (check on Google), who will send details of the bank account and reference you will need, for general expenditure.

To reduce the national debt you contact the UK Debt Management Office.

Although plenty claim to want to pay more tax, not a lot of people actually do this, but every year a certain number do.

Show quote history

People never actually put there money where their mouth is and actually pay more tax. It is all talk. What they always mean is that they want other people to pay more tax.

beanbaggirs · 14/10/2025 20:32

They have to stop spending, create growth and make tough decisions and I honestly don't think they have it in them.

Growth has eluded us since the financial crash, so nearly 20 years. If and that's a big if any government can fix it, it will take years.

Original poster
IsUnemploymentRising · 14/10/2025 20:33

GameOfJones · 14/10/2025 13:40

It's a bit of a mess isn't it? DH and I are in our late 30s/early 40s, two DDs at primary school and both work in decent, professional-level jobs. On paper we should be fine but like everyone else we are really feeling the pinch.

There are redundancies everywhere. I have survived the first round of lay offs at my company but they're already talking about the possibility of more. DH is expecting redundancies to hit his workplace in 2026. Of my close circle of friends, four of them have lost their jobs in the past six months. These are just normal working mums in the professional services sector. It is terrifying.

What that means for DH and I is essentially no big changes. There's no point looking for other work if everywhere is facing cutbacks and potentially missing out on a decent redundancy payout due to our salaries and length of service. But that in and of itself feels like a risky choice.

We will not be moving house, which had been on the cards. Our mortgage rate just increased by £200 a month and that's with fixing for 5 years because we can't face even more uncertainty. We can manage that increase so would rather have a known bill than face the possibility of large fluctuations in interest rates.

We are no longer going out for meals, buying new clothes and paying for the services we used to. I've just had to stop having our window cleaner come round but in reality this hunkering down, staying at home and saving what money we can doesn't help the situation. Neither do people in OP's situation, the "economically inactive." People that could work and be paying income tax into the pot but are choosing not to because they're sick and tired of it. This isn't a dig @IsUnemploymentRising, I think the number of people that left the workplace post-Covid lockdowns is really concerning but on an individual level of course I understand why you make that choice.

I'm not sure what the answers are.

No offence taken. The economically inactive are making it worse. I actually left my career in 2019 to be a carer to my parents. This came to an end in 2023 and another year was spent selling their house and sorting their estate. Then I 'retired' having knackered my own health. Luckily they had left me money as well as paying me to care for them. Thus my early retirement.

OP posts:
Papyrophile · 14/10/2025 20:33

logplant · 14/10/2025 20:19

I think if you want to dabble in business you need to know your numbers. You can of course offset your loses. We run a business I know the costs involved. We run a profitable business and we pay our team very well. Payroll taxes are eye watering.

Show quote history

I know. We have an SME. Well aware of the costs and the risks, thanks. But we also pay people properly. And as the people risking the money we take maybe 20% more per person than we pay in wages. But we are also the people who take nothing in any lean months.

I don't "dabble" in business. I run two small pension funds, and one is based on commercial property, which has been operating more than 20 years.

Here4thechocs · 14/10/2025 20:36

Bramshott · 14/10/2025 10:14

TBH I'm considerably less worried this winter than in 2022 when energy prices were through the roof.

Happy to pay a bit more tax so there is more money available for the govt to try and turn things around.

But they made that silly promise to not increase income taxes and so as not to break their election promises , they’re stuck. Totally silly, to begin with.

Overthemhills · 14/10/2025 20:38

@Papyrophile
And you mean what exactly?
What choice?

Original poster
IsUnemploymentRising · 14/10/2025 20:39

childofthe607080s · 14/10/2025 13:41

The uk purse is only empty because it’s held in private hands and institutions

what happened after WW2 was a redistribution of wealth to lift the poor out of death and slums whilst the rich bemoaned the death duties

Do you mean because pension funds etc hold goverment bonds (debt)

I agree but that's surely not why the purse is empty. I mean the goverment raised money (guilts/bonds) and then spent it and continue to do that to this day.

The institutions bought the debt and thus why they now hold it. I don't really see how you can blame them for buying goverment bonds when that is the whole point of them.

Or am I just completely missing your point. In which case sorry, please post more so I can understand.

OP posts:
Original poster
IsUnemploymentRising · 14/10/2025 20:41

MrsMurphyIWish · 14/10/2025 13:35

As a parent with a disabled child this comment makes me physically ill.

Show quote history

I completely understand and so I guess you will be more vunerable than some. Thus my question are you hunkering down/trying to prepare for the future?

Do you put money away for your child's future for when you are no longer here for example?

OP posts:
Overthemhills · 14/10/2025 20:42

Well the OP has savings and her lifestyle because her parents died - so .. do we kill off the elderly and retire early so as NOT to contribute taxes or NI (while also stopping social care)?

Survival of the fittest comes down to when your parents die and leave you money I guess

Overthemhills · 14/10/2025 20:43

Ah do you put money away - to the parent of a severely disabled child? Talk about the lack of comprehension by @IsUnemploymentRising

Papyrophile · 14/10/2025 20:43

It's not a choice I want to spell out because at the individual level it is very harsh, even cruel. But at a community level, it may become necessary because the costs are so enormous they swamp any more desirable outcomes.

caringcarer · 14/10/2025 20:45

@GameOfJonesI think an awful lot of people are in your boat. My DD wanted to change jobs for promotion but thinks she can't take risk of moving to a new company ATM as she has been there for a lot of years and knows if she loses her job she'll get redundancy. My niece was made redundant from a company she had worked at for 12 years and had received 3 promotions at. It took her almost 3 months to get another job and with less pay and not such good work terms. She has a first class honours degree and 12 years experience in a large company 7 of those years in senior management. My niece let her cleaner go and has not replaced her since starting her new job.

Papyrophile · 14/10/2025 20:50

In simple terms, we pay almost £4k pa in council tax. If a complex needs case is costing £900 per day in transport to and from school alone, then you need a lot of council tax payers. I'm in Cornwall, which charges some of the highest council tax rates nationally, but which isn't the most densely populated county. At some point, the county council cannot fund the SEND costs.

Overthemhills · 14/10/2025 20:52

@Papyrophile
No please - humour me. What’s the suggestion
Please tell me what you’d do with my severely disabled child

Overthemhills · 14/10/2025 20:53

Let the eugenics commence

logplant · 14/10/2025 20:54

Papyrophile · 14/10/2025 20:33

I know. We have an SME. Well aware of the costs and the risks, thanks. But we also pay people properly. And as the people risking the money we take maybe 20% more per person than we pay in wages. But we are also the people who take nothing in any lean months.

I don't "dabble" in business. I run two small pension funds, and one is based on commercial property, which has been operating more than 20 years.

Show quote history

Your description of how you dealt with a one bedroom flat - sounded very much like dabbing.

Papyrophile · 14/10/2025 20:55

@Overthemhills I really don't know how I could help frankly. Everything I/we have earned in 70 odd years would be consumed in under a year of funding your child.

Overthemhills · 14/10/2025 20:56

@Papyrophile
And…? (First of all I think you’d need to prove that - she’s not a looked after child in care so do tell me what she costs per year and how you reached that figure)
Whats your plan for her?

beanbaggirs · 14/10/2025 20:58

At some point, the county council cannot fund the SEND costs.

Surely adult social care costs dwarf children's send costs?

More than half of Cornwall will be aged over 50 in the next decade, those demographics are not sustainable

Overthemhills · 14/10/2025 20:58

@Papyrophile
Which person or subgroup of people costs £900 per day in TRANSPORT? Donal Trump in a state visit?

Papyrophile · 14/10/2025 20:58

I don't have a plan for her. You are the parent. I am only the taxpayer. Who is not being asked what the priorities should be.