October budget going to be painful

[increasinglyconcerned]

Here we go..... I knew it. Labour were promising not to hike our taxes in the election campaign and here we are.... apparently they discovered £22 billion black hole in his first weeks in the role and it's not his fault.

Let me guess, those of us who earn six figures and already pay 45% will pay EVEN more and take home even less. It's the hard workers who will take the brunt. What's the point in working anymore!

I earn a little over £120k and I'm taxed the same as those earrings £500k.

Before people jump in saying they don't feel sorry for me, I work full time to support my family, as of January I will have 2 DCs in nursery, plus my mortgage and get ZERO free hours childcare, whilst they keep promising free childcare but I just pay more for everyone else to benefit.

I cannot afford to pay more taxes to fix this country and especially when so many people are getting a free ride and not paying their way, ranging from millionaires with tax havens to those claiming benefits dishonestly.

For the 'perennially unemployed'? Nothing direct. They're such a tiny portion of claimants as to be insignificant in the grand scheme of things (they're great for sowing division though).

For wider society? Tax reform / wealth redistribution policies and a focus on "greater good" governance instead of the short-term populist/lobbyist model we've become used to, even if that means I'll take a hit personally.

For example, instead of subsidising the O&G sector to protect the profits of the energy giants I'd be looking at developing our renewables sector, at pace, in order to capitalise on the fact that investment in renewables is now twice as high as that in fossil fuels, and is prediticed to rise further. Given that Scotland alone has 25% of Europe's offshore energy potential pursuing this line would improve energy security (if developed properly), create skilled, secure jobs, and present the opportunity to develop exportable services/equipment.

But that would need some rich people to take a hit, the public to accept some change, and the government to think longer than 5 years, so it'll never happen.

So your suggestion is also massive public spending through punitive tax measures and no reform to health, education, welfare, or wages.

That's pretty much been the last 20 years though hasn't it?

I live in Scotland. The oil and gas industry employs around 90,00 and many of them are extremely high earners, high tax payers, and have skills that are extremely valuable internationally. How would you address this? The communities affected? How do you suggest retraining people and maintaining wages?

There's also a list of about a dozen foreign companies already investing in Scottish renewables so we're already in for a repeat of the North Sea Gas. Which is our natural resources getting sold off with no investment back into the country or people.

www.thenational.scot/politics/23353858.north-sea-firms-profiting-scotlands-oil/

I love how people are having such a heated argument about a policy that hasn’t been published yet, of which we don’t know the details and about which all the people in the know don’t think will be about income tax or NI.

It’s almost like posters are deliberately misinterpreting what was said. It’s quite hysterical.

I doubt Starmer did a whole press conference going on about pain if it's a few pounds for the super rich

If he didn't want speculation then just do the budget

He is warning that there will be unpopular measures.

Also, the papers have very clearly trailed pensions tax relief, CGT and IHT changes, and in past budgets things have clearly been leaked to gauge opinion and proven to be entirely accurate.

i suppose it’s expectations management isn’t it to say ‘pain incoming’ but of course people are going to panic and speculate particularly after all of the many problems of the last few years affecting their lives.

@Therightcoffee

At least you know what the analysis says. There are people on this thread claiming that there will be income tax rises and raids on middle class earners, which is not true. We don’t really know what it’s going to be yet. And quite frankly it’s been a long time coming for anyone to address the fact that taxation as it stands is a mess.

The quote from Starmer actually says that there are more levers than raising taxes and increasing spending, which suggests they are looking at quite a radical overhaul of the nation’s finances. He’s also talked about increasing fines on water companies to help raise some cash.

I stand to lose quite a bit between VAT on school fees, capital gains and inheritance tax, depending on exactly how they change things. But I would much rather live in a country with fully functioning services and an over all good quality of life. I marvel sometimes at how people in this country would cut their nose off to spite their face.

they haven’t shown how they are ‘fixing the foundations’ either - this budget seems to be addressing the big ‘discovered’ funding gap, driven by current spending and pay rises.

so what is the fixing the ‘foundations’ part? Surely this is more of the same but we couldn’t afford what we had?

Have you had a preview of the budget? Because I thought it wasn’t due for two months.

ignore all the mean comments. my husband was a train driver up until the strikes and the entire world decided they are grossly overpaid and do fuck all for said wages. people not in your specific situation have no idea. fuck em

Absolutely @BIossomtoes so many people
on this thread who get previews from the treasury. I doubt they’ve even written the white paper yet, but everyone seems to know what’s in it!

that was commenting on the speech Starmer gave - the slogan is fixing the foundations. I hope there IS more detail coming on how that is supposed to happen as otherwise the focus has been on the unfunded gap.

So if a person can't go to uni (either because they can't afford to, life circumstances or maybe they don't have the ability to), then they're someone who can't be arsed and expect other people to pay for their life choices?

You're one of those people who think some people aren't as worthy as other people, aren't you? Does the woman on the checkout in Tesco know how much disdain you have for her when she's scanning your shopping? Do the binmen that collect your rubbish know you think they're beneath you? Does the care worker that wipes your elderly dad's arse know you think you're far more important than they are?

One thing Starmer could do to boost growth is (at least try) to re join the SM and CU, yes the Brexit supporting papers would hate it but the bottom line is the reasons Thatcher gave for setting up the SM is as true then as it was when she did her famous speech on support for it.

However, Labour is trying to negotiate trade deals with individual countries, its like he was hibernating from 2017 to 2020, the EU and the ECJ will never ever allow this.

So tedious.

I agree, returning from a holiday recently in Europe I realised what second rate country, in terms of services and infrastructure, Britain has become, nothing really works. Although, I’m not sure if it was wise to announce this negativity to the country as surely it is not great for the economy!

@KendraTheVampyrSlayer exactly
Also that minimum wage worker might, like me, actually have a degree. Despite that people seem to think we are thick as shit

Circumstances and ill health are why I do the job I do

@spikeandbuffy24 it's nice seeing fellow Buffy fans on here. 😉

Many posters assume that Keir Staln will necessarily raise taxes and spend it to repair the country, and to comfort themselves with the thought that it will be worth it in order to improve the country. In reality, this govt is just looking for an excuse to make everyone poorer, so that UK citizens will live lesser, more fearful and insecure lives while arguing and blaming each other. You will see no improvement to the country, it will be frittered away into open ended blackholes of foreign aid, funds for Ukraine, refugee hotels, corruption etc.. It's the post Covid new world order. It's by design.

That's because they earn less than you. It's not hard to understand. Why don't you get a minimum wage job or go on benefits if you think it's better?
I can guarantee you won't be but if you think I'm wrong go ahead. You made the life choices now you deal with the consequences

@Crystallizedring the people who make me laugh are those who claim they would be as well off in a minimum wage job with benefits. It is always bollocks.

That’s the Tories’ strategy - and why they lost on 4 July so resoundingly.

The six figure salary earners sneering at lower earners and suggesting they need to find better paid jobs, work harder and find better opportunities - who would look after your children if the nursery workers all took your advice? You judge those who are caring for your most precious loved ones. Are you hypocrites, bad parents or both - you decide. Society needs a wide variety of jobs, has the pandemic taught us nothing? Not everyone is fortunate enough to be intelligent and able but it really doesn’t matter. This world could not function without the lower paid roles. Lower paid does not equal lower value. Do you want the bins to overflow into the street? Do you want a nurse to set up pain relief infusions when you visit A&E with your child who had broken their arm? Do you want your tyre changed when you have a flat? Do you want to find supermarket shelves empty? Good luck growing your own fish fingers. 😉

I have no axe to grind, I am a decent earner and I am so glad for what I have. I am extremely grateful and privileged and lucky. I had educated, loving parents who valued my education and ensured I had a life filled with opportunities. I was taught about money and given life skills and encouraged to always strive to be my best. I was encouraged and supported, even as an adult. I lived in an area with multiple colleges and universities within a commutable, affordable distance. I was lucky enough to live in a densely populated area with excellent transport links which meant the world was my oyster when I was job hunting. I always had family and friends to support me, guide me and give me advice on any big decisions I made.

Do you have any evidence to back up your assertions about "Keir Staln" and his government's true aims? Do you have inside knowledge? Or do I have to do my own research?

I have been following that since the initial statement that would not happen about three years ago, it still looks to be the case.

It is one thing that would have interested me pre GE and where I think the whole 'black hole' v 'fully costed' etc obfuscation could have been different.

Where does the pain part come into it?

He's priming people for whatever is coming to be painful, he needn't bother if it's some fines on water companies and people 'with the broadest shoulders' are not asked to do more