Emergency Budget

Wouldloveanother · 2022-09-23T09:38:18+00:00

What are we all thinking? https://www.bbc.co.uk/news/business-62920969 A discussion thread…

KangarooKenny · 23/09/2022 10:38

Please explain it to me !

tigger1001 · 23/09/2022 10:44

I will need to read more depth rather than just the headline stuff before I can see what I'm thinking. Devil usually in the detail

MissyB1 · 23/09/2022 10:45

I think it’s a very “right wing Tory” budget. It really concerns me. You cannot reverse the NI rise, cut income tax and invest in public services! So basically it’s a “screw the public services” budget. The NHS is in absolute meltdown, how the hell does this help?
Lots of economic experts are saying the Government are pulling in a totally different direction to the Bank of England, they are on different pages and that doesn’t bode well.
Truss is putting all her eggs in a trickle down economics basket. I don’t know anyone that believes that will work.

Original poster

Wouldloveanother · 23/09/2022 10:46

I’m pleased about the national insurance rise being reversed.

OP posts:

LongLivedQueen · 23/09/2022 10:48

Wouldloveanother · 23/09/2022 10:46

I’m pleased about the national insurance rise being reversed.

Are you? I hope you'll be similarly pleased when you don't get much of a pension.

Have the tories forgotten that they do actually need tax money to, you know, pay for shit?

SummerBummers · 23/09/2022 10:48

I think it would have been more beneficial to give everyone an income tax cut rather than just the very high earners.

I don’t see how we can afford to improve anything if we’re cutting taxes left, right and centre.

It seems like a very irresponsible budget.

RafaistheKingofClay · 23/09/2022 10:50

Wouldloveanother · 23/09/2022 10:46

I’m pleased about the national insurance rise being reversed.

Why?
where do you think the money that would have gone into the Treasury from that is going to come from?

I doubt it’s going to be from economic growth whatever the Tories might want to say about this budget.

IsTheOffDutyDoneYet · 23/09/2022 10:51

Well, this just screams FUCKED.

There are a number of things wrong with this and if people thought things were bad and only going to get worse, they can now multiply it by ten. And yet they sit there with smirks on their faces, because they’re laughing all the way to the bank.

mamabear715 · 23/09/2022 10:51

I agree, @MissyB1
I hope we're both wrong & they are right, but...

sicklycolleague · 23/09/2022 10:52

SummerBummers · 23/09/2022 10:48

I think it would have been more beneficial to give everyone an income tax cut rather than just the very high earners.

I don’t see how we can afford to improve anything if we’re cutting taxes left, right and centre.

It seems like a very irresponsible budget.

The basic rate is going down to 19% (from 20%) in April so most people are getting a tax cut, not just high earners

MrsBennetsPoorNerves · 23/09/2022 10:53

Tax cuts for the rich and benefits cuts for the poor. Same old Tories.

Our household will benefit significantly. I would far rather that money was directed towards people who will be choosing between heating and eating this winter.

Meanwhile, our children and our children's children will be saddled with debts that it will take years to repay.

The Tories disgust me. I will never understand why so many people vote for them.

MrsBennetsPoorNerves · 23/09/2022 10:55

sicklycolleague · 23/09/2022 10:52

The basic rate is going down to 19% (from 20%) in April so most people are getting a tax cut, not just high earners

Show quote history

The people who don't benefit are the ones who need it most... those who don't earn enough to pay income tax in the first place.

PeekAtYou · 23/09/2022 10:55

This is a classic Tory budget.
Make the rich richer, the poor poorer and fuck public services because they can't sell it and make money for their friends.
What is the point of the BoE trying to control inflation when Liz is doing the opposite?

Xenia · 23/09/2022 10:57

It is the first time since well before 2005 that I have felt a budget was sensible and had useful measures. None of the stamp duty changes will help me or my children (who have all bought so are not first time buyers), but the 19% income tax rate is useful as is abolishing the 45% rate for £150k plus people which worked as a kind of dampener on London.
It means the upper rate of tax/NI combined is now 42% which is much more acceptable than 47% plus what was the 1.25% new, now abolished, NI rate - nearly 50% - it was a very excessive marginal rate particularly for those with 9% student loan tax on top.

There is a long way to go however to move to the smaller state and low tax state I want. I would have rather stamp duty and IHT were abolished but at least it is a start.

So well done.

KnickerlessParsons · 23/09/2022 10:57

Have the tories forgotten that they do actually need tax money to, you know, pay for shit?

The idea is that we all spend more, thus suppliers need to hire more people, or pay people more, so either more people pay tax, or people pay more tax.

Income from VAT will also increase if we spend more.

Skyellaskerry · 23/09/2022 10:57

Socially divisive.

RoachTheHorse · 23/09/2022 11:01

Given the pain we all went through with Tory austerity, I remained to be convinced that the growth they are praying for now will offset the phenomenal amount of borrowing that is going to be needed. Unless they just cut all our services of course, then you don't need so much money...

HarpicHarpy · 23/09/2022 11:02

Xenia · 23/09/2022 10:57

It is the first time since well before 2005 that I have felt a budget was sensible and had useful measures. None of the stamp duty changes will help me or my children (who have all bought so are not first time buyers), but the 19% income tax rate is useful as is abolishing the 45% rate for £150k plus people which worked as a kind of dampener on London.
It means the upper rate of tax/NI combined is now 42% which is much more acceptable than 47% plus what was the 1.25% new, now abolished, NI rate - nearly 50% - it was a very excessive marginal rate particularly for those with 9% student loan tax on top.

There is a long way to go however to move to the smaller state and low tax state I want. I would have rather stamp duty and IHT were abolished but at least it is a start.

So well done.

Well as long as you and yours are ok 🙄

womaninatightspot · 23/09/2022 11:04

I don't understand how they are meant to restore pension triple lock, increase funding for elderly care needs, repair NHS on less money. Makes no sense. I am willing to bet a euthanasia bill will be introduced within a year. I do honestly believe people shouldn't have to suffer long, painful deaths. I think we'll hear a lot about respect for choices and safeguarding but it'll be because they need to cut costs.

RafaistheKingofClay · 23/09/2022 11:04

Except we’re not going to spend more because the amount extra in most people’s pay packets isn’t going to be enough to cover the cost of living increase. There is still going to be a large percentage of the population that has to cut back their spending even with tax cuts.

parietal · 23/09/2022 11:04

tax cuts are stupid when the NHS and schools and local councils are falling apart under austerity. we need the government to invest in the economy and that means keeping taxes the same (or raising them especially on the rich & tax avoiders) and putting money in. private money will follow government money, but if the government doesn't invest in transport / health / etc then why would private companies bother?

MrsBennetsPoorNerves · 23/09/2022 11:04

Have the tories forgotten that they do actually need tax money to, you know, pay for shit?

I think their plan is probably to pay for as little shit as possible. Shrink the state, slash public services etc.

The rich will be paying less tax so will have plenty of money to pay for private education, private health care etc. And as far as the Tories are concerned, the poor don't matter anyway, so they should just accept whatever meagre crumbs are thrown their way and be bloody grateful that they get anything.

Dodie66 · 23/09/2022 11:08

So did he say s’more sanctions/benefit cuts for unemployed that don’t show they are seeking work etc.I thought that was already the rule. What did he say exactly? I looked online but can’t find anything about it

Original poster

Wouldloveanother · 23/09/2022 11:08

womaninatightspot · 23/09/2022 11:04

I don't understand how they are meant to restore pension triple lock, increase funding for elderly care needs, repair NHS on less money. Makes no sense. I am willing to bet a euthanasia bill will be introduced within a year. I do honestly believe people shouldn't have to suffer long, painful deaths. I think we'll hear a lot about respect for choices and safeguarding but it'll be because they need to cut costs.

I don’t think working people should be subsidising pensioners any further. As a demographic they’re much better off than we are.

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Heyyebskeikwbevg · 23/09/2022 11:09

@womaninatightspot have you seen Soylent Green? Maybe they are taking inspiration from that!