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.

@increasinglyconcerned sorry I do take offence to the ' it is the hard workers who end up taking the brunt.'

Just because you're on six figures does not mean you work any harder than someone who is on minimum wage! I'd have more sympathy for you, if you weren't so switched off to actual problems and struggles in the 'real' world!

Labor want a equal society, one where we are all equally poor. There is a level salary wise where it becomes pointless trying to better yourself.

A lot of people will tell you that you're selfish for not wanting to support the poor, or incapable, but at the end of the day you have to look after your family first.

I think Labour need to be very careful here.

The average worker just can't take anymore 'pain' especially, as we are told that energy bills will go up yet again.

They were not elected to make people on low and average salaries or disabled and vulnerable people even poorer...

They need to focus on taxing utility companies and big corporates who are using clever ways of avoiding paying their fair share of tax. Since they are cutting the winter allowance for pensioners I also want to see MP lose their subsidies for their energy bills, food and housing...

Basically no one voted for more austerity and a reboot of the Tories.

It has become increasingly less "worth it" to work long hours at a high-paying job. And this isn't a labour thing - it was already happening under the last regime. Cliff-edge taxes, student loan repayments, loss of allowances at certain salary points. We know lots of high-earners who have cut back hours, as the difference in take home pay between 4 and 5 days a week is often minimal, but the quality of life gain is large. DH and I have both scaled back our hours to very part time - it's great for us, but probably not so good for the wider economy. I would like to want to pay more taxes for better services and a social safety net for all, but I just see my tax money being pissed up a wall by whatever colour government we have. So bugger that.

This. The global companies I am aware of are already offering relocation possibilities. Personally, our team has been offered NYC. People will relocate as it’s easy to do so in many industries. Especially finance and tech. Many of whom are already working under capacity because of high marginals. Many have negotiated 4 day weeks and are taking unpaid before Labour got in.

You are so out of touch with reality!!! Go and get a cup of tea and read the Mail and Telegraph!!!

He's right about the obr did u hear his speech? Obr didn't even know the tories had hid 22 billion and actually found another 5 billion gone again hidden so he's not lying look it up

Given a choice, few people would pay tax, and pretty much no-one wants taxes to increase, except on those who earn more than them - because they can surely afford it.

And yet we ALL want ALL the services - access to good quality healthcare whenever we need it, well-resourced schools, affordable childcare, good mental health provision, crime tackled, affordable housing, etc etc.. countries don't run on fresh air.

I voted labour. I didn't expect them NOT to explore increasing taxes in some form. They believe in 'big' government, proper funding of healthcare and education. The Tories believe in 'small' government, low taxes, and they were basically happy to watch the rich-poor divide get ever wider and deliberately ran core services into the ground.

Correct me if I am wrong, or please provide a link to where labour explicitly said they wouldn't increase taxes if they were elected?

Yes, I would much rather labour focused this on capital gains, and big businesses. But right now it's all speculation as to how tax rises will be implemented, if there are any.

This is definitely becoming significant issue in the health service - the rigid structure of job descriptions and banding in the NHS makes it really difficult to recruit decent IT people with up to date skills. It's an area where staff need constant retraining as new developments (and threats) arise, and money for training is also very limited. We've been trying to replace staff that left for the private sector for years now, and we can't get anyone with the skills we need because we can't pay enough.

How much money would the government save if they stopped funding the proxy war in Ukraine?

Same here, did two jobs as a single mum and sometimes skipped meals because I was poor. tThere was minimal nursery provision at that time so paid for a childminder. I kept working even though it made little financial sense when my child was pre-school because I felt it was better for my working future to be in the work place. I have known tough times that I would not wish on anyone and I appreciate that it is not a competition as to who is having the worst time. Howver, £120k is very good money, the MPs who will be voting the up coming budget through are "only" on £92K. Yes, I know they get expenses but that is something else that needs looking at.

I’m not earning what OP does but I am in the same tax bracket. I don’t object to paying that tax. I know it would suit your condescension very well to write me off as someone who simply doesn’t understand the burden imposed on those paying the higher rate of tax. Sorry I can’t fulfil your fantasy.

My point stands whether we’re discussing finding an alternative job or reducing hours - the majority don’t do it, whatever veiled threats they might make, because they enjoy and benefit from their high salaries even when those salaries are taxed at the higher rate. There is a reason the majority of the UK’s bankers, doctors, lawyers etc. aren’t working part time.

One change I’d like to see is for child maintenance payments to be included in the calculation of benefits. To make sure nobody is penalised by not actually receiving the maintenance, the calculated rate could be paid by the government and then reclaimed from the non-resident parent (perhaps the government would be more active in making sure it was actually paid if it was a debt to them?). The taxpayer shouldn’t really be picking up the bill because an NRP is useless.

This thread is split between those who seem to think that the highly paid, skilled workers should be taxed to buggery and those high paid, skilled workers talking about emigrating. People need to open their eyes and stop being so naive! Look at the success of places like Dubai! Rich people really really don't have to subsidise the less fortunate in the way that people on this thread seem to assume. Most will have more financially lucrative options!

I don’t think VAT should be raised as it’s a very regressive tax - it taxes people the same regardless of income so in effect taxes the poor more.

The exact same excuse was used by the Tories when they pushed their austerity measures (and for years afterwards when challenged on how those measures were actually working).

So what's the answer?

Not a proxy war if putin wins trust me europe will be next and that will impact us our freedom the axis of evil Russia Iran and China are waiting and you are nieve if you don't see this

I think Labour need to be very careful here.

The average worker just can't take anymore 'pain' especially, as we are told that energy bills will go up yet again.

The average worker isn't earning anywhere near £120k.

If you can't afford life on £120k, you're living outside your means.

I think it should be raised, but only applied on things that are genuinely discretionary to buy. Then it’s someone’s choice whether to pay it or not.

Don’t ever vothe tories or Labour?

Trust you? No thanks. That is the stupidest thing I've ever read.

Controversially, I think it’s a privilege to earn over £100k and those who do are in a strong position to give back to society and have a great impact on the world around them. Some people are not as lucky and will never be able to pay back in more than they take. Nursery is a short time so you tighten your belt (I had 3 under 3 due to twins so I know the hit). Why would you expect the government to subsidise those who can afford something? Weird expectation. You are still in a better position than most and on that salary I’d expect you to have savings, which many people don’t have.

i always find these posts very telling how unaware you are about how poor some people really are - and yes, those people I’m talking about work full time, crazy hours, manual labour with minimal sick pay etc. but you’re hard done by? Right, okay 🙄

A bigger worry is those of us that have planned our retirement as a couple....I didn't contribute as much as DH due to childcare (no / very little if any free childcare back then), we would like to draw down the maximum tax free. We can see this is going to be taxed.
It's a double whammy as I was supposed to retire 3 years ago but that's been raised by 7 years, meaning we cannot afford to do what we wanted to do now (DH just retired), as I won't have enough pension coming in without state pension as we wanted to relocate to a more costly property in a nicer area, but one with some rental income of some sort eg second property/holiday cottages or storage barns, and obviously we wanted enough residual income to pay the likely higher energy costs without having to rely on rental income.

Too Many British people are just lazy. They don’t take it upon themselves to up skill and continue with education, and they work to rule.

I work weekends, BH’s, all over Christmas, and I’ve moved cities in the UK, and countries to better my prospects.

I’m sick of pushing forward, getting me and mine to be self sufficient. None of us claim any benefits. I’m sick of paying high taxes for lazy, work-shy Brits who complain when they see someone with something they don’t have and instead of getting off their backsides to get it themselves, would rather drag them down.

It’s pathetic.

We voted Labour even though we knew we would be hit quite hard. I don't know what the alternative is. I would rather contribute a little more and have better services than what we currently have. I'm not sure labour can meet these expectations but the tories definitely weren't even trying.

Most of the people doing the complaining have stretched their budget to the max. If you earn well above the national average and have bought a house at the top end of your budget or have multiple DCs then I don't think you can expect anyone to feel sorry for you. Just like at any other income level, you really should have a buffer in your budget. We often hear that those on lower incomes should cut their cloth accordingly, well the same applies to those on the higher end too.